# EDGAR Filing Document

**Accession Number:** 0000909994
**File Stem:** 0000930413-26-000609
**Filing Date:** 2026-2
**Character Count:** 1566335
**Document Hash:** 6cad0f9372dca7c2aced53b11c34751e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000609.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000930413-26-000609

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 82

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLD WESTBURY FUNDS INC
- **CENTRAL INDEX KEY:** 0000909994

**ORGANIZATION NAME:**
- **EIN:** 232874698
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07912
- **FILM NUMBER:** 26699212

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027914394

**MAIL ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLD WESTBURY FUNDS INC
- **CENTRAL INDEX KEY:** 0000909994

**ORGANIZATION NAME:**
- **EIN:** 232874698
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-66528
- **FILM NUMBER:** 26699211

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027914394

**MAIL ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Old Westbury Fixed Income Fund (Series ID: S000001856)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004833 | Old Westbury Fixed Income Fund | OWFIX           |

### Old Westbury Small & Mid Cap Strategies Fund (Series ID: S000001857)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000004834 | Old Westbury Small & Mid Cap Strategies Fund | OWSMX           |

### Old Westbury Large Cap Strategies Fund (Series ID: S000001858)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000004835 | Old Westbury Large Cap Strategies Fund | OWLSX           |

### Old Westbury All Cap Core Fund (Series ID: S000001859)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000004836 | Old Westbury All Cap Core Fund | OWACX           |

### Old Westbury Municipal Bond Fund (Series ID: S000001861)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000004838 | Old Westbury Municipal Bond Fund | OWMBX           |

### Old Westbury California Municipal Bond Fund (Series ID: S000063602)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000206042 | Old Westbury California Municipal Bond Fund | OWCAX           |

### Old Westbury New York Municipal Bond Fund (Series ID: S000063603)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000206043 | Old Westbury New York Municipal Bond Fund | OWNYX           |

### Old Westbury Credit Income Fund (Series ID: S000069572)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000221944 | Old Westbury Credit Income Fund | OWCIX           |

### Old Westbury Short-Term Bond Fund (Series ID: S000083937)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000248048 | Old Westbury Short-Term Bond Fund | OWSBX           |

### Old Westbury Total Equity Fund (Series ID: S000090405)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000257451 | Old Westbury Total Equity Fund | OWTEX           |

?xml version='1.0' encoding='ASCII'?

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

**Securities Act Registration Statement No. 033-66528**

**Investment Company Act File No. 811-07912**

------

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

---

| | |
|:---|:---|
| **Pre-Effective Amendment** | ☐ |
| **Post-Effective Amendment No. 90** | **☒** |

---

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

---

| | |
|:---|:---|
| **Amendment No. 91** | **☒** |

---

**(Check appropriate box or boxes)** 

**OLD WESTBURY FUNDS, INC.**

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

**103 Bellevue Parkway**

**Wilmington, DE 19809** 

**(Address of Principal Executive Offices, including Zip Code)** 

**800-607-2200**

**(Registrant's telephone number, including area code)**

**Nicola R. Knight, Esq.**

**Bessemer Investment Management LLC** 

**1271 Avenue of the Americas**

**New York, New York 10020**

**(Name and Address of Agent for Service)** 

***COPY TO:***

**James V. Catano, Esq.**

**Dechert LLP** 

**1900 K Street NW Washington, DC 20006**

---

| | |
|:---|:---|
| It is proposed that this filing will become effective (check appropriate box): | It is proposed that this filing will become effective (check appropriate box): |
| ☐ | Immediately upon filing pursuant to paragraph (b) of Rule 485; or |
| ☒ | On March 1, 2026 pursuant to paragraph (b) of Rule 485; or |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485; or |
| ☐ | On (date) pursuant to paragraph (a)(1) of Rule 485; or |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) of Rule 485; or |
| ☐ | On (date) pursuant to paragraph (a)(2) of Rule 485. |
| If appropriate, check the following box: | If appropriate, check the following box: |
| ☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

**Old Westbury Funds, Inc.**

**Prospectus**

Old Westbury All Cap Core Fund OWACX

Old Westbury Large Cap Strategies Fund OWLSX

Old Westbury Small & Mid Cap Strategies Fund OWSMX

Old Westbury Total Equity Fund OWTEX

Old Westbury Credit Income Fund OWCIX

Old Westbury Fixed Income Fund OWFIX

Old Westbury Short-Term Bond Fund OWSBX

Old Westbury Municipal Bond Fund OWMBX

Old Westbury California Municipal Bond Fund OWCAX

Old Westbury New York Municipal Bond Fund OWNYX

March 1, 2026

**BESSEMER INVESTMENT MANAGEMENT LLC**

Investment Adviser

As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Not FDIC Insured \| May Lose Value \| No Bank Guarantee

**OLD WESTBURY FUNDS, INC.**

**Prospectus**

**March 1, 2026**

**Bessemer Investment Management LLC—the Investment Adviser (the "Adviser") to the Funds listed on the front cover of this Prospectus (each, a "Fund" and, collectively, the "Funds")**

**CONTENTS** 

---

| | |
|:---|:---|
| [FUND SUMMARIES](#x1_c115377a001) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury All Cap Core Fund](#x1_c115377a002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Large Cap Strategies Fund](#x1_c115377a003) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Small & Mid Cap Strategies Fund](#x1_c115377a004) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Total Equity Fund](#x1_c115377a005) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Credit Income Fund](#x1_c115377a006) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Fixed Income Fund](#x1_c115377a007) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Short-Term Bond Fund](#x1_c115377a008) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury Municipal Bond Fund](#x1_c115377a009) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury California Municipal Bond Fund](#x1_c115377a010) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Old Westbury New York Municipal Bond Fund](#x1_c115377a011) | 45 |
| [PURCHASE AND SALE OF FUND SHARES](#x1_c115377a012) | 49 |
| [FINANCIAL INTERMEDIARY COMPENSATION](#x1_c115377a013) | 49 |
| [ADDITIONAL INFORMATION ABOUT THE FUNDS](#x1_c115377a014) | 49 |
| [WHO MANAGES THE FUNDS?](#x1_c115377a015) | 61 |
| [WHAT DO SHARES COST?](#x1_c115377a016) | 70 |
| [HOW DO I PURCHASE SHARES?](#x1_c115377a017) | 71 |
| [HOW DO I REDEEM SHARES?](#x1_c115377a018) | 72 |
| [HOW DO I EXCHANGE SHARES?](#x1_c115377a019) | 74 |
| [MARKET TIMING POLICIES](#x1_c115377a020) | 75 |
| [ACCOUNT AND OTHER INFORMATION](#x1_c115377a021) | 75 |
| [DISTRIBUTION AND SHAREHOLDER SERVICING OF FUND SHARES](#x1_c115377a022) | 77 |
| [INDEX DESCRIPTIONS](#x1_c115377a023) | 79 |
| [FINANCIAL INFORMATION](#x1_c115377a024) | 80 |

---

**FUND SUMMARIES**

***Old Westbury All Cap Core Fund***

**Investment Goal**

The Fund's goal is to seek long-term capital appreciation.

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.67% |
| Other Expenses | 0.28% |
| Total Annual Fund Operating Expenses | 0.95% |

---

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $97 | $303 | $525 | $1166 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund pursues its investment goal by investing in a diversified portfolio of equity and equity-related securities of any market capitalization. The Fund has no restrictions as to the size of the companies in which it invests. The Fund may invest in what generally are considered small-cap stocks, mid-cap stocks and large-cap stocks. The Fund may focus its investments in one of those categories, two of them or all of them, and may change the allocation of its investments at any time.

The Fund invests in a portfolio of securities the Adviser believes has the potential for long-term capital appreciation. The Fund invests primarily in securities listed on securities exchanges or actively traded in over-the-counter markets. The securities may be listed or traded in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), or other types of depositary receipts (including non-voting depositary receipts) or dual listed securities. The foreign securities in which the Fund may invest may be issued by issuers located in emerging market or developing market countries. The Fund also may invest in exchange-traded funds ("ETFs") and a variety of derivatives, including futures, options and other derivative instruments, to seek to increase or seek to hedge, or protect, its exposure to, for example, movements in the securities markets.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or

guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Stock Market/Company Risk***—Stock markets are volatile and can decline significantly in response to real or perceived changes to the issuer, industry, market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. The value of an equity security can decline significantly in response to these conditions. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Market Capitalization Risk***—To the extent the Fund invests in securities of small-, mid-, or large-cap companies, it takes on the associated risks. At times, any one of these market capitalizations may be out of favor with investors. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities. Compared to large-cap companies, small- and mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of small-and mid-cap companies are often more volatile and relatively less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Developing Market Countries Risk***—The Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks and other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to a broad-based securities index, the MSCI ACWI Investable Market Index (Net). In addition, the Fund compares its performance to a blended benchmark, as an additional benchmark, consisting of a 90% weighting in the MSCI USA Index (Gross) and a 10% weighting in the MSCI ACWI ex USA Index (Net). The Net performance figures of each index reflect no deductions for fees, expenses or income taxes, except foreign withholding taxes. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

Prior to December 30, 2016, the Fund was named the Old Westbury Large Cap Core Fund and operated under a different investment strategy. The performance information shown below before such date represents the Fund's prior investment strategies.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a001.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 23.76% (quarter ended 6/30/2020) and the lowest return for a quarter was (17.97)% (quarter ended 3/31/2020).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 10.38% | 10.57% | 12.89% |
| Fund Return After Taxes on Distributions | 8.37% | 8.81% | 11.47% |
| Fund Return After Taxes on Distributions and Sale of Shares | 7.55% | 8.16% | 10.46% |
| MSCI ACWI Investable Market Index (Net) (reflects no deduction for fees, expenses or income taxes, except foreign withholding taxes) | 22.06% | 10.75% | 11.45% |
| 90% MSCI USA Index (Gross) & 10% MSCI ACWI ex USA Index (Net) (reflects no deduction for fees, expenses or income taxes, except foreign withholding taxes for the (Net) index component) | 19.18% | 13.30% | 14.18% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers.*

Mr. John Alexander Christie, Managing Director of the Adviser and Head of Equities at Bessemer, an affiliate of the Adviser, has managed the Fund since November 16, 2011.

Mr. Michael Morrisroe, Managing Director of the Adviser, has managed the Fund since December 30, 2016.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled *"Purchase and Sale of Fund Shares"* on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled *"Financial Intermediary Compensation"* on page 49 of this Prospectus.

***Old Westbury Large Cap Strategies Fund***

**Investment Goal**

The Fund's goal is to seek long-term capital appreciation.

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.81% |
| Other Expenses | 0.29% |
| Total Annual Fund Operating Expenses | 1.1% |

---

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $112 | $350 | $606 | $1340 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund pursues its investment goal by investing in a diversified portfolio of equity and equity-related securities throughout the world, including in emerging markets. Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in securities of large capitalization companies. The Adviser currently defines large capitalization companies as companies having, at the time of initial investment, a market capitalization equal to or greater than the largest 70% by market capitalization of the companies that comprise the MSCI ACWI Investable Market Index (IMI). The Fund may continue to hold securities of companies whose market capitalizations fall below the foregoing threshold subsequent to the Fund's investment in such securities. As of December 31, 2025, the smallest market capitalization in this group was $37.6 billion. This capitalization range will change as the size of the companies in the index changes with market conditions and the composition of the index.

The Fund employs multiple investment strategies which the Adviser believes are complementary. The Fund invests in securities the Adviser believes have potential for above average returns and active currency strategies. The Fund invests primarily in securities listed on securities exchanges or actively traded in over-the-counter markets either within or outside the issuer's domicile country. The securities may be listed or traded in the form of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), or other types of depositary receipts (including non-voting depositary receipts) or dual listed securities. The Fund may also invest in government fixed income securities, other investment companies, including exchange-traded funds ("ETFs"), and a variety of derivatives, including futures, options, swaps, and other derivative instruments, to seek to increase or seek to hedge, or protect, its exposure to, for example, currency value fluctuations or movements in the securities markets. In addition, the Fund may engage in short sales. The foreign securities in which the Fund may invest may be issued by issuers located in emerging market or developing market countries. Fixed income securities held by the Fund may be of any maturity.

The Fund may employ a quantitative strategy. Under a quantitative strategy, the Fund may invest in U.S. and non-U.S. equity securities with a minimum market capitalization of $250 million. The Fund may, to a lesser extent, also employ quantitative strategies focused on one or more industries.

The Adviser has engaged sub-advisers to make the day-to-day investment decisions for portions of the Fund's portfolio.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser and sub-advisers use the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser and sub-advisers in using these strategies may not produce the returns expected by the Adviser and sub-advisers, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Stock Market/Company Risk***—Stock markets are volatile and can decline significantly in response to real or perceived changes to the issuer, industry, market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. The value of an equity security can decline significantly in response to these conditions. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Developing Market Countries Risk***—The Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks and other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly

during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Multi-Style Management Risk***—Because certain portions of the Fund's assets are managed by different portfolio managers using different styles, the Fund could experience overlapping investments (or exposures) and may lead to higher transaction expenses and may generate higher short-term capital gains compared to a fund using a single investment management style.

***Quantitative Investment Strategy Risk***—A portion of the Fund may be managed using a quantitative process. The impact of risk and quantitative metrics on a security's performance can be difficult to predict, and securities that previously possessed certain desirable characteristics may not continue to demonstrate those same characteristics in the future. There can be no assurance that this quantitative process will perform as anticipated or enable the Fund to achieve its investment objective (also referred to as investment goal).

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the MSCI ACWI Investable Market Index (Net) and the MSCI ACWI Large Cap Index (Net). The MSCI ACWI Investable Market Index (Net) serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The MSCI ACWI Large Cap Index (Net) is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. The Net performance figures of each index reflect no deductions for fees, expenses or income taxes, except foreign withholding taxes. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a002.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 19.01% (quarter ended 6/30/2020) and the lowest return for a quarter was (20.77)% (quarter ended 3/31/2020).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 17.51% | 9.21% | 9.87% |
| Fund Return After Taxes on Distributions | 14.37% | 7.95% | 8.77% |
| Fund Return After Taxes on Distributions and Sale of Shares | 12.56% | 7.16% | 7.89% |
| MSCI ACWI Investable Market Index (Net) (reflects no deduction for fees, expenses or income taxes, except foreign withholding taxes)\* | 22.06% | 10.75% | 11.45% |
| MSCI ACWI Large Cap Index (Net) (reflects no deduction for fees, expenses or income taxes, except foreign withholding taxes) | 22.96% | 11.92% | 12.22% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the MSCI ACWI Large Cap Index (Net) to the MSCI ACWI Investable Market Index (Net).

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers and Sub-Advisers.*

Dr. Edward N. Aw, DBA, Managing Director of the Adviser and Head of Quantitative Strategies at Bessemer, an affiliate of the Adviser, has managed the Fund since January 15, 2016.

Ms. Nancy Sheft, Managing Director of the Adviser and Head of External Managers at Bessemer, an affiliate of the Adviser, has managed the Fund since October 25, 2016

Mr. Jeffrey A. Rutledge, Managing Director of the Adviser, has managed the Fund since October 1, 2018.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

Mr. Cheng Jan, Principal of the Adviser, has managed the Fund since October 1, 2025.

Sands Capital Management, LLC ("Sands Capital") is responsible for the day-to-day management of a portion of the Fund's portfolio subject to the oversight of the Adviser. Messrs. David Levanson, Brian Christiansen and Daniel Pilling are the portfolio managers of Sands Capital's portion of the Fund. Mr. Levanson has been a portfolio manager of Sands Capital's portion of the Fund since November 16, 2011. Mr. Christiansen has been a portfolio manager of Sands Capital's portion of the Fund since January 31, 2020. Mr. Pilling has been a portfolio manager of Sands Capital's portion of the Fund since July 1, 2024.

Aikya Investment Management Limited ("Aikya") is responsible for the day-to-day management of a portion of the Fund's portfolio subject to the oversight of the Adviser. Aikya's portion of the Fund has been managed by Messrs. Ashish Swarup, Rahul Desai, and Thomas Allen since February 6, 2024.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled *"Purchase and Sale of Fund Shares"* on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled *"Financial Intermediary Compensation"* on page 49 of this Prospectus.

***Old Westbury Small & Mid Cap Strategies Fund***

**Investment Goal**

The Fund's goal is to seek long-term capital appreciation.

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.85% |
| Other Expenses | 0.29% |
| Acquired Fund Fees and Expenses | 0.02% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.16% |
| Less Fee Waiver<sup>(2)</sup> | (0.04)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(2)</sup> | 1.12% |

---

<sup>(1)</sup> Total Annual Fund Operating Expenses will not agree with the ratio of expenses to average net assets before expense waiver in the Fund's Financial Highlights, as the Financial Highlights reflect actual direct operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.

<sup>(2)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 1.10%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $114 | $365 | $634 | $1405 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests in a broad, diversified portfolio of securities of small and medium capitalization companies traded on a principal U.S. exchange or U.S. over-the-counter market, and securities of small and medium capitalization non-U.S. companies in foreign countries, including emerging market countries. Under normal circumstances, the Fund invests at least 80% of its net assets, including borrowings for investment purposes, in securities of small and medium capitalization companies. The Adviser currently defines small and medium capitalization companies as companies having, at the time of initial investment, a market capitalization not greater than the smallest 40% by market capitalization of the companies that comprise the MSCI ACWI Investable Market Index (IMI). The Fund may continue to hold securities whose market capitalizations exceed the foregoing threshold subsequent to the Fund's investment in such securities. As of December 31, 2025, the largest market capitalization in this group was $70.4 billion. This capitalization range will change as the size of the companies in the index changes with market conditions and the composition of the index.

The Fund may employ a quantitative strategy. Under a quantitative strategy, the Fund may invest in U.S. and non-U.S. equity securities with a minimum market capitalization of $250 million.

The Fund invests primarily in securities listed on securities exchanges or actively traded in over-the-counter markets either within or outside the issuer's domicile country. The securities may be listed or traded in the form of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), or other types of depositary receipts (including non-voting depositary receipts) or dual listed securities. The Fund also may invest in government fixed income securities, exchange-traded funds ("ETFs"), real estate investment trusts ("REITs") and REIT-like entities, corporate bonds, and a variety of derivatives, including futures, options, swaps and other derivative instruments, to seek to increase return, seek to hedge, or protect, its exposure to, for example, interest rate movements, movements in the commodities or securities markets and currency value fluctuations. Fixed income securities held by the Fund may be of any maturity or quality, including investment grade securities, below investment grade rated securities (sometimes referred to as "junk bonds") and unrated securities determined by the Adviser or sub-advisers to be of comparable quality.

The Adviser has engaged sub-advisers to make the day-to-day investment decisions for portions of the Fund's portfolio.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser and sub-advisers use the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser and sub-advisers in using these strategies may not produce the returns expected by the Adviser or sub-advisers, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Stock Market/Company Risk***—Stock markets are volatile and can decline significantly in response to real or perceived changes to the issuer, industry, market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. The value of an equity security can decline significantly in response to these conditions. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Smaller and Mid-Sized Company Risk***—Smaller and mid-sized companies may be more vulnerable to market downturns and adverse issuer-specific, general business or economic events and may be relatively less liquid than securities in larger companies.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Developing Market Countries Risk***—The Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks and other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may

decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Real Estate Investment Trusts Risk***—Real estate investment trusts or REITs and REIT-like entities carry risks generally incident to the ownership of real property, as well as additional risks such as limited diversification, poor performance by the manager of the REIT or REIT-like entity and adverse changes to the tax laws.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Multi-Style Management Risk***—Because certain portions of the Fund's assets are managed by different portfolio managers using different styles, the Fund could experience overlapping investments (or exposures) and may lead to higher transaction expenses and may generate higher short-term capital gains compared to a fund using a single investment management style.

***High-Yield, Lower-Grade Debt Securities Risk***—High-yield and lower-grade debt securities (sometimes referred to as "junk bonds") are high risk investments and may cause principal and investment losses to the Fund to a greater extent than investment grade debt securities. Such debt securities may be considered to be speculative and may be more vulnerable to the risks associated with fixed income securities, particularly credit and default risk, price volatility and market conditions attributable to adverse economic or political developments.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***Quantitative Investment Strategy Risk***—A Fund may be managed using a quantitative process. The impact of risk and quantitative metrics on a security's performance can be difficult to predict, and securities that previously possessed certain desirable characteristics may not continue to demonstrate those same characteristics in the future. There can be no assurance that this quantitative process will perform as anticipated or enable the Fund to achieve its investment objective (also referred to as investment goal).

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the MSCI ACWI Investable Market Index

(Net) and the MSCI ACWI SMID Cap Index (Net). The MSCI ACWI Investable Market Index (Net) serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The MSCI ACWI SMID Cap Index (Net) is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. The Net performance figures of each index reflect no deductions for fees, expenses or income taxes, except foreign withholding taxes. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

Prior to December 30, 2016, the Fund was named the Old Westbury Small & Mid Cap Fund and operated under a different investment strategy. The performance information shown below before such date represents the Fund's prior investment strategies.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a003.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 23.72% (quarter ended 6/30/2020) and the lowest return for a quarter was (24.78)% (quarter ended 3/31/2020).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 18.03% | 3.03% | 7.18% |
| Fund Return After Taxes on Distributions | 15.82% | 2.01% | 5.84% |
| Fund Return After Taxes on Distributions and Sale of Shares | 12.20% | 2.24% | 5.52% |
| MSCI ACWI Investable Market Index (Net) (reflects no deduction for fees, expenses or income taxes, except foreign withholding taxes)\* | 22.06% | 10.75% | 11.45% |
| MSCI ACWI SMID Cap Index (Net) (reflects no deduction for fees, expenses or income taxes, except foreign withholding taxes) | 19.29% | 7.28% | 9.19% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the MSCI ACWI SMID Cap Index (Net) to the MSCI ACWI Investable Market Index (Net).

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers and Sub-Advisers.*

Ms. Nancy Sheft, Managing Director of the Adviser and Head of External Managers at Bessemer, an affiliate of the Adviser, has managed the Fund since October 25, 2016.

Dr. Edward N. Aw, DBA, Managing Director of the Adviser and Head of Quantitative Strategies at Bessemer, an affiliate of the Adviser, has managed the Fund since June 2016.

Mr. Michael Morrisroe, Managing Director of the Adviser, has managed the Fund since February 28, 2014.

Ms. Andrea Tulcin, Managing Director of the Adviser, has managed the Fund since June 27, 2022.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

Polunin Capital Partners Limited ("Polunin") is responsible for the day-to-day management of a portion of the Fund's portfolio subject to the oversight of the Adviser. Polunin's portion of the Fund has been managed by a team of investment professionals led by Mr. Douglas Polunin since September 5, 2017 and Mr. Aleksandrs Babikovs since February 20, 2025.

Acadian Asset Management LLC ("Acadian") is responsible for the day-to-day management of a portion of the Fund's portfolio subject to the oversight of the Adviser. Acadian's portion of the Fund has been managed by a team of investment professionals led by Mr. Brendan Bradley since July 19, 2018 and Ms. Fanesca Young since April 17, 2023.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled *"Purchase and Sale of Fund Shares"* on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled *"Financial Intermediary Compensation"* on page 49 of this Prospectus.

***Old Westbury Total Equity Fund***

**Investment Goal**

The Fund's goal is to seek long-term capital appreciation.

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.78% |
| Other Expenses | 0.32% |
| Acquired Fund Fees and Expenses | 0.01% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.11% |
| Less Fee Waiver<sup>(2)</sup> | (0.12)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(2)</sup> | 0.99% |

---

<sup>(1)</sup> Total Annual Fund Operating Expenses will not agree with the ratio of expenses to average net assets before expense waiver in the Fund's Financial Highlights, as the Financial Highlights reflect actual direct operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.

<sup>(2)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.98%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $101 | $341 | $600 | $1341 |

---

**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 transactions 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 period from February 28, 2025 (commencement of operations) through October 31, 2025, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund pursues its investment goal by investing in a diversified portfolio of equity and equity-related securities of any market capitalization. Equity and equity-related securities include, without limitation, common stocks and derivatives that provide investment exposure to equity securities. The Fund has no restrictions as to the size of the companies in which it invests. The Fund may focus its investments in any market capitalization range, and may change the allocation of its investments at any time.

Under normal circumstances, the Fund invests at least 80% of its net assets, including any borrowings for investment purposes, in equity securities. Equity securities are common stocks, preferred securities, warrants, rights, convertible securities and depositary receipts.

The Fund invests in a portfolio of securities the Adviser or the applicable sub-adviser believes has the potential for long-term capital appreciation. The Fund invests primarily in securities listed on securities exchanges or actively traded in over-the-counter markets. The securities may be listed or traded in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), or other types of depositary receipts (including non-voting depositary receipts) or dual listed securities. Securities in which the Fund may invest may be issued by issuers, in any sector, located in developed, emerging market or developing market countries. The Fund also may invest in other investment companies, including exchange-traded funds ("ETFs"), and a variety of derivatives, including futures, options and other derivative instruments, to seek to increase or seek to hedge, or protect, its exposure to, for example, currency value fluctuation or movements in the securities markets.

The Fund employs multiple investment strategies which the Adviser believes are complementary. The Fund's portfolio is constructed by combining the investment styles and strategies of the Adviser and sub-advisers that have been engaged by the Fund and the Adviser.

The Fund may employ a quantitative strategy. Under a quantitative strategy, the Fund may invest in U.S. and non-U.S. equity securities with a minimum market capitalization of $250 million.

The Adviser makes the day-to-day investment decisions for portions of the Fund's portfolio. In addition, each sub-adviser manages its allocated portion of the Fund's portfolio by providing a model portfolio to the Adviser on an ongoing basis. The model portfolio of each sub-adviser represents such sub-adviser's recommendation as to the securities to be purchased, sold or retained by the Fund and the recommended weightings of such securities. The Adviser then implements the investment recommendations of the sub-advisers and constructs a portfolio for the Fund that represents the aggregation of the Adviser's portions of the Fund's portfolio and the model portfolios of the sub-advisers, with the weighting of each sub-adviser's model in the total portfolio determined by the Adviser.

Each sub-adviser will use its research and securities selection processes in constructing its model portfolio. The Adviser will generally invest in the component securities of the model portfolio provided by the sub-adviser and will generally invest in such securities in the same proportion as the model portfolio, which model portfolio is subject to change from time to time. However, the Adviser, in its discretion, may vary from the model portfolios under certain circumstances, such as when the Adviser believes that the securities or weightings are not appropriate for seeking to achieve the Fund's investment objective (also referred to as investment goal), for tax or risk management purposes, based on overall portfolio characteristics, limitations (regulatory or otherwise) or other factors or to seek trading cost efficiencies, portfolio rebalancing or other portfolio construction objectives.

The Adviser may adjust the weighting of Fund assets allocated to each sub-adviser's model at any time.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser and sub-advisers use the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser (and model portfolios provided by the sub-advisers) in using these strategies may not produce the returns expected by the Adviser or sub-advisers, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Stock Market/Company Risk***—Stock markets are volatile and can decline significantly in response to real or perceived changes to the issuer, industry, market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. The value of an equity security can decline significantly in response to these conditions. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Market Capitalization Risk***—To the extent the Fund invests in securities of companies of varying market capitalizations, it takes on the associated risks. At times, any one of these market capitalizations may be out of favor with investors. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities. Compared to large-cap companies,

small- and mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of small- and mid-cap companies are often more volatile and relatively less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Developing Market Countries Risk***—The Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks and other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Real Estate Investment Trusts Risk***—Real estate investment trusts or REITs and REIT-like entities carry risks generally incident to the ownership of real property, as well as additional risks such as limited diversification, poor performance by the manager of the REIT or REIT-like entity and adverse changes to the tax laws.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Multi-Style Management Risk***—The Fund employs multiple investment strategies which the Adviser believes are complementary. However, the strategies may not in fact be complementary and the Fund could experience overlapping investments, more exposure to certain securities and higher portfolio turnover and may lead to higher transaction expenses and may generate higher short-term capital gains compared to a fund using a single investment management style.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***Quantitative Investment Strategy Risk***—A portion of the Fund may be managed using a quantitative process. The impact of risk and quantitative metrics on a security's performance can be difficult to predict, and securities that previously possessed certain desirable characteristics may not continue to demonstrate those same characteristics in the future. There can be no assurance that this quantitative process will perform as anticipated or enable the Fund to achieve its investment objective.

***Model Portfolio and Management Risk***—The Adviser implements the investment recommendations of sub-advisers pursuant to each sub-adviser's respective model portfolios. The Fund is subject to the risk that the performance of the portion of the Fund

allocated to a particular sub-adviser's model portfolio strategy may deviate from the performance of that sub-adviser's model portfolio, similar strategies pursued for sub-advised funds and the sub-adviser's other similar accounts. In addition, it is expected that trades will not be effected at the same time as when the sub-advisers implement their own trades, which could be on a daily basis, and this could cause the Fund's return to be lower than if the sub-adviser implemented trades on behalf of the Fund. The Adviser has the discretion to not fully replicate a model portfolio, and the Adviser's variation from a sub-adviser's model portfolio may contribute to performance variations. If the Adviser does not invest the Fund in securities of the model portfolio at the same time and in the same weights, there may be a deviation in the Fund's performance.

***Performance Deviation Risk***—Because of the Adviser's timing of receiving a model portfolio from a sub-adviser and investing the Fund's assets pursuant to a sub-adviser's model portfolio, the Fund's portfolio may deviate from the sub-adviser's respective model portfolio or other similar accounts or similar strategies pursued for sub-advised funds managed by such sub-adviser. Further, the timing of cash flows for the Fund, changes in a model portfolio and the effect of expenses applicable to the Fund which are not applicable to a model portfolio also may cause the Fund's performance to deviate from the performance of the model portfolio, similar strategies pursued for sub-advised funds and similar accounts managed by such sub-adviser.

***Convertible Securities Risk***—Convertible securities are subject to interest rate risk, the risk that the issuer will not be able to pay interest or dividend when due or at all, the risk that their market value may change based on changes to the issuer's credit ratings or the market's perception of the issuer's creditworthiness, and the risk that their value may not increase as rapidly as the underlying common stock. Convertible bonds are subject to the risks of equity securities when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt instruments when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible bond is not as sensitive to interest rate changes as a similar non-convertible debt instrument.

***New Fund Risk***—The Fund is new with a short operating history. As a result, prospective investors have limited or no track record or history on which to base their investment decisions.

**Performance Information**

The Fund commenced operations on February 28, 2025, and therefore does not have a full calendar year of performance. Accordingly, no performance information is shown. Performance information will be available after the Fund has a full calendar year of performance.

**Management of the Fund**

*Investment Adviser*. Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers and Sub-Advisers.*

Mr. John Alexander Christie, Managing Director of the Adviser and Head of Equities at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception.

Mr. Michael Morrisroe, Managing Director of the Adviser, has managed the Fund since its inception.

Dr. Edward N. Aw, DBA, Managing Director of the Adviser and Head of Quantitative Strategies at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception.

Ms. Nancy Sheft, Managing Director of the Adviser and Head of External Managers at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception.

Mr. Jeffrey A. Rutledge, Managing Director of the Adviser, has managed the Fund since its inception.

Ms. Andrea Tulcin, Managing Director of the Adviser, has managed the Fund since its inception.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

Mr. Cheng Jan, Principal of the Adviser, has managed the Fund since October 1, 2025.

Aikya Investment Management Limited ("Aikya") manages its allocated portion of the Fund's portfolio by providing a model portfolio to the Adviser on an ongoing basis, subject to the oversight of the Adviser. Aikya's portion of the Fund has been managed by Messrs. Ashish Swarup, Rahul Desai, and Thomas Allen since the Fund's inception.

Polunin Capital Partners Limited ("Polunin") manages its allocated portion of the Fund's portfolio by providing a model portfolio to the Adviser on an ongoing basis, subject to the oversight of the Adviser. Polunin's portion of the Fund has been managed by Aleksandrs Babikovs since the Fund's inception.

Sands Capital Management, LLC ("Sands Capital") manages its allocated portion of the Fund's portfolio by providing a model portfolio to the Adviser on an ongoing basis, subject to the oversight of the Adviser. Sands Capital's portion of the Fund has been managed by Messrs. David Levanson, Brian Christiansen and Daniel Pilling since the Fund's inception.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled "*Purchase and Sale of Fund Shares*" on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled "*Financial Intermediary Compensation*" on page 49 of this Prospectus.

***Old Westbury Credit Income Fund***

**Investment Goal**

The Fund's primary investment objective is income. Capital appreciation is a secondary objective.

**Fees and Expenses**

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 table or example below.**

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

---

| | | |
|:---|:---|:---|
| Management Fees |  | 0.58% |
| Other Expenses |  | 0.28% |
| Acquired Fund Fees and Expenses |  | 0.06% |
| Total Annual Fund Operating Expenses<sup>(1)</sup> |  | 0.92% |
| Less Fee Waiver<sup>(2)</sup> | (0.01 | (0.01)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(2)</sup> | 0.91 | 0.91% |

---

<sup>(1)</sup> Total Annual Fund Operating Expenses will not agree with the ratio of expenses to average net assets in the Fund's Financial Highlights, as the Financial Highlights reflect actual direct operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.

<sup>(2)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.85%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $93 | $292 | $508 | $1130 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund may invest in debt or debt linked instruments of any credit rating, and there are no limits on the Fund's investments in high-yield ("junk") bonds. The Fund defines credit instruments broadly to include any debt or debt linked instrument, including corporate and sovereign bonds, leveraged loans (or bank loans), municipal securities, preferred securities, convertible securities, and securitized instruments (including mortgage- and asset-backed securities). The Fund, under normal market circumstances invests at least 80% of its net assets (including any borrowing for investment purposes) in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments, including short exposure. Additionally, the Adviser, as part of the Fund's overall portfolio construction, may invest in various securities with an aim of managing risk and overall volatility similar to the ICE BofA 1-10 Year U.S. Corporate Index over a business cycle. There is no limit on the Fund's investments in securities issued by foreign issuers, including issuers in emerging markets, although the Fund's overall net exposure to non-U.S. currencies through direct holdings and derivatives is normally limited to 25% of its net assets. The Fund may invest up to 20% of its net assets in long and short positions in equity securities, including common stocks, warrants, and other equity securities in addition to derivatives that provide exposure to equity securities.

High yield instruments are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide higher income relative to investment-grade debt instruments in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield instruments in which the Fund may invest include bonds, leveraged loans, and securities in default. The Fund may invest in debt instruments of any maturity or duration, although the Fund expects to normally maintain an effective duration between 2 and 8 years. Duration is an estimate of a security's (or portfolio of securities) sensitivity to changes in prevailing interest rates, with securities with a longer duration generally tending to be more sensitive to changes in prevailing interest rates.

The Adviser employs sub-advisers for some asset classes, or segments of specific asset classes, and allocates the Fund's portfolio investments and assets on an opportunistic basis intended to achieve attractive relative returns among asset classes and investments. The Adviser's investment process consists of fundamental research as well as the use of proprietary quantitative models that evaluate a universe of securities based on factors such as credit quality, maturity, valuation, revenues, earnings, capital discipline, financial leverage and volatility.

The Fund's investment approach provides the Fund the flexibility to invest across a wide variety of global credit instruments without constraints to particular benchmarks, asset classes, or sectors. Through this flexibility, and the use of active risk management and hedging positions, the Fund attempts to benefit from the upsides of the fixed income credit markets while avoiding some of the downsides over a full market cycle.

When deciding whether to adjust allocations among the various sectors and asset classes (such as high yield corporate bonds, mortgage- and asset-backed securities, international bonds, sovereign bonds, municipal securities, and leveraged loans) or duration (which measures the Fund's price sensitivity to interest rate changes), the Adviser may consider factors such as expected interest rate movements and currency valuations, the outlook for inflation and the economy, and the yield advantage and potential for increased returns that lower rated bonds may offer over investment-grade bonds.

The Fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards.

Bank loans represent amounts generally borrowed by banks and leveraged loans represent amounts generally borrowed by companies and other entities. These loans have floating interest rates that reset periodically (typically quarterly or monthly) and are often rated below investment grade (sometimes referred to as "junk bonds"). In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. Leveraged loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender's portion of the loan.

While most assets are typically invested in bonds and other debt instruments, the Fund also may use credit default swaps (on both indexes and specific bonds or issuers), total return swaps (on both indexes and specific bonds or issuers), interest rate futures, interest rate swaps, forward currency exchange contracts, and options on such instruments. The Fund intends to buy or sell credit default and total return swaps in order to seek to generate returns, adjust the Fund's overall credit quality, or protect the value of certain portfolio holdings, as well as to seek to profit from expected deterioration in the credit quality of an issuer or the widening of credit spreads. Total return swaps may also be used in order to seek to obtain a short position with respect to a particular instrument. Interest rate futures and interest rate swaps are primarily used to seek to manage the Fund's exposure to interest rate changes and to seek to limit overall volatility by adjusting the portfolio's duration and extending or shortening the overall maturity of the Fund. Forward currency exchange contracts may be used to seek to limit overall volatility by protecting the Fund's non-U.S. dollar-denominated holdings from adverse currency movements relative to the U.S. dollar or to seek to generate returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. In addition, the Fund may take a short position in a currency, which means that the Fund could sell a currency in excess of its assets denominated in that currency (or the Fund might sell a currency even if it doesn't own any assets denominated in the currency).

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser and sub-advisers use the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser and sub-advisers in using these strategies may not produce the returns expected by the Adviser or sub-advisers, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not

endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see "*Additional Information About the Funds*" for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities can be subject to volatility and losses resulting from changes or perceived changes to the issuer, as well as industry, market, economic, political, regulatory, and geopolitical developments, including pandemics, epidemics and other conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions. For example, in addition to other risks generally associated with fixed income securities, corporate debt obligations are particularly subject to factors directly related to the issuer, such as the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. Adverse changes in any of these factors may result in a decline in value of or income generated by such obligations.

***High-Yield, Lower-Grade Debt Securities Risk***—High-yield and lower-grade debt securities (sometimes referred to as "junk bonds") are high risk investments and may cause principal and investment losses to the Fund to a greater extent than investment grade debt securities. Such debt securities may be considered to be speculative and may be more vulnerable to the risks associated with fixed income securities, particularly credit and default risk, price volatility and market conditions attributable to adverse economic or political developments.

***Loans Risk***—Investments in loans expose the Fund to additional risks beyond those normally associated with more traditional debt instruments. The Fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the Fund may not receive its proceeds in a timely manner or that the Fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the U.S. federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.

***Prepayments and Extensions***—The Fund is subject to prepayment risks because the principal on mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security's yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

***International Investing***—Investing in the securities of non-U.S. issuers involves special and heightened risks not typically associated with investing in U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Changes in international trading patterns and policies, tariffs (including those imposed by the U.S. or foreign governments), trade barriers and other protectionist or retaliatory measures may result in greater price volatility of non-U.S. investments, and investment losses. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater price volatility than investments in developed markets.

***TBAs and Dollar Rolls***—Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the Fund to potential losses. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will

nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the Fund's portfolio turnover rate and transaction costs are increased when the Fund enters into dollar roll transactions.

***Leverage***—Investing in certain futures contracts, options and swaps and other derivative instruments, and engaging in short sales and TBA and dollar roll transactions, will result in leverage. These instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. If a Fund obtains leverage through purchasing certain types of derivative instruments or engaging in short sales, the Fund is exposed to the risk that losses may exceed the net assets of the Fund. The net asset value of a Fund while employing leverage can become more volatile and sensitive to market movements.

***Short Positions***—A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Short sales may also involve transaction and financing costs that will reduce potential fund gains and increase potential fund losses. There is also the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

***Hedging***—The Fund's attempts at hedging and taking long and short positions in currencies may not be successful and could cause the Fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the Fund could be in a worse position than if it had not entered into such transactions.

***Developing Market Countries Risk***—The Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets.

***Exchange-Traded , Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual debt instruments or other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***Quantitative Investment Strategy Risk***—The Fund may be managed using a quantitative process. The impact of risk and quantitative metrics on a security's performance can be difficult to predict, and securities that previously possessed certain desirable characteristics may not continue to demonstrate those same characteristics in the future. There can be no assurance that this quantitative process will perform as anticipated or enable the Fund to achieve its investment objective.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Inflation-Protected Securities Risk***—The value of an inflation-protected debt security generally will fall when real interest rates rise.

***Mortgage-Backed and Asset-Backed Securities Risk***—Securities representing interests in "pools" of mortgages or other assets are subject to various risks, including prepayment and contraction risk, risk of default of the underlying mortgage or assets and delinquencies and losses of the underlying mortgage or assets. Investments in non-agency mortgage-backed securities, which are not guaranteed by the U.S. government or a government sponsored enterprise, are subject to increased credit/default, liquidity, valuation and other risks.

***Municipal Securities Risk***—Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market.

***Convertible Securities Risk***—Convertible securities are subject to interest rate risk, the risk that the issuer will not be able to pay interest or dividend when due or at all, the risk that their market value may change based on changes to the issuer's credit ratings or the market's perception of the issuer's creditworthiness, and the risk that their value may not increase as rapidly as the underlying common stock. Convertible bonds are subject to the risks of equity securities when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt instruments when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible bond is not as sensitive to interest rate changes as a similar non-convertible debt instrument.

***Common Stock Risk***—Stock markets are volatile and can decline significantly in response to real or perceived changes to the issuer, industry, market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. The value of an equity security can decline significantly in response to these conditions. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Preferred Securities Risk***—Preferred securities generally have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. Unlike interest payments on debt securities, preferred securities dividends are payable only if declared by the issuer's board of directors, and, as a result, may not be paid at any given time. Preferred securities also may be subject to optional or mandatory redemption provisions.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Multi-Style Management Risk***—Because certain portions of the Fund's assets are managed by different portfolio managers using different styles, the Fund could experience overlapping investments (or exposures) and may lead to higher transaction expenses and may generate higher short-term capital gains compared to a fund using a single investment management style.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Swaps Risk***—Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different market factors or types of investments, including a specified reference security, basket of securities, securities market index or index component. Swaps may increase or decrease the Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, securities market indexes, or other factors such as security prices or inflation rates. Swaps may be leveraged and are subject to, among other risks, illiquidity risk, counterparty risk, credit risk and valuation risk. Because the Fund may not reasonably expect to be able to sell or dispose of a swap in current market conditions in seven calendar days or less without the sale or disposition significantly changing its market value, certain swaps may be considered to be illiquid. Also, the Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a swap counterparty. In addition, some swaps may be complex and difficult to value.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the ICE BofA U.S. Broad Market Index and the ICE BofA 1-10 Year U.S. Corporate Index. The ICE BofA U.S. Broad Market Index serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The ICE BofA 1-10 Year U.S. Corporate Index is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Return (for calendar years ended December 31st)**

![](c115377a004.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 7.31% (quarter ended 12/31/2023) and the lowest return for a quarter was (7.36)% (quarter ended 6/30/2022).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Year** | **Since<br> Commencement<br> of Operations<br> (10/1/2020)** |
| Fund Return Before Taxes | 7.70% | 0.20% | 0.79% |
| Fund Return After Taxes on Distributions | 5.31% | (1.83)% | (1.23)% |
| Fund Return After Taxes on Distributions and Sale of Shares | 4.52% | (0.70)% | (0.25)% |
| ICE BofA U.S. Broad Market Index (reflects no deduction for fees, expenses, or income and withholding taxes)\* | 7.15% | (0.42)% | (0.29)% |
| ICE BofA 1-10 Year U.S. Corporate Index (reflects no deduction for fees, expenses, or income and withholding taxes) | 7.89% | 1.64% | 1.91% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the ICE BofA 1-10 Year U.S. Corporate Index to the ICE BofA U.S. Broad Market Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser*. Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers and Sub-Advisers.*

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception.

Dr. Qiang Jiang, PhD, Managing Director of the Adviser and Director of Investment Quantitative R&D at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception.

BlackRock Financial Management, Inc. ("BlackRock") is responsible for the day-to-day management of a portion of the Fund's portfolio subject to the oversight of the Adviser. Messrs. Ibrahim Incoglu and Saffet Ozbalci have been portfolio managers of BlackRock's portion of the Fund since its inception.

Muzinich & Co., Inc. ("Muzinich") is responsible for the day-to-day management of a portion of the Fund's portfolio subject to the oversight of the Adviser. Messrs. Michael McEachern, Warren Hyland, Thomas Samson, Torben Ronberg, and Joseph Galzerano have been portfolio managers of Muzinich's portion of the Fund since its inception.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled "*Purchase and Sale of Fund Shares*" on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled "*Financial Intermediary Compensation*" on page 49 of this Prospectus.

***Old Westbury Fixed Income Fund***

**Investment Goal**

The Fund's goal is to seek total return (consisting of current income and capital appreciation).

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.40% |
| Other Expenses | 0.29% |
| Total Annual Fund Operating Expenses | 0.69% |
| Less Fee Waiver<sup>(1)</sup> | (0.12)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(1)</sup> | 0.57% |

---

<sup>(1)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $58 | $196 | $360 | $835 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 84% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a diversified portfolio of investment-grade bonds and notes of any maturity. The Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in investment-grade fixed income securities including corporate, asset-backed, mortgage-backed, and U.S. Government securities. The Adviser attempts to manage the Fund's "total return" (which includes both changes in principal value of the Fund's securities and income earned) by lengthening or shortening the average maturity of the Fund's securities according to whether the Adviser expects market interest rates to rise or decline. The Fund may also engage in futures and options transactions, both to seek to increase return and/or to seek to hedge, or protect, its exposure to, for example, interest rate movements, movements in the commodities or securities markets and currency value fluctuations. In addition, the Fund may invest in exchange-traded funds ("ETFs"), convertible securities, municipal securities, and inflation-protected securities such as Treasury Inflation-Protected Securities ("TIPS") and similar bonds issued by governments outside of the United States. Fixed income securities held by the Fund may be of any maturity.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal.

Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see "*Additional Information About the Funds*" for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions. For example, in addition to other risks generally associated with fixed income securities, corporate debt obligations are particularly subject to factors directly related to the issuer, such as the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. Adverse changes in any of these factors may result in a decline in value of or income generated by such obligations.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual debt instruments or other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Inflation-Protected Securities Risk***—The value of an inflation-protected debt security generally will fall when real interest rates rise.

***Mortgage-Backed and Asset-Backed Securities Risk***—Securities representing interests in "pools" of mortgages or other assets are subject to various risks, including prepayment and contraction risk, risk of default of the underlying mortgage or assets and delinquencies and losses of the underlying mortgage or assets. Investments in non-agency mortgage-backed securities, which are not guaranteed by the U.S. government or a government sponsored enterprise, are subject to increased credit/default, liquidity, valuation and other risks.

***Prepayments and Extensions***—The Fund is subject to prepayment risks because the principal on mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security's yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

***Municipal Securities Risk***—Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market.

***Convertible Securities Risk***—Convertible securities are subject to interest rate risk, the risk that the issuer will not be able to pay interest or dividend when due or at all, the risk that their market value may change based on changes to the issuer's credit ratings or the market's perception of the issuer's creditworthiness, and the risk that their value may not increase as rapidly as the underlying common stock. Convertible bonds are subject to the risks of equity securities when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt instruments when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible bond is not as sensitive to interest rate changes as a similar non-convertible debt instrument.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the ICE BofA U.S. Broad Market Index and the ICE BofA 1-10 Year AAA-A US Corporate & Government Index. The ICE BofA U.S. Broad Market Index serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The ICE BofA 1-10 Year AAA-A US Corporate & Government Index is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a005.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 5.02% (quarter ended 12/31/2023) and the lowest return for a quarter was (4.27)% (quarter ended 3/31/2022).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 6.46% | 0.45% | 1.70% |
| Fund Return After Taxes on Distributions | 4.83% | (0.74)% | 0.70% |
| Fund Return After Taxes on Distributions and Sale of Shares | 3.81% | (0.17)% | 0.88% |
| ICE BofA U.S. Broad Market Index (reflects no deduction for fees, expenses, or income and withholding taxes)\* | 7.15% | (0.42)% | 2.01% |
| ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index (reflects no deduction for fees, expenses, or income and withholding taxes) | 6.67% | 0.86% | 2.03% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index to the ICE BofA U.S. Broad Market Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser*. Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers.*

Mr. Peter D. Hayward, Principal of the Adviser, has managed the Fund since May 1, 2025.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled "*Purchase and Sale of Fund Shares*" on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled "*Financial Intermediary Compensation*" on page 49 of this Prospectus.

***Old Westbury Short-Term Bond Fund***

**Investment Goal**

The Fund's primary investment objective is income. Capital appreciation is a secondary objective.

**Fees and Expenses**

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 table or example below.**

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

---

| | |
|:---|:---|
| Management Fees | 0.32% |
| Other Expenses | 0.42% |
| Total Annual Fund Operating Expenses | 0.74% |
| Less Fee Waiver<sup>(1)</sup> | (0.37)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(1)</sup> | 0.37% |

---

<sup>(1)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.37%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $38 | $163 | $339 | $849 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a diversified portfolio of short- and intermediate-term investment-grade bonds and notes. The Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in investment-grade fixed income securities including sovereign, corporate, asset-backed, money market securities, bank obligations, foreign securities (including securities of issuers in emerging markets and non-U.S. dollar-denominated securities), and U.S. Government securities. The Fund only invests in investment-grade debt obligations, rated at the time of purchase by at least one major rating agency or, if unrated, determined by the Adviser to be of comparable quality. After purchase, a debt obligation may cease to be rated or may have its rating downgraded below investment grade. In such cases, the Adviser will consider whether to continue to hold the debt obligation. The Fund may hold debt obligations of any credit rating or no rating. The dollar-weighted average portfolio effective maturity of the Fund is expected to be more than one year but less than three years during normal market conditions. The Fund may invest in debt obligations of all maturities.

The Fund may also engage in futures, forwards and options transactions, both to seek to increase return and/or to seek to hedge, or protect, its exposure to, for example, interest rate movements, movements in the commodities or securities markets and currency value fluctuations. In addition, the Fund may invest in exchange-traded funds ("ETFs"), municipal securities, and inflation-protected securities such as Treasury Inflation-Protected Securities ("TIPS") and similar bonds issued by governments outside of the United States.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions. For example, in addition to other risks generally associated with fixed income securities, corporate debt obligations are particularly subject to factors directly related to the issuer, such as the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. Adverse changes in any of these factors may result in a decline in value of or income generated by such obligations.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual debt instruments or other investments, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Inflation-Protected Securities Risk***—The value of an inflation-protected debt security generally will fall when real interest rates rise.

***Mortgage-Backed and Asset-Backed Securities Risk***—Securities representing interests in "pools" of mortgages or other assets are subject to various risks, including prepayment and contraction risk, risk of default of the underlying mortgage or assets and delinquencies and losses of the underlying mortgage or assets. Investments in non-agency mortgage-backed securities, which are not guaranteed by the U.S. government or a government sponsored enterprise, are subject to increased credit/default, liquidity, valuation and other risks.

***Municipal Securities Risk***—Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market.

***Prepayments and Extensions***—The Fund is subject to prepayment risks because the principal on mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security's yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. The risks of foreign investments are increased in emerging markets which may, among other adverse developments or conditions, experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Currency exchange rates may fluctuate significantly over short periods of time. Such fluctuations in foreign currency exchange rates can affect the value of the Fund's portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***New Fund Risk***—The Fund is new with a short operating history. As a result, prospective investors have limited or no track record or history on which to base their investment decisions.

***Developing Market Countries Risk***—The Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the ICE BofA U.S. Broad Market Index and the ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index. The ICE BofA U.S. Broad Market Index serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Returns (for calendar year ended December 31st)**

![](c115377a006.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 1.60% (quarter ended 03/31/2025) and the lowest return for a quarter was 1.04% (quarter ended 12/31/2025).

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **Since Commencement <br>of Operations <br>(02/29/2024)** |
| Fund Return Before Taxes | 5.24% | 5.14% |
| Fund Return After Taxes on Distributions | 3.57% | 3.51% |
| Fund Return After Taxes on Distributions and Sale of Shares | 3.09% | 3.23% |
| ICE BofA U.S. Broad Market Index (reflects no deduction for fees, expenses, or income and withholding taxes)\* | 7.15% | 5.53% |
| ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index (reflects no deduction for fees, expenses, or income and withholding taxes) | 5.22% | 5.18% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index to the ICE BofA U.S. Broad Market Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers.*

Mr. Peter D. Hayward, Principal of the Adviser, has managed the Fund since its inception.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate the Adviser, has managed the Fund since May 1, 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled "*Purchase and Sale of Fund Shares*" on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled "*Financial Intermediary Compensation*" on page 49 of this Prospectus.

***Old Westbury Municipal Bond Fund***

**Investment Goal**

The Fund's goal is to seek total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.37% |
| Other Expenses | 0.28% |
| Total Annual Fund Operating Expenses | 0.65% |
| Less Fee Waiver<sup>(1)</sup> | (0.08)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(1)</sup> | 0.57% |

---

<sup>(1)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $58 | $191 | $346 | $796 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 52% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a diversified portfolio of investment-grade municipal securities, which include tax-free debt securities of states, territories, and possessions of the U.S. and political subdivisions and taxing authorities of these entities, with a goal of seeking total return (consisting of current income that is exempt from regular federal income tax and capital appreciation). The Fund invests, as a fundamental policy, at least 80% of its net assets plus investment borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax, but not necessarily the federal alternative minimum tax. The Fund invests, as a non-fundamental policy, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in municipal bonds. The Fund may also engage in futures and options transactions, both to seek to increase return and/or to seek to hedge, or protect, its exposure to, for example, interest rate movements. In addition, the Fund may invest in exchange-traded funds ("ETFs"), U.S. Treasury securities, securities subject to the federal alternative minimum tax, taxable municipal bonds, and inflation-protected securities such as Treasury Inflation Protected Securities ("TIPS") and similar bonds issued by governments outside of the United States. Fixed income securities held by the Fund may be of any maturity.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions.

***Geographic Focus and Similar Projects Risk***—To the extent that the Fund focuses on investments within a single state or in similar municipal projects, its performance can be more volatile than that of a fund that invests more broadly. Adverse economic, political, and regulatory conditions affecting the state or such municipal projects are likely to affect the Fund's performance.

***Municipal Securities Risk***—Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market. Any failure of municipal securities invested in by the Fund to meet certain applicable legal requirements, or any proposed or actual changes in federal or state tax law, could cause Fund distributions attributable to interest on such securities to be taxable.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying

security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Inflation-Protected Securities Risk***—The value of an inflation-protected debt security generally will fall when real interest rates rise.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the ICE BofA U.S. Municipal Securities Index and the ICE BofA 1-12 Year AAA-AA Municipal Securities Index. The ICE BofA U.S. Municipal Securities Index serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The ICE BofA 1-12 Year AAA-AA Municipal Securities Index is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a007.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 5.56% (quarter ended 12/31/2023) and the lowest return for a quarter was (4.90)% (quarter ended 3/31/2022).

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **10 Years** |
| Fund Return Before Taxes | 4.29% | 0.48% | 1.43% |
| Fund Return After Taxes on Distributions | 4.07% | 0.29% | 1.28% |
| Fund Return After Taxes on Distributions and Sale of Shares | 3.42% | 0.65% | 1.36% |
| ICE BofA U.S. Municipal Securities Index (reflects no deduction for fees, expenses or income and withholding taxes)\* | 3.92% | 0.81% | 2.36% |
| ICE BofA 1-12 Year AAA-AA Municipal Securities Index (reflects no deduction for fees, expenses or income and withholding taxes) | 4.89% | 1.04% | 1.85% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the ICE BofA 1-12 Year AAA-AA Municipal Securities Index to the ICE BofA U.S. Municipal Securities Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers.*

Mr. Kevin Akinskas, Managing Director of the Adviser and Head of Municipal Bonds at Bessemer, an affiliate of the Adviser, has managed the Fund since February 24, 2020.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled *"Purchase and Sale of Fund Shares"* on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of its net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

Distributions of the Fund's net investment income from tax-exempt securities, if any, generally will not be subject to federal income tax, although a portion of such distributions may be subject to the federal alternative minimum tax. Other distributions from the Fund generally will be taxed as described in the paragraph above. For additional information, see the section entitled *"Taxes"* on page 76 of this Prospectus and the section entitled "*Additional Considerations for the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund*" on page 75 of the SAI.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled *"Financial Intermediary Compensation"* on page 49 of this Prospectus.

***Old Westbury California Municipal Bond Fund***

**Investment Goal**

The Fund's goal is to seek total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation).

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.45% |
| Other Expenses | 0.31% |
| Total Annual Fund Operating Expenses | 0.76% |
| Less Fee Waiver<sup>(1)</sup> | (0.19)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(1)</sup> | 0.57% |

---

<sup>(1)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $58 | $183 | $363 | $886 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a non-diversified portfolio of investment-grade municipal securities, which include tax-free debt securities issued by the State of California, its political subdivisions and taxing authorities, with a goal of seeking total return consisting of current income that is exempt from regular federal and California income tax and capital appreciation. The Fund invests, as a fundamental policy, at least 80% of its net assets plus investment borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax and California income tax, but not necessarily the federal alternative minimum tax. The Fund may also engage in futures and options transactions, both to seek to increase return and/or to seek to hedge, or protect, its exposure to, for example, interest rate movements. In addition, the Fund may invest in exchange-traded funds ("ETFs"), U.S. Treasury securities, securities subject to the federal alternative minimum tax, taxable municipal bonds, and inflation-protected securities such as Treasury Inflation-Protected Securities ("TIPS") and similar bonds issued by governments outside of the United States. Fixed income securities held by the Fund may be of any maturity.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see *"Additional Information About the Funds"* for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Fixed Income Securities Risk***—Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions.

***Municipal Securities Risk***—Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market. Any failure of municipal securities invested in by the Fund to meet certain applicable legal requirements, or any proposed or actual changes in federal or state tax law, could cause Fund distributions attributable to interest on such securities to be taxable.

***Risks related to investing in California***—The Fund invests a significant portion of its assets in municipal obligations of issuers located in the State of California. While California's economy is broad, it does have major concentrations in advanced electronics and computer technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. The Fund's investment in a single state may make its performance more volatile than that of a fund that invests more broadly. The Fund will be affected by political, economic, environmental (such as natural disasters or wildfires), public health (including pandemics and epidemics), regulatory and other developments within California and by the financial condition of California's political subdivisions, agencies, instrumentalities and public authorities.

***Interest Rate Risk***—Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Credit Risk***—Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Liquidity Risk***—Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***U.S. Government Obligations Risk***—U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Exchange-Traded Funds Risk***—Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Non-Diversification Risk***—The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one

investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds.

***Derivatives Risk***—Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Inflation-Protected Securities Risk***—The value of an inflation-protected debt security generally will fall when real interest rates rise.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the ICE BofA U.S. Municipal Securities Index and the ICE BofA 3-7 Year AAA-AA Municipal Securities Index. The ICE BofA U.S. Municipal Securities Index serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The ICE BofA 3-7 Year AAA-AA Municipal Securities Index is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a008.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 5.48% (quarter ended 12/31/2023) and the lowest return for a quarter was (4.72)% (quarter ended 3/31/2022).

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **Since<br> Commencement<br> of Operations<br> (12/4/2018)** |
| Fund Return Before Taxes | 4.45% | 0.68% | 1.76% |
| Fund Return After Taxes on Distributions | 4.17% | 0.45% | 1.54% |
| Fund Return After Taxes on Distributions and Sale of Shares | 3.44% | 0.78% | 1.60% |
| ICE BofA U.S. Municipal Securities Index (reflects no deduction for fees, expenses, or income and withholding taxes)\* | 3.92% | 0.81% | 2.54% |
| ICE BofA 3-7 Year AAA-AA Municipal Securities Index (reflects no deduction for fees, expenses, or income and withholding taxes) | 4.90% | 0.84% | 2.01% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the ICE BofA 3-7 Year AAA-AA Municipal Securities Index to the ICE BofA U.S. Municipal Securities Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers.*

Mr. Kevin Akinskas, Managing Director of the Adviser and Head of Municipal Bonds at Bessemer, an affiliate of the Adviser, has managed the Fund since February 24, 2020.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled *"Purchase and Sale of Fund Shares"* on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of its net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

Distributions of the Fund's net investment income from tax-exempt securities, if any, generally will not be subject to federal income tax, although a portion of such distributions may be subject to the federal alternative minimum tax. In addition, such distributions may be exempt from California income tax. Other distributions from the Fund generally will be taxed as described in the paragraph above. For additional information, see the section entitled *"Taxes"* on page 78 of this Prospectus and the sections entitled *"Additional Considerations for the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund"* and *"California Tax Considerations"* on pages 75-76 of the SAI.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled *"Financial Intermediary Compensation"* on page 49 of this Prospectus.

***Old Westbury New York Municipal Bond Fund***

**Investment Goal**

The Fund's goal is to seek total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation).

**Fees and Expenses**

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

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

---

| | |
|:---|:---|
| Management Fees | 0.44% |
| Other Expenses | 0.30% |
| Total Annual Fund Operating Expenses | 0.74% |
| Less Fee Waiver<sup>(1)</sup> | (0.17)% |
| Total Annual Fund Operating Expenses After Fee Waiver<sup>(1)</sup> | 0.57% |

---

<sup>(1)</sup> The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.57%. This commitment may not be changed or terminated at any time before October 31, 2028 without the approval of the Board of Directors.

**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 below and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual fee waiver for the current duration of the arrangement only). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| <u>**<u>1 Year</u>**</u> | <u>**<u>3 Years</u>**</u> | <u>**<u>5 Years</u>**</u> | <u>**<u>10 Years</u>**</u> |
| $58 | $201 | $377 | $885 |

---

**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 transactions 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 fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 19% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a non-diversified portfolio of investment-grade municipal securities, which include tax-free debt securities issued by the State of New York, its political subdivisions and taxing authorities, with a goal of seeking total return consisting of current income that is exempt from regular federal and New York income tax and capital appreciation. The Fund invests, as a fundamental policy, at least 80% of its net assets plus investment borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax and New York income tax, but not necessarily the federal alternative minimum tax. The Fund may also engage in futures and options transactions, both to seek to increase return and/or to seek to hedge, or protect, its exposure to, for example, interest rate movements. In addition, the Fund may invest in exchange-traded funds ("ETFs"), U.S. Treasury securities, securities subject to the federal alternative minimum tax, taxable municipal bonds, and inflation-protected securities such as Treasury Inflation-Protected Securities ("TIPS") and similar bonds issued by governments outside of the United States. Fixed income securities held by the Fund may be of any maturity.

**Principal Risks**

All investments carry a certain amount of risk and there is no assurance that the Fund will achieve its investment goal. The Adviser uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. The shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You could lose all or a part of your investment in the Fund.

The following are the principal risks of investing in the Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. Please see "*Additional Information About the Funds*" for an additional discussion of these risks and other factors you should carefully consider before deciding to invest in the Fund.

***Fixed Income Securities Risk—***Fixed income securities are subject to a number of risks, including interest rate risk, credit risk, and the risks associated with a lack of liquidity in the fixed income market. In addition, the value of and income generated by fixed income securities is subject to volatility and losses resulting from changes or perceived changes in economic conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions.

***Municipal Securities Risk—***Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value and liquidity of these securities. In addition, the Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market. Any failure of municipal securities invested in by the Fund to meet certain applicable legal requirements, or any proposed or actual changes in federal or state tax law, could cause Fund distributions attributable to interest on such securities to be taxable.

***Risks related to investing in New York—***The Fund invests a significant portion of its assets in municipal obligations of issuers located in the State of New York and, therefore, will have greater exposure to negative political, economic, public health (including pandemics and epidemics), regulatory or other factors within the State of New York, including the financial condition of its public authorities and political subdivisions, than a fund that invests in a broader base of securities. The Fund's investment in a single state may make its performance more volatile than that of a fund that invests more broadly. Unfavorable developments in any economic sector may have a substantial impact on the overall New York municipal market. As the nation's financial capital, New York's and New York City's economies are heavily dependent on the financial sector and may be sensitive to economic problems affecting the sector. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations.

***Interest Rate Risk—***Interest rate risk is the risk of losses attributable to changes in interest rates. In general, when interest rates rise, debt security prices tend to fall. The opposite is also generally true, debt security prices tend to rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

***Credit Risk—***Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due or at all. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value and liquidity of the Fund's investment in that issuer.

***Liquidity Risk—***Liquidity risk means the risk that the Fund could not meet requests to redeem shares without significant dilution of remaining shareholders' interests. Liquidity risk may also include the risk that it may be difficult or impossible to sell certain positions within an acceptable timeframe or at an acceptable price to meet the Fund's redemption or other obligations.

***U.S. Government Obligations Risk—***U.S. Government securities that are not direct obligations of the U.S. Treasury have more credit risk than securities directly supported by the full faith and credit of the U.S. Government. U.S. Government securities are also subject to interest rate risk.

***Exchange-Traded Funds Risk—***Exchange-traded funds or ETFs are subject to many of the same risks associated with individual stocks, including market risk where the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs may trade at a premium or discount to the aggregate value of the underlying securities. A shareholder will be charged fees and expenses not only on Fund shares held directly but also indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF.

***Non-Diversification Risk—***The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds.

***Derivatives Risk—***Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund's sensitivity to adverse market movements and may exaggerate a loss. Losses may arise as the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.

***Inflation-Protected Securities Risk***—The value of an inflation-protected debt security generally will fall when real interest rates rise.

**Performance Information**

The bar chart and the performance table shown below provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by comparing the Fund's performance to the ICE BofA U.S. Municipal Securities Index and the ICE BofA 3-7 Year AAA-AA Municipal Securities Index. The ICE BofA U.S. Municipal Securities Index serves as the Fund's regulatorily-required broad-based securities market index and provides a broad measure of market performance. The ICE BofA 3-7 Year AAA-AA Municipal Securities Index is the Fund's additional index and is generally more representative of the Fund's investment universe than the regulatory index. For additional information about the indexes, please see the section entitled "Index Descriptions."

Past performance (before and after taxes) does not necessarily predict future performance. Fund performance shown below reflects fees, waivers and/or expense reimbursements during such period and reinvestment of distributions, if any. Without waivers/reimbursements, performance would have been lower.

**Annual Total Returns (for calendar years ended December 31st)**

![](c115377a009.jpg)

During the periods shown in the bar chart, the highest return for a quarter was 5.53% (quarter ended 12/31/2023) and the lowest return for a quarter was (4.76)% (quarter ended 3/31/2022).

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (for the periods ended 12/31/2025)** | **1 Year** | **5 Years** | **Since <br> Commencement <br> of Operations <br> (12/4/2018)** |
| Fund Return Before Taxes | 4.06% | 0.62% | 1.75% |
| Fund Return After Taxes on Distributions | 3.89% | 0.47% | 1.58% |
| Fund Return After Taxes on Distributions and Sale of Shares | 3.21% | 0.75% | 1.61% |
| ICE BofA U.S. Municipal Securities Index (reflects no deduction for fees, expenses, or income and withholding taxes)\* | 3.92% | 0.81% | 2.54% |
| ICE BofA 3-7 Year AAA-AA Municipal Securities Index (reflects no deduction for fees, expenses, or income and withholding taxes) | 4.90% | 0.84% | 2.01% |

---

\* As a result of new regulatory requirements, the Fund's regulatory or primary index previously changed from the ICE BofA 3-7 Year AAA-AA Municipal Securities Index to the ICE BofA U.S. Municipal Securities Index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to shareholders who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts. The Fund Return After Taxes on Distributions and Sale of Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares.

**Management of the Fund**

*Investment Adviser.* Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer Trust Company, N.A. ("Bessemer"), is located at 1271 Avenue of the Americas, New York, New York 10020.

*Portfolio Managers.*

Mr. Kevin Akinskas, Managing Director of the Adviser and Head of Municipal Bonds at Bessemer, an affiliate of the Adviser, has managed the Fund since February 24, 2020.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025.

**Purchase and Sale of Fund Shares**

For important information about the purchase and sale of Fund shares, please turn to the section entitled "*Purchase and Sale of Fund Shares*" on page 49 of this Prospectus.

**Tax Information**

The Fund will distribute to its shareholders substantially all of its net investment income and realized net capital gains, if any. Distributions from the Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from the Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

Distributions of the Fund's net investment income from tax-exempt securities, if any, generally will not be subject to federal income tax, although a portion of such distributions may be subject to the federal alternative minimum tax. In addition, such distributions may be exempt from New York State and New York City income taxes. Other distributions from the Fund generally will be taxed as described in the paragraph above. For additional information, see the section entitled "*Taxes*" on page 78 of this Prospectus and the sections entitled *"Additional Considerations for the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund"* and *"New York Tax Considerations"* on pages 75-76 of the SAI.

**Financial Intermediary Compensation**

For important information about financial intermediary compensation, please turn to the section entitled "*Financial Intermediary Compensation*" on page 49 of this Prospectus.

**PURCHASE AND SALE OF FUND SHARES**

To open an account with one of the Funds, your first investment must be at least $1,000. However, you can add to your account for as little as $100. In certain circumstances, these minimums may be waived or lowered at the Funds' and/or the Adviser's discretion. Shares of each Fund may be redeemed by mail or by wire through a Selling Agent or through the Transfer Agent (as defined below). Shares of a Fund will be sold at its next determined net asset value ("NAV"). Notwithstanding the foregoing, the Funds and the Adviser reserve the right to reject any purchase request at any time, for any reason.

For additional information regarding the purchase and sale of Fund shares, please turn to the sections entitled *"What Do Shares Cost?"* on page 70 *"How Do I Purchase Shares?"* on page 71 and *"How Do I Redeem Shares?"* on page 72 of this Prospectus.

**FINANCIAL INTERMEDIARY COMPENSATION**

Each Fund pays Bessemer Trust Company, N.A. ("Bessemer") a shareholder servicing fee for certain shareholder support services. Bessemer may in turn engage its affiliates and other parties including broker/dealers, banks, trust companies, investment advisers and other financial institutions and intermediaries to provide such shareholder support services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information. For additional information, please turn to the section entitled "*Distribution and Shareholder Servicing of Fund Shares*" on page 77 of this Prospectus.

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Investment Goals**

The investment goal (or objective) of each Fund described above is not fundamental and may be changed without shareholder approval by the Board of Directors (the "Board").

**Risks of Investing in the Funds**

The following is a description of the principal risks specific to an investment in a particular Fund or Funds, as well as certain additional risks associated with an investment in a Fund. The Funds' Statement of Additional Information ("SAI") includes further information about the Funds, their investments (including other types of investments in which the Funds may invest) and related risks. The fact that a particular risk is not indicated as a principal risk for a Fund does not mean that the Fund is prohibited from investing its assets in securities or investments that give rise to that risk. It simply means that the risk is not a principal risk for that Fund. The relative significance of each principal risk summarized below may change over time and you should review each risk carefully because any one or more of these risks may result in losses to the Fund. As further described below, an investment in a Fund is subject to the risk that the value of (or income generated by) securities and other investments owned by the Fund may go up or down subsequently, sometimes rapidly or unpredictably, due to various factors, such as, among others, those affecting securities markets and economies generally and particular industries or governments as well as the prospects or financial condition of individual companies and other geopolitical, economic and market developments (including, for example, developments in technologies, such as artificial intelligence). It is difficult to predict when and how frequent these and similar events or conditions may occur, the effects of such events or conditions and the duration of those effects (which may last for extended periods). Such events or conditions may also increase a Fund's liquidity risk.

In addition, investments made by a Fund and the results achieved by a Fund at any given time, or for any period of time may not be the same as or comparable to those of other clients for which the Adviser acts as investment adviser, including mutual funds with names, investment objectives, strategies and policies similar to a Fund. Also, investment strategies and types of investments will evolve over time, sometimes without prior notice to shareholders.

***American Depositary Receipts Risk***—ADRs are issued by U.S. banks or trust companies that entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. A Fund's investments in ADRs may be less liquid than the underlying shares in its primary trading market. ADRs involve many of the same risks as those associated with direct investments in foreign securities and the underlying shares. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

***Certain Tax Risk***—The tax treatment and characterization of a Fund's distributions may vary significantly from time to time because of the varied nature of the Fund's investments. In addition, certain Fund investments may generate a substantial amount of distributions that are taxable to shareholders at ordinary income tax rates. The ultimate tax characterization of a Fund's distributions

made in a calendar year may not finally be determined until after the end of that calendar year. While a portion of a Fund's income distributions may qualify as tax-advantaged qualified dividends, enabling certain shareholders who meet holding period and other requirements to receive the benefit of favorable tax treatment, there can be no assurance as to the percentage of a Fund's income distributions that will qualify as tax-advantaged dividends. In addition, the portion, if any, of a Fund's distributions that qualifies for favorable tax treatment may be affected by IRS interpretations of the Internal Revenue Code of 1986, as amended (the "Code"), and future changes in tax laws and regulations.

***Changing Fixed Income Market Conditions***—The Funds may face a heightened level of risk due to certain changes in monetary policy, such as interest rate changes by the Federal Reserve (the "Fed"). The risks associated with fluctuating interest rates may have unpredictable effects on the markets and a Fund's investments. The Fed's policy in response to market conditions, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities and securities and other investments generally. Market volatility, changes to interest rates and/or a return to unfavorable economic conditions may lower a Fund's performance or impair a Fund's ability to achieve its investment objective (also referred to as investment goal). Monetary policies, and market interest rates, are subject to change at any time and potentially frequently based on a variety of market and economic conditions. It is difficult to accurately predict changes in the Federal Reserve's monetary policies and the effect of any such changes or policies, which may be significant.

***Commodities Risk***—Commodities may subject a Fund to greater volatility than investments in traditional securities. The value of commodities may be affected by, among other things, changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in interest rates, or supply and demand factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, pandemics or epidemics and public health emergencies, embargoes, taxation, war, terrorism, cyber-hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. The operations and financial performance of companies in the agricultural, natural resources and related industries may be directly affected by commodity prices. This risk is exacerbated for those companies that own the underlying commodity.

***Common Stock Risk***—Stock markets are volatile and can decline significantly in response to real or perceived changes to the issuer, industry, market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. The value of an equity security can decline significantly in response to these conditions. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Convertible Securities Risk***—The value of convertible securities may fall when interest rates rise. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. The price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock because it is convertible into or exercisable for common stock at a stated price or rate. However, the value of a convertible security may not increase or decrease as rapidly as the underlying common stock. A Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. Certain convertible securities may be illiquid and therefore, may be more difficult to resell in a timely fashion or for a fair price, which could result in investment losses. Convertible bonds are subject to the risks of equity securities when the underlying stock price is high relative to the conversion price (because more of the security's value resides in the conversion feature) and debt instruments when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). A convertible bond is not as sensitive to interest rate changes as a similar non-convertible debt instrument.

***Credit Risk***—A Fund may lose money if the issuer or guarantor of a fixed income security or other debt instrument, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling (or perceived to be unable or unwilling) to make timely principal and/or interest payments, or to otherwise honor its obligations. This risk is increased when a portfolio security is downgraded or the perceived creditworthiness of an issuer or counterparty deteriorates. Actual or perceived changes in economic, social, public health, financial, market or political or geopolitical conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of or income generated by an instrument. The value of or income generated by an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as a company's performance, financial leverage and reduced demand for goods and services or an actual or perceived change in financial condition or reputation. The issuer, guarantor or counterparty could also suffer a rapid decline in credit rating, which would adversely affect the value, income, price volatility and liquidity of the instrument. Credit ratings may not be an accurate assessment of liquidity or credit risk.

***Currency Management Strategies Risk***—Currency management strategies may substantially change a Fund's exposure to currency exchange rates and could result in losses to a Fund if currencies do not perform as the Adviser or sub-adviser expects. In

addition, currency management strategies, to the extent that they reduce a Fund's exposure to currency risks, may also reduce a Fund's ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases a Fund's exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

***Cyber Security and Operational Risk***—With the increasing use of the Internet and technology, including cloud-based technology as well as artificial intelligence, blockchain and similar technologies, in connection with the Funds' operations and generally, a Fund and its service providers, vendors, counterparties, or clients, and other third parties are susceptible to greater operational and information security risks resulting from breaches in cyber security and operational failures and outages and other risks generally associated with the use of such technologies. These risks include, among other things, theft, misuse and loss of confidential and proprietary information, data corruption, and operational disruption and information security vulnerabilities. Cyberattacks may include the use of stolen access credentials, malware or other computer viruses, ransomware, phishing, structured query language injection attacks, and distributed denial of service attacks. Cyberattacks against or security breakdowns of a Fund or its service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses, the inability of Fund shareholders to transact business, inability to calculate the Fund's NAV, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance and remediation costs. Further, substantial cost may be incurred in order to seek to prevent future cyber incidents. There can be no assurance that a Fund will not suffer losses relating to cyberattacks or other information security breaches in the future. Cyber security risks and risks associated with the use of artificial intelligence, blockchain and similar technologies may also impact issuers of securities in which a Fund invests, which may cause the Fund's investment in such issuers to lose value. The Funds and their shareholders could be negatively impacted as a result. The Funds and their service providers, as well as exchanges and market participants through or with which the Funds trade and other infrastructures on which the Funds or their service providers rely, are also subject to the risks associated with technological and operational disruptions or failures arising from, for example, processing errors and human and technological errors, inadequate or failed internal or external processes, failures in systems and technology, errors in algorithms used with respect to the Funds, changes in personnel, errors caused by third parties or trading counterparties and legal, regulatory and compliance risks associated with use of such technologies. Moreover, technological developments, such as the use of cloud-based service providers and/or services and the integration of artificial intelligence, blockchain and similar technologies in systems and operations, create new risks that are difficult to assess and anticipate. In addition, any controls in place designed to mitigate such risks may be ineffective and the use of these technologies may change over time, which may present new risks and vulnerabilities. As a result, a Fund may experience adverse consequences, such as operational errors, from such use of artificial intelligence and similar technologies.

***Derivatives Risk***—Gains or losses involving derivatives such as futures, options, swap agreements and forward foreign currency exchange contracts may be substantial, because a relatively small price movement in the underlying security, instrument, currency or index may result in a substantial gain or loss for a Fund. A risk of a Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. In addition, some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Certain derivatives have the potential for unlimited losses, regardless of the size of the initial investment. The use of derivatives exposes a Fund to risks in addition to and greater than those associated with investing directly in the instruments underlying those derivatives, including risks relating to leverage, market conditions and market risk, imperfect correlation (imperfect correlations with underlying instruments or the Fund's other portfolio holdings), high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. There is no guarantee that the use of derivatives will achieve their intended result.

The following sets forth more detailed information regarding specific risks associated with certain derivatives expected to be used by a Fund. These may be in addition to the risks associated with investing in derivatives generally, described above. The derivatives described below may not be the only derivatives that may be used by the Funds (please see the Funds' principal investment strategies). Importantly, as is indicated above, the Funds' SAI includes additional disclosure regarding the Funds' investments and related risks, including concerning derivatives.

The Funds are required to comply with an SEC rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies. The rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to value-at-risk leverage limit, derivatives risk management program and reporting requirements. Generally, these requirements apply unless a fund satisfies a "limited derivatives users" exception that is included in the rule.

***Developing Market Countries Risk—***A Fund's investments in developing market countries are subject to all of the risks of foreign investing generally, and have heightened and additional risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation. In addition, developing market countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. As a result, there could be less information available about issuers in developing market countries, which could negatively affect the Adviser's or a sub-adviser's ability to evaluate local companies or their potential impact on a Fund's performance.

***Exchange-Traded Funds Risk—***Exchange-traded funds or ETFs are subject to market risk that the market as a whole, or the specific sector in which an ETF invests, may decline. ETFs that invest in volatile stock or other sectors, such as foreign issuers, smaller companies, or technology, are subject to the additional risks to which those sectors are subject. ETFs may trade at a discount to the aggregate value of the underlying securities. The underlying securities in an ETF may not follow the price movements of an entire industry or sector in which the ETF invests. A shareholder will incur fees and expenses indirectly on the ETF shares that a Fund purchases and the Fund's investment in an ETF will subject the Fund to the risks of the ETF. Trading in an ETF may be halted if the trading in one or more of the ETF's underlying securities is halted. Frequent trading of ETFs by a Fund can generate higher brokerage expenses. ETFs that seek to replicate a particular benchmark index are subject to "tracking risk," which is the risk that an ETF will not be able to replicate exactly the performance of the index it tracks. See the section entitled "Investment in Other Investment Companies" for further information on fees charged to ETFs and other matters. Passively-managed ETFs are also subject to risks associated with their inability to adjust portfolio investments in an attempt to take advantage of market opportunities or lessen the impact of a market decline or a decline in the performance of one or more issuers and actively-managed ETFs are also subject to risks associated with the ETF manager's investment decisions.

***Fixed Income Securities Risk***—Fixed income securities are subject to the risk that interest rates will rise, which generally causes bond prices to fall. Economic and market conditions may cause issuers to default or go bankrupt. Fixed income securities also may be subject to maturity risks. Longer-term debt securities will experience greater price volatility than debt securities with shorter maturities. Because the fixed income securities held by a Fund may be of any maturity, you can expect the NAV of a Fund to fluctuate accordingly. Fixed income securities also have credit risks. The credit quality of a debt security is based upon the issuer's ability to repay the security. If payments on a debt security are not made when due, that may cause the NAV of a Fund holding the security to go down. Fixed income securities also may be subject to call risk. If interest rates decline, an issuer may repay (or "call") a debt security held by a Fund prior to its maturity. If a call were exercised by the issuer during a period of declining interest rates, a Fund likely would have to replace such called security with a lower yielding security, thus decreasing the net investment income to the Fund and any dividends to shareholders. The value of, and income generated by, fixed income securities can be subject to volatility and losses resulting from changes or perceived changes to the issuer, as well as industry, market, economic, political, regulatory, and geopolitical developments, including pandemics, epidemics, tariffs, sanctions and other conditions, particularly during times of unusual or adverse market or political events. Certain types of fixed income securities may be more sensitive to such conditions. For example, in addition to other risks generally associated with fixed income securities, corporate debt obligations are particularly subject to factors directly related to the issuer, such as the credit rating of the corporation, the corporation's performance and perceptions of the corporation in the marketplace. Adverse changes in any of these factors may result in a decline in value of or income generated by such obligations.

***Foreign Market Risk***—Exposure to foreign markets through issuers or currencies can involve heightened risks relating to market, economic, political, regulatory, geopolitical, social, pandemics and epidemics or other conditions and additional risks. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to a Fund. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions; more or less foreign government regulation; less public information; less stringent investor protections; and less stringent accounting, corporate governance, financial reporting and disclosure standards than domestic companies. These factors can make foreign investments, especially those in emerging markets, more volatile and relatively less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar measures could, among other things, effectively restrict or eliminate a Fund's ability to purchase or sell securities, negatively impact the value or liquidity of a Fund's investments, significantly delay or prevent the settlement of a Fund's securities transactions, force a Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the Fund's ability to seek its investment objective or invest in accordance with its investment strategies (also referred to as investment goal). Foreign companies may also be subject to significantly higher levels of

taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing their earnings potential, and amounts realized on foreign securities may be subject to high levels of foreign taxation and withholding and foreign investments may be subject to less protective custody laws and arrangements that could result in losses or costs to a Fund. In addition, a Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund's total return. Foreign securities may be denominated in foreign currencies. Therefore, the value of the Fund's assets and income in U.S. dollars may be affected by changes in exchange rates and regulations since exchange rates for foreign currencies change daily. The combination of currency risk and market risk tends to make securities traded in foreign markets more volatile than securities traded exclusively in the U.S. Although a Fund values its assets daily in U.S. dollars, it will not convert its holdings of foreign currencies to U.S. dollars daily. Therefore, the Fund may be exposed to currency risks over an extended period of time. Although depositary receipts such as American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Non-Voting Depositary Receipts ("NVDRs") are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities.

***Forward Foreign Currency Exchange Risk***—Forward foreign currency exchange transactions may decline in value as a result of foreign market downswings or foreign currency fluctuations and a Fund may lose money on forward currency transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings. Currency exchange rates may be volatile and may be affected by, among other factors, the general economics of a country, the actions of governments or central banks, the imposition of currency controls and speculation. Use of such instruments, therefore, can have the effect of reducing returns and minimizing opportunities for gain.

***Futures Risk***—The loss that may be incurred in entering into futures transactions may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund's NAV. Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small movement in the price or value of a futures transaction may result in substantial losses to a Fund. Furthermore, exchanges may limit fluctuations in futures transaction prices during a trading session by imposing a maximum permissible price movement on each futures transaction. A Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Futures transactions executed on foreign exchanges may not be provided the same protections as provided by U.S. exchanges.

***Geographic Focus and Similar Projects Risk***—To the extent that the Municipal Bond Fund, New York Municipal Bond Fund and California Municipal Bond Fund focuses on investments within a single state or in similar or related municipal projects, its performance can be more volatile than that of a fund that invests more broadly. Adverse economic, political, and regulatory conditions affecting the state or such municipal projects are likely to affect the Fund's performance. Factors affecting a state, such as significant fiscal difficulties, an economic downturn, court rulings, increased expenditures, or reduced monetary support from the federal government, could impair the ability of issuers within that state to repay their obligations.

***Hedging***—If a Fund takes a short position in a particular currency, security, or bond market, it will lose money if the currency, security, or bond market appreciates in value, or an expected credit event fails to occur. Any efforts at buying or selling currencies could result in significant losses for the Fund. Further, foreign currency transactions that are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the hedged currency may also limit any potential gain that might result should the value of such currency increase.

***High-Yield, Lower-Grade Debt Securities Risk***—High-yield debt securities (including loans) and unrated securities of similar credit quality ("high-yield debt instruments" or "junk bonds") are subject to the risks associated with fixed income securities and involve greater risk of a complete loss of a Fund's investment, or delays of interest and principal payments, than higher-quality debt securities. Issuers of high-yield debt instruments are not as strong financially as those issuing securities of higher credit quality. High-yield debt instruments are generally considered predominantly speculative by the applicable rating agencies as these issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. If an issuer stops making interest and/or principal payments, payments on the securities may never resume. These instruments may be worthless and a Fund could lose its entire investment.

The prices of high-yield sovereign debt of emerging market countries fluctuate more than higher-quality securities. An emerging market country may be unwilling or unable to repay the principal and/or interest on its sovereign debt because of insufficient foreign reserves, the relative size of the debt service burden to the economy as a whole, the government's policy towards supranational agencies such as the International Monetary Fund, or the political constraints to which the government may be subject. If an emerging market country defaults (or threatens to default) on its sovereign debt obligations, the indebtedness may be restructured. Restructuring may include obtaining additional credit to finance outstanding obligations, reduction and rescheduling of payments of interest and principal, or negotiation of new or amended credit agreements. In the event of a default on sovereign debt, the Fund may have limited

legal recourse against the defaulting government. In certain cases, remedies must be pursued in the courts of the defaulting country itself, which may further limit a Fund's ability to obtain recourse.

High-yield debt instruments are generally less liquid than higher-quality securities. Many of these securities are not registered for sale under the U.S. federal securities laws and/or do not trade frequently. When they do trade, their prices may be significantly higher or lower than expected. At times, it may be difficult to sell these securities promptly at an acceptable price, which may limit a Fund's ability to sell securities in response to specific economic events or to meet redemption requests. As a result, high-yield debt instruments generally pose greater illiquidity and valuation risks. In addition, such securities are subject to the following risks:

***Debt Securities Ratings Risk***—The use of credit ratings in evaluating debt securities can involve certain risks, including the risk that the credit rating may not reflect the issuer's current financial condition or events since the security was last rated by a rating agency. Credit ratings may be influenced by conflicts of interest or based on historical data that no longer apply or are inaccurate and credit rating may not be an accurate assessment of liquidity or credit risk.

***Unrated Debt Securities Risk***—Unrated debt securities determined by the Adviser (or sub-adviser, as applicable) to be of comparable quality to rated securities which a Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated securities or issuers.

***Inflation-Protected Securities Risk***—The risk that the value of inflation-protected debt securities will change in response to changes in real interest rates. Generally, the value of an inflation-protected debt security will fall when real interest rates rise and inversely, rise when real interest rates fall.

***Interest Rate Risk***—Interest rate changes can be sudden and unpredictable. Debt securities generally tend to lose market value when interest rates rise and increase in value when interest rates fall. Securities with longer maturities or lower coupons or that make little (or no) interest payments before maturity tend to be more sensitive to these interest rate changes. The longer the Fund's average weighted portfolio maturity, the greater the impact a change in interest rates will have on its share price. Interest rate changes may also affect the liquidity of fixed income securities and instruments held by a Fund. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Changing interest rates may result in increased market volatility, which may impact a Fund's performance. A changing interest rate environment increases certain risks, including the potential for periods of heightened volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).

***International Investing***—Investments outside the U.S. may lose value because of declining foreign currencies or adverse political or economic events overseas, among other things. Securities of non-U.S. issuers (including depositary receipts and other instruments that represent interests in a non-U.S. issuer) tend to be more volatile than U.S. securities and are subject to trading markets with lower overall liquidity, governmental interference, and regulatory and accounting standards and settlement practices that differ from the U.S. A Fund could experience losses based solely on the weakness of foreign currencies in which the Fund's holdings are denominated versus the U.S. dollar, and changes in the exchange rates between such currencies and the U.S. dollar. Risks can result from differing regulatory environments, less stringent investor protections, uncertain tax laws, and higher transaction costs compared to U.S. markets. Investments outside the U.S. could be subject to governmental actions such as capital or currency controls, nationalization of a company or industry, expropriation of assets, or imposition of high taxes. Changes in international trading patterns and policies, tariffs (including those imposed by the U.S. or foreign governments), trade barriers and other protectionist or retaliatory measures may result in greater price volatility of non-U.S. investments, and investment losses. A trading market may close for national holidays or without warning for extended time periods, preventing a Fund from buying or selling securities in that market. Trading securities in which a Fund invests may take place in various foreign markets on certain days when the Fund is not open for business and does not calculate its net asset value. For example, a Fund may invest in securities that trade in various foreign markets that are open on weekends. As the securities trade, their value may substantially change. As a result, the Fund's net asset value may be significantly affected on days when shareholders cannot make transactions. In addition, market volatility may significantly limit the liquidity of securities of certain issuers in a particular country or geographic region, or of all companies in the country or region. A Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations.

***Large Transactions Risk***—A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively representing a large percentage of the Fund, purchase or redeem large amounts of shares of the Fund. Such large redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income and/or capital gains to shareholders if sales of the Fund's investments resulted in gains and may cause the Fund to make taxable distributions to its non-redeeming shareholders earlier than the Fund otherwise would have, and may also increase transaction costs. A large shareholder transaction, particularly a redemption of

shares, could result from various circumstances, including changing market and economic conditions and asset allocation or other decisions by the Adviser or its affiliates with respect to client accounts that could result in a Fund needing to sell securities when it otherwise would not have done so, accelerating the realization of taxable income and/or capital gains and increasing transaction costs. A large redemption could significantly reduce the assets of a Fund, causing decreased liquidity and, depending on any applicable expense caps, a higher expense ratio. Although large shareholder transactions may be more frequent under certain circumstances, a Fund is generally subject to the risk that shareholders can purchase or redeem a significant percentage of Fund shares at any time.

***Leverage***—Investing in certain futures contracts, options and swaps and other derivative instruments, and engaging in short sales, and TBA and dollar roll transactions, will result in leverage. These instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. If a Fund obtains leverage through purchasing certain types of derivative instruments or engaging in short sales, the Fund is exposed to the risk that losses may exceed the net assets of the Fund. The net asset value of a Fund while employing leverage can become more volatile and sensitive to market movements.

***Liquidity Risk***—A Fund may not be able to sell securities or other investments in a timely manner at desired prices or without significant dilution to remaining shareholders' interests, or may be unable to sell such securities at all. During periods of reduced market liquidity, the difference between the price at which a security can be bought and the price at which it can be sold can widen, and the Fund may not be able to sell a security readily at a price that reflects what the Fund believes it should be worth. Investments that are relatively less liquid can also become more difficult to value. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstance where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. The Funds have implemented a liquidity risk management program pursuant to a SEC rule, which could potentially impact the Funds' performance and ability to achieve their investment objectives (also referred to as investment goal).

***Loan Participations and Assignments Risk***—Loans that are below investment grade entail default and other risks greater than those associated with higher rated loans. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. Investments in loans through a direct assignment of the financial institution's interests with respect to a loan may involve additional risks to the Fund, including, the rights and obligations acquired by the Fund may differ from, and be more limited than, those held by the assigning lender, or the Fund bearing the costs and liabilities associated with owning and disposing of the collateral upon a foreclosure of the loan. Loans in which the Fund may invest may not be readily marketable and may be subject to restrictions on resale.

***Loans***—Loans often have contractual restrictions on resale. These restrictions can delay or impede a Fund's ability to sell loans and may adversely affect the price that can be obtained. Loans and unlisted securities are typically less liquid than securities traded on national exchanges. The secondary market for loans may be subject to irregular trading activity and extended settlement periods, and the liquidity of loans can vary significantly over time. For example, if the credit quality of a bank loan unexpectedly declines significantly, secondary market trading in that floating rate loan can also decline. During periods of infrequent trading, valuing a bank loan can be more difficult and buying or selling a loan at an acceptable price may not be possible or may be delayed. The terms of the loans held by a Fund may require that the borrowing company maintain collateral to support payment of its obligations. However, the value of the collateral securing a loan can decline or be insufficient to meet the obligations of the company. In addition, collateral securing a loan may be found invalid, may be used to pay other outstanding obligations of the borrower, or may be difficult to liquidate. A Fund's access to the collateral may be limited by bankruptcy, other insolvency laws, or by the type of loan the Fund has purchased. For example, if the Fund purchases a participation interest instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a bank loan may not be fully collateralized and can decline significantly in value.

***Management Risk***— The Adviser (and each sub-adviser, as applicable) uses the Fund's principal investment strategies and other investment strategies to seek to achieve the Fund's investment goal. Investment decisions made by the Adviser (and each sub-adviser, as applicable) in using these strategies may not produce the returns expected by the Adviser (and each sub-adviser, as applicable), may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with a similar investment goal. In addition, legislative, regulatory, or tax developments may affect the investment strategies available to the Adviser (and each sub-adviser, as applicable) in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective (also referred to as investment goal).

***Market Capitalization Risk***—To the extent a Fund invests in securities of small-, mid-, or large-cap companies, it takes on the associated risks. At times, any one of these market capitalizations may be out of favor with investors. Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities. Compared to large-cap companies, small- and mid-cap companies may depend on a more limited management group, may have a shorter history of operations, and may have limited product lines, markets or financial resources. The securities of small- and mid-cap companies are often more volatile and relatively

less liquid than the securities of larger companies and may be more affected than other types of securities by the underperformance of a sector or during market downturns.

***Smaller and Mid-Sized Company Risk***—Smaller and mid-sized companies may be more vulnerable to market downturns and adverse issuer-specific, general business or economic events and may be relatively less liquid than securities in larger companies. A Fund's investments in small and mid-sized companies carry more risk than investments in larger companies. While some Fund holdings in these companies may be listed on a national securities exchange, such securities are more likely to be traded in the over-the counter ("OTC") market. The low market liquidity of these securities may have an adverse impact on a Fund's ability to sell certain securities at favorable prices and may also make it difficult for the Fund to obtain market quotations based on actual trades for purposes of valuing a Fund's securities. In addition, at times, small and mid-sized growth-oriented equity securities may underperform relative to the overall market. Growth stocks may trade at higher multiples of current earnings compared to other styles of investing (e.g., "value"), leading to inflated prices and thus potentially greater declines in value. Often small and mid-sized companies and the industries in which they are focused are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more sensitive to changing market conditions. The shares of small companies may be thinly traded and may be at risk of delisting from a securities exchange, making it difficult for the Fund to buy and sell shares of a particular small company.

***Model Portfolio and Management Risk***—With respect to the Total Equity Fund, the Adviser implements the investment recommendations of sub-advisers pursuant to each sub-adviser's respective model portfolios. The Total Equity Fund is subject to the risk that the performance of a portion of the Fund allocated to a particular sub-adviser may deviate from the performance of that sub-adviser's model portfolio, similar strategies pursued for sub-advised funds and the sub-adviser's other similar accounts. In addition, it is expected that trades will not be effected at the same time as when the sub-advisers implement their own trades, which could be on a daily basis, and this could cause the Fund's return to be lower than if the sub-adviser implemented trades on behalf of the Fund. The Adviser has the discretion to not fully replicate a model portfolio, and the Adviser's variation from a sub-adviser's model portfolio may contribute to performance variations. If the Adviser does not invest the Total Equity Fund in securities of the model portfolio at the same time and in the same weights, there may be a deviation in the Fund's performance. In addition, a sub-adviser may implement its model portfolio for its other accounts prior to delivering its model to the Adviser, or after delivering its model portfolio to the Adviser but before the Adviser has had an opportunity to place some or all of the trades for the Fund to implement the sub-adviser's model portfolio, which could adversely affect the Fund. In these circumstances, trades placed by the Adviser pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the sub-adviser for its other accounts, including less favorable prices. The timing of cash flows for the Fund and the effect of expenses applicable to the Fund which are not applicable to a model portfolio also may cause the Fund's performance to deviate from the performance of a model portfolio.

***Money Market Instruments Risk***—Money market instruments are high quality short-term fixed-income securities. Money market instruments may include obligations of governments, government agencies, banks, corporations and special purpose entities and repurchase agreements relating to these obligations. Certain money market instruments may be denominated in a foreign currency. Money market instruments may be adversely affected by market and economic events, such as: an increase in interest rates; adverse developments in the banking industry; adverse economic, political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and counterparty default risk.

***Mortgage-Backed and Asset-Backed Securities Risk***—Securities representing interests in "pools" of mortgages or other assets are subject to various risks, including: sensitivity to changes in interest rates, prepayment and contraction risk, risk of default of the underlying mortgage or assets, delinquencies and losses of the underlying mortgage or assets, a decline in or flattening of housing values and limited liquidity in the secondary market. Delinquencies and losses on residential mortgage loans may increase as a result of various economic and other factors, and a decline in or flattening of housing values (as has recently been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen. Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults. Certain mortgage-backed securities in which a Fund may invest may also provide a degree of investment leverage, which could cause a Fund to lose all or substantially all of its investment. In addition, commercial mortgage-backed securities are also subject to, among others, risks associated with reduced demand for commercial and office space, tenant defaults, tightening lending standards and increased interest and lending rates, and other developments adverse to the commercial real estate market. In addition, investments in non-agency mortgage-backed securities, which are not guaranteed by the U.S. government or a government sponsored enterprise, are subject to increased credit/default, liquidity, valuation and other risks associated with mortgage-backed securities generally, such as prepayment and extension risk.

Non-agency mortgage-backed securities are also subject to the risk that the value of and income generated by such securities will decline because, among other things, the securities are not directly or indirectly guaranteed as to principal or interest (or issued) by the U.S. government or a government sponsored enterprise. Non-agency mortgage-backed securities are not subject to the same underwriting requirements for underlying mortgages as agency mortgage-backed securities and, as a result, mortgage loans underlying non-agency mortgage-backed securities typically have less favorable underwriting characteristics (such as credit risk and collateral) and a wider range of terms (such as interest rate, term, size, purpose and borrower characteristics) than agency mortgage-backed securities. The risk of nonpayment is greater for mortgage-backed securities that are backed by loans that were originated under weak underwriting standards, including loans made to borrowers with limited means to make repayment. Non-agency mortgage-backed securities generally are subject to greater price fluctuation, less liquidity and greater risk of loss than agency mortgage-backed securities, especially during periods of weakness or perceived weakness in the mortgage and real estate sectors.

***Multi-Style Management Risk***—Because certain portions of the Large Cap Strategies Fund's, Small & Mid Cap Strategies Fund's, Credit Income Fund's, Total Equity Fund's assets are managed by different portfolio managers using different styles, the Funds could experience overlapping investments (or exposures). Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities. This may lead to higher transaction expenses and may generate higher short-term capital gains compared to a fund using a single investment management style.

***Municipal Securities Risk***— Municipal securities are subject to a variety of risks generally associated with investments in debt instruments, including credit and interest rate risks, as well as risks specific to municipal securities. Prices of municipal securities rise and fall in response to interest rate changes and local political and economic factors may adversely affect the value (or income generated by) and liquidity of these securities. In addition, a Fund's investments in municipal securities are subject to the risks associated with a lack of liquidity in the municipal bond market. The rate of return on municipal securities depends on a variety of factors, including, among other things, general money market conditions, the financial condition and credit status of the issuer, general conditions in the municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating of the issue. In addition, certain municipal securities rely on tax revenues and certain other rely on a specific stream of revenue associated with a project or other revenue source. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. Thus, adverse developments related to a municipality's or other issuer of a municipal security's ability to raise revenue, including through its taxing authority or the failure of specific revenues to sufficiently materialize, would negatively impact the value and income generated by a Fund's investments in municipal securities. The ratings of credit agencies represent their opinions of the quality of the municipal securities rated by them. Such ratings are general and are not absolute standards of quality or liquidity, and municipal securities with the same maturity, interest rate, and rating may have different rates of return while municipal securities of the same maturity and interest rate with different ratings may have the same rate of return. The value of municipal securities also may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Municipal securities also involve the risk that an issuer may call the securities for redemption, which could force the Fund to reinvest the proceeds at a lower rate of interest. Any failure of municipal securities invested in by a Fund to meet certain applicable legal requirements, or any proposed or actual changes in federal or state tax law, could cause Fund distributions attributable to interest on such securities to be taxable. The ability of issuers of municipal securities to pay their obligations can be adversely affected by, among other developments or events, (i) unfavorable legislative, tax, political, or other developments or events, including extreme weather, natural or man-made disasters and public health conditions, and (ii) changes in the economic and fiscal conditions of issuers of municipal securities or the federal government (in cases where it provides financial support to such issuers). In addition, the values of, and income generated by, municipal securities may fully or partially depend on a specific revenue or tax source, such as the taxing authority or revenue of a local government, the credit of a private issuer, or the current or anticipated revenues from a specific project. Developments adversely affecting such sources, such as economic, social or public health conditions, would negatively impact the cash flows of such sources and, in turn, municipal securities fully or partially backed by such sources. In addition, municipal securities and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during periods of economic stress. To the extent a Fund invests a substantial portion of its assets in municipal securities issued by issuers in a particular state, municipality or project or in municipal instruments that finance similar projects, such as those relating to education, healthcare, transportation, housing, utilities, or water and sewer, the Fund will be particularly sensitive to developments and events adversely affecting such state or municipality or with respect to such projects.

***New Fund Risk***—The Short-Term Bond Fund and the Total Equity Fund are new with a short operating history. As a result, prospective investors have limited or no track record or history on which to base their investment decisions.

***Non-Diversification Risk***—The California Municipal Bond Fund and New York Municipal Bond Fund are non-diversified, which generally means that they may invest a greater percentage of their total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by a Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Funds' value will likely be more volatile than the value of more diversified funds.

***Options Risk***—Options trading entails additional risks than those resulting from trading in traditional securities. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A Fund that purchases options is subject to the risk of a complete loss of the amounts paid as premiums to the writer of the option. A Fund that writes options is subject to the risk that its forecast of market value or other relevant factors is incorrect, which could cause the Fund to be in a worse position than it would have been had if it had not written the option.

***Performance Deviation Risk***—Because of the Adviser's timing of receiving a model portfolio from a sub- adviser and investing the Total Equity Fund's assets pursuant to a sub-adviser's model portfolio, the Fund's portfolio may deviate from the sub-adviser's respective model portfolios and other similar accounts or similar strategies pursued for sub- advised funds managed by such sub-adviser. Further, the timing of cash flows for the Fund, changes in a model portfolio and the effect of expenses applicable to the Fund which are not applicable to a model portfolio also may cause the Fund's performance to deviate from the performance of the model portfolio, similar strategies pursued for sub-advised funds and other similar accounts managed by such sub-adviser.

***Preferred Securities Risk***—Preferred securities generally have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. Unlike interest payments on debt securities, preferred securities dividends are payable only if declared by the issuer's board of directors, and as a result, may not be paid at any given time. Preferred securities also may be subject to optional or mandatory redemption provisions.

***Prepayments and Extensions***—A Fund investing in mortgage-backed securities, certain asset-backed securities, and other debt instruments that have embedded call options can be negatively impacted when interest rates fall because borrowers tend to refinance and prepay principal. Receiving increasing prepayments in a falling interest rate environment causes the average maturity of the portfolio to shorten, reducing its potential for price gains. It also requires a Fund to reinvest proceeds at lower interest rates, which reduces the Fund's total return and yield, and could result in a loss if bond prices fall below the level that the Fund paid for them. A rise in interest rates or lack of refinancing opportunities can cause a Fund's average maturity to lengthen unexpectedly due to a drop in expected prepayments of mortgage-backed securities, asset-backed securities, and callable debt instruments. This would increase a Fund's sensitivity to rising rates and its potential for price declines.

***Quantitative Investment Strategy Risk***—The Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, Credit Income Fund and Total Equity Fund may invest in securities using a quantitative process. The success of this strategy depends on the effectiveness of the process in screening securities for inclusion in the Funds' portfolios. The factors used in the quantitative analysis and the weight placed on these factors may not be predictive of a security's value. The impact of risk and quantitative metrics on a security's performance can be difficult to predict, and securities that previously possessed certain desirable characteristics may not continue to demonstrate those same characteristics in the future.

Relying on risk and quantitative models entails the risks that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that the Adviser or a sub-adviser may not be successful in selecting securities for investment or determining the weighting of particular securities in the Funds. Any of these factors could cause the Funds to underperform funds with similar strategies that do not select stocks through the use of risk-based and/or quantitative models. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments. These risks are generally greater for investments in emerging markets.

***Real Estate Investment Trusts Risk***—Real estate investment trusts or REITs and REIT-like entities carry risks generally incident to the ownership of real property (such as changes in demand for properties, tenant defaults and improvement costs), as well as additional risks such as limited diversification, poor performance by the manager of the REIT or REIT-like entity and adverse changes to the tax laws. REIT and REIT-like investments also typically generate a substantial amount of distributions that are taxable to shareholders at ordinary income tax rates.

***Restricted Securities Risk***—Restricted securities are securities that are not registered under the Securities Act of 1933, as amended, and are offered in private placement. Restricted securities also carry the risk that few potential purchasers for such securities may exist. The absence of a liquid trading market may also make it difficult to determine the fair value of such securities. Also, the Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss.

***Risks related to investing in California***—The California Municipal Bond Fund invests a significant portion of its assets in municipal obligations of issuers located in the State of California. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California's governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California's economy is broad, it does have major concentrations in advanced electronics and computer technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to

economic problems affecting those industries. The Fund's investment in a single state may make its performance more volatile than that of a fund that invests more broadly. Consequently, the Fund may be affected by political, economic, environmental (such as natural disasters or wildfires), public health (including pandemics and epidemics), regulatory and other developments affecting California and by the financial condition of California's political subdivisions, agencies, instrumentalities and public authorities. Any deterioration of California's fiscal situation could increase the risk of investing in California municipal securities, including the risk of potential issuer default, and could heighten the risk that the prices of California municipal securities will experience greater volatility. Furthermore, any such deterioration could result in a downgrade of the credit rating of an issuer of California municipal securities. Future downgrades could reduce the market value of the securities held by the California Municipal Bond Fund.

***Risks related to investing in New York***—The New York Municipal Bond Fund invests a significant portion of its assets in New York municipal bonds and, therefore, will have greater exposure to negative political, economic, public health (including pandemics and epidemics), regulatory or other developments affecting the State of New York, including the financial condition of its public authorities and political subdivisions, than a fund that invests in a broader base of securities. The Fund's investment in a single state may make its performance more volatile than that of a fund that invests more broadly. Unfavorable developments in any economic sector may have a substantial impact on the overall New York municipal market. As the nation's financial capital, New York's and New York City's economy is heavily dependent on the financial sector and may be sensitive to economic problems affecting the sector. New York and New York City also face a particularly large degree of uncertainty from interest rate risk and equity market volatility. The New York and New York City economies tend to be sensitive to monetary policy actions and to movements in the national and world economies than the economies of other states and municipalities. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations.

***Sector and Regional Focus Risk***—A Fund may, from time to time, invest a significant portion of its portfolio in companies in one or more particular economic sector or sectors or in (or with exposure to) a particular geographic region or regions. As a result, a Fund will be more susceptible to risks associated with, and negative events affecting, such sector(s) and region(s) and issuers in (or exposed to) such sector(s) or region(s). In addition, economic, regulatory and other developments adversely affecting such sector(s) or region(s) may have more of an impact on the Fund's performance than if the Fund held a broader range of investments and the Fund's performance and share price may be more volatile (and decline to a greater degree) than a more broadly invested fund. For example, to the extent a Fund invests a substantial portion of its assets in the information technology sector, the Fund would be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, competition for the services of qualified personnel and government regulation. In addition, the products of information technology companies may face product obsolescence due to rapid technological developments (including new developments in artificial intelligence and similar technologies) and frequent new product introduction and unpredictable changes in growth rates. Companies in the information technology sector also can be heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies.

***Securities in Default Risk***—Investments in the securities and debt of distressed issuers or issuers in default ("Special Situation Investments") involve a far greater level of risk than investing in issuers whose debt obligations are being met and whose debt trades at or close to its "par" or full value. While offering an opportunity for capital appreciation, Special Situation Investments are highly speculative with respect to the issuer's ability to make interest payments and/or to pay its principal obligations in full and/or on time or at all. Special Situation Investments can be very difficult to properly value, making them susceptible to a high degree of price volatility and potentially rendering them less liquid than performing debt obligations. Those Special Situation Investments involved in a bankruptcy proceeding can be subject to a high degree of uncertainty with regard to both the timing and the amount of the ultimate settlement. Special Situation Investments may include debtor-in-possession financing, sub- performing real estate loans and mortgages, privately placed senior, mezzanine, subordinated and junior debt, letters of credit, trade claims, convertible bonds, and preferred and common stocks.

***Short Positions***—When a Fund takes a short position with respect to a particular security, currency, asset class, or market, it will lose money if the security, currency, asset class, or market appreciates in value. In addition, short positions may potentially incur losses due to potential costs associated with establishing and maintaining the short positions. Losses could be significant. Further, even though a Fund's short positions may be designed to hedge against the risk of losses or reduce volatility, these transactions also may limit any potential gain that might result should the value of a particular security, currency, asset class, or market increase. There is also the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. A short position involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss.

***Sovereign Debt Obligations***—A Fund may invest in debt obligations known as "sovereign debt," which are obligations of governmental issuers in emerging market or developing countries and industrialized countries. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able, or may be perceived as unwilling or unable, to repay the principal and/or pay interest when due in accordance with the terms of such obligations. Uncertainty surrounding the level and

sustainability of sovereign debt of certain countries has at times increased volatility in the financial markets. Additional factors that may influence the ability or willingness to service debt include, but are not limited to, a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other multilateral agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. If a foreign sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations, and inflows of foreign investment. In addition, there is no legal process for collecting on a sovereign debt that a government does not pay or bankruptcy proceeding by which all or part of the sovereign debt that a government entity has not repaid may be collected.

***Stock Market/Company Risk***—Stock markets are volatile and can decline or fluctuate significantly in response to real or perceived changes to the issuer, market, economic, social, political, regulatory, geopolitical, pandemics and epidemics and other conditions. Certain segments of the stock market may react differently than other segments and U.S. markets may react differently than foreign markets. The price of an equity security can decrease significantly in response to the above and other adverse conditions, and these conditions can affect a single issuer or type of security, issuers within a broad market sector, industry or geographic region, or the market in general. Such changes may be rapid and unpredictable. Such conditions may add significantly to the risk of volatility in the net asset value of a Fund's shares and adversely affect the Fund and its investments. In addition, individual stocks may be adversely affected by factors such as reduced sales, increased costs, tariffs or other similar trade policies and retaliatory measures, disruptions to supply chains, or a negative outlook for the future performance of the company. An issuer in which a Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively impact a Fund's performance. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis and profits may be paid out in dividends or reinvested in the company to help it grow.

***Structured Notes Risk***—Investing in structured notes is subject to certain risks, including credit risk and the normal risks of price changes in response to changes in interest rates. The terms of structured notes may provide that in certain circumstances no principal is due at maturity and, therefore, may result in the loss of the Fund's entire investment. These securities may be relatively less liquid than other types of securities, and may be more volatile than their underlying instruments. The percentage by which the value of a structured note decreases may be far greater than that of its underlying instruments.

***Swaps Risk***—Swap agreements are derivative instruments that can be individually negotiated and structured to address exposure to a variety of different market factors or types of investments, including a specified reference security, basket of securities, securities market index or index component. Swaps may increase or decrease the Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, securities market indexes, or other factors such as security prices or inflation rates. Swaps may be leveraged and are subject to, among other risks, illiquidity risk, counterparty risk, credit risk and valuation risk. Because the Fund may not reasonably expect to be able to sell or dispose of a swap in current market conditions in seven calendar days or less without the sale or disposition significantly changing its market value, certain swaps may be considered to be illiquid. Also, the Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a swap counterparty. In addition, some swaps may be complex and difficult to value.

***TBAs and Dollar Rolls***—TBA and dollar roll transactions present special risks to a Fund. Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer.

***U.S. Government Obligations Risk***—Some U.S. Government securities are backed by the full faith and credit of the U.S. Government and are guaranteed as to both principal and interest by the U.S. Treasury. Other U.S. Government securities are not direct obligations of the U.S. Treasury, but rather are backed by the ability to borrow directly from the U.S. Treasury. Still others are supported solely by the credit of the agency or instrumentality itself and are neither guaranteed nor insured by the U.S. Government. No assurance can be given that the U.S. Government would provide financial support to such agencies if needed. U.S. Government securities may be subject to varying degrees of credit risk and all U.S. Government securities may be subject to price declines due to changing interest rates. Securities directly supported by the full faith and credit of the U.S. Government have less credit risk. U.S. Government securities are also subject to interest rate risk. In addition, circumstances could arise that could prevent the timely payment of (or adversely affect the ability to timely pay) interest or principal on U.S. Government obligations, including those supported by the full faith and credit of the U.S. Government, such as reaching the legislative debt ceiling. Such non-payment or developments would result in losses to a Fund with respect to such investments and substantial negative consequences for the U.S. economy and the global financial system, which could result in other losses to the Fund.

***Warrants and Rights***—Warrants give a Fund the option to buy the issuer's stock or other equity securities at a specified price. A Fund may buy the designated shares by paying the exercise price before the warrant expires. Warrants may become worthless if the price of the stock does not rise above the exercise price by the expiration date. Rights are the same as warrants, except they are typically issued to existing stockholders.

**Investments in Other Investment Companies**

The Funds may invest their assets in securities of other investment companies, including ETFs, for various portfolios management purposes (such as an efficient means of carrying out their investment policies). Investment companies, including ETFs, incur certain expenses such as management fees, and, therefore, any investment by the Funds in shares of other investment companies would be subject to such additional fees and expenses. To the extent a Fund invests in the securities of other investment companies, the acquired investment companies' fees and expenses are reflected in the Fund's fees and expenses and the Fund would be subject to the risks of the acquired investment company.

The Funds may invest in investment companies, including ETFs, in excess of 1940 Act limitations on investments in other investment companies, in compliance with Rule 12d1-4.

**Temporary Investments**

Each Fund may temporarily depart from its principal investment strategies by investing up to 100% of Fund assets in cash or short-term, high quality money market instruments (e.g. commercial paper, repurchase agreements, etc.) or take other defensive investment positions in order to seek to manage large cash inflows, maintain liquidity necessary to meet shareholder redemptions or minimize potential losses during adverse market, economic, political, or other conditions or for other reasons. This may cause a Fund to temporarily forego greater investment returns for the safety of principal and a Fund may therefore not achieve its investment goal.

**Regulation under the Commodity Exchange Act**

The Adviser has claimed an exclusion from the definition of a commodity pool operator ("CPO") with respect to its management of the Funds pursuant to Commodity Futures Trading Commission Rule 4.5. Therefore, the Adviser is not subject to regulation as a CPO under the Commodity Exchange Act, as amended, with respect to its management of the Funds. In order to rely on the Rule 4.5 exclusion, the Funds must limit their investments in commodity futures contracts, options on futures contracts and swaps and other commodity interests (including, for example, security futures, broad-based stock index futures and financial futures transactions).

**Disclosure of Portfolio Holdings**

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI.

**WHO MANAGES THE FUNDS?**

The Board governs the Funds. The Board oversees Bessemer Investment Management LLC, the Funds' investment adviser and a wholly-owned subsidiary of Bessemer.

**Adviser**

The Adviser either manages the Funds' assets, including buying and selling portfolio securities, or supervises the sub-advisers who are responsible for the day-to-day management of the Funds or for providing the Adviser with a model portfolio (with respect to a portion of the Total Equity Fund's portfolio). The Adviser's address is 1271 Avenue of the Americas, New York, New York 10020.

Bessemer is a subsidiary of The Bessemer Group, Incorporated ("BGI"). The Adviser, and other subsidiaries of BGI, advise or provide investment, fiduciary and personal banking services with total assets under supervision of approximately $284.82 billion as of December 31, 2025.

For its services under the Investment Advisory Agreement, the Adviser receives an advisory fee from each Fund, computed daily and payable monthly, in accordance with the following schedule:

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| | | | |
|:---|:---|:---|:---|
|  | **First $500<br> million of<br> average<br> <u>net assets</u>** | **Second $500<br> million to<br> $1 billion of<br> average<br> <u>net assets</u>** | **Average<br> net assets<br> exceeding<br> <u>$1 billion</u>** |
| All Cap Core Fund | 0.75% | 0.70% | 0.65% |
| Total Equity Fund | 0.80% | 0.75% | 0.70% |
| Credit Income Fund | 0.65% | 0.60% | 0.55% |
| Fixed Income Fund | 0.45% | 0.40% | 0.35% |
| Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| California Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| New York Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
|  |  |  | **Average<br> <u>net assets</u>** |
| Small & Mid Cap Strategies Fund |  |  | 0.85% |
| Short-Term Bond Fund |  |  | 0.32% |
|  | **First $1.25<br> billion of<br> average<br> <u>net assets</u>** | **Next $1.25<br> billion to<br> $2.5 billion of<br> average<br> <u>net assets</u>** | **Average<br> net assets<br> exceeding<br> <u>$2.5 billion</u>** |
| Large Cap Strategies Fund | 0.90% | 0.85% | 0.80% |

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For the fiscal year ended October 31, 2025, the Funds each paid the actual advisory fees, net of waivers and as a percentage of its average net assets, as follows: 0.67% for the All Cap Core Fund; 0.81% for the Large Cap Strategies Fund; 0.81% for the Small & Mid Cap Strategies Fund; 0.66% for the Total Equity Fund; 0.57% for the Credit Income Fund; 0.28% for the Fixed Income Fund; 0.29% for the Municipal Bond Fund; 0.26% for the California Municipal Bond Fund; 0.27% for the New York Municipal Bond Fund; and (0.05)% for the Short-Term Bond Fund.

A discussion regarding the basis for the Board approving the Investment Advisory and Sub-Advisory Agreements of the Funds is available in the Funds' report filed on Form N-CSR for the fiscal year ended October 31, 2025.

The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses, if any, of the All Cap Core Fund at 0.95%, Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Large Cap Strategies Fund at 1.10%, the Total Equity Fund at 0.98%, the California Municipal Bond Fund at 0.57%, the New York Municipal Bond Fund at 0.57%, and the Short-Term Bond Fund at 0.37%. These commitments may be changed or terminated at any time with the approval of the Board. The Adviser may choose voluntarily to reimburse a portion of its advisory fee at any time. Such voluntary waivers may be discontinued at any time by the Adviser.

**Sub-Advisers**

BlackRock Financial Management, Inc. ("BlackRock"), located at 50 Hudson Yards, New York, New York 10001, is responsible for the day-to-day management of a portion of the Credit Income Fund's portfolio subject to the oversight of the Adviser. BlackRock is an indirect wholly-owned subsidiary of BlackRock, Inc., a publicly-traded global investment services company. As of December 31, 2025, assets under management totaled approximately $14.1 trillion. BlackRock's fee is based on the assets that BlackRock is responsible for managing. The fee BlackRock receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above.

Muzinich & Co., Inc. ("Muzinich"), located at 450 Park Avenue, New York, NY 10022, is responsible for the day-to-day management of a portion of the Credit Income Fund's portfolio subject to the oversight of the Adviser. As of December 31, 2025, Muzinich (together with its global affiliates) managed approximately $42.3 billion in assets. Muzinich's fee is based on the assets that Muzinich is responsible for managing. The fee Muzinich receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above.

Sands Capital Management, LLC ("Sands Capital"), located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209, is responsible for the day-to-day management of portions of the Large Cap Strategies Fund's portfolio subject to the oversight of the Adviser. Sands Capital is an independent investment management firm, ultimately controlled by Frank M. Sands, Sands Capital's CEO and CIO. Frank M. Sands controls Sands Capital by virtue of his position as, among other things, trustee, manager, or officer, respectively, of various intermediate holding entities and trusts through which voting or management rights with respect to Sands

Capital are held and/or exercised. As of December 31, 2025, discretionary assets under management in the firm's public equity strategies totaled approximately $44.3 billion. Sands Capital's fee is based on the assets that Sands Capital is responsible for managing. The fee Sands Capital receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above. In addition, Sands Capital is responsible for providing the Adviser with a model portfolio with respect to a portion of the Total Equity Fund's portfolio subject to the oversight of the Adviser. Sands Capital's fee is based on the Fund's assets that are allocated to the sub-adviser's model portfolio strategy. The fee Sands Capital receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above.

Polunin Capital Partners Limited ("Polunin"), located at 10 Cavalry Square, London, SW3 4RB, United Kingdom, is responsible for the day-to-day management of a portion of the Small & Mid Cap Strategies Fund's portfolio subject to the oversight of the Adviser. As of December 31, 2025, Polunin's assets under management totaled approximately $7.8 billion. Polunin's fee is based on the assets that Polunin is responsible for managing. The fee Polunin receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above. In addition, Polunin is responsible for providing the Adviser with a model portfolio with respect to a portion of the Total Equity Fund's portfolio subject to the oversight of the Adviser. Polunin's fee is based on the Fund's assets that are allocated to the sub-adviser's model portfolio strategy. The fee Polunin receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above.

Acadian Asset Management LLC ("Acadian") located at 260 Franklin Street, Boston, MA, 02110, is responsible for the day-to-day management of a portion of the Small & Mid Cap Strategies Fund's portfolio subject to the oversight of the Adviser. As of December 31, 2025, Acadian had approximately $177.46 billion total assets under management (including $1,356 million in model advisory contracts where Acadian does not have trading authority). The fee Acadian receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above.

Aikya Investment Management Limited ("Aikya"), located at Octagon Point, 5 Cheapside, London, England EC2V 6AA, is responsible for the day-to-day management of a portion of the Large Cap Strategies Fund's portfolio subject to the oversight of the Adviser. As of December 31, 2025, Aikya's assets under management totaled approximately $6.3 billion. Aikya's fee is based on the assets that Aikya is responsible for managing. The fee Aikya receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above. In addition, Aikya is responsible for providing the Adviser with a model portfolio with respect to a portion of the Total Equity Fund's portfolio subject to the oversight of the Adviser. Aikya's fee is based on the Fund's assets that are allocated to the sub-adviser's model portfolio strategy. The fee Aikya receives, which is paid by the Adviser from the fee it receives from the Fund, is included in the advisory fee rate set forth above.

As described above, the Adviser has engaged sub-advisers to make the day-to-day investment decisions for portions of the Large Cap Strategies, Small & Mid Cap Strategies and Credit Income Funds. Also as described above, the Adviser has also engaged sub-advisers to provide model portfolios for portions of the Total Equity Fund. The Funds may in the future engage one or more additional sub-advisers. While a sub-adviser makes the day-to-day investment decisions for a Fund (or, with respect to the Total Equity Fund, provides model portfolios to the Adviser), the Adviser retains ultimate responsibility (subject to Board oversight) for overseeing the sub-adviser and evaluating the Fund's needs and the sub-adviser's skills and performance on an ongoing basis. Based on its evaluation, the Adviser may, at any time, recommend to the Board that a Fund: (i) change, add or terminate one or more sub-advisers; (ii) continue to retain a sub-adviser even though the sub-adviser's ownership or corporate structure has changed; or (iii) materially change a sub-advisory agreement with a sub-adviser. The Adviser and the Funds have received exemptive relief from the Securities and Exchange Commission ("SEC") to permit the Adviser (subject to the Board's oversight and approval) to hire or replace sub-advisers of the Funds that are not affiliated with the Funds or the Adviser (as contemplated in the relief) without obtaining approval from Fund shareholders. An affected Fund will inform its shareholders of any actions taken in reliance on this relief, as required by the relief.

The SAI contains additional information about the Adviser and the sub-advisers, as well as the Funds' other service providers.

**Portfolio Managers**

Certain of the Funds are managed by individual portfolio managers, while others are managed by an investment team. The individuals primarily responsible for the day-to-day investment management of the Funds are identified below and are subject to change at any time. Information about the portfolio managers' compensation arrangements, other accounts managed by the portfolio managers, as applicable, and the portfolio managers' ownership of securities of the Funds they manage is available in the SAI.

***All Cap Core Fund***

Mr. John Alexander Christie, Managing Director of the Adviser and Head of Equities at Bessemer, an affiliate of the Adviser, has managed the Fund since November 16, 2011. Mr. Christie joined the Adviser in March 2006. Previously he also served as a senior

analyst for the Old Westbury Real Return Fund, a former fund, prior to which he was a research analyst covering the energy and utilities sectors for Large Cap U.S. Equities portfolios. Prior to joining the Adviser, he was a senior associate analyst at UBS from 2004-2006. He previously worked as an equity analyst for Banc One Investment Advisors from 2002 to 2004. Mr. Christie received his BS in Mechanical Engineering from the University of California (Santa Barbara) in 1997 and his MBA from Duke University Fuqua School of Business in 2002.

Mr. Michael Morrisroe, Managing Director of the Adviser, has managed the Fund since December 30, 2016. Mr. Morrisroe joined the Adviser in June 2005 as an Analyst covering the energy and materials sectors for Mid Cap Equities. Previously, Mr. Morrisroe was with Bear Stearns from 2000 to 2005, where he was a Research Analyst covering the building products and metals/mining sectors. He previously worked as a Financial Analyst in the controller's office at Credit Suisse First Boston. Mr. Morrisroe received his Bachelor of Science in 1995 from the State University of New York, Albany.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Wile joined the Adviser in 2017 and Bessemer in 2016. Prior to joining Bessemer, Mr. Wile was a global markets research analyst at J.P. Morgan, responsible for global macro research and high frequency forecasting. Mr. Wile earned a B.B.A. in finance and economics from Loyola University Chicago in 2011.

***Large Cap Strategies Fund***

Ms. Nancy Peretz Sheft is a Managing Director of the Adviser and Head of External Managers at Bessemer, an affiliate of the Adviser. Ms. Sheft has managed the Fund since October 25, 2016. Ms. Sheft joined the Adviser in 2016 and Bessemer in 2013. Prior to joining the Adviser and its affiliate Bessemer, Ms. Sheft was Managing Director at J.P. Morgan Asset Management, where she was Global Head of Institutional Sales, Product, and Consultant Strategy. Beforehand, Ms. Sheft co-managed a Large Cap Growth Fund at Ark Asset Management. She also worked at Hambrecht & Quist and Goldman Sachs. Ms. Sheft earned an MBA from Harvard Business School in 1994 and a A.B. from Princeton University in 1988.

Mr. Jeffrey Rutledge, Managing Director of the Adviser, has managed the Fund since October 1, 2018. Mr. Rutledge joined the Adviser in 2004. Previously, he was a member of the investment team for Old Westbury Large Cap Strategies Fund and was a research analyst for the transportation and utilities sectors for Mid Cap Equities portfolios. Prior to joining the Adviser, Mr. Rutledge was a research associate for the aerospace and telecommunication sectors at Bear Stearns & Co. from April 2000 to July 2004. Mr. Rutledge received his BA degree in Industrial Engineering from Lehigh University in 1989 and his MS in Management and Finance in 1995 from the United States Naval Postgraduate School.

Dr. Edward N. Aw, DBA, is Managing Director of the Adviser and Head of Quantitative Strategies at Bessemer, an affiliate of the Adviser, has managed the Fund since January 15, 2016. Dr. Aw joined the Adviser in 2004. Prior to joining the Adviser, Dr. Aw was a Quantitative Analyst for five years at Deutsche Investment Management Americas. Previously, Dr. Aw also worked for The Dreyfus Corporation, Goldman Sachs, and Morgan Stanley in various analytic roles. Dr. Aw earned a BA from the State University of New York at Stony Brook in 1991, an MBA from the Frank G. Zarb School of Business at Hofstra University in 1997, and a DBA from the Zicklin School of Business at Baruch College in 2022.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Wile joined the Adviser in 2017 and Bessemer in 2016. Prior to joining Bessemer, Mr. Wile was a global markets research analyst at J.P. Morgan, responsible for global macro research and high frequency forecasting. Mr. Wile earned a B.B.A. in finance and economics from Loyola University Chicago in 2011.

Mr. Cheng Jan, Principal of the Adviser, has managed the Fund since October 1, 2025. He joined the Adviser in May 2019 as an Equity Analyst for the U.S. Select Equity portfolio. Prior to that, he was a senior analyst at Roubaix Capital, LLC, where he was responsible for long and short equity investments across all sectors. Before that, he was a senior treasury analyst at OppenheimerFunds, where he was responsible for derivatives trading, portfolio risk management, and competitive research. Mr. Jan received his B.A., with honors, in economics from the University of Chicago in 2009.

Mr. David Levanson is a Portfolio Manager of Sands Capital's portion of the Fund. Mr. Levanson, Senior Portfolio Manager, Research Analyst and Executive Managing Director of Sands Capital, worked for Sands Capital from 1992 to 1994 and rejoined Sands Capital in 2002. From 1996 to 1999 he was a Vice President and Research Analyst at State Street Research & Management and from 1999 to 2002 he worked as a Research Analyst at MFS Investment Management. Prior to joining Sands Capital in 1992, Mr. Levanson was a Research Analyst at the Capital Management Group, Folger Nolan Fleming Douglas, Inc. from 1990 to 1992. Mr. Levanson received his BS degree in Finance from the University of Florida and his MBA in 1996 from the Darden School at University of Virginia.

Mr. Brian A. Christiansen is a Portfolio Manager of Sands Capital's portion of the Fund. He is a Research Analyst, Senior Portfolio Manager, and Executive Managing Director, and joined Sands Capital in June 2006. He has investment experience dating back to that same year. Mr. Christiansen received his BA in Economics from Yale University in 2005. He also earned his MBA from the Yale School of Management in 2009.

Mr. Daniel Pilling is a Portfolio Manager of Sand's Capital's portion of the Fund. He is a Senior Research Analyst and Portfolio Manager, and joined Sands Capital in 2018 as a Research Analyst. Prior to joining Sands Capital, Mr. Pilling served as an Analyst at Balyasny Asset Management from 2015 to 2017, Millennium Capital Partners from 2014 to 2015, and QVT Financial from 2012 to 2014. Prior to 2012, Mr. Pilling served as a Research Associate at Fidelity from 2010 to 2011 and an Analyst at Greenhill & Co. from 2007 to 2009. Mr. Pilling received his Bachelor's Degree from Alliance Manchester Business School in 2006 and his Master's Degree in Philosophy from the University of Cambridge in 2007, both in the United Kingdom.

Mr. Ashish Swarup is a Portfolio Manager of Aikya's portion of the Fund. Mr. Swarup is an Investment Analyst and Lead Portfolio Manager, and has been with Aikya since March 2020. Prior thereto, he worked for Stewart Investors of London since 2014 and Fidelity Investments from 2004 to 2014. He graduated from the Indian Institute of Technology in 1997 and the Indian Institute of Management in 1999 and earned an MBA from INSEAD (France) in 2003.

Mr. Rahul Desai is a Portfolio Manager of Aikya's portion of the Fund. Mr. Desai is an Investment Analyst and Portfolio Manager, and has been with Aikya since February 2020. Prior thereto, he worked for Fidelity Investments in London since 2008 and Boston Consulting Group from 2003 to 2006. He graduated from the National University of Singapore in 2002 and earned an MBA from the Harvard Business School in 2008.

Mr. Thomas Allen is a Portfolio Manager of Aikya's portion of the Fund. Mr. Allen is an Investment Analyst and Portfolio Manager, and has been with Aikya since January 2020. Prior thereto, he worked for First State/Stewart Investors from 2012 to 2019. He graduated from University College London in 2011.

***Small & Mid Cap Strategies Fund***

Ms. Nancy Peretz Sheft is a Managing Director of the Adviser and Head of External Managers at Bessemer, an affiliate of the Adviser. Ms. Sheft has managed the Fund since October 25, 2016. Ms. Sheft joined the Adviser in 2016 and Bessemer in 2013. Prior to joining the Adviser and its affiliate Bessemer, Ms. Sheft was Managing Director at J.P. Morgan Asset Management, where she was Global Head of Institutional Sales, Product, and Consultant Strategy. Beforehand, Ms. Sheft co-managed a Large Cap Growth Fund at Ark Asset Management. She also worked at Hambrecht & Quist and Goldman Sachs. Ms. Sheft earned an MBA from Harvard Business School in 1994 and a A.B. from Princeton University in 1988.

Dr. Edward N. Aw, DBA, Managing Director of the Adviser and Head of Quantitative Strategies at Bessemer, an affiliate of the Adviser, has managed the Fund since June 2016. Dr. Aw joined the Adviser in 2004. Prior to joining the Adviser, Dr. Aw was a Quantitative Analyst for five years at Deutsche Investment Management Americas. Previously, Dr. Aw also worked for The Dreyfus Corporation, Goldman Sachs, and Morgan Stanley in various analytic roles. Dr. Aw earned a BA from the State University of New York at Stony Brook in 1991 and an MBA from the Frank G. Zarb School of Business at Hofstra University in 1997, and a DBA from the Zicklin School of Business at Baruch College in 2022.

Mr. Michael Morrisroe, Managing Director of the Adviser, has managed the Fund since February 28, 2014. Mr. Morrisroe joined the Adviser in June 2005 as an Analyst covering the energy and materials sectors for Mid Cap Equities. Previously, Mr. Morrisroe was with Bear Stearns from 2000 to 2005, where he was a Research Analyst covering the building products and metals/mining sectors. He previously worked as a Financial Analyst in the controller's office at Credit Suisse First Boston. Mr. Morrisroe received his Bachelor of Science in 1995 from the State University of New York, Albany.

Ms. Andrea Tulcin, Managing Director of the Adviser, has managed the Fund since June 27, 2022. Ms. Tulcin joined the Adviser in 2019 and Bessemer, an affiliate of the Adviser, in 2017. Previously, she served as a Senior Vice President and an Associate Portfolio Manager for Bessemer's Large Cap Global portfolio. Prior to joining Bessemer, Ms. Tulcin held Equity Analyst roles at Infusive Asset Management and Guggenheim Global Trading. Before that, she worked as an associate analyst and a business administration associate at Tradewinds Global Investors. Ms. Tulcin earned a B.A., cum laude, in journalism from Lehigh University in 2006 and a M.B.A. from The Wharton School of the University of Pennsylvania in 2013.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Wile joined the Adviser in 2017 and Bessemer in 2016. Prior to joining Bessemer, Mr. Wile was a global markets research analyst at J.P. Morgan, responsible for global macro research and high frequency forecasting. Mr. Wile earned a B.B.A. in finance and economics from Loyola University Chicago in 2011.

Mr. Douglas Polunin serves as Director and Chief Investment Officer of Polunin. Prior to co-founding Polunin in 2001, Mr. Polunin was a Head of Emerging Markets Investments at Pictet Asset Management UK Limited where he was responsible for managing the PTF Emerging Markets Fund and the Eastern European Trust. Mr. Polunin graduated from Edinburgh University with a BSc (Honors) degree in Biochemistry.

Mr. Aleksandrs Babikovs is a Portfolio Manager and has been a member of the Polunin investment team since 2011. He is a Lead Portfolio Manager of Polunin's International Value Strategy. Prior to joining Polunin, Mr. Babikovs worked in trading and research at Renesource Capital and as a trader at Citadele Bank (formerly Parex Bank). Mr. Babikovs graduated from the University of Latvia with a Bachelor's degree in Finance.

Mr. Brendan O. Bradley serves as Chief Investment Officer of Acadian. Mr. Bradley joined Acadian in 2004 and has served as the firm's director of portfolio management, overseeing portfolio management policy, and was also previously the director of Acadian's managed volatility strategies. He is a member of several oversight committees at Acadian, including the Board of Managers, Executive Management Team, Executive Committee, and Responsible Investing Committee. Mr. Bradley earned a Ph.D. in applied mathematics from Boston University in 2023 and a B.A. in physics from Boston College in 1991.

Ms. Fanesca Young serves as Director of Equity Portfolio Management of Acadian. Ms. Young joined Acadian in 2023 and serves as Director, Equity Portfolio Management. Prior to joining Acadian, she was head of global systematic equities at GIC Private Ltd. Prior to that, she was managing director and director of quantitative research at Los Angeles Capital Management. Fanesca is also a member of the editorial boards of the Financial Analyst Journal and the Journal of Systematic Investing, as well as a member of the Q Group's program committee. Fanesca earned a Ph.D. in statistics from Columbia University in 2005 and an M.Phil. and an M.A. in statistics from Columbia University in 2005. She also holds a B.A. in mathematics from the University of Virginia in 2001.

***Total Equity Fund***

Mr. John Alexander Christie, Managing Director of the Adviser and Head of Equities at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception. Mr. Christie joined the Adviser in March 2006. Previously he also served as a senior analyst for the Old Westbury Real Return Fund, a former fund, prior to which he was a research analyst covering the energy and utilities sectors for Large Cap U.S. Equities portfolios. Prior to joining the Adviser, he was a senior associate analyst at UBS from 2004-2006. He previously worked as an equity analyst for Banc One Investment Advisors from 2002 to 2004. Mr. Christie received his BS in Mechanical Engineering from the University of California (Santa Barbara) in 1997 and his MBA from Duke University Fuqua School of Business in 2002.

Mr. Michael Morrisroe, Managing Director of the Adviser, has managed the Fund since its inception. Mr. Morrisroe joined the Adviser in June 2005 as an Analyst covering the energy and materials sectors for Mid Cap Equities. Previously, Mr. Morrisroe was with Bear Stearns from 2000 to 2005, where he was a Research Analyst covering the building products and metals/mining sectors. He previously worked as a Financial Analyst in the controller's office at Credit Suisse First Boston. Mr. Morrisroe received his Bachelor of Science in 1995 from the State University of New York, Albany.

Ms. Nancy Peretz Sheft is a Managing Director of the Adviser and Head of External Managers at Bessemer, an affiliate of the Adviser. Ms. Sheft has managed the Fund since its inception. Ms. Sheft joined the Adviser in 2016 and Bessemer in 2013. Prior to joining the Adviser and its affiliate Bessemer, Ms. Sheft was Managing Director at J.P. Morgan Asset Management, where she was Global Head of Institutional Sales, Product, and Consultant Strategy. Beforehand, Ms. Sheft co-managed a Large Cap Growth Fund at Ark Asset Management. She also worked at Hambrecht & Quist and Goldman Sachs. Ms. Sheft earned an MBA from Harvard Business School in 1994 and a A.B. from Princeton University in 1988.

Mr. Jeffrey Rutledge, Managing Director of the Adviser, has managed the Fund since its inception. Mr. Rutledge joined the Adviser in 2004. Previously, he was a member of the investment team for Old Westbury Large Cap Strategies Fund and was a research analyst for the transportation and utilities sectors for Mid Cap Equities portfolios. Prior to joining the Adviser, Mr. Rutledge was a research associate for the aerospace and telecommunication sectors at Bear Stearns & Co. from April 2000 to July 2004. Mr. Rutledge received his BA degree in Industrial Engineering from Lehigh University in 1989 and his MS in Management and Finance in 1995 from the United States Naval Postgraduate School.

Dr. Edward N. Aw, DBA, is Managing Director of the Adviser and Head of Quantitative Strategies at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception. Dr. Aw joined the Adviser in 2004. Prior to joining the Adviser, Dr. Aw was a Quantitative Analyst for five years at Deutsche Investment Management Americas. Previously, Dr. Aw also worked for The Dreyfus Corporation, Goldman Sachs, and Morgan Stanley in various analytic roles. Dr. Aw earned a BA from the State University of New

York at Stony Brook in 1991, an MBA from the Frank G. Zarb School of Business at Hofstra University in 1997, and a DBA from the Zicklin School of Business at Baruch College in 2022.

Ms. Andrea Tulcin, Managing Director of the Adviser, has managed the Fund since its inception. Ms. Tulcin joined the Adviser in 2019 and Bessemer, an affiliate of the Adviser, in 2017. Previously, she served as a Senior Vice President and an Associate Portfolio Manager for Bessemer's Large Cap Global portfolio. Prior to joining Bessemer, Ms. Tulcin held Equity Analyst roles at Infusive Asset Management and Guggenheim Global Trading. Before that, she worked as an associate analyst and a business administration associate at Tradewinds Global Investors. Ms. Tulcin earned a B.A., cum laude, in journalism from Lehigh University in 2006 and a M.B.A. from The Wharton School of the University of Pennsylvania in 2013.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Wile joined the Adviser in 2017 and Bessemer in 2016. Prior to joining Bessemer, Mr. Wile was a global markets research analyst at J.P. Morgan, responsible for global macro research and high frequency forecasting. Mr. Wile earned a B.B.A. in finance and economics from Loyola University Chicago in 2011.

Mr. Cheng Jan, Principal of the Adviser, has managed the Fund since October 1, 2025. He joined the Adviser in May 2019 as an Equity Analyst for the U.S. Select Equity portfolio. Prior to that, he was a senior analyst at Roubaix Capital, LLC, where he was responsible for long and short equity investments across all sectors. Before that, he was a senior treasury analyst at OppenheimerFunds, where he was responsible for derivatives trading, portfolio risk management, and competitive research. Mr. Jan received his B.A., with honors, in economics from the University of Chicago in 2009.

Mr. Ashish Swarup is an Investment Analyst and Lead Portfolio Manager and has been with Aikya since March 2020. Prior thereto, he worked for Stewart Investors of London since 2014 and Fidelity Investments from 2004 to 2014. He graduated from the Indian Institute of Technology in 1997 and the Indian Institute of Management in 1999 and earned an MBA from INSEAD (France) in 2003.

Mr. Rahul Desai is an Investment Analyst and Portfolio Manager and has been with Aikya since February 2020. Prior thereto, he worked for Fidelity Investments in London since 2008 and Boston Consulting Group from 2003 to 2006. He graduated from the National University of Singapore in 2002 and earned an MBA from the Harvard Business School in 2008.

Mr. Thomas Allen is an Investment Analyst and Portfolio Manager and has been with Aikya since January 2020. Prior thereto, he worked for First State/Stewart Investors from 2012 to 2019. He graduated from University College London in 2011.

Mr. Aleksandrs Babikovs is a Portfolio Manager and has been a member of the Polunin investment team since 2011. He is a Lead Portfolio Manager of Polunin's International Value Strategy. Prior to joining Polunin, Mr. Babikovs worked in trading and research at Renesource Capital and as a trader at Citadele Bank (formerly Parex Bank). Mr. Babikovs graduated from the University of Latvia with a Bachelor's degree in Finance.

Mr. David Levanson is a Senior Portfolio Manager, Research Analyst and Executive Managing Director of Sands Capital. He worked for Sands Capital from 1992 to 1994 and rejoined Sands Capital in 2002. From 1996 to 1999 he was a Vice President and Research Analyst at State Street Research & Management and from 1999 to 2002 he worked as a Research Analyst at MFS Investment Management. Prior to joining Sands Capital in 1992, Mr. Levanson was a Research Analyst at the Capital Management Group, Folger Nolan Fleming Douglas, Inc. from 1990 to 1992. Mr. Levanson received his BS degree in Finance from the University of Florida and his MBA in 1996 from the Darden School at University of Virginia.

Mr. Brian A. Christiansen is a Research Analyst, Senior Portfolio Manager, and Executive Managing Director and joined Sands Capital in June 2006. He has investment experience dating back to that same year. Mr. Christiansen received his BA in Economics from Yale University in 2005. He also earned his MBA from the Yale School of Management in 2009.

Mr. Daniel Pilling is a Senior Research Analyst and Portfolio Manager and joined Sands Capital in 2018 as a Research Analyst. Prior to joining Sands Capital, Mr. Pilling served as an Analyst at Balyasny Asset Management from 2015 to 2017, Millennium Capital Partners from 2014 to 2015, and QVT Financial from 2012 to 2014. Prior to 2012, Mr. Pilling served as a Research Associate at Fidelity from 2010 to 2011 and an Analyst at Greenhill & Co. from 2007 to 2009. Mr. Pilling received his Bachelor's Degree from Alliance Manchester Business School in 2006 and his Master's Degree in Philosophy from the University of Cambridge in 2007, both in the United Kingdom.

***Credit Income Fund***

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser , has managed the Fund since its inception. Mr. Olivenstein joined the Adviser in July 2019. Prior to joining the Adviser, Mr. Olivenstein was an Executive Director and Portfolio Manager at JPMorgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining JPMorgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with JPMorgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University in 2005.

Dr. Qiang Jiang, PhD, Managing Director of the Adviser and Director of Investment Quantitative R&D at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception. Dr. Jiang joined the Adviser in 2007. Prior to joining the Adviser, Dr. Jiang worked for Bessemer, an affiliate of the Adviser, since 2002. Prior to joining Bessemer, Dr. Jiang was a consultant for Schroders from 1997 to 2000, and the Bank of New York Mellon (which acquired Schroders) from 2000 to 2001. Dr. Jiang worked at Rutgers University as a research fellow, responsible for research in the areas of interfacial phenomena and ultra-low temperature physics, and completed both a M.S. in Electrical and Computer Engineering as well as his Doctoral program in Physics in 1991. Dr. Jiang earned a B.S. from Fudan University in 1985.

Mr. Anthony Wile, Principal of the Adviser and Head of Risk and Portfolio Construction at Bessemer, an affiliate of the Adviser, has managed the Fund since its inception. Mr. Wile joined the Adviser in 2017 and Bessemer in 2016. Prior to joining Bessemer, Mr. Wile was a global markets research analyst at J.P. Morgan, responsible for global macro research and high frequency forecasting. Mr. Wile earned a B.B.A. in finance and economics from Loyola University Chicago in 2011.

Mr. Ibrahim Incoglu is a Portfolio Manager of BlackRock's portion of the Fund. Mr. Incoglu, a Managing Director of BlackRock, is co-head of the Securitized Assets Investment team within BlackRock's Global Fixed Income group. Mr. Incoglu is a Senior Portfolio Manager on the Non-Agency RMBS desk. His responsibilities include managing Prime, Alt-a, Option Arm and Subprime positions across numerous BlackRock portfolios. Prior to joining BlackRock in 2009, Mr. Incoglu spent more than six years on the sell side at Wachovia Securities, most recently as a Director. He was responsible for managing the synthetic ABS desk, market making and hedging activities. Prior to launching synthetic desk in 2006, Mr. Incoglu was a Senior Trader at Wachovia and traded / made markets on Alt-a, Sub-prime and 2nd liens/ HELOC's (Home Equity Line of Credit). From 2002 to 2003, Mr. Incoglu was an Associate at Bank of America Securities, where he structured up Non-Agency deals, and ran arbitrage to buy and securitize mortgage whole loans. Mr. Incoglu began his career at Ocwen Federal Bank in 2000. He focused on trading of IO's, servicing strips, as well as hedging activities of the derivatives. Mr. Incoglu earned a BS degree in civil engineering from Bogazici University in 1998, and an MBA degree in business administration from the University of Tulsa in 1999.

Mr. Saffet Ozbalci, Managing Director, is the Head of the Structured Credit and CLO Investment Team within BlackRock's Global Fixed Income group. Prior to joining Blackrock in 2012, Mr. Ozbalci was the Head of CLO Trading at BNP Paribas. Prior to this role, Mr. Ozbalci was a portfolio manager at Barclays Global Investors (BGI), primarily responsible for investments in securitized assets. In his previous role, he was the lead portfolio manager at Securities Finance Trust Co, specializing in securitized assets. Mr. Ozbalci earned a BS degree in Civil Engineering from Middle East Technical University in 2001, and an MBA/MS degree in finance from Boston College in 2004.

Mr. Michael McEachern is a Portfolio Manager of Muzinich's portion of the Fund. He joined Muzinich in 2012. Prior to that, he served as the President and Head of the High Yield Division at Seix Advisors, Inc. Mr. McEachern holds a BA in Management Science from the University of California, San Diego, and an MBA from Rice University.

Mr. Warren Hyland is a Portfolio Manager of Muzinich's portion of the Fund. He joined Muzinich in 2013. Prior to that, he served as a Senior Portfolio Manager for Global Emerging Markets at Schroders. Mr. Hyland has a BSc in Mathematics for Business from the Middlesex University London and an MSc in Shipping Trade and Finance from the CASS Business School.

Mr. Thomas Samson is a Portfolio Manager of Muzinich's portion of the Fund. He joined Muzinich in 2004. Prior to that, he was an investment analyst at Trafalgar Asset Managers. Mr. Samson has an MBA from the London Business School and an MSc in Corporate Finance from the Institut d'Etudes Politiques de Paris, France.

Mr. Torben Ronberg is a Portfolio Manager of Muzinich's portion of the Fund. He joined Muzinich in 2016. Prior to that, he served as Head of Sub-Investment responsible for overseeing all Loan and High Yield Investments in asset class specific portfolios at ECM Asset Management Limited. Mr. Torben holds a BSc in Accounting from Copenhagen Business School and an Executive MBA from London Business School.

Mr. Joseph Galzerano is a Portfolio Manager of Muzinich's portion of the Fund. He joined Muzinich in 2000. Prior to that, he served as Managing Director and Senior Investment Analyst at Babson Capital Management. Prior to that, he served in Senior Analyst positions in high yield research at CIBC World Markets and Citicorp Securities. Mr. Galzerano holds a BA in Accounting, Cum Laude, from Manhattan College and an MBA from the Gabelli School of Business at Fordham University. Mr. Galzerano is a Certified Public Accountant.

***Fixed Income Fund***

Mr. Peter D. Hayward, Principal of the Adviser, has managed the Fund since May 1, 2025. Mr. Hayward joined the Adviser in June 2013 and Bessemer Trust Company, an affiliate of the Adviser, in December 2008. Previously, he served as a fixed income research and trading assistant at the Adviser and as a custody supervisor at Bessemer Trust Company. Mr. Hayward received his BS, summa cum laude, in Business Administration specializing in Finance from The College of New Jersey, Ewing Township, New Jersey in 2008 and his MBA, with distinction, specializing in finance and economics from the Leonard N. Stern School of Business, New York University in 2018.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Olivenstein joined the Adviser in July 2019. Prior to joining the Adviser, Mr. Olivenstein was an Executive Director and Portfolio Manager at J.P. Morgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining J.P. Morgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with J.P. Morgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University in 2005.

***Short-Term Bond Fund***

Mr. Peter D. Hayward, Principal of the Adviser, has managed the Fund since its inception. Mr. Hayward joined the Adviser in June 2013 and Bessemer Trust Company, an affiliate of the Adviser, in December 2008. Previously, he served as a fixed income research and trading assistant at the Adviser and as a custody supervisor at Bessemer Trust Company. Mr. Hayward received his BS, summa cum laude, in Business Administration specializing in Finance from The College of New Jersey, Ewing Township, New Jersey in 2008 and his MBA, with distinction, specializing in finance and economics from the Leonard N. Stern School of Business, New York University in 2018.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Olivenstein joined the Adviser in July 2019. Prior to joining the Adviser, Mr. Olivenstein was an Executive Director and Portfolio Manager at J.P. Morgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining J.P. Morgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with J.P. Morgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University in 2005.

***Municipal Bond Fund***

Mr. Kevin Akinskas, Managing Director of the Adviser and Head of Municipal Bonds at Bessemer, an affiliate of the Adviser, has managed the Fund since February 24, 2020. He was the Director of Muni Institutional & Wealth Management at BlackRock from 2006 until he joined the Adviser. Prior to that, Mr. Akinskas was the Private Investors Portfolio Manager at Merrill Lynch Investment Managers from 2005 until he joined BlackRock. Mr. Akinskas received in 2006 a MBA in Finance and Management and in 2002 a BS in Mechanical Engineering from Rutgers University.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Olivenstein joined the Adviser in July 2019. Prior to joining the Adviser, Mr. Olivenstein was an Executive Director and Portfolio Manager at J.P. Morgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining J.P. Morgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with J.P. Morgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University in 2005.

***California Municipal Bond Fund***

Mr. Kevin Akinskas, Managing Director of the Adviser and Head of Municipal Bonds at Bessemer, an affiliate of the Adviser, has managed the Fund since February 24, 2020. He was the Director of Muni Institutional & Wealth Management at BlackRock from 2006 until he joined the Adviser. Prior to that, Mr. Akinskas was the Private Investors Portfolio Manager at Merrill Lynch Investment Managers from 2005 until he joined BlackRock. Mr. Akinskas received in 2006 a MBA in Finance and Management and in 2002 a BS in Mechanical Engineering from Rutgers University.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Olivenstein joined the Adviser in July 2019. Prior to joining the Adviser, Mr. Olivenstein was an Executive Director and Portfolio Manager at J.P. Morgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining J.P. Morgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with J.P. Morgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University in 2005.

***New York Municipal Bond Fund***

Mr. Kevin Akinskas, Managing Director of the Adviser and Head of Municipal Bonds at Bessemer, an affiliate of the Adviser, has managed the Fund since February 24, 2020. He was the Director of Muni Institutional & Wealth Management at BlackRock from 2006 until he joined the Adviser. Prior to that, Mr. Akinskas was the Private Investors Portfolio Manager at Merrill Lynch Investment Managers from 2005 until he joined BlackRock. Mr. Akinskas received in 2006 a MBA in Finance and Management and in 2002 a BS in Mechanical Engineering from Rutgers University.

Mr. Jared B. Olivenstein, Managing Director of the Adviser and Head of Fixed Income at Bessemer, an affiliate of the Adviser, has managed the Fund since May 1, 2025. Mr. Olivenstein joined the Adviser in July 2019. Prior to joining the Adviser, Mr. Olivenstein was an Executive Director and Portfolio Manager at J.P. Morgan Asset Management, responsible for the Strategic Income Opportunities family of funds. Prior to joining J.P. Morgan Asset Management, Mr. Olivenstein was a foreign exchange and commodities sales and trading associate with J.P. Morgan Chase Securities Inc. Mr. Olivenstein earned a B.S. in Business Administration from Carnegie Mellon University in 2005.

**WHAT DO SHARES COST?**

You can buy shares of a Fund at NAV, without a sales charge, on any day the New York Stock Exchange ("NYSE") is open for business. NAV is determined at the end of regular trading (normally 4:00 p.m. Eastern time) each day the NYSE is open. Your purchase order must be received in proper form by 4:00 p.m. (Eastern time) or the close of the NYSE, whichever is earlier, in order to receive that day's NAV. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, a Fund reserves the right to treat such day as a business day and accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as the Adviser believes there generally remains an adequate market to obtain reliable and accurate market quotations.

Each Fund's NAV is computed by dividing the value of the Fund's net assets (i.e., the value of a Fund's securities and other assets less its liabilities, including expenses payable or accrued but excluding capital stock and surplus) by the total number of shares outstanding. Portfolio securities for which market quotations are readily available are valued at market value. All other investment assets of the Funds are valued at fair value. The Board has designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. If events occur that materially affect the value of the security between the time trading ends on a particular security and the close of the normal trading session of the NYSE, the Adviser's pricing committee ("Pricing Committee") may value the security at its fair value as determined in good faith by the Adviser, as valuation designee. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. For example, securities or instruments that may be subject to fair valuation include, but are not limited to: (1) securities or instruments in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities or instruments; (4) securities or instruments that may be defaulted or de-listed from an exchange and are no longer trading; (5) any other security or instruments for which the Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other assets, including real assets and derivatives for which readily available market quotations are not generally available. In addition, securities that trade on a foreign exchange may be fair valued because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund's share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for

determining the fair value of a security, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security is purchased or sold, in determining whether a market price is readily available and, if not, the security's fair value.

In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security or other investment asset, reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, or other investment assets, it may value those securities or other investment assets, higher or lower than another fund that uses market quotations to price the same securities or other investment assets.

If selling securities generates net capital gains for a Fund, the gains will be included in the Fund's assets, and the Fund will typically distribute these gains to shareholders at the end of the calendar year. If a Fund earns net investment income (dividends and interest less net expenses), this income will be included in the Fund's assets, and the Fund will typically distribute its net investment income to shareholders quarterly for the Credit Income, Fixed Income, Short-Term Bond, Municipal Bond, California Municipal Bond and New York Municipal Bond Funds and at least annually for the All Cap Core, Large Cap Strategies, Small & Mid Cap Strategies, and Total Equity Funds. Therefore, a Fund's assets include net capital gains and net investment income that will eventually be distributed to shareholders until it is reduced by the amount of such distribution. The number of shares purchased by a shareholder, and the management and other asset-based fees paid by a Fund on an ongoing basis, are determined based upon the Fund's NAV, taking into account its assets as so calculated.

The Board has approved valuation policies and procedures for determining the value of Fund shares. The Board receives and reviews quarterly reports on valuation matters from the Funds' Adviser, as valuation designee.

To open an account with one of the Funds, your first investment must be at least $1,000. However, you can add to your account for as little as $100. In certain circumstances, these minimums may be waived or lowered at the Funds' or Adviser's discretion.

**HOW DO I PURCHASE SHARES?**

Each prospective investor in the Funds must first submit an account application in proper form. An account application may be rejected at the discretion of the Funds and/or Adviser at any time and for any reason. Once an application is approved, shares of each Fund may be purchased by mail or by wire directly with the transfer agent of the Funds, BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent"), or through broker/dealers or other financial institutions that have an agreement with the Funds' distributor, Foreside Funds Distributors LLC (the "Distributor") (a "Selling Agent"). Notwithstanding the foregoing, the Funds and the Adviser reserve the right to reject any purchase request at any time, for any reason. See also "Market Timing Policies."

If you purchase shares directly with the Transfer Agent, your account will be maintained by the Transfer Agent. For account balance information and shareholder services, you may call the Transfer Agent at (800) 607-2200. Shareholder information is subject to independent identity verification and may be shared, as permitted by law and the Funds' Privacy Policy, for identifying and reporting suspected money laundering and terrorist activity. In compliance with the USA PATRIOT Act, all financial institutions (including mutual funds) are required, among other matters, to obtain, verify and record the following information for all registered owners or others who may be authorized to act on an account: *full name, date of birth, taxpayer identification number (usually your Social Security number), and permanent street address*. Corporate, trust and other entity accounts require additional documentation. This information will be used to verify your true identity. If any of the above requested information is missing, we may reject your account and return your application or take such other action as we deem reasonable as permitted by law. All applications for purchase must be approved by the Adviser. Please review your account application for additional information.

***By Mail***

*Through a Selling Agent*

Contact your Selling Agent for instructions. Shares will be issued upon receipt of payment by the Funds in which you are investing (see "Additional Conditions—Transactions Through Selling Agents").

*Directly with the Transfer Agent*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact the Transfer Agent to request a Purchase Application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete the Purchase Application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain written Adviser approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mail it together with a check payable to Old Westbury Funds, to the following address:

Old Westbury Funds, Inc.

P.O. Box 534458

Pittsburgh, PA 15253-4458

Subsequent investments in a Fund do not require a Purchase Application; however, the shareholder's account number and Fund name must be clearly marked on the check to ensure proper credit.

The Funds will not accept the following payments: third party checks; money orders; bank starter checks; traveler's checks; credit card convenience checks; or checks drawn in a foreign currency. All checks should be made payable to Old Westbury Funds.

Purchase orders must be received by 4:00 p.m. (Eastern time) or the close of the NYSE, whichever is earlier, in order for shares to be purchased at that day's NAV.

***By Wire***

Investments may be made directly through the use of wire transfers of federal funds after an account has been established. Shares purchased by wire will be effected at the public offering price next determined after acceptance of the order by the Transfer Agent. Purchase orders must be received by 4:00 p.m. (Eastern time) or the close of the NYSE, whichever is earlier, in order for shares to be purchased at that day's NAV.

*Through a Selling Agent*

Contact your Selling Agent for instructions.

*Directly with the Transfer Agent*

If you do not have a relationship with a Selling Agent, you may purchase shares directly by federal funds wire to the Transfer Agent, after completing the Purchase Application, submitting the Purchase Application to the Adviser for approval, and forwarding a copy to the Transfer Agent. No Purchase Application is required for subsequent investments.

Complete applications should be directed to:

Old Westbury Funds, Inc.

P.O. Box 534458

Pittsburgh, PA 15253-4458

Please contact the Transfer Agent at (800) 607-2200 for complete instructions.

**HOW DO I REDEEM SHARES?**

Each Fund typically expects to meet redemption requests by using holdings of cash or cash equivalents or proceeds from the sale of portfolio holdings (or a combination of these methods) unless it believes that circumstances warrant otherwise. For example, under stressed market conditions, as well as during emergency or temporary circumstances, each Fund may distribute redemption proceeds in-kind (rather than in cash), or borrow through other sources (e.g., reverse repurchase agreements or engage in certain types of derivatives), to meet redemption requests. Each Fund may also use these redemption methods if the Fund believes, in its discretion, that it is in the best interests of the Fund and its remaining shareholders. Redemptions in-kind involve the payment of some or all of your redemption proceeds in securities with a market value equal to the redemption amount. If a Fund redeems your shares in kind, you may bear transaction costs and will bear market risks until such time as such securities are converted to cash.

Shares of each Fund may be redeemed by mail or by wire through a Selling Agent or through the Transfer Agent. Redemptions will only be made on days when a Fund computes its NAV. When your redemption request is received in proper form, shares of the Fund will be redeemed at its next determined NAV. Redemption requests must be received by 4:00 p.m. (Eastern time) or the close of the NYSE, whichever is earlier in order for shares to be redeemed at that day's NAV. Redemption proceeds will normally be mailed or sent electronically the following business day, but in no event more than seven days, after the request is made. Generally, redemption requests are paid in cash, unless the redemption request is for more than the lesser of $250,000 or 1% of the net assets of a

Fund by a single shareholder over any ninety-day period. If a request for a redemption is over these limits, it may be to the detriment of existing shareholders to pay such redemption in cash. Therefore, a redemption request may be paid in securities of equal value.

***By Telephone***

*Through your Selling Agent*

Contact your Selling Agent for complete instructions. Your Selling Agent may accept your redemption request if you have previously elected this service. See "Additional Conditions" for information regarding telephone transactions.

*Through the Transfer Agent*

For shareholders whose accounts are maintained by the Transfer Agent, if you have authorized the telephone redemption privilege in your Purchase Application, you may redeem shares by calling the Transfer Agent at (800) 607-2200.

***By Mail***

*Through your Selling Agent*

Send a letter to your Selling Agent, indicating your name, the Fund name, your account number and the number of shares or dollar amount you want to redeem. Your request must be signed in exactly the same way the account is registered (if there is more than one owner of the shares, all must sign).

Shareholders may also redeem Fund shares through participating organizations holding such shares who have made arrangements with the Funds permitting them to redeem such shares by telephone or facsimile transmission and who may charge a fee for this service.

*Through the Transfer Agent*

For shareholders whose accounts are maintained by the Transfer Agent, redemptions may be made by sending a written redemption request indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem to:

Old Westbury Funds, Inc.

P.O. Box 534458

Pittsburgh, PA 15253-4458

For additional assistance, call (800) 607-2200.

***Additional Conditions***

*Transactions Through Selling Agents*

Selling Agents are authorized to accept purchase orders on behalf of a Fund at the Fund's NAV next determined after your order is received by a Selling Agent in proper order before 4:00 p.m., Eastern time, or such earlier time as may be required by the Selling Agent. Selling Agents may be authorized to designate other intermediaries to act in this capacity. Selling Agents may charge you a transaction fee on purchases of Fund shares and may impose other charges or restrictions or account options that differ from those applicable to shareholders who purchase shares directly through the Funds. Selling Agents may be the shareholders of record of your shares. Selling Agents are responsible for transmitting requests and delivering funds on a timely basis. Neither the Funds nor the Distributor is responsible for ensuring that the Selling Agents carry out their obligations to their customers.

*Signature Guarantees*

You must have a signature guarantee on the following written redemption requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when you want a redemption to be sent to you at an address other than the one you have on record with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when your account address has changed within the last ten business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the redemption proceeds are being transferred to another Fund account with a different registration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the redemption proceeds are being wired to bank instructions currently not on your account.

A signature guarantee is designed to protect your account from fraud. We accept signature guarantees only from members of STAMP (Securities Transfer Agents Medallion Program), MSP (New York Stock Exchange Medallion Signature Program) or SEMP (Stock Exchanges Medallion Program). Members are subject to dollar limitations which must be considered when requesting their guarantee.

The Transfer Agent may reject any signature guarantee if it believes the transaction would otherwise be improper.

*Limitations on Redemption Proceeds*

Redemption proceeds normally are mailed within one business day after receiving a request in proper form. However, payment may be delayed up to seven days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to allow your purchase payment to clear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during periods of market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when a shareholder's trade activity or amount adversely impacts a Fund's ability to manage its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during periods when the NYSE is closed other than on customary weekend and holiday closings, when trading is restricted, if
an emergency exists as determined by the SEC, or by other order of the SEC.

You will not accrue interest or dividends on uncashed checks from the Fund if those checks are undeliverable and returned to the Fund. The proceeds of your redemption of shares that were purchased by check may be held up to ten business days until the Transfer Agent is satisfied that the check has cleared. You can avoid this delay by purchasing shares by wire. Redemptions made after an account has been opened, but before a customer's identity has been verified, which may take up to five business days, must be made in writing, even if the redemption involves shares purchased by wire.

*Telephone Transactions*

The Funds make every effort to ensure that telephone redemptions and exchanges are only made by authorized shareholders. All telephone calls are recorded for your protection, and you will be asked for information to verify your identity. Given these precautions, unless you have specifically indicated on your application that you do not want the telephone redemption feature, you may be responsible for any fraudulent telephone orders. If appropriate precautions have not been taken, the Transfer Agent may be liable for losses due to unauthorized transactions. Telephone transaction privileges, including purchases, redemptions and exchanges placed by telephonic instructions or facsimile instructions, may be revoked at any time at the discretion of the Funds without advance notice to shareholders. In such cases, and at times of peak activity when it may be difficult to place requests by phone, transaction requests may be made by regular mail.

**HOW DO I EXCHANGE SHARES?**

You may exchange shares of a Fund for shares of any of the other Funds offered in this Prospectus free of charge, provided you meet the $1,000 minimum initial investment requirement. In certain circumstances, these minimums may be waived or lowered at the Funds' and/or the Adviser's discretion. An exchange is treated as a redemption and subsequent purchase, and is therefore a taxable transaction. As stated above, the Funds and the Adviser reserve the right to reject any purchase order for any reason. Also see "Market Timing Policies" below. Signatures must be guaranteed if you request and exchange into another Fund with a different shareholder registration. The Funds will provide shareholders with 60 days' written notice prior to any modification of this exchange privilege. See "Additional Conditions—Telephone Transactions" for information regarding exchanging shares by telephone.

Exchanges may be made by sending a written request to Old Westbury Funds, Inc., P.O. Box 534458 Pittsburgh, PA 15253-4458 or by calling (800) 607-2200. Please provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your name and telephone number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exact name on your account and account number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxpayer identification number (usually your Social Security number);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dollar value or number of shares to be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the Fund from which the exchange is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the Fund into which the exchange is being made.

Written exchange requests must be received by 4:00 p.m. (Eastern time) or the close of the NYSE, whichever is earlier, in order for shares to be purchased at that day's NAV.

**MARKET TIMING POLICIES**

The Funds are not designed for market timing strategies. **If you intend to engage in market timing, do not invest in shares of the Funds.** The Funds' Board has adopted policies and procedures with respect to frequent purchases and/or exchanges of Fund shares that are intended to detect and deter market timing. Frequent purchases, and subsequent redemptions, or exchanges shortly thereafter may interfere with the most effective and efficient investment of assets of a Fund in accordance with its objectives and policies. Such trading practices may also cause dilution in value of a Fund's shares held by long-term shareholders and may increase brokerage and administrative costs.

The Funds reserve the right to reject any purchase and/or exchange orders if, in the Adviser's discretion, a shareholder (including all accounts under common ownership) engages in a trading practice which the Adviser believes may cause harm to the Fund or its shareholders. Moreover, the Funds reserve the right to reject any purchase request at any time, for any reason and may revoke telephone transaction privileges at any time. To minimize harm to the Funds and their shareholders, the Funds reserve the right to permanently refuse purchase and/or exchange requests.

The Funds do not knowingly accommodate excessive trading of shares and do not tolerate excessive trading when detected. In addition, the Funds have not created any arrangements, such as an automated exchange or redemption program that would permit frequent trading. The Board receives periodic net asset inflow and outflow information reflecting purchase, exchange and redemption activities. The Board may determine to impose additional restrictions as they deem necessary, if any such transaction activities detrimental to long-term shareholders are discovered.

There can be no assurances that the Funds will be able to detect, anticipate or stop any such orders, exchanges or requests because of various factors. For example, the Funds may not be able to identify trading by a particular beneficial owner through omnibus accounts held by financial intermediaries since trading activity in the omnibus account is generally aggregated. Neither the Funds nor their agents shall be held liable for any loss resulting from rejected purchase orders or exchanges.

**ACCOUNT AND OTHER INFORMATION**

**Confirmations and Account Statements**

You will receive confirmation of purchases, redemptions and exchanges. In addition, you will receive periodic statements reporting all account activity, including distributions of any net investment income and realized net capital gains.

**Fund Distributions**

Distributions (if any) are paid to shareholders invested in the Funds on the record date. Distributions of any net investment income (dividends and interest less net expenses) are paid quarterly for the Credit Income, Fixed Income, Short-Term Bond, Municipal Bond, California Municipal Bond and New York Municipal Bond Funds and at least annually for the All Cap Core, Large Cap Strategies, Small & Mid Cap Strategies, and Total Equity Funds. Realized net capital gains, if any, are declared and distributed at least annually. Your distributions will be automatically reinvested in additional shares unless you elect cash payments.

When you purchase shares of a Fund, you will pay the full price for the shares which includes any undistributed income or undistributed capital gains. Then, when the Fund declares a taxable distribution, you may then receive a portion of the price back in the form of a distribution, which is generally subject to tax whether or not you reinvest the distribution in additional shares. Similarly, if you purchase shares of a Fund when it holds appreciated securities, you will receive a taxable return of part of your investment if and when the Fund sells the securities and realizes and distributes the gain, even though you may not have participated in the increase in the value of the securities. The Funds have built up, or have the potential to build up, high levels of unrealized appreciation on

undistributed income. Therefore, you should consider these and other tax implications of purchasing shares. Contact your investment professional or the Fund for information concerning when distributions will be paid.

**Householding**

In order to reduce shareholder expenses, we may mail only one copy of a Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

**Important Note Regarding "Lost Shareholders"**

If you have elected to have your account dividends and/or distributions paid in cash, the Fund reserves the right to change the dividend and distribution payment option on your account to "reinvest" if mail sent to the address on your account is returned by the post office as "undeliverable." In such event, the Fund would then purchase additional Fund shares with any dividend or distribution payments. In order to change the option back to "cash" you would need to send the Transfer Agent written instructions as described above.

**Taxes**

The following discussion regarding federal income taxes is based upon laws that were in effect as of the date of this Prospectus and summarizes only some of the important federal income tax considerations affecting the Funds and you as a shareholder. It does not apply to foreign or tax-exempt shareholders or those holding Fund shares through a tax-advantaged account such as a 401(k) plan or Individual Retirement Account. This discussion is not intended as a substitute for careful tax planning. You should consult your tax advisor about your specific tax situation, including state, local and foreign tax consequences of investing in a Fund. Please see the SAI for additional income tax information, including federal, state and local income tax information.

A Fund will distribute to its shareholders substantially all of the Fund's net investment income and realized net capital gains, if any. Distributions from a Fund's ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from a Fund's net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

Distributions of the Municipal Bond, California Municipal Bond and New York Municipal Bond Funds' net investment income from tax-exempt securities, if any, generally will not be subject to federal income tax, although a portion of such distributions may be subject to the federal alternative minimum tax. In addition, distributions of the California Municipal Bond Fund and New York Municipal Bond Fund may be exempt from certain state and city income taxes. Other distributions from the Municipal Bond, California Municipal Bond and New York Municipal Bond Funds generally will be taxed as described in the paragraph above. Income exempt from federal tax may be subject to state and local income tax. For additional information, see the sections entitled "Additional Considerations for the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund," "California Tax Considerations" and "New York Tax Considerations" on pages 75-76 of the SAI.

Corporate shareholders of certain Funds may be able to deduct a portion of their distributions when determining their taxable income. Given the investment strategies of the Credit Income, the Fixed Income, the Short-Term Bond, the Municipal Bond, the California Municipal Bond and New York Municipal Bond Funds, it is not anticipated that a significant portion of the dividends paid by the Funds would be deductible when received by corporate shareholders.

Currently, an individual's net long-term capital gain is generally subject to a maximum federal tax rate of 20%. Distributions of net capital gain that are derived from the sale or disposition of collectibles are currently taxable at a 28% rate. Also, if you are an individual Fund shareholder, the portion of your distributions attributable to dividends received by certain Funds from their investments in certain U.S. and foreign corporations ("qualified dividend income" or "QDI") is currently subject to a maximum federal tax rate of 20%, as long as certain holding period requirements are met by you for your Fund shares and by the Funds for their investments in the stock producing such dividends. Given the investment strategies of the Credit Income, the Fixed Income, the Short-Term Bond, the Municipal Bond, the California Municipal Bond and New York Municipal Bond Funds, it is not anticipated that a significant portion of the dividends paid by these Funds would be eligible for QDI treatment.

A 3.8% Medicare contribution tax is imposed on the net investment income of certain high-income individuals, trusts and estates. For this purpose, net investment income generally includes, among other things, distributions paid by a Fund, including capital gain dividends (but excluding exempt interest dividends), and any net gain from the sale of Fund shares.

Taxable distributions from a Fund generally will be taxable to you when paid, whether you take distributions in cash or automatically reinvest them in additional Fund shares. Following the end of each year, we will report to you the federal income tax status of your distributions for the year.

If more than 50% of a Fund's total assets at the close of its taxable year consists of securities of non-U.S. companies, the Fund will be eligible to file an annual election with the IRS that would require you to include a pro rata portion of the Fund's foreign taxes in your gross income and treat such amount as foreign taxes paid by you. In general, you can either deduct such amount in computing your taxable income or claim such amount as a foreign tax credit against your federal income tax liability, subject to certain limitations. We expect the Large Cap Strategies Fund, Total Equity Fund and Small & Mid Cap Strategies Fund may, in certain taxable years, be eligible for this election, but we cannot assure you that they will make the election for any particular taxable year. It is not expected that any other Fund in this Prospectus will be eligible for this election.

As a regulated investment company for federal income tax purposes, each Fund must derive at least 90% of its gross income from certain qualifying sources. Rules governing the federal income tax aspects of derivatives are in a developing stage and are not entirely clear in certain respects, particularly in light of a pair of 2006 IRS revenue rulings that held that income from certain derivative contracts with respect to a commodity index or individual commodities was not qualifying income for a regulated investment company. The Funds intend to limit their investments in commodity-linked derivatives in a manner designed to maintain their qualification as regulated investment companies under the Code. However, the IRS may not agree with determinations made by a Fund. If it does not, the status of the Fund as a regulated investment company might be jeopardized.

Your redemptions (including redemptions-in-kind) and exchanges of Fund shares generally will result in a taxable capital gain or loss, depending on the amount you receive for your shares (or are deemed to receive in the case of exchanges) and the amount you paid (or are deemed to have paid) for them. Such capital gain or loss generally will be long-term capital gain or loss if you have held your redeemed or exchanged Fund shares for more than one year at the time of redemption or exchange. In certain circumstances, losses realized on the redemption or exchange of Fund shares may be disallowed.

In certain circumstances, Fund shareholders may be subject to backup withholding taxes.

*Cost Basis Reporting*

The Funds are required to report to the IRS and furnish to you annually on Form 1099-B the cost basis information for a Fund's shares purchased or acquired on or after January 1, 2012, and sold or redeemed on or after that date. In addition to the requirement that the Funds report the gross proceeds from the sale or redemption of a Fund's shares, the Funds also are required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale or redemption of a Fund's shares, a Fund will permit you to elect from among several IRS-accepted cost basis methods, including average cost basis. In the absence of an election, cost basis will be calculated using the Funds' default method of average cost. The cost basis method elected by you (or the cost basis method applied by default) for each sale or redemption of a Fund's shares may not be changed after the settlement date of each such sale or redemption of a Fund's shares. At any time, you may designate a new election for future cost basis calculations.

You should carefully review the cost basis information provided by a Fund and make any adjustments that are required when reporting these amounts on federal income tax returns. If your account is held by an investment representative (financial advisor, broker or other nominee), you should consider contacting that representative with respect to reporting of cost basis and available elections for your account. You are encouraged to refer to the appropriate IRS regulations or consult your tax advisor to obtain more information about cost basis reporting and, in particular, to determine the best IRS-accepted cost basis method for your personal tax situation.

For shares of a Fund purchased or acquired on or before December 31, 2011, and sold or redeemed on or after that date, the Funds are required to report only the gross proceeds from the sale or redemption of the Fund's shares.

*Foreign Shareholders*

Shareholders other than U.S. persons may be subject to a different U.S. federal income tax treatment, including withholding tax at the rate of 30% on amounts treated as ordinary dividends from a Fund, as discussed in more detail in the SAI.

**DISTRIBUTION AND SHAREHOLDER SERVICING OF FUND SHARES**

Foreside Funds Distributors LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as principal underwriter to the Funds pursuant to an Underwriting Agreement for the limited purpose of acting as

statutory underwriter to facilitate the distribution of shares of the Funds. The Funds have adopted a shareholder servicing plan. Under this plan, the Funds have entered into a shareholder servicing agreement with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services ("Shareholder Support Services") to each Fund. Such Shareholder Support Services include, but are not limited to, providing necessary personnel and facilities to establish and maintain shareholder accounts and records, assisting in processing purchase and redemption requests, and transmitting various communications to shareholders. For these services, each Fund pays an annual fee of 0.20% of its average daily net assets. Bessemer may engage its affiliates and other shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds. Because the shareholder servicing fees paid to Bessemer are paid out of the Funds' assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Bessemer may make payments from time to time from its own resources for certain enumerated purposes.

**INDEX DESCRIPTIONS**

Below are descriptions of the various indices for the Funds as of January 31, 2026. You cannot invest directly in an index.

*ICE BofA U.S. Broad Market Index:* The ICE BofA U.S. Broad Market Index measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Securities are cap-weighted based on their amount outstanding times the market price plus accrued interest.

*ICE BofA U.S. Municipal Securities Index:* The ICE BofA U.S. Municipal Securities Index includes all U.S. dollar denominated investment grade tax-exempt debt with a remaining term to final maturity greater than one year, but less than twelve years. Qualifying securities must have at least 18 months to final maturity at the time of issuance and a fixed coupon schedule.

*ICE BofA 1-3 Year AAA-A US Corporate & Government Index:* ICE BofA 1-3 Year AAA-A US Corporate & Government Index is a subset of ICE BofA US Corporate & Government Index including all securities with a remaining term to final maturity less than 3 years and rated AAA through A3, inclusive.

*ICE BofA 1-12 Year AAA-AA Municipal Securities Index*: ICE BofA 1-12 Year AAA-AA Municipal Securities Index is a subset of the ICE BofA US Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to 1 years and less than 12 years and rated AAA through AA3, inclusive.

*ICE BofA 1-10 Year AAA-A US Corporate & Government Index:* ICE BofA 1-10 Year AAA-A US Corporate & Government Index is comprised of all securities in the ICE BofA US Corporate & Government Index with a remaining term to final maturity less than 10 years and rated AAA through A3, inclusive. The ICE BofA US Corporate & Government Index tracks the performance of US dollar denominated investment grade debt (based on an average rating of Moody's, S&P and Fitch) publicly issued in the US domestic market (including US Treasury, US agency, foreign government, supranational and corporate securities) with at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $1 billion for US Treasuries and $250 million for all other securities.

*ICE BofA 1-10 Year US Corporate Index:* ICE BofA 1-10 Year US Corporate Index is a subset of the ICE BofA US Corporate Master Index.

*ICE BofA 3-7 Year AAA-AA Municipal Securities Index:* ICE BofA 3-7 Year AAA-AA Municipal Securities Index is a subset of ICE BofA US Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to 3 years and less than 7 years and rated AAA trough AA3, inclusive.

*MSCI ACWI SMID Cap Index (Net):* The MSCI ACWI SMID Cap Index (Net) captures mid and small cap representation across 23 Developed Markets and 24 Emerging Markets countries. With approximately 7,530 constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country.

*MSCI ACWI Large Cap Index (Net):* The MSCI ACWI Large Cap Index (Net) captures large cap representation across 23 of 23 Developed Markets and 24 Emerging Markets countries. With 527 constituents, the index covers about 70% of the free float-adjusted market capitalization in each country.

*MSCI ACWI ex USA Index (Net):* The MSCI ACWI ex USA Index (Net) captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the US) and 24 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the United States.

*MSCI ACWI Investable Market (IMI) Index (Net):* The MSCI ACWI Investable Market Index (Net) captures large, mid and small cap representation across 23 developed markets and 24 emerging markets countries. With 8,640 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

*MSCI USA Index (Gross):* The MSCI USA Index (Gross) is designed to measure the performance of the large and mid cap segments of the US market. With 624 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

References in the prospectus to a Fund's regulatory or additional benchmark (or any other benchmark) are for informational purposes only, and unless otherwise noted, are not an indication of how a particular Fund is managed or a particular Fund's risk characteristics.

**FINANCIAL INFORMATION**

**Financial Highlights**

The following financial highlights are intended to help you understand each Fund's financial performance for its past five fiscal years, or since inception, if the life of a Fund is shorter. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in a Fund, assuming reinvestment of all distributions.

Information for the past five fiscal years ended October 31, 2025 has been audited by Ernst & Young LLP, whose report, along with the Funds' audited financial statements, are included in the Funds' report on Form N-CSR filed with the SEC for its most recently completed fiscal year. The Funds' financial statements and additional information are available upon request free of charge.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–ALL CAP CORE FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $27.27 | $21.86 | $20.25 | $27.31 | $20.18 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>a</sup> | (0.02) | (0.01) | 0.05 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.33 | 7.36 | 2.06 | (5.55) | 7.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.31 | 7.35 | 2.11 | (5.52) | 7.83 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) | (0.04) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (2.69) | (1.89) | (0.46) | (1.54) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.69) | (1.94) | (0.50) | (1.54) | (0.70) |
| **Net asset value, end of year** | $27.89 | $27.27 | $21.86 | $20.25 | $27.31 |
| Total return | 13.2% | 35.3% | 10.7% | (21.3)% | 39.8% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $3510846 | $3532017 | $2887751 | $2802415 | $3648683 |
| Ratio of expenses to average net assets before expense waivers | 0.95% | 0.95% | 0.96 %<sup>b</sup> | 0.96 %<sup>b</sup> | 0.96 %<sup>b</sup> |
| Ratio of expenses to average net assets after expense waivers | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
| Ratio of net investment income/(loss) to average net assets | (0.09)% | (0.02)% | 0.22% | 0.12% | (0.10)% |
| Portfolio turnover rate | 38% | 41% | 54% | 54% | 30% |

---

<sup>a</sup> Calculated based on the average shares method for the year. <br> <sup>b</sup> There were no voluntary fee reductions during the year.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–LARGE CAP STRATEGIES FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $20.55 | $15.33 | $14.36 | $20.11 | $15.26 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.12 | 0.11 | 0.09 | 0.05 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.63 | 5.21 | 0.97 | (4.56) | 5.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.75 | 5.32 | 1.06 | (4.51) | 5.09 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.10) | (0.09) | (0.00)<sup>b</sup> | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.06) |  |  | (1.24) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.15) | (0.10) | (0.09) | (1.24) | (0.24) |
| **Net asset value, end of year** | $23.15 | $20.55 | $15.33 | $14.36 | $20.11 |
| Total return | 19.2% | 34.8% | 7.4% | (23.8)% | 33.6% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $26390001 | $24640063 | $19684916 | $19383130 | $25742487 |
| Ratio of expenses to average net assets before expense waivers<sup>c,d</sup> | 1.10% | 1.09% | 1.10% | 1.09% | 1.09% |
| Ratio of expenses to average net assets after expense waivers | 1.10% | 1.09% | 1.10% | 1.09% | 1.09% |
| Ratio of net investment income to average net assets | 0.60% | 0.57% | 0.55% | 0.29% | 0.05% |
| Portfolio turnover rate | 48% | 37% | 23% | 52% | 43% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

<sup>b</sup> Amount is greater than $(0.005) per share.

<sup>c</sup> When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund's overall expenses on the Statements of Operations and expense ratio.

<sup>d</sup> There were no voluntary fee reductions during the year.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–SMALL & MID CAP STRATEGIES FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $16.67 | $13.29 | $13.43 | $19.92 | $15.57 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>a</sup> | 0.15 | 0.10 | 0.07 | 0.08 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.06 | 3.38 | (0.14) | (5.22) | 4.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.21 | 3.48 | (0.07) | (5.14) | 4.95 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.10) | (0.07) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.48) |  |  | (1.33) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.63) | (0.10) | (0.07) | (1.35) | (0.60) |
| **Net asset value, end of year** | $18.25 | $16.67 | $13.29 | $13.43 | $19.92 |
| Total return | 13.8% | 26.3% | (0.5)% | (27.4)% | 32.1% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $8904038 | $8841523 | $7352712 | $7353983 | $9746839 |
| Ratio of expenses to average net assets before expense waivers<sup>b</sup> | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| Ratio of expenses to average net assets after expense waivers | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Ratio of net investment income/(loss) to average net assets | 0.87% | 0.64% | 0.51% | 0.50% | (0.10)% |
| Portfolio turnover rate | 61% | 62% | 41% | 81% | 46% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

<sup>b</sup> When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund's overall expenses on the Statements of Operations and expense ratio.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–TOTAL EQUITY FUND**

*(For a share outstanding throughout the period)*

---

| | |
|:---|:---|
|  | **Period From February 28,<br> 2025<sup>a</sup> to<br> October 31,<br> 2025** |
| **Net asset value, beginning of period** | $10.00 |
| Investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>b</sup> | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.28 |
| **Net asset value, end of period** | $11.28 |
| Total return | 12.8 %<sup>c</sup> |
| **Annualized ratios/supplemental data:** |  |
| Net assets at end of period (000's) | $905625 |
| Ratio of expenses to average net assets before expense waivers | 1.10 %<sup>d</sup> |
| Ratio of expenses to average net assets after expense waivers | 0.98 %<sup>d</sup> |
| Ratio of net investment income to average net assets | 0.63 %<sup>d</sup> |
| Portfolio turnover rate | 25 %<sup>c</sup> |

---

<sup>a</sup> Commencement of Investment Operations.

<sup>b</sup> Calculated based on the average shares method for the period.

<sup>c</sup> Not Annualized.

<sup>d</sup> Annualized.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–CREDIT INCOME FUND**

*(For a share outstanding throughout each period)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $8.03 | $7.50 | $7.97 | $10.15 | $9.99 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.45 | 0.46 | 0.43 | 0.40 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.11 | 0.53 | (0.48) | (2.17) | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.56 | 0.99 | (0.05) | (1.77) | 0.58 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.46) | (0.42) | (0.41) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.46) | (0.46) | (0.42) | (0.41) | (0.42) |
| **Net asset value, end of year** | $8.13 | $8.03 | $7.50 | $7.97 | $10.15 |
| Total return | 7.3% | 13.4% | (1.0)% | (17.8)% | 5.9% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of period (000's) | $2407404 | $2379935 | $2238445 | $2322013 | $2950576 |
| Ratio of expenses to average net assets before expense waivers<sup>b</sup> | 0.86% | 0.85% | 0.87% | 0.86% | 0.87% |
| Ratio of expenses to average net assets after expense waivers | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Ratio of net investment income to average net assets | 5.71% | 5.69% | 5.34% | 4.36% | 4.23% |
| Portfolio turnover rate | 14% | 20% | 45% | 22% | 24% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

<sup>b</sup> When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund's overall expenses on the Statements of Operations and expense ratio.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–FIXED INCOME FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $10.11 | $9.72 | $9.88 | $11.25 | $11.82 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.39 | 0.38 | 0.27 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.17 | 0.40 | (0.15) | (1.30) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.56 | 0.78 | 0.12 | (1.16) | (0.14) |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.39) | (0.28) | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.02) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.39) | (0.28) | (0.21) | (0.43) |
| **Net asset value, end of year** | $10.28 | $10.11 | $9.72 | $9.88 | $11.25 |
| Total return | 5.7% | 8.1% | 1.2% | (10.4)% | (1.2)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $1546898 | $1389484 | $1368819 | $1393537 | $1568691 |
| Ratio of expenses to average net assets before expense waivers | 0.69% | 0.69% | 0.69% | 0.69% | 0.68% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 3.80% | 3.74% | 2.69% | 1.33% | 0.97% |
| Portfolio turnover rate | 84% | 102% | 92% | 56% | 58% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–SHORT-TERM BOND FUND**

*(For a share outstanding throughout the period)*

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> October 31,<br> 2025** | **Period From February 29,<br> 2024<sup>a</sup> to<br> October 31,<br> 2024** |
| **Net asset value, beginning of period** | $10.14 | $10.00 |
| Investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>b</sup> | 0.41 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains | 0.08 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.49 | 0.37 |
| Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.39) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.00)<sup>c</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.23) |
| **Net asset value, end of period** | $10.24 | $10.14 |
| Total return | 5.0% | 3.7 %<sup>d</sup> |
| **Annualized ratios/supplemental data:** |  |  |
| Net assets at end of period (000's) | $103050 | $60072 |
| Ratio of expenses to average net assets before expense waivers | 0.74% | 0.98 %<sup>e</sup> |
| Ratio of expenses to average net assets after expense waivers | 0.37% | 0.37 %<sup>e</sup> |
| Ratio of net investment income to average net assets | 4.06% | 4.51 %<sup>e</sup> |
| Portfolio turnover rate | 28% | 13 %<sup>d</sup> |

---

<sup>a</sup> Commencement of Investment Operations.

<sup>b</sup> Calculated based on the average shares method for the period.

<sup>c</sup> Amount is greater than $(0.005) per share.

<sup>d</sup> Not Annualized.

<sup>e</sup> Annualized.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–MUNICIPAL BOND FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $11.46 | $11.04 | $11.10 | $12.33 | $12.52 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.30 | 0.29 | 0.22 | 0.11 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.15 | 0.41 | (0.07) | (1.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.45 | 0.70 | 0.15 | (0.98) | 0.00 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.28) | (0.21) | (0.11) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.14) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (0.28) | (0.21) | (0.25) | (0.19) |
| **Net asset value, end of year** | $11.61 | $11.46 | $11.04 | $11.10 | $12.33 |
| Total return | 4.0% | 6.3% | 1.3% | (8.1)% | (0.1)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $4332641 | $4146322 | $3795410 | $3814359 | $4234247 |
| Ratio of expenses to average net assets before expense waivers | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.66% | 2.48% | 1.93% | 0.97% | 0.93% |
| Portfolio turnover rate | 52% | 39% | 52% | 55% | 58% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–CALIFORNIA MUNICIPAL BOND FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $9.69 | $9.36 | $9.39 | $10.38 | $10.57 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.26 | 0.25 | 0.22 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.14 | 0.33 | (0.04) | (0.91) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.40 | 0.58 | 0.18 | (0.79) | 0.00 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.25) | (0.21) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.25) | (0.21) | (0.20) | (0.19) |
| **Net asset value, end of year** | $9.83 | $9.69 | $9.36 | $9.39 | $10.38 |
| Total return | 4.2% | 6.2% | 1.9% | (7.7)% | (0.1)% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $388757 | $368329 | $340248 | $314887 | $346155 |
| Ratio of expenses to average net assets before expense waivers | 0.76% | 0.76% | 0.76% | 0.77% | 0.76% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.66% | 2.56% | 2.28% | 1.17% | 1.03% |
| Portfolio turnover rate | 24% | 35% | 75% | 60% | 25% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

**OLD WESTBURY FUNDS, INC.**

**FINANCIAL HIGHLIGHTS–NEW YORK MUNICIPAL BOND FUND**

*(For a share outstanding throughout each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $9.81 | $9.45 | $9.48 | $10.43 | 10.55 |
| Investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>a</sup> | 0.23 | 0.23 | 0.19 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.13 | 0.36 | (0.04) | (0.91) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.36 | 0.59 | 0.15 | (0.80) | 0.06 |
| Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.23) | (0.18) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.04) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.23) | (0.23) | (0.18) | (0.15) | (0.18) |
| **Net asset value, end of year** | $9.94 | $9.81 | $9.45 | $9.48 | 10.43 |
| Total return | 3.7% | 6.2% | 1.6% | (7.7)% | 0.6% |
| **Annualized ratios/supplemental data:** |  |  |  |  |  |
| Net assets at end of year (000's) | $603674 | $580150 | $548955 | $546067 | 626544 |
| Ratio of expenses to average net assets before expense waivers | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| Ratio of expenses to average net assets after expense waivers | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Ratio of net investment income to average net assets | 2.38% | 2.35% | 1.93% | 1.14% | 1.01% |
| Portfolio turnover rate | 19% | 32% | 48% | 45% | 23% |

---

<sup>a</sup> Calculated based on the average shares method for the year.

**OLD WESTBURY FUNDS, INC.**

**Shareholder Privacy**

Below is a summary of the non-public personal information that we may collect and maintain during the course of our relationship, our policy regarding the use of that information, and the measures we take to safeguard that information. We do not sell non-public personal information to anyone and only share it with others as described below.

**Information We Collect**

In the course of our business relationship, we may obtain non-public personal information about you, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from you in applications, forms, or other documents (such as a shareholder's name, address, social
security number, driver's license number, and state identification card number).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information from documents related to your investments or transactions with the Funds (including information such as a shareholder's
name, address, social security number, date of birth, contact information and banking details).

**Disclosure Policy**

We will not disclose your non-public personal information except as permitted or required by law. For example, we may disclose your non-public personal information to affiliated or unaffiliated service providers that provide assistance in servicing or maintaining your account or other business relationship such as, mailing shareholder reports or providing periodic account statements or to third parties in response to a subpoena or regulatory inquiry. We may also disclose your non-public personal information to governmental entities such as sending annual income statement to the U.S. Internal Revenue Service.

**Information Security**

We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have implemented procedures that are designed to restrict access to a shareholder's non-public personal information to personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information. We also require our service providers with whom your non-public personal information is shared to adopt policies and procedures reasonably designed to restrict access to and use of your non-public personal information and to maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your non-public personal information.

**This information is being provided in accordance with the provisions of Section V of the Gramm-Leach-Bliley Act and the regulations of Securities and Exchange Commission issued thereunder.**

A Statement of Additional Information (SAI) dated March 1, 2026 is incorporated by reference into this Prospectus. Additional information about each Fund's investments is available in the Funds' SAI, Annual and Semi-Annual Reports to shareholders and report on Form N-CSR filed with the SEC. In the Annual Report to shareholders, you will find a brief summary of the key factors that materially affected the Fund's performance during the reporting period, including the relevant market conditions, and the investment strategies and techniques used by the Adviser or Sub-Adviser, as applicable. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. To obtain the SAI, Annual and/or Semi-Annual Report to shareholders, financial statements and other information without charge, and make inquiries, call your investment professional or the Fund at (800) 607-2200, or visit the Funds' website at https://www.oldwestburyfunds.com.

Information from the SEC: You can obtain copies of Fund documents from the SEC as follows:

On the EDGAR database via the Internet: http://www.sec.gov

By electronic request: publicinfo@sec.gov (The SEC charges a fee to copy any documents.)

Cusip 680414307

Cusip 680414109

Cusip 680414604

Cusip 680414836

Cusip 680414851

Cusip 680414406

Cusip 680414844

Cusip 680414505

Cusip 680414877

Cusip 680414869

---

| | | |
|:---|:---|:---|
| Investment Company Act file no. 811-07912 | Investment Company Act file no. 811-07912 |  |
| OWF_A21-PROS0326 | Old Westbury Funds, Inc. | 03/26 |

---

**OLD WESTBURY FUNDS, INC.**

Statement of Additional Information

March 1, 2026

**Old Westbury All Cap Core Fund (OWACX) ("All Cap Core Fund") Old Westbury Large Cap Strategies Fund (OWLSX) ("Large Cap Strategies Fund") Old Westbury Small & Mid Cap Strategies Fund (OWSMX) ("Small & Mid Cap Strategies Fund")**

**Old Westbury Total Equity Fund (OWTEX)**

**("Total Equity Fund") Old Westbury Credit Income Fund (OWCIX) ("Credit Income Fund") Old Westbury Fixed Income Fund (OWFIX) ("Fixed Income Fund") Old Westbury Short-Term Bond Fund (OWSBX)**

**("Short-Term Bond Fund")**

**Old Westbury Municipal Bond Fund (OWMBX) ("Municipal Bond Fund")**

**Old Westbury California Municipal Bond Fund (OWCAX) ("California Municipal Bond Fund") Old Westbury New York Municipal Bond Fund (OWNYX) ("New York Municipal Bond Fund") (each a "Fund" and collectively, the "Funds")**

This Statement of Additional Information ("SAI") is not a Prospectus and should be read in conjunction with the Funds' Prospectus dated March 1, 2026. This SAI incorporates by reference the Funds' financial statements included in the Funds' most recent report on [Form N-CSR](http://www.sec.gov/ix?doc=/Archives/edgar/data/909994/000093041326000050/c114514_ncsr.htm) for the fiscal year ended October 31, 2025. To obtain, without charge, a copy of the Prospectus, the most recent annual or semi-annual report to shareholders, or the Fund's financial statements please call 1-800-607-2200 or visit www.oldwestburyfunds.com.

**Bessemer Investment Management LLC – the Funds' Investment Adviser ("BIM" or the "Adviser")**

---

| | |
|:---|:---|
| CONTENTS |  |
| [How Are The Funds Organized?](#x1_c115377b001) | 2 |
| [Investment Techniques and Securities In Which The Funds Invest](#x1_c115377b002) | 2 |
| [Securities Descriptions, Techniques And Risks](#x1_c115377b003) | 4 |
| [Investment Restrictions](#x1_c115377b004) | 35 |
| [Who Manages The Funds?](#x1_c115377b005) | 37 |
| [How Do The Funds Measure Performance?](#x1_c115377b006) | 63 |
| [Account Information And Pricing Of Shares](#x1_c115377b007) | 64 |
| [How Are The Funds Taxed?](#x1_c115377b008) | 65 |
| [Financial Information](#x1_c115377b009) | 79 |
| [Appendix A - Ratings](#x1_c115377b010) | A-1 |
| [Appendix B - Proxy Voting Policy and Guidelines](#x1_c115377b011) | B-1 |

---

**HOW ARE THE FUNDS ORGANIZED?**

Old Westbury Funds, Inc. (the "Corporation") is an open-end, management investment company that was established under the laws of the State of Maryland on August 26, 1993.

Each Fund (except the California Municipal Bond Fund and New York Municipal Bond Fund) is a diversified portfolio of the Corporation. The California Municipal Bond Fund and New York Municipal Bond Fund are non-diversified portfolios as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The Corporation may offer separate series of shares representing interests in separate portfolios of securities.

**INVESTMENT TECHNIQUES AND SECURITIES IN WHICH THE FUNDS INVEST**

The Funds invest in a variety of securities and other instruments and employ a number of investment techniques that involve certain risks. The Prospectus highlights the Funds' principal investment strategies, investment techniques and risks. This SAI contains additional information regarding both the principal and non-principal investment strategies of the Funds. The following table sets forth additional information concerning permissible investments and techniques for each of the Funds. Following the table is further information describing the investments and techniques listed in the table, as well as others.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities and <br> Investment <br> Techniques** | **All<br> Cap<br> Core<br> Fund** | **Large<br> Cap<br> Strategies <br> Fund** | **Small<br> & Mid<br> Cap<br> Strategies<br> Fund** | **Total<br> Equity<br> Fund** | **Credit Income Fund** | **Fixed<br> Income<br> Fund** | **Short-<br> Term<br> Bond <br> Fund** | **Municipal<br> Bond<br> Fund** | **California<br> Municipal<br> Bond<br> Fund** | **New York<br> Municipal<br> Bond<br> Fund** |
| **Asset-Backed Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |
| **Bank Obligations** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Below Investment Grade/<br> High Yield Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |  |
| **Borrowing** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Callable Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Collateralized Debt Obligations** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |
| **Collateralized Loan Obligations** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |
| **Collateralized Mortgage Obligations** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |  |
| **Commercial Paper** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Commodities** |  | ✓ | ✓ | ✓ |  |  |  |  |  |  |
| **Common Stocks** | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |
| **Convertible Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |  |  |  |  |
| **Debt Obligations** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Defaulted Debt Securities* |  |  |  |  | ✓ |  |  |  |  |  |
| *Fixed and Floating Rate Debt Obligations* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Foreign Debt Obligations* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Inverse Floaters* |  |  |  |  | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Pre-Refunded Bonds* |  |  |  |  | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Depositary Receipts** | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |  |
| *American Depositary Receipts* | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |  |
| *Global Depositary Receipts* | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |  |
| *European Depositary Receipts* | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |  |
| *Non-Voting Depositary Receipts* | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |  |
| **Derivative Instruments** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Futures and Options Transactions* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Foreign Currency Transactions* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Hybrid or Linked Instruments* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Structured Notes* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Swap Transactions* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Emerging Growth Companies** | ✓ | ✓ | ✓ | ✓ |  |  |  |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Market Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | | | |
| **Exchange-Traded Funds** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Exchange-Traded Notes** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Foreign Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Illiquid Investments** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Inflation-Protected Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Investment Grade Debt Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Investment in Other Investment Companies** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Loan Participations and Assignments** | | | | | ✓ | ✓ | | | | |
| **Master Limited Partnerships (MLPs)** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | | | | |
| **Model Portfolios** | | | | ✓ | | | | | | |
| **Money Market Instruments** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Mortgage-Backed Securities** | | | | | ✓ | ✓ | ✓ | | | |
| *Adjustable Rate Mortgage Securities (ARMS)* | | | | | ✓ | ✓ | ✓ | | | |
| *Commercial Mortgage-Backed Securities* | | | | | ✓ | ✓ | ✓ | | | |
| *Mortgage Dollar and U.S. Treasury Rolls* | | | | | ✓ | ✓ | | | | |
| **Multi-Manager and Multi-Style Management Strategy** | | ✓ | ✓ | ✓ | ✓ | | | | | |
| **Municipal Securities** | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Municipal Bonds* | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Municipal Leases* | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Municipal Housing Bonds* | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| *Municipal Notes* | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Non-Diversification Status** | | | | | | | | | ✓ | ✓ |
| **Preferred Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | | | | |
| **Private Placements and Other Restricted Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Quantitative Investment Strategy** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | | | | |
| **Real Estate Investment Trusts** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | | | | |
| **Royalty Trusts** | ✓ | ✓ | ✓ | ✓ | | | | | | |
| **Repurchase Agreements** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Reverse Repurchase Agreements** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Short Sales** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Small and Medium Capitalization Stocks** | ✓ | ✓ | ✓ | ✓ | | | | | | |
| **Standby Commitments** | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Stripped Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Structured Investments** | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **U.S. Government Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Temporary Investments** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Variable Rate Demand Notes** | | | | | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Warrants and Rights** | ✓ | ✓ | ✓ | ✓ | ✓ | | | | | |
| **When-Issued and Delayed Delivery Transactions** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| **Zero Coupon, Pay-in-Kind and Step-Coupon Securities** | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |

---

**SECURITIES DESCRIPTIONS, TECHNIQUES AND RISKS**

The following describes the types of securities a Fund may purchase, as well as certain investment techniques a Fund may use that are in addition to those described in the Prospectus. The following also describes certain additional risks associated with such securities and investment techniques.

**ASSET-BACKED SECURITIES.** Asset-backed securities represent interests in, or debt instruments that are backed by, pools of various types of assets that generate cash payments generally over fixed periods of time such as car loans and credit card receivables. Such securities entitle the security holders to receive distributions that are tied to the payments made on the underlying assets (less fees paid to the originator, servicer, or other parties, and fees paid for credit enhancement), so that the payments made on the underlying assets effectively pass through to such security holders.

Investing in asset-backed securities is subject to certain risks. For example, the value of asset-backed securities may be affected by, among other factors, changes in: interest rates, the market's assessment of the quality of underlying assets, the creditworthiness of the servicer for the underlying assets, information concerning the originator of the underlying assets, or the creditworthiness or rating of the entities that provide any supporting letters of credit, surety bonds, derivative instruments, or other credit enhancement. Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. The value of asset-backed securities also will be affected by the exhaustion, termination or expiration of any credit enhancement.

Declining or low interest rates may lead to a more rapid rate of repayment on the underlying assets, resulting in accelerated payments on asset-backed securities that then would be reinvested at a lesser rate of interest. Rising or high interest rates tend to lead to a slower rate of repayment or default on the underlying assets, resulting in slower than expected payments on asset-backed securities that can, in turn, lead to a decline in value. The impact of changing interest rates on the value of asset-backed securities may be difficult to predict and result in greater volatility. Holders of asset-backed securities generally have no recourse against the originator of the underlying assets in the event of a default on the underlying assets.

**BANK OBLIGATIONS.** Bank obligations include certificates of deposit, bankers' acceptances, time deposits and promissory notes that earn a specified rate of return and may be issued by (i) a domestic branch of a domestic bank, (ii) a foreign branch of a domestic bank, (iii) a domestic branch of a foreign bank or (iv) a foreign branch of a foreign bank. Bank obligations may be structured as fixed-, variable- or floating-rate obligations. A Fund will not invest in obligations for which the Adviser, or any of its affiliates, is the ultimate obligor or accepting bank. Certain bank obligations, such as some CDs, are insured by the Federal Deposit Insurance Corporation ("FDIC") up to certain specified limits. Many other bank obligations, however, are neither guaranteed nor insured by the FDIC or the U.S. Government. These bank obligations are "backed" only by the creditworthiness of the issuing bank or parent financial institution. For foreign banks, there is a possibility that liquidity could be impaired because of future political and economic developments; the obligations may be less marketable than comparable obligations of U.S. banks; a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations; foreign deposits may be seized or nationalized; foreign governmental restrictions (such as foreign exchange controls) may be adopted which might adversely affect the payment of principal and interest on those obligations; and the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks. Foreign banks generally are not subject to examination by any U.S. Government agency or instrumentality.

Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by a Fund; (ii) leave the Fund unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay the Fund from realizing the proceeds of a sale of a loan; (iv) inhibit the Fund's ability to re-sell a loan that it has agreed to purchase if conditions change (leaving the Fund more exposed to price fluctuations); (v) prevent the Fund from timely collecting principal and interest payments; and (vi) expose the Fund to adverse tax or regulatory consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, a Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.

In certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower or an arranger, lenders will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself, and common-law fraud protections under applicable state law.

**BELOW INVESTMENT GRADE/HIGH YIELD SECURITIES.** Below investment grade or high yield securities are securities rated lower than BBB by Standard & Poor's Ratings Group ("S&P"), Fitch Ratings Inc. ("Fitch") or Baa by Moody's Investors Service, Inc. ("Moody's"), or comparably rated by another nationally recognized statistical rating organization ("NRSRO") or not rated by any rating agency but determined to be of comparable quality by the Adviser or the sub-advisers. There are certain risks involved in applying credit ratings as a method of evaluating below investment grade securities. For example, while credit rating agencies evaluate the safety of

principal and interest payments, they do not evaluate the market risk of the securities and the securities may decrease in value as a result of credit developments. Lower rated securities generally involve greater risks of loss of income and principal than higher rated securities. The market prices of such securities (commonly known as "junk bonds") may become increasingly volatile in periods of economic uncertainty. Moreover, adverse publicity or the perceptions of investors over which the Adviser and sub-advisers have no control, whether or not based on fundamental analysis, may decrease the market price and liquidity of such investments.

Below investment grade/high yield securities are subject to the risks associated with debt securities, and may be more sensitive to such risks than investment grade debt securities. The market for unrated securities may not be as liquid as the market for rated securities, which may result in depressed prices for a Fund in the disposal of such nonrated securities. The limited market for these securities may affect the amount actually realized by a Fund upon such sale. Such sale may result in a loss to a Fund.

**BORROWING.** A Fund may borrow money from banks or through reverse repurchase agreements in amounts up to one-third of total assets and pledge some assets as collateral. A Fund that borrows will pay interest on borrowed money and may incur other transaction costs. These expenses can exceed the income received or capital appreciation realized by a Fund from any securities purchased with borrowed money. With respect to borrowings, the Funds are required to maintain continuous asset coverage to 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary purposes. If the coverage declines to less than 300%, the Fund must sell sufficient portfolio securities, even at a loss, to restore the coverage.

**CALLABLE SECURITIES.** Callable securities give the issuer the right to redeem the security on a given date or dates (known as the call dates) prior to maturity. In return, the call feature is factored into the price of the debt security, and callable debt securities typically offer a higher yield than comparable non-callable securities. Certain securities may be called only in whole (the entire security is redeemed), while others may be called in part (a portion of the total face value is redeemed) and possibly from time to time as determined by the issuer. There is no guarantee that the Fund will receive higher yields or a call premium on an investment in callable securities.

The period of time between the time of issue and the first call date, known as call protection, varies from security to security. Call protection provides the investor holding the security with assurance that the security will not be called before a specified date. As a result, securities with call protection generally cost more than similar securities without call protection. Call protection will make a callable security more similar to a long-term debt security, resulting in an associated increase in the callable security's interest rate sensitivity.

Documentation for callable securities usually requires that investors be notified of a call within a prescribed period of time. If a security is called, the Fund will receive the principal amount and accrued interest, and may receive a small additional payment as a call premium. Issuers are more likely to exercise call options in periods when interest rates are below the rate at which the original security was issued, because the issuer can issue new securities with lower interest payments. Callable securities are subject to the risks of other debt securities in general, including prepayment risk, especially in falling interest rate environments.

**CHINA INVESTMENTS**. Investments in securities of Chinese issuers, including A-shares, involve risks and special considerations not typically associated with investments in the U.S. securities markets or other foreign (including emerging) markets. These risks include, among others, (i) more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese markets, companies and issuers (such as by the Chinese central government and military, which have historically occurred), including the risk that the Chinese government directly or indirectly restricts investors' ability to transact in securities of Chinese issuers, or the U.S. government or other governments may sanction Chinese issuers or otherwise prohibit U.S. persons (such as a Fund) from investing in certain Chinese issuers, resulting in a lack of liquidity and price volatility, (ii) currency revaluations and other currency exchange rate fluctuations or blockage, (iii) the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers) and operations of Chinese issuers (including with respect to financial reporting), whether such intervention will continue and the impact of such intervention or its discontinuation, (iv) the risk of nationalization or expropriation of assets, (v) the risk that the Chinese government may decide not to continue to support economic reform programs, (vi) limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients), (vii) higher rates of inflation, (viii) greater political, economic and social uncertainty, (ix) market volatility caused by any potential regional or territorial conflicts (such as military, diplomatic, or trade conflicts) or natural disasters, (x) the risk of increased trade tariffs, embargoes, sanctions and other trade limitations or protectionist or retaliatory measures, (xi) custody risks associated with investing via Stock Connect (as defined below), (xii) both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable, (xiii) foreign ownership limits of any listed Chinese company, (xiv) different regulatory and audit requirements related to the quality of financial statements of Chinese issuers that are less consistent and less comprehensive than in many developed markets, (xv) limitations on the ability to inspect the quality of audits performed in China, particularly the Public Company Accounting Oversight Board's ("PCAOB's") lack of access to inspect PCAOB-registered accounting firms in China, and other restrictions on U.S. regulators' access to information and ability to investigate or pursue remedies with respect to China-based issuers, (xvi) limitations on the ability of U.S. authorities to enforce actions against Chinese companies and Chinese persons, (xvii) limitations on the rights and remedies of

investors as a matter of law, and (xviii) potential market manipulation and fraud. Any of these and other developments, including government actions or inactions, would likely result in significant liquidity risk or losses and/or forced disposition for Chinese investments.

The Chinese securities markets are emerging markets characterized by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater price volatility, and potentially fewer investment opportunities for a Fund as well as risks associated with high rates of inflation, deflation and currency devaluation. Liquidity risks may be more pronounced for the A-share market than for Chinese securities markets generally because the A-share market is subject to greater government restrictions and control (i.e., trading restrictions and quota limitations). Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material financial and other information may not be made. Moreover, these differences (including absence of information relative to issuers in many developed countries) may result in the unavailability of material information about Chinese issuers and/or inaccurate or incomplete financial records of an issuer's operations in China. The unavailability of reliable, complete or other information and lack of comparable accounting, auditing and financial reporting standards present additional risks, such as risks associated with difficulties verifying issuers' financial information. In addition, a Fund may not benefit from a regulatory environment that fosters effective enforcement of U.S. federal securities laws.

The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. In addition, the Chinese economy is export-driven and highly reliant on trade and China's growing trade surplus with the United States has increased the risk of trade disputes. Adverse changes to the economic conditions of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and a Fund's investments. International trade tensions involving China and its trading counterparties may arise from time to time which can result in the threat and/or actual imposition of trade tariffs, embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of China's export industry with a potentially severe negative impact to a Fund. In addition, certain securities are, or may in the future become restricted, and a Fund may be forced to sell or unable to sell such securities and incur a loss as a result and a Fund may be unable to purchase securities of Chinese issuers from time to time. Events in any one country within Asia may impact other countries in the region as a whole. For example, the actual or potential escalation of hostility between China and Taiwan (including continued threats by China to invade and control Taiwan) would likely have a significant adverse impact on the value or liquidity of investments in China. In addition, there have been tensions between the Chinese government and many people in Hong Kong who perceive China as tightening control over Hong Kong's semi-autonomous liberal political, economic, legal, and social framework. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese markets. In addition, China may have strained international relations with other countries due to, among other things, territorial disputes, historical animosities and other national security concerns.

A Fund may obtain economic exposure to companies based or operated in China by investing through structures known as variable interest entities (VIEs). In these structures, a Fund obtains exposure to the Chinese company by investing in an offshore shell company with various contractual arrangements with the Chinese company. These structures are not equivalent to equity ownership, as a Fund would not have any equity ownership in the Chinese company and its ownership interest would be in the offshore shell company. In addition to the risks generally associated with investments in China and the corresponding Chinese company, investments through VIE structures expose a Fund to additional and unique, significant risks (far greater than the risks of holding equity in the actual operating company) and uncertainty that could result in significant losses to a Fund. For example, the Chinese government currently does not recognize these contracts as enforceable and has not approved these structures, which could be found impermissible at any time and without notice. This or any similar adverse developments, such as by courts, regulators or otherwise, with respect to the permissibility or enforceability of these contractual arrangements and VIE structures generally could lead to significant illiquidity and losses (including these investments becoming worthless) with little or no recourse available to a Fund.

A Fund that invests in A-shares does so through the Shanghai-Hong Kong Stock Connect program ("Shanghai Connect") or the Shenzhen-Hong Kong Stock Connect program ("Shenzhen Connect," and together with Shanghai Connect, "Stock Connect"). Stock Connect is a securities trading and clearing program with an aim to achieve mutual stock market access between the PRC and Hong Kong. Under Stock Connect, a Fund's trading of eligible A-shares listed on the SSE or the SZSE, as applicable, would be effectuated through its Hong Kong brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures, which could pose risks to a Fund. Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through Stock Connect is subject to a daily quota (the "Daily Quota"), which is subject to change and limits the maximum net purchases under Stock Connect each day. The Daily Quota does not belong to a Fund and is utilized on a first-come-first-serve basis. As such, buy orders for A-shares would be rejected once the Daily Quota is exceeded (although a Fund should be permitted to sell A-shares regardless of the Daily Quota balance). The Daily Quota may restrict a Fund's ability to invest in A-shares through Stock Connect on a timely basis, which could adversely affect a Fund. A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and in accordance with applicable rules.

**COLLATERALIZED DEBT OBLIGATIONS (CDOs) AND COLLATERALIZED LOAN OBLIGATIONS (CLOs).** A Fund may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade debt securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO or CLO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be illiquid; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions.

In addition to the normal risks associated with debt securities discussed elsewhere in this SAI and the Funds' Prospectus, CDOs carry additional risks that include, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) a Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**COLLATERALIZED MORTGAGE OBLIGATIONS (CMOs).** CMOs are debt obligations issued by special-purpose trusts, collateralized by underlying mortgage assets. Principal prepayments on underlying mortgage assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates, resulting in a loss of all or part of the premium if any has been paid. Interest is paid or accrues on all classes of the CMOs on a periodic basis. The principal and interest payments on the underlying mortgage assets may be allocated among the various classes of CMOs in several ways. Typically, payments of principal, including any prepayments, on the underlying mortgage assets are applied to the classes in the order of their respective stated maturities or final distribution dates, so that no payment of principal is made on CMOs of a class until all CMOs of other classes having earlier stated maturities or final distribution dates have been paid in full. Because cash flow is distributed sequentially instead of pro rata with CMOs, the cash flows and average lives of CMOs are more predictable, and there is a period of time during which the investors in the longer-maturity classes receive no principal pay downs.

**COMMERCIAL PAPER.** The commercial paper in which a Fund may invest must be rated A-1 or A-2 by S&P, Prime-1 or Prime-2 by Moody, or F1 or F2 by Fitch. Commercial paper is an issuer's obligation with a maturity of less than nine months. Companies typically issue commercial paper to pay for current expenditures. Most issuers constantly reissue their commercial paper and use the proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue to obtain liquidity in this fashion, its commercial paper may default. The short maturity of commercial paper reduces both the market and credit risks as compared to other debt securities of the same issuer.

**COMMODITIES.** Commodities are assets that have tangible properties, such as oil, agricultural products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in interest rates, or supply and demand factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, pandemics or epidemics and public health emergencies, embargoes, taxation, war, terrorism, cyber-hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject a Fund's investments to greater volatility than investments in traditional securities.

**COMMON STOCKS.** Common stock represents an equity (ownership) interest in a company. Common stockholders receive the residual value of the issuer's earnings and assets after the issuer pays its creditors and any preferred stockholders. The prices of common stock fluctuate based on changes in the financial condition of their issuers and on market, economic, political, regulatory, geopolitical, pandemics and epidemics and other conditions. Furthermore, when the stock market declines, most common stocks, even those issued by strong companies, likely will decline in value. Market conditions add significantly to the risk of short term volatility of a Fund.

**CONVERTIBLE SECURITIES.** Convertible securities are a combined form of equity security and debt security. Generally, convertible securities are bonds, debentures, notes, preferred stocks, warrants or other securities that convert or are exchangeable into shares of the underlying common stock at a stated exchange ratio. Usually, the conversion or exchange is solely at the option of the holder. However, some convertible securities may be convertible or exchangeable at the option of the issuer or are automatically converted or exchanged at a certain time, or on the occurrence of certain events, or have a combination of these characteristics. Usually, a convertible security provides a long-term call on the issuer's common stock and therefore tends to appreciate in value as the underlying common stock appreciates in value. A convertible security also may be subject to redemption by the issuer after a certain date and under certain circumstances (including a specified price) established on issue. If a convertible security held by a Fund is called for redemption, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it.

Convertible bonds, debentures and notes are varieties of debt securities, and as such are subject to many of the same risks, including interest rate sensitivity, changes in debt rating and credit risk. In addition, convertible securities are often viewed by the issuer as future common stock subordinated to other debt and carry a lower rating than the issuer's non-convertible debt obligations. Thus, convertible securities are subject to many of the same risks as high-yield, high-risk securities.

**DEBT OBLIGATIONS.** A Fund may invest in the following type of debt obligations, including bills, bonds, notes, debentures, money market instruments and similar instruments and securities of U.S. and non-U.S. corporate issuers or governments. Bonds and other debt securities generally are subject to credit risk and interest rate risk. While debt securities issued by the U.S. Treasury generally are considered free of credit risk, debt issued by agencies and corporations all entail some level of credit risk. Investment grade debt securities have less credit risk than do high-yield, high-risk debt securities. Bonds and other debt securities generally are interest rate sensitive. During periods of falling interest rates, the value of debt securities held by a Fund generally rises. Conversely, during periods of rising interest rates, the value of such securities generally declines. Debt securities with longer durations are more likely to be sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Debt obligations also may be particularly sensitive to certain economic, market and political events and developments, as described below. Changes by recognized rating services in their ratings of debt securities and changes in the ability of an issuer to make payments of interest and principal also will affect the value of these investments.

While assets in debt markets have grown rapidly, the capacity for traditional dealer counterparties to engage in debt securities trading has not kept pace and in some cases has decreased. For example, primary dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to "make markets," are at or near historic lows in relation to market size. This reduction in market-making capacity may be a persistent change, to the extent it is resulting from broader structural changes, such as fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. Because market makers provide stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the debt securities markets. Such issues may be exacerbated during periods of economic uncertainty.

*Defaulted Debt Securities.* If the issuer of a debt security in a Fund's portfolio defaults, the Fund may have unrealized losses on the security, which may lower the Fund's NAV. Defaulted securities tend to lose much of their value before they default. Thus, the Fund's NAV may be adversely affected before an issuer defaults. The Fund will incur additional expenses if it tries to recover principal or interest payments on a defaulted security. Defaulted debt securities often are illiquid. An investment in defaulted debt securities will be considered speculative and expose the Fund to similar risks as an investment in high-yield debt.

A Fund may buy defaulted debt securities if, in the opinion of the Adviser, they present an opportunity for later price recovery, the issuer may resume interest payments, or other advantageous developments appear likely in the near future. A Fund is not required to sell a debt security that has defaulted if the Adviser believes it is advantageous to continue holding the security.

*Fixed and Floating Rate Debt Obligations.* Fixed rate securities exhibit more price volatility during times of rising or falling interest rates than securities with floating rates of interest. Fixed rate securities pay a fixed rate of interest and are more sensitive to fluctuating interest rates. In periods of rising interest rates, the value of a fixed rate security is likely to fall. Fixed rate securities with short-term characteristics are not subject to the same price volatility as fixed rate securities without such characteristics. Therefore, they behave more like floating rate securities with respect to price volatility. Floating rate obligations provide for periodic adjustments in the interest rate and, under certain circumstances, varying principal amounts. Floating rate obligations may involve direct lending arrangements between the purchaser and the issuer and there may be no active secondary market, making it difficult to resell such obligations to a third party. Floating rate obligations also may be subject to interest rate and credit risks. Changes in interest rates can affect the rate of return on such obligations. If an issuer of a floating rate obligation defaults, a Fund could sustain a loss to the extent of such default.

*Foreign Debt Obligations.* The debt obligations of foreign governments and their agencies and instrumentalities may or may not be supported by the full faith and credit of the foreign government. A Fund may invest in securities issued by certain

"supra-national" entities, which include entities designated or supported by governments to promote economic reconstruction or development, international banking organizations and related government agencies. Examples are the International Bank for Reconstruction and Development (commonly called the "World Bank"), the Asian Development Bank and the Inter-American Development Bank. The governmental members of these supra-national entities are "stockholders" that typically make capital contributions and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. A supra-national entity's lending activities may be limited to a percentage of its total capital, reserves and net income. There can be no assurance that the constituent foreign governments will be able or willing to honor their capitalization commitments for those entities.

*Inverse Floaters.* A Fund may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security generally will exhibit greater price volatility than a fixed rate obligation of similar credit quality.

*Pre-Refunded Bonds.* Pre-Refunded Bonds are outstanding debt securities that are not immediately callable (redeemable) by the issuer but have been "pre-refunded" by the issuer. The issuer "pre-refunds" the bonds by setting aside in advance all or a portion of the amount to be paid to the bondholders when the bond is called. Generally, an issuer uses the proceeds from a new bond issue to buy high grade, interest bearing debt securities, including direct obligations of the U.S. government, which are then deposited in an irrevocable escrow account held by a trustee bank to secure all future payments of principal and interest on the pre-refunded bonds. Due to the substantial "collateral" held in escrow, pre-refunded bonds often receive the same rating as obligations of the United States Treasury. Because pre-refunded bonds still bear the same interest rate as when they were originally issued and are of very high credit quality, their market value may increase. However, as the pre-refunded bond approaches its call or ultimate maturity date, the bond's market value will tend to fall to its call or par price.

**DEPOSITARY RECEIPTS.** Depositary receipts represent interests in underlying securities issued by a foreign company. Depositary receipts are generally not traded in the same market as the underlying securities and may not be denominated in the same currency as the underlying securities into which they may be converted. American Depositary Receipts ("ADRs") are traded in the U.S. ADRs provide a way for a Fund to gain exposure to foreign-based companies in the U.S. rather than purchasing shares in overseas markets. ADRs are also traded in U.S. dollars, eliminating the need for foreign exchange transactions. Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs") are receipts issued by foreign banks or trust companies, or foreign branches of U.S. banks that represent an interest in shares of either a foreign or U.S. corporation. The foreign securities underlying GDRs and EDRs are traded globally or outside the U.S. Depositary receipts involve many of the same risks of investing directly in foreign securities, including currency risks and risks of foreign investing. Some depositary receipts may be non-voting. Non-Voting Depositary Receipts ("NVDRs") are typically issued by an exchange affiliate and represent a non-voting equity interest in an issuer.

**DERIVATIVE INSTRUMENTS.** Derivatives are financial instruments whose values are based on (or "derived" from) securities (such as a stock or a bond), assets (such as a commodity, like gold), reference rates (such as Secured Overnight Financing Rate ("SOFR")) or market indices (such as the S&P 500<sup>®</sup> Index). Some forms of derivatives, such as exchange-traded futures and options on securities, commodities, or indices, are traded on regulated exchanges. These types of derivatives are standardized contracts that can generally be easily bought and sold, and whose market values are determined and published daily. Non-standardized derivatives, on the other hand, tend to be more specialized and/or complex, and may be harder to value. The use of derivatives may enhance returns and may be useful in hedging portfolios. The use of certain derivatives may have a leveraging effect on a Fund, which may increase the Fund's sensitivity to adverse market movements and may exaggerate the Fund's losses. Some common types of derivatives include futures, options, options on futures, forward foreign currency exchange contracts, forward contracts on securities and securities indices, linked securities and structured products, swap transactions and swaptions.

A Fund may use derivatives for a variety of reasons, including, for example: (i) to enhance its return; (ii) to attempt to protect against possible changes in the market value of securities held in or to be purchased for its portfolio resulting from securities markets or currency exchange rate fluctuations (i.e., to hedge); (iii) to protect its unrealized gains reflected in the value of its portfolios securities; (iv) to facilitate the sale of such securities for investment purposes; (v) to reduce transaction costs; (vi) for any other reason deemed appropriate by the Adviser or sub-advisers in achieving a Fund's investment objective; and/or (vii) to manage the effective maturity or duration of its portfolio.

A Fund's use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to significant losses even from relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives. These risks are heightened when a Fund uses derivatives to enhance its return or as a substitute for a position or security, rather than solely to hedge or offset the risk of a position or security held by a Fund. There is also a risk that the derivative will not correlate well with the security for which it is substituting or with changes in the value of a Fund's holdings. A Fund's use of derivatives to leverage risk also may exaggerate a loss, potentially causing a Fund to lose more money than if it had invested in the

underlying security, or limit a potential gain. The success of the Adviser's or sub-advisers' derivative strategies will depend on its ability to assess and predict the impact of market or economic developments on the underlying security, asset, index or reference rate and the derivative itself. Other risks arise from a Fund's potential inability to terminate or sell its derivative positions as a liquid secondary market for such positions may not exist at times when a Fund may wish to terminate or sell them. Over-the-counter instruments (investments not traded on an exchange) in particular may be illiquid. Derivatives are also subject to the risk that the other party will not meet its obligations. Non-centrally cleared derivatives, including certain derivatives traded over-the-counter, are subject to heightened risk that the other party will not meet its obligations. In addition, with some derivative strategies there is the risk that a Fund may not be able to find a suitable derivative transaction counterparty, and thus may be unable to invest in derivatives altogether. The use of derivatives may also increase the amount and accelerate the timing of taxes payable by shareholders. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation or legality or enforceability of a contract.

The Funds are required to comply with SEC Rule 18f-4 under the 1940 Act related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies. The rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to value-at-risk ("VaR") leverage limit, derivatives risk management program and reporting requirements. Generally, these requirements apply unless a fund satisfies a "limited derivatives users" exception that is included in the rule. Under the rule, when a fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating a Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether a fund satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. These requirements may limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of a Fund's investments and cost of doing business, which could adversely affect shareholders.

The Adviser has claimed an exclusion from the definition of a commodity pool operator ("CPO") with respect to its management of the Funds pursuant to Commodity Futures Trading Commission ("CFTC") Rule 4.5. Therefore, the Adviser is not subject to regulation as a CPO under the Commodity Exchange Act, as amended, with respect to its management of the Funds. In order to rely on the Rule 4.5 exclusion, the Funds must limit their investments in commodity futures contracts, options on futures contracts and swaps and other commodity interests (including, for example, security futures, broad-based stock index futures and financial futures contracts). In the event that the Adviser becomes unable to rely on the exclusion in Rule 4.5 and is required to register with the CFTC as a CPO with respect to a Fund, the Fund's expenses may increase, adversely affecting that Fund's total returns.

*FUTURES AND OPTIONS TRANSACTIONS.* A Fund may buy and sell futures contracts and options on futures contracts, buy put and call options on portfolio securities and securities indices or write covered put and call options on portfolio securities to attempt to increase its current income or to hedge its portfolio. There is no assurance that a liquid secondary market will exist for any particular futures contract or option at any particular time. A Fund's ability to establish and close out futures and options positions depends on this secondary market. When a Fund uses futures and options on futures, there is a risk that the prices of such futures and options may not correlate perfectly with the prices of the underlying instruments. Futures contracts and options may react differently to market changes and be more volatile than the underlying instruments and may increase the volatility of a Fund's net asset value ("NAV"). In addition, the Adviser or sub-advisers could be incorrect in their expectations about the direction or extent of market factors such as stock price movements or foreign currency exchange rate fluctuations. For options, a change in volatility of the underlying instrument due to general market and economic conditions or other factors may negatively affect the value of such option. In these events, a Fund may lose money on the futures contracts and/or options, including losses that exceed the amount of the posted collateral (for futures), complete loss of the amounts paid as premiums to the writer of an option (for long options), and unlimited losses (for written options). In addition, futures exchanges may impose a maximum permissible price movement on each futures contract for each trading session. A Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.

*Futures Contracts.* A futures contract is a commitment by two parties under which one party agrees to make delivery of an asset (seller) and another party agrees to take delivery of the asset at a certain time in the future. A futures contract may involve a variety of assets including commodities (such as oil, wheat or corn) or a financial asset (such as a security). A stock index futures contract is an agreement in which two parties agree to take or make delivery of an amount of cash equal to the difference between the price of the original contract and the value of the index at the close of the last trading day of the contract. No physical delivery of the underlying securities in the index is made. Settlement is made in cash upon termination of the contract. Although some financial futures contracts call for making or taking delivery of the

underlying securities, in most cases these obligations are closed out before the settlement date. The closing of a futures contract is accomplished by purchasing or selling an identical offsetting futures contract. Other financial futures contracts call for cash settlements.

*Margin in Futures Contracts.* Since a Fund does not pay or receive money upon the purchase or sale of a futures contract, it is required to deposit an amount of initial margin in cash, U.S. Government securities or liquid debt securities as a good faith deposit. The margin is returned to a Fund upon termination of the contract. Initial margin in futures transactions does not involve borrowing to finance the transactions. As the value of the underlying futures contract changes daily, a Fund pays or receives cash, called variation margin, equal to the daily change in value of the futures contract. This process is known as marking to market. Variation margin does not represent a borrowing or loan by a Fund. It may be viewed as a settlement between a Fund and the broker of the amount one would owe the other if the futures contract expired. As a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may lead to a substantial loss for a Fund. A Fund is also required to deposit and maintain margin when it writes call options on futures contracts. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures or a futures option position, and that Fund would remain obligated to meet margin requirements until the position is closed.

*Put Options on Financial and Stock Index Futures Contracts.* Unlike entering directly into a futures contract, which requires the purchaser to buy a financial instrument on a set date at a specified price, the purchase of a put option on a futures contract entitles (but does not obligate) its purchaser to sell the futures contract at the specified price.

Generally, if the securities underlying the futures contract underlying the put option decrease in value during the term of the option, the futures contracts will also decrease in value and the put option referencing that futures contract will increase in value. In such an event, a Fund will normally close out its position in the put option by selling an identical option.

Alternatively, a Fund may exercise its put option to close out the position. To do so, it would purchase the applicable quantity of the futures contract of the type underlying the option (for a price less than the strike price of the option) and exercise its right to sell the futures contracts to its options counterparty. A Fund would then deliver the futures contract in return for payment of the strike price. If a Fund neither closes out nor exercises an option, the option will expire on the date provided in the option contract, and only the premium paid plus related transaction costs for the option contract may be lost.

A Fund may also write (sell) listed put options on financial or stock index futures contracts to hedge its portfolio against a decrease in market interest rates or an increase in stock prices. A Fund will use these transactions to purchase portfolio securities in the future at price levels existing at the time it enters into the transaction. When a Fund sells a put on a futures contract, it receives a cash premium in exchange for granting to the buyer of the put the right to receive from the Fund, at the strike price, a short position in such futures contract. This is so even if the strike price upon exercise of the option is greater than the value of the futures position received by such holder. As market interest rates decrease or stock prices increase, the market price of the underlying financial or stock index futures contract normally increases. When the market price of the underlying financial or stock index futures contract increases, the buyer of the put option has less reason to exercise the put because the buyer can sell the same futures contract at a higher price in the market. If the value of the underlying futures position is not such that exercise of the option would be profitable to the option holder, the option will generally expire without being exercised. The premium received by a Fund can then be used to offset the higher prices of portfolio securities to be purchased in the future.

In order to avoid the exercise of an option sold by it, a Fund may cancel its obligation under the option by entering into a closing purchase transaction, unless it is determined to be in the Fund's interest to deliver the underlying futures position. A closing purchase transaction consists of the purchase by a Fund of an option having the same terms as the option sold by the Fund, and has the effect of canceling the Fund's position as a seller. The premium which a Fund will pay in executing a closing purchase transaction may be higher than the premium received when the option was sold, depending in large part upon the relative price of the underlying futures position at the time of each transaction.

*Call Options on Financial and Stock Index Futures Contracts.* A Fund may write (sell) listed and over-the-counter call options on financial and stock index futures contracts. When a Fund writes a call option on a futures contract, it undertakes to sell a futures contract at the fixed price at any time during the life of the option. As stock prices fall or market interest rates rise, causing the prices of financial and stock index futures to go down, a Fund's obligation to sell a futures contract costs less to fulfill, causing the value of the Fund's written call option position to increase. In other words, as the underlying futures price goes down below the option's strike price, the buyer of the option has no reason to exercise the call, so that a Fund keeps the premium received for the option. This premium can offset the drop in value of a Fund's portfolio securities.

Prior to the expiration of a call written by a Fund, or exercise of it by the buyer, a Fund may close out the option by buying an identical option. The net premium income of a Fund will then offset the decrease in value of the hedged securities.

A Fund may buy a listed call option on a financial or stock index futures contract to hedge against decreases in market interest rates or increases in stock price. A Fund will use these transactions to purchase portfolio securities in the future at price levels existing at the time it enters into the transaction. When a Fund purchases a call on a financial futures contract, it receives in exchange for the payment of a cash premium the right, but not the obligation, to enter into the underlying futures contract at a strike price determined at the time the call was purchased, regardless of the comparative market value of such futures position at the time the option is exercised. The holder of a call option has the right to receive a long (or buyer's) position in the underlying futures contract. As market interest rates fall or stock prices increase, the value of the underlying futures contract will normally increase, resulting in an increase in value of a Fund's option position. When the market price of the underlying futures contract increases above the strike price plus premium paid, a Fund could exercise its option and buy the futures contract below market price. Prior to the exercise or expiration of the call option, a Fund could sell an identical call option and close out its position. If the premium received upon selling the offsetting call is greater than the premium originally paid, a Fund has completed a successful hedge.

*Purchasing Put and Call Options on Securities**.*** A Fund may purchase put options on portfolio securities to protect against price movements in the Fund's portfolio. A put option gives a Fund, in return for a premium, the right to sell the underlying security to the writer (seller) at a specified price during the term of the option. A Fund may purchase call options on securities acceptable for purchase to protect against price movements by locking in on a purchase price for the underlying security. A call option gives the Fund, in return for a premium, the right to buy the underlying security from the seller at a specified price during the term of the option.

*Writing Covered Call and Put Options on Securities.* A Fund may write covered call and put options to generate income and thereby protect against price movements in the Fund's portfolio securities. As a writer of a call option, the Fund has the obligation, upon exercise of the option during the option period, to deliver the underlying security upon payment of the exercise price. As a writer of a put option, the Fund has the obligation to purchase a security from the purchaser of the option upon the exercise of the option.

*Stock Index Options.* A Fund may purchase or sell put or call options on stock indices listed on national securities exchanges or traded in the over-the-counter market. A stock index fluctuates with changes in the market values of the stocks included in the index. Upon the exercise of the option, the holder of a call option has the right to receive, and the writer of a put option has the obligation to deliver, a cash payment equal to the difference between the closing price of the index and the exercise price of the option. The effectiveness of purchasing stock index options will depend upon the extent to which price movements in the Fund's portfolio correlate with price movements of the stock index selected. The value of an index option depends upon movements in the level of the index rather than the price of a particular stock. Accordingly, successful use by a Fund of options on stock indices will be subject to the Adviser or sub-advisers correctly predicting movements in the directions of the stock market generally or of a particular industry. This requires different skills and techniques than predicting changes in the prices of individual stocks.

*Over-the-Counter Options.* Over-the-counter options are two-party contracts with price and terms negotiated between buyer and seller. In contrast, exchange-traded options are third-party contracts with standardized strike prices and expiration dates. Exchange-traded options generally have a continuous liquid market while over-the-counter options may not. A Fund may generally purchase and write over-the-counter options on portfolio securities or securities indices in negotiated transactions with the buyers or writers of the options when options on the Fund's portfolio securities or securities indices are not traded on an exchange.

*FOREIGN CURRENCY TRANSACTIONS.* Foreign currency transactions are generally used to obtain foreign currencies to settle securities transactions or to exchange one currency for another. They can also be used as a hedge to protect assets against adverse changes in foreign currency exchange rates or regulations. When a Fund uses foreign currency exchanges as a hedge, it may also limit potential gain that could result from an increase or decrease in the value of such currencies. Currency exchange rates may be volatile and a Fund may be affected either favorably or unfavorably by fluctuations in the relative rates of exchange between the currencies of different nations, market or economic downswings, or other relevant factors, such as the actions of governments or central banks, the imposition of currency controls, and speculation. Foreign currency hedging transactions are used to protect against foreign currency exchange rate risks.

*Forward Foreign Currency Exchange Contracts.* A Fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction or a portfolio position, to facilitate settlement of security purchases, to exchange one currency for another, or, with respect to certain Funds, to seek enhanced returns. A Fund may enter into a foreign exchange transaction for

purposes of hedging a specific transaction by, for example, purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. Forward foreign exchange transactions involve substantial currency risk, and also involve credit and liquidity risk. A Fund may also hedge a currency by entering into a transaction in a currency instrument denominated in a currency other than the currency being hedged (a "cross-hedge"). Bilaterally negotiated forward foreign currency exchange contracts are subject to counterparty risk. Certain foreign currency forwards may eventually be exchange-traded and cleared. Although these changes are expected to decrease the credit risk involved in bi-laterally negotiated contracts and increase the liquidity of these contracts, central clearing would not make the contracts risk-free. Gains from foreign currency contracts are generally taxable as ordinary income and, as a result, may significantly increase an investor's tax liability.

A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the Fund is exposed is difficult to hedge or to hedge against the dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of the Fund's securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present during the particular time that a Fund is engaging in proxy hedging. A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to have portfolio exposure.

Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable forwards ("NDFs"). NDFs are cash-settled forward contracts that may be thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars. They are often used by parties to gain exposure to and/or hedge exposure to foreign currencies that are not internationally traded.

Forward contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies. Unanticipated changes in currency prices may result in poorer overall performance for a Fund than if it had not engaged in such contracts.

*Put and Call Options on Foreign Currencies.* Purchasing and writing put and call options on foreign currencies may be used to protect a Fund's portfolio against declines in the U.S. dollar value of foreign portfolio securities and against increases in the dollar cost of foreign securities to be acquired. Writing an option on foreign currency constitutes only a partial hedge, up to the amount of the premium received. A Fund could lose money if it is required to purchase or sell foreign currencies at disadvantageous exchange rates. If exchange rate movements are adverse to a Fund's position, such Fund may forfeit the entire amount of the premium plus related transaction costs. These options are traded on U.S. and foreign exchanges or over-the-counter.

*Additional Risks of Options on Securities, Futures Contracts, Options on Futures Contracts and Forward Currency Exchange Contracts and Options Thereon.* Options on securities, futures contracts, options on futures contracts, forward currency exchange contracts and options on forward currency exchange contracts may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the U.S., may not involve a clearing mechanism and related guarantees, and are subject to the risk of government actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the U.S. of data on which to make trading decisions, (iii) delays in a Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the U.S., (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the U.S., and (v) lesser trading volume.

*HYBRID OR LINKED INSTRUMENTS.* Hybrid or linked instruments typically combine a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid instrument is tied to the price of some commodity, currency or securities index or another interest rate or some other

economic factor (a "benchmark"). The interest rate or the principal amount payable at maturity of a hybrid instrument may be increased or decreased, depending on changes in the value of the benchmark.

Hybrid instruments also include certain "market access products" ("MAPs") linked to an underlying equity security. MAPs provide for synthetic exposure to the price movements of an underlying local foreign equity security (*e.g.,* if the underlying equity security decreases in value, the value of the MAP will decrease commensurately). MAPs are subject to certain risks, including, but not limited to, the same risks as direct investments in securities of foreign issuers and the risks generally associated with investing in derivative instruments. In addition, MAPs are subject to issuer risk because the security is typically issued by another financial institution or banking entity. If the issuer suffers a significant credit event and cannot perform, or it is perceived that the counterparty cannot perform, its obligations under the terms of the agreement, a MAP may lose value regardless of the strength of the underlying equity security. Additionally, the liquidity of MAPs may be limited because there is typically no secondary market trading in such instruments (they are generally bought and sold through the issuing counterparty).

These instruments can be used as a means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return. Hybrid instruments may not bear interest or pay dividends. The value of a hybrid instrument or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a linked hybrid instrument. Under certain conditions, the redemption value of a hybrid instrument could be zero. Thus, an investment in a linked or hybrid instrument may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denomination bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of linked or hybrid instruments also exposes a Fund to the credit risk of the issuer of the linked or hybrid instrument. These risks may cause significant fluctuations in the NAV of a Fund. Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined under the 1940 Act. As a result, a Fund's investments in these products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

*STRUCTURED NOTES.* Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. The terms of the structured note may provide that in certain circumstances no principal is due at maturity and therefore, may result in a loss of invested capital. Structured notes may be positively or negatively indexed so that appreciation of the reference may produce an increase or decrease in the interest rate or the value of the structured note; therefore, the value of these securities may be volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference. Structured notes also may be more volatile, relatively less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

*SWAP TRANSACTIONS.* Swaps are derivative instruments that can be individually negotiated and structured to include exposure to a variety of different market factors or types of investments, including a specified reference security, basket of securities, securities market index or index component. Depending on their structure, swaps may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, securities market indexes, or other factors such as security prices or inflation rates. A Fund may enter into a variety of swaps, including interest rate, index, volatility, commodity, equity, credit default and currency exchange rate swaps, and other types of swaps such as caps, collars and floors. A Fund also may enter into swaptions, which are options to enter into a swap.

Swaps are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested in a particular security, or at a particular interest rate, in a particular foreign currency), or in a "basket" of securities representing a particular index. The "notional amount" of the swap is a basis on which to calculate the obligations which the parties to a swap have agreed to exchange. A Fund's obligations (or rights) under a swap will generally be equal only to the net amount to be paid or received under the swap based on the relative values of the positions held by each party to the swap. A Fund's obligations under a swap will be accrued daily (offset against any amounts owing to the Fund).

Whether a Fund's use of swaps will be successful in furthering its investment objective will depend on the ability of the Adviser or sub-advisers correctly to predict whether certain types of investments are likely to produce greater returns than other investments. For a bilaterally negotiated swap, a Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a swap counterparty. Currently, some, but not all, swap transactions are subject to central clearing. Eventually many swaps will be centrally cleared. Although central clearing is expected to decrease the counterparty risk involved in bilaterally negotiated contracts because it interposes the central clearinghouse as the counterparty to each participant's swap, central clearing would not make swap transactions risk-free. It is possible that

developments in the swap market and the laws relating to swaps, including potential government regulation, could adversely affect a Fund's ability to terminate existing swaps, to realize amounts to be received under such swaps, or to enter into swaps, or could have adverse tax consequences.

Swaps may be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. If a swap transaction is particularly large or if the relevant market is illiquid (as is the case with many over-the-counter swaps), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. In addition, swap transactions may be subject to the limitation on illiquid investments. Like most other investments, swap transactions are subject to the risk that market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that the Adviser or sub-advisers will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If the Adviser or sub-advisers attempt to use a swap as a hedge against, or as a substitute for, a portfolio investment, a Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.

**EMERGING GROWTH COMPANIES.** Emerging growth companies are companies that are beyond their initial start-up periods but have not yet reached a state of established growth or maturity. The nature of investing in emerging growth companies involves a greater level of risk than would be associated when investing in more established seasoned companies. The rate of growth of such companies may at times be dramatic; such companies often provide new products or services that enable them to capture a dominant or important market position, have a special area of expertise or are able to take advantage of changes in demographic factors in a more profitable way than other companies. These companies may have limited product lines, markets or financial resources and may lack management depth since they have not been tested by time or the marketplace. The securities of emerging growth companies often have limited marketability and may be subject to more volatile market movements than securities of larger, more established growth companies or the market averages in general. Therefore, a Fund that invests in emerging growth companies may be subject to greater fluctuation in value than funds investing entirely in proven growth stocks.

**EMERGING MARKET SECURITIES.** The Adviser or sub-advisers may invest in emerging markets. Most of these markets have a relatively low gross national product per capita, compared to the world's major economies, but may exhibit potential for rapid economic growth. Securities of emerging market issuers may include common stock, preferred stocks (including convertible preferred stocks), warrants, bonds, notes and debentures convertible into common or preferred stock, equity interests in foreign investment funds or trusts and real estate investment trust securities. A Fund may also invest in the depositary receipts of such issuers. There are special risks involved in investing in emerging market countries. Many investments in emerging markets can be considered speculative, and their prices can be much more volatile than in the more developed nations of the world. This difference reflects the greater uncertainties of investing in less established markets and economies. The financial markets of emerging markets countries are generally less well capitalized and thus securities of issuers based in such countries may be relatively less liquid. Most are heavily dependent on international trade, and some are especially vulnerable to recessions in other countries. Many of these countries are also sensitive to world commodity prices. Some countries may still have obsolete financial systems, economic problems or archaic legal systems. The currencies of certain emerging market countries, and therefore the value of securities denominated in such currencies, may be more volatile than currencies of developed countries. In addition, many of these nations are experiencing political and social uncertainties.

Certain emerging markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate a Fund's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make a Fund's investments in such securities harder to value. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals, may adversely affect a Fund's foreign holdings or exposures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. Governmental actions can have a significant effect on the economic conditions in foreign countries, which also may adversely affect the value and liquidity of a Fund's investments. For example, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Any of these actions could severely affect security prices, impair a Fund's ability to purchase or sell foreign securities or transfer a Fund's assets back into the U.S., or otherwise adversely affect a Fund's operations. Certain foreign investments may become relatively less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by a Fund, particularly during periods of market turmoil. Certain foreign investments may become illiquid when, for instance, there are few, if any, interested buyers

and sellers or when dealers are unwilling to make a market for certain securities. When a Fund holds illiquid investments, its portfolio may be harder to value.

**EXCHANGE-TRADED FUNDS.** As discussed under "Investment in Other Investment Companies" below, other investment companies may include exchange-traded funds ("ETFs"), ETFs are pooled investment vehicles that trade their shares on stock exchanges at market prices (rather than net asset value) and are only redeemable from the ETF itself in large increments or in exchange for baskets of securities. As an exchange traded security, an ETF's shares are priced continuously and trade throughout the day. ETFs may seek to track a security, securities or other index, a particular market sector, a particular segment of a securities index or market sector (passive ETFs), or they may be actively managed (active ETFs). An investment in an ETF subjects the Fund to the risks associated with the ETF itself and generally involves the same primary risks as an investment in a fund that is not exchange-traded that has the same investment objectives, strategies and policies of the ETF, such as market risk, liquidity risk, leverage risk, sector risk and foreign and emerging market risk, as well as risks associated with equity securities, fixed income securities, real estate investments and commodities and was associated with the ETF manager's investment decisions, as applicable. In addition, a passive ETF's performance may not match or correlate to that of the index it attempts to track, either on a daily or aggregate basis, as a result of, for example, transaction costs, the ETF's holding of cash or the need to meet new or existing regulatory requirements. Tracking error risk may cause the ETF's performance to be less than expected and may be heightened during times of market volatility, unusual market conditions or other abnormal circumstances and passive ETFs generally will not adjust their portfolio investments to attempt to take advantage of market opportunities or lessen the impact of a market decline or a decline in the performance of one or more issuers or for other reasons. In addition, an investment in an ETF is subject to risks associated with the ETF structure. For example, the market prices of shares are expected to fluctuate, in some cases materially, in response to changes in the ETF's NAV, the intra-day value of the ETF's holdings, and supply and demand for shares. Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the ETF's shares (including through a trading halt due to market conditions or for other reasons), as well as other factors, may result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the ETF's holdings. A Fund may pay significantly more or receive significantly less than the ETF's NAV per share during periods when there is a significant premium or discount. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers as determined by that broker. In addition, the market price of ETF shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of the ETF's shares varies over time based on the ETF's trading volume and market liquidity and may increase if the ETF's trading volume, the spread of the ETF's underlying securities, or market liquidity decrease. There can be no assurance that an active trading market for the ETF's shares will develop or be maintained. A Fund will indirectly bear its proportionate share of any management fees and other operating expenses of an ETF in which it invests. An SEC exemptive rule allows registered funds to disregard certain limits described herein, subject to certain conditions. For further discussion of the exemptive rule, please refer to the "Investment in Other Investment Companies" section below.

**EXCHANGE-TRADED NOTES.** A Fund may invest in exchange-traded notes ("ETNs"), which are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk and counterparty risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When a Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. There may be restrictions on a Fund's right to redeem its investment in an ETN, which is meant to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market.

**FOREIGN SECURITIES.** Investment in securities of foreign issuers and in obligations of foreign branches of domestic banks involves somewhat different investment risks from those affecting securities of U.S. domestic issuers. There may be limited publicly available information with respect to foreign issuers, and foreign issuers are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to domestic companies. Amounts realized on foreign securities may be subject to high levels of foreign withholding and other taxes which may decrease the net return on foreign investments as compared to amounts realized by a Fund on domestic securities.

The value of a Fund's investments in foreign securities may be adversely affected by changes in political or social conditions, the imposition of economic sanctions against a particular country or countries, pandemics and epidemics, diplomatic relations, confiscatory taxation, expropriation, nationalization, limitation on the removal of funds or assets, or imposition of (or change in) exchange control or tax regulations in those foreign countries. International trade tensions involving certain countries and their trading counterparties may arise from time to time which can result in trade tariffs (including those imposed by the U.S. or foreign governments), embargoes, trade limitations, trade wars and other negative consequences. Such actions and consequences may ultimately result in a significant reduction in international trade, an oversupply of certain manufactured goods, devaluations of existing inventories and potentially the failure of individual companies and/or large segments of certain country's export industry with a potentially severe negative impact to the Fund.

The type and severity of economic sanctions and other similar measures that may be imposed, including counter sanctions or other retaliatory actions, may vary in scope. The imposition of sanctions and other similar measures could, for example, cause a decline in the value and liquidity of securities issued by companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. A sanctioned country may also be less willing or able to repay its sovereign debt. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance.

In addition, changes in government administrations or economic or monetary policies in the U.S. or abroad could result in appreciation or depreciation of portfolio securities and could favorably or unfavorably affect a Fund's operations. Furthermore, the economies of individual foreign nations may differ from the U.S. economy, whether favorably or unfavorably, in areas such as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position; it may also be more difficult to obtain and enforce a judgment against a foreign issuer.

Since investments in foreign securities often involve foreign currencies, the value of a Fund's assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations, including currency blockage.

In addition, while the volume of transactions effected on foreign stock exchanges has increased in recent years, in most cases it remains appreciably below that of U.S. security exchanges. Accordingly, a Fund's foreign investments may be relatively less liquid and their prices may be more volatile than comparable investments in securities of U.S. companies. Moreover, the settlement periods for foreign securities, which are often longer than those for securities of U.S. issuers, may affect portfolio liquidity. In buying and selling securities on foreign exchanges, purchasers normally pay fixed commissions that are generally higher than the negotiated commissions charged in the U.S. In addition, there is generally less government supervision and regulation of securities exchanges, brokers and issuers located in foreign countries than in the U.S.

**ILLIQUID INVESTMENTS.** Illiquid investments are any investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund will not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. Some securities, such as those not registered under U.S. securities laws, cannot be sold in public transactions and may be subject to the limitation on illiquid investments. The Funds have implemented a liquidity risk management program to identify illiquid investments pursuant to Rule 22e-4 under the 1940 Act, and the Funds' Board has approved a program administrator to administer the program.

**INFLATION-PROTECTED SECURITIES.** Unlike traditional debt securities that make fixed or variable principal and interest payments, inflation-protected debt securities are structured to provide protection against the negative effects of inflation. The value of the debt securities' principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities ("TIPS"). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

**INVESTMENT GRADE DEBT SECURITIES.** Investment grade securities have received one of the four highest ratings of a NRSRO. The ratings of AAA, AA, A and BBB by S&P or Fitch denote investment grade securities. The ratings of Aaa, Aa, A or Baa by Moody's denote investment grade securities. Securities receiving the fourth highest rating (BBB by S&P or Fitch or Baa by Moody's) have speculative characteristics and changes in the market or the economy are more likely to affect the ability of the issuer to repay its obligations when due. The credit ratings assigned to investment grade securities may not accurately reflect the true risks of an investment. In addition, credit agencies may fail to adjust credit ratings to reflect rapid changes in economic or company conditions that affect a security's market value. In the event any debt obligation held by a Fund is downgraded below the lowest permissible grade, the Fund is not required to sell the security.

**INVESTMENT IN OTHER INVESTMENT COMPANIES.** A Fund may invest in securities of other open- or closed-end investment companies, including ETFs, to the extent that such investments are consistent with the Fund's investment objective and policies and permissible under the 1940 Act and related rules. Exemptive relief from or interpretations of the SEC or its staff may permit a Fund to invest in other investment companies in excess of limits discussed below. The Funds may invest in other investment companies for various portfolio management purposes, such as during periods when there is a shortage of attractive securities available in the market, or when the Adviser or sub-advisers believe share prices of other investment companies offer attractive values. A Fund may also invest in other investment companies because the laws of some foreign countries may make it difficult or impossible for a Fund to invest

directly in issuers organized or headquartered in those countries, or may limit such investments. The most efficient, and sometimes the only practical, means of investing in such companies may be through investment in other investment companies that in turn are authorized to invest in the securities of such issuers. A Fund may also incest in foreign companies. Investing in other investment companies may result in higher fees and expenses for a Fund and its shareholders. A shareholder may be charged fees not only on Fund shares held directly but also on the investment company shares that a Fund purchases. To the extent a Fund invests in the securities of other investment companies, the acquired investment companies' fees and expenses are reflected in the Fund's fees and expenses. In addition, investing in ETFs is subject to certain other risks. For further discussion of ETFs and their risks, please refer to the "Exchange-Traded Funds" section above.

The 1940 Act requires that, as determined immediately after a purchase is made, (1) not more than 5% of the value of a Fund's total assets will be invested in the securities of any one investment company, (2) not more than 10% of the value of a Fund's total assets will be invested in securities of investment companies as a group, and (3) not more than 3% of the outstanding voting stock of any one investment company will be owned by a Fund. However, a Fund may invest in securities issued by other registered investment companies, including ETFs, beyond the above percentage maximums pursuant to rules promulgated by the SEC, including Rule 12d1-4 under the 1940 Act.

Rule 12d1-4 allows a Fund to acquire shares of another investment company in excess of the limitations currently imposed by the 1940 Act. A Fund's reliance on Rule 12d1-4 is subject to several conditions. The limitations placed on acquired funds under Rule 12d1-4 may impact the ability of a Fund to invest in an acquired fund or may impact the investments made by the acquired fund.

**LOAN PARTICIPATIONS AND ASSIGNMENTS.** A Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the SOFR, the CD rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade ("junk"), or not rated by any NRSRO. Loans that are rated lower than investment grade entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund's investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

Loans to corporations or governments may be originated, negotiated, and structured by a lead bank, insurance company, finance company, or other financial institutions (the "Agent") for a lending syndicate of financial institutions. A Fund may participate in such loan syndicates by buying a fractional interest in the loan, or by purchasing an assignment of all of a portion of a loan previously attributable to a different lender. A Fund that purchases a participation interest does not have any direct contractual relationship with the borrower. The Fund will rely on the lender who sold the participation interest not only for the enforcement of the Fund's rights against the borrower but also for the receipt and processing of payments due under the loan. The Fund may not directly benefit from any collateral supporting the loan in which it purchased the participation interest. The Fund may be subject to delays, expenses, and risks that are greater than those that would be involved if the Fund could enforce its rights directly against the borrower. In the event of the insolvency of the lender selling a participation interest, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Certain participation interests may be structured in a manner designed to avoid purchasers of participation interests being subject to the credit risk of the lender with respect to the participation; but even under such a structure, in the event of the lender's insolvency, the lender's servicing of the participation interest may be delayed and the assignability of the participation interest impaired.

Generally, a Fund purchases an assignment of a loan from a lender it will step into the shoes of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. The Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

In the event a borrower becomes bankrupt or insolvent, the borrower may attempt to assert certain legal defenses as a result of improper conduct by the Agent. If an Agent declares bankruptcy, or has a receiver, conservator, or a similar official appointed for it by a regulatory authority, assets held by the Agent for a loan should remain available to holders of corporate loans, including the Fund. However, a regulatory authority or court may determine that assets held by the Agent for the benefit of the purchasers of the loans are subject to the claims of the Agent's general or secured creditors, the purchasers, including the Fund, may incur certain costs and delays in realizing payment on a loan or suffer a loss of principal and/or interest.

Loans that are secured by specific collateral of the borrower generally are senior to most other securities of the borrower. The collateral typically has a market value, at the time the loan is made, that equals or exceeds the principal amount of the loan. The value of the collateral may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As a result, a loan may not be fully collateralized and can decline significantly in value.

Generally, a loan is subject to legal or contractual restrictions on resale. Loans that a Fund may purchase are typically not listed on any securities exchange or automatic quotation system. As a result, no active market may exist for certain loans, and to the extent a secondary market exists for other loans, such market may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. The supply of loans may be limited from time to time due to a lack of sellers in the market for existing loans or the number of new loans currently being issued. As a result, the loans available for purchase may be lower quality or higher priced.

**MASTER LIMITED PARTNERSHIPS (MLPs).** Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price, resulting from regulatory changes or other reasons. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Investment in those MLPs may restrict a Fund's ability to take advantage of other investment opportunities. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

Much of the benefit that a Fund may derive from its investment in equity securities of MLPs is a result of MLPs generally being treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. If any MLP in which a Fund invests were treated as a corporation for U.S. federal income tax purposes, it could result in a reduction of the value of the Fund's investment in the MLP and lower income to a Fund.

**MODEL PORTFOLIOS**. The Adviser is responsible for effecting trades for the Fund. It is expected that trades for the Fund will be effected less frequently than would typically be the case, and at different times than, if the sub-advisers were implementing their own trades, which could cause the Fund's return to be lower than if the sub-adviser implemented trades on behalf of the Fund. In addition, a sub-adviser may implement its model portfolio for its other accounts or sub-advised Funds prior to delivering its model portfolio to the Adviser, or after delivering its model portfolio to the Adviser but before the Adviser has had an opportunity to place some or all of the trades for the Fund to implement the sub-adviser's model portfolio including any changes thereto, which could adversely affect the Fund. In these circumstances, trades placed by the Adviser pursuant to a model portfolio may be subject to price movements that result in the Fund receiving prices that are different from the prices obtained by the sub-adviser for its other accounts and Funds sub-advised by such sub-adviser, including less favorable prices. The risk of such price deviations may increase for large orders or where securities are thinly traded.

The timing of cash flows for the Fund and the effect of expenses applicable to the Fund which are not applicable to a model portfolio also may cause performance of the model portfolio's strategy for the Fund to deviate from the performance of the model portfolio and similar strategies employed by the sub-adviser for other Funds. In addition, although the strategy employed by a sub-adviser for more than one Fund may be similar, there is no guarantee that the investment results of the strategy employed by the sub-adviser for a Fund will be comparable to those of such strategy employed for any such other Fund for any period of time.

**MONEY MARKET INSTRUMENTS.** Money market instruments are high-quality, short-term debt obligations, which include, but are not limited to: (i) U.S. Government obligations (i.e., a wide range of debt securities that include U.S. Treasury obligations, securities issued or guaranteed by various agencies of the U.S. Government or by various instrumentalities which have been established or sponsored by the U.S. Government); (ii) certain corporate debt securities (e.g., commercial paper and master notes (which are generally understood to be unsecured obligations of a firm, often private and/or unrated, privately negotiated by borrower and lender)); (iii) bank obligations (e.g., certificates of deposit, time deposits and bankers' acceptances); (iv), pass-through certificates or participation interests; (v) short-term taxable municipal securities; (vi) repurchase agreements; and (vii) money market funds (i.e., funds that comply with Rule 2a-7 under the 1940 Act). Money market instruments are generally regarded to be of high quality. However, except for certain U.S. Government obligations, they generally are not backed or insured by the U.S. Government, its agencies or instrumentalities. Accordingly, the creditworthiness of an issuer, or guarantees of that issuer, supports such instruments. In addition, certain money market funds may impose a liquidity fee upon the sale of shares or may temporarily suspend the ability of investors to redeem shares if such fund's liquidity falls below required minimums. The Funds may invest in money market funds that seek to maintain a stable $1.00 NAV

per share or that have a share price that fluctuates. Although a stable share price money market fund seeks to maintain a stable $1.00 NAV per share, it is possible to lose money by investing in such a money market fund. With respect to a floating share price money market fund, because the share price will fluctuate, when a Fund sells its shares in such a fund, the shares may be worth more or less than what the Fund originally paid for them. A money market fund that is not a "government money market fund" may impose a discretionary liquidity fee (up to 2%), if the board of trustees (or its designee) determines it is in the best interests of the fund. A government money market fund is exempt from these discretionary liquidity fees, although the fund may choose to opt-in to the implementation of discretionary liquidity fees. A money market fund that does not qualify as a "government money market fund" or "retail money market fund" must impose a mandatory liquidity fee, if the fund experiences total daily net redemptions that exceed 5% of net assets based on flow information available within a reasonable period after the last computation of the fund's NAV on that day (or such smaller amount of net redemptions as the board or its delegate determines), unless the fee is de minimis (i.e., is less than 0.01% of the value of the shares redeemed). The recent amendments to the rules governing money market funds may affect the investment strategies, performance and operating expenses of money market funds.

**MORTGAGE-BACKED SECURITIES.** Mortgage-backed securities are a type of asset-backed security and represent interests in, or debt instruments backed by, pools of underlying mortgages. In some cases, these underlying mortgages may be insured or guaranteed by the U.S. Government or its agencies. Mortgage-backed securities entitle the security holders to receive distributions that are tied to the payments made on the underlying mortgage collateral (less fees paid to the originator, servicer, or other parties, and fees paid for credit enhancement), so that the payments made on the underlying mortgage collateral effectively pass through to such security holders. Mortgage-backed securities are created when mortgage originators (or mortgage loan sellers who have purchased mortgage loans from mortgage loan originators) sell the underlying mortgages to a special purpose entity in a process called a securitization. The special purpose entity issues securities that are backed by the payments on the underlying mortgage loans, and have a minimum denomination and specific term. The securities, in turn, are either privately placed or publicly offered.

Mortgage-backed securities may be issued or guaranteed by the Government National Mortgage Association (also known as Ginnie Mae ("GNMA"), the Federal National Mortgage Association (also known as Fannie Mae) ("FNMA"), or the Federal Home Loan Mortgage Corporation (also known as Freddie Mac) ("FHLMC"), but also may be issued or guaranteed by other issuers, including private companies. GNMA is a government-owned corporation that is an agency of the U.S. Department of Housing and Urban Development. It guarantees, with the full faith and credit of the United States, full and timely payment of all monthly principal and interest on its mortgage-backed securities. FNMA is a private, shareholder-owned company that purchases both government-backed and conventional mortgages from lenders and securitizes them. FNMA is a congressionally chartered company, although neither its stock nor the securities it issues are insured or guaranteed by the U.S. Government. FHLMC is a publicly chartered agency that buys qualifying residential mortgages from lenders, "repackages" them and provides certain guarantees. FHLMC's stock is owned by savings institutions across the United States and is held in trust by the Federal Home Loan Bank System.

Mortgage-backed securities issued by FHLMC are not guaranteed as to timely payment of interest and principal by the U.S. Government.

On September 7, 2008, FHLMC and FNMA were placed into conservatorship by their new regulator, the Federal Housing Finance Agency ("FHFA"), an agency of the U.S. government, with a stated purpose to preserve and conserve FHLMC's and FNMA's assets and property and to put them in a sound and solvent condition. The U.S. Treasury has made a commitment of indefinite duration to maintain the positive net worth of FHLMC and FNMA in exchange for senior preferred stock and warrants for common stock of the entities. No assurance can be given that the purposes of the conservatorship and related actions under the authority of FHFA will be met or that the U.S. Treasury's initiative will be successful.

The future status and role of FHLMC and FNMA could be impacted by (among other things) the actions taken and restrictions placed on FHLMC and FNMA by the FHFA in its role as conservator, the restrictions placed on FHLMC's and FNMA's operations and activities under stock purchase agreements with the FHFA, market responses to developments at FHLMC and FNMA, and future legislative and regulatory action that alters the operations, ownership, structure, and/or mission of these institutions, each of which may, in turn, impact the value of, and cash flows on, any securities guaranteed by FHLMC and FNMA. The FHFA has indicated that the conservatorship of each enterprise will end when the director of the FHFA determines that FHFA's plan to restore the enterprise to a safe and solvent condition has been completed. The FHFA recently announced plans to consider taking FNMA and FHLMC out of conservatorship. Should FNMA and FHLMC be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock Purchase Agreement, the agreement through which the Treasury provides financial support to FNMA and FHLMC. It is also unclear how the capital structure of FNMA and FHLMC would be constructed post-conservatorship, and what effects, if any, the privatization of FNMA and FHLMC will have on their creditworthiness and guarantees of certain mortgage-backed securities. Accordingly, should the FHFA take FNMA and FHLMC out of conservatorship, there could be an adverse impact on the value of their securities which could cause a Fund's investments to lose value.

Investing in mortgage-backed securities is subject to certain risks, including, among others, prepayment, market and credit risks. Due to these risks, mortgage-backed securities may become more volatile in certain interest rate environments. Prepayment risk reflects the

risk that borrowers may prepay their mortgages more quickly than expected, which may affect the security's average maturity and rate of return. Whether or not a mortgage loan is prepaid is almost entirely controlled by the borrower. Borrowers are most likely to exercise prepayment options at the time when it is least advantageous to investors, generally prepaying mortgages as interest rates fall, and slowing payments as interest rates rise. Besides the effect of prevailing interest rates, the rate of prepayment and refinancing of mortgages also may be affected by home value appreciation, ease of the refinancing process and local economic conditions, among other factors. Market risk reflects the risk that the price of a security may fluctuate over time. The price of mortgage-backed securities can be particularly sensitive to prevailing interest rates, the length of time the security is expected to be outstanding and the liquidity of the issue. In a period of unstable interest rates, there may be decreased demand for certain types of mortgage-backed securities, which in turn may decrease their value. Credit risk reflects the risk that a holder of mortgage-backed securities may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligations. Mortgage-backed securities issued by private issuers, whether or not such obligations are subject to guarantees by the private issuer, may entail greater risk than mortgage-backed securities guaranteed by the U.S. Government. The performance of mortgage-backed securities issued by private issuers generally depends on the financial health of those institutions. The residential mortgage market in the United States recently has experienced difficulties that may adversely affect the performance and market value of certain of the Fund's mortgage-related investments. Delinquencies and losses on residential mortgage loans (especially sub-prime and second-lien mortgage loans) may continue to increase as a result of various economic and other factors, and a decline in or flattening of housing values (as has recently been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Also, a number of residential mortgage loan originators have recently experienced serious financial difficulties or bankruptcy. Owing largely to the foregoing, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen.

*ADJUSTABLE RATE MORTGAGE SECURITIES (ARMS).* ARMS, like traditional fixed rate mortgage-backed securities, represent an ownership interest in a pool of mortgage loans and are issued, guaranteed or otherwise sponsored by governmental or by private entities. Unlike traditional mortgage-backed securities, the mortgage loans underlying ARMS generally carry adjustable interest rates, and in some cases principal repayment rates, that are reset periodically. An adjustable interest rate may be passed-through or otherwise offered on certain ARMS. Investing in ARMS may permit a Fund to participate in increases in prevailing current interest rates through periodic adjustments in the interest rate payments on mortgages underlying the pool on which the ARMS are based. ARMS generally have lower price fluctuations than is the case with more traditional fixed income debt securities of comparable rating and maturity.

The interest rates paid on ARMS generally are readjusted at intervals of one year or less to a rate that is an increment over some predetermined interest rate index, although some securities may have reset intervals as long as five years. There are three main categories of indices: those based on a reference rate (such as Secured Overnight Reference Rare or LIBOR), those based on U.S. Treasury securities and those derived from a calculated measure such as a cost of funds index (indicating the cost of borrowing) or a moving average of mortgage rates. Commonly used indices include the one-, three-, and five-year constant-maturity Treasury rates; the three-month Treasury bill rate; the 180-day Treasury bill rate; rates on longer-term Treasury securities; the 11th District Federal Home Loan Bank Cost of Funds; the National Median Cost of Funds; the prime rate of a specific bank; or commercial paper rates.

In a changing interest rate environment, the reset feature may act as a buffer to reduce sharp changes in the ARMS' value in response to normal interest rate fluctuations. However, the time interval between each interest reset causes the yield on the ARMS to lag behind changes in the prevailing market interest rate. As interest rates are reset on the underlying mortgages, the yields of the ARMS gradually re-align themselves to reflect changes in market rates so that their market values remain relatively stable compared to fixed-rate mortgage-backed securities.

As a result, ARMS also have less risk of a decline in value during periods of rising interest rates than if a Fund invested in more traditional long-term, fixed-rate mortgage-backed securities. However, during such periods, this reset lag may result in a lower NAV until the interest rate resets to market rates. If prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund generally will be able to reinvest these amounts in securities with a higher current rate of return. However, a Fund will not benefit from increases in interest rates to the extent that interest rates exceed the maximum allowable annual or lifetime reset limits (or cap rates) for a particular mortgage-backed security. This is because borrowers with the adjustable rate mortgage loans that are pooled into ARMS generally see an increase in their monthly mortgage payments when interest rates rise which in turn increases their rate of late payments and defaults.

Because an investor is "locked in" at a given interest rate for the duration of the interval until the reset date, whereas interest rates continue to fluctuate, the sensitivity of an ARMS' price to changes in interest rates tends to increase along with the length of the interval. To the extent a Fund invests in ARMS that reset infrequently, the Fund will be subject to similar interest rate risks as when investing in fixed-rate debt securities. For example, a Fund can expect to receive a lower interest rate than

the prevailing market rates (or index rates) in a rising interest rate environment because of the lag between daily increases in interest rates and periodic readjustments.

During periods of declining interest rates, the interest rates on the underlying mortgages may reset downward with a similar lag, resulting in lower yields to a Fund. As a result, the value of ARMS is unlikely to rise during periods of declining interest rates to the same extent as the value of fixed-rate securities do. During periods of rising interest rates, ARMS will be subjected to greater extension risk than fixed-rate mortgage-backed securities. This is because borrowers with adjustable rate loans will generally see their monthly payment obligations increase along with interest rates, with the result being an increase in late payments and defaults.

*Caps and floors.* The underlying mortgages that collateralize ARMS will frequently have caps and floors that limit the maximum amount by which the interest rate to the residential borrower may change up or down (a) per reset or adjustment interval and (b) over the life of the loan. Fluctuations in interest rates above the applicable caps or floors on the ARMS could cause the ARMS to "cap out" and to behave more like long-term, fixed-rate debt securities.

*Negative amortization.* Some mortgage loans restrict periodic adjustments by limiting changes in the borrower's monthly principal and interest payments rather than limiting interest rate changes. These payment caps may result in negative amortization, where payments are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed securities.

*COMMERCIAL MORTGAGE-BACKED SECURITIES.* Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be relatively less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities. The values of, and income generated by, commercial mortgage-backed securities may be adversely affected by changing interest rates and other developments impacting the commercial real estate market, such as population shifts and other demographic changes, increasing vacancies (potentially for extended periods) and reduced demand for commercial and office space as well as maintenance or tenant improvement costs and costs to convert properties for other uses. These developments could result from, among other things, changing tastes and preferences (such as for remote work arrangements) as well as cultural, technological, global or local economic and market developments. In addition, changing interest rate environments and associated changes in lending standards and higher refinancing rates may adversely affect the commercial real estate and commercial mortgage-backed securities markets. The occurrence of any of the foregoing developments would likely increase default risk for the properties and loans underlying these investments as well as impact the value of, and income generated by, these investments. These developments could also result in reduced liquidity for commercial mortgage-backed securities and other real estate-related investments.

MORTGAGE DOLLAR AND U.S. TREASURY ROLLS.

*Mortgage dollar rolls.* In a mortgage dollar roll, a Fund sells or buys mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase or sell substantially similar (same type, coupon, and maturity) securities on a specified future date. During the period between the sale and repurchase (the "roll period"), a Fund forgoes principal and interest payments that it would otherwise have received on the securities sold. A Fund is compensated by the difference between the current sales price, which it receives, and the lower forward price that it will pay for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale.

A Fund is exposed to the credit risk of its counterparty in a mortgage dollar roll or U.S. Treasury roll transaction. A Fund could suffer a loss if the counterparty fails to perform the future transaction or otherwise meet its obligations and the Fund is therefore unable to repurchase at the agreed upon price the same or substantially similar mortgage-backed securities it initially sold. A Fund also takes the risk that the mortgage-backed securities that it repurchases at a later date will have less favorable market characteristics than the securities originally sold (e.g., greater prepayment risk).

A Fund intends to enter into mortgage dollar rolls only with high quality securities dealers and banks as determined by the Adviser or sub-adviser. Although rolls could add leverage to a Fund's portfolio, the Fund does not consider the purchase and/or sale of a mortgage dollar roll to be a borrowing for purposes of the Fund's fundamental restrictions or other limitations on borrowing.

*U.S. Treasury rolls.* In U.S. Treasury rolls, a Fund sells U.S. Treasury securities and buys back "when-issued" U.S. Treasury securities of slightly longer maturity for simultaneous settlement on the settlement date of the "when-issued" U.S. Treasury security. Two potential advantages of this strategy are (1) a Fund can regularly and incrementally adjust

its weighted average maturity of its portfolio securities (which otherwise would constantly diminish with the passage of time); and (2) in a normal yield curve environment (in which shorter maturities yield less than longer maturities) a gain in yield to maturity can be obtained along with the desired extension.

During the period before the settlement date, a Fund continues to earn interest on the securities it is selling. It does not earn interest on the securities that it is purchasing until after the settlement date. The Fund could suffer an opportunity loss if the counterparty to the roll failed to perform its obligations on the settlement date, and if market conditions changed adversely. A Fund will generally enter into U.S. Treasury rolls only with government securities dealers recognized by the Federal Reserve Board or with member banks of the Federal Reserve System.

**MULTI-MANAGER AND MULTI-STYLE MANAGEMENT STRATEGY.** With respect to a Fund that has one or more sub-advisers, performance is dependent upon the Adviser's and sub-advisers' success in implementing the Fund's investment strategies to achieve the Fund's objectives. A Fund's performance will depend significantly on the success of the Adviser's methodology in allocating the Fund's assets to sub-advisers, the Adviser's selection and oversight of the sub-advisers and the sub-advisers' skill in executing the relevant strategy and selecting investments for the Fund. There can be no assurance that the Adviser or sub-advisers will be successful in this regard. The Adviser's and the sub-advisers' judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that the Adviser's or a sub-adviser's judgment will yield the desired results. In addition, although the strategy employed by a sub-adviser for more than one Fund may be similar, there is no guarantee that the investment results of a Fund will be comparable to those of such strategy employed for any such other Fund for any period of time.

**MUNICIPAL SECURITIES.** Municipal securities are generally issued to finance public works such as airports, bridges, highways, housing, hospitals, mass transportation projects, schools, streets, and water and sewer works. They are also issued to repay outstanding obligations, to raise funds for general operating expenses, and to make loans to other public institutions and facilities.

Municipal securities include industrial development bonds issued by or on behalf of public authorities to provide financing aid to acquire sites or construct and equip facilities for privately or publicly owned corporations. The availability of this financing encourages these corporations to locate within the sponsoring communities and thereby increases local employment.

Municipal securities can be classified into two principal categories: "general obligation" bonds and other securities and "revenue" bonds and other securities. General obligation bonds are secured by the issuer's full faith, credit and taxing power for the payment of principal and interest. The issuer must impose and collect taxes sufficient to pay principal and interest on the bonds. However, the issuer's authority to impose additional taxes may be limited by its charter or state law.

Special revenue bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source, such as the user of the facility being financed. Bondholders may not collect from the municipality's general taxes or revenues. For example, a municipality may issue bonds to build a toll road and pledge the tolls to repay the bonds. Therefore, a shortfall in the tolls normally would result in a default on the bonds. Private activity bonds are special revenue bonds used to finance private entities. For example, a municipality may issue bonds to finance a new factory to improve its local economy. The municipality would lend the proceeds from its bonds to the company using the factory, and the company would agree to make loan payments sufficient to repay the bonds. The bonds would be payable solely from the company's loan payments, not from any other revenues of the municipality. Therefore, any default on the loan normally would result in a default on the bonds. Although Fund distributions attributable to interest on private activity bonds generally are not subject to regular federal income tax, such distributions generally are subject to the federal alternative minimum tax. Tax increment financing ("TIF") bonds are payable from increases in taxes or other revenues attributable to projects financed by the bonds. For example, a municipality may issue TIF bonds to redevelop a commercial area. The TIF bonds would be payable solely from any increase in sales taxes collected from merchants in the area. The bonds could default if merchants' sales, and related tax collections, failed to increase as anticipated. Municipal securities also may include "moral obligation" securities, which normally are issued by special purpose public authorities. If the issuer of moral obligation securities is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund, the restoration of which is a moral commitment but not a legal obligation of the governmental entity that created the special purpose public authority.

Investing in municipal securities is subject to certain risks. There are variations in the quality of municipal securities, both within a particular classification and between classifications, and the rates of return on municipal securities can depend on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating of the issue. The ratings of NRSROs represent their opinions as to the quality of municipal securities. It should be emphasized, however, that these ratings are general and are not absolute standards of quality, and municipal securities with the same maturity, interest rate, and rating may have different rates of return while municipal securities of the same maturity and interest rate with different ratings may have the same rate of return.

The payment of principal and interest on most municipal securities purchased by a Fund will depend upon the ability of the issuers to meet their obligations. Each state, each of their political subdivisions, municipalities, and public authorities, as well as the District of Columbia, Puerto Rico, Guam, and the Virgin Islands, is a separate "issuer." An issuer's obligations under its municipal securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the United States Bankruptcy Code. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal securities may be materially adversely affected by litigation or other conditions.

A Fund may purchase municipal securities covered by insurance which guarantees the timely payment of principal at maturity and interest (but not the value of the bonds before they mature) on such securities. These insured municipal securities are either (1) covered by an insurance policy applicable to a particular security, whether obtained by the issuer of the security or by a third party (Issuer-Obtained Insurance) or (2) insured under master insurance policies issued by municipal bond insurers, which may be purchased by the Fund. The premiums for the policies may be paid by the Fund and the yield on the Fund's investments may be reduced thereby.

A Fund may require or obtain municipal bond insurance when purchasing municipal securities which would not otherwise meet the Fund's quality standards. A Fund may also require or obtain municipal bond insurance when purchasing or holding specific municipal securities, when, in the opinion of the Adviser or sub-advisers, such insurance would benefit the Fund (for example, through improvement of portfolio quality or increased liquidity of certain securities). Issuer-Obtained Insurance policies are non-cancelable and continue in force as long as the municipal securities are outstanding and their respective insurers remain in business. If a municipal security is covered by Issuer-Obtained Insurance, then such security need not be insured by the policies purchased by the Fund.

Specific types of municipal securities include municipal bonds, municipal notes and municipal leases:

*MUNICIPAL BONDS.* Municipal bonds are debt obligations of a governmental entity that obligate the municipality to pay the holder a specified sum of money at specified intervals and to repay the principal amount of the loan at maturity.

*CALIFORNIA MUNICIPAL BONDS.* The California Municipal Bond Fund may be particularly affected by political, economic or regulatory developments affecting the ability of California tax-exempt issuers to pay interest or repay principal.

Provisions of the California Constitution and State statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California governmental issuers to maintain debt service on their obligations. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives as well as environmental events could have an adverse effect on the debt obligations of California issuers. The information set forth below constitutes only a brief summary of a number of complex factors that may impact issuers of California Municipal Bonds. The information is derived from sources that are generally available to investors, including, but not necessarily limited to, information promulgated by the State's Department of Finance, the State's Treasurer's Office, and the Legislative Analyst's Office. The information is intended to give a recent historical description and is not intended to indicate future or continuing trends in the financial or other positions of California. Such information has not been independently verified by the Fund, and the Fund assumes no responsibility for the completeness or accuracy of such information. The financial strength of local California issuers and the creditworthiness of obligations issued by local California issuers may not be directly related to the financial strength of the State or the creditworthiness of obligations issued by the State, and there is no obligation on the part of the State to make payment on such local obligations in the event of default.

Certain debt obligations held by the Fund may be obligations of issuers that rely in whole or in substantial part on California state government revenues for the continuance of their operations and payment of their obligations. Whether and to what extent the California Legislature will continue to appropriate a portion of the State's General Fund to counties, cities and their various entities, which depend upon State government appropriations, is not entirely certain. To the extent local entities do not receive money from the State government to pay for their operations and services, their ability to pay debt service on obligations held by the Fund may be impaired.

Certain tax-exempt securities in which the Fund may invest may be obligations payable solely from the revenues of specific institutions, or may be secured by specific properties, which are subject to provisions of California law that could adversely affect the holders of such obligations. For example, the revenues of California health care institutions may be subject to state laws, and California law limits the remedies of a creditor secured by a mortgage or deed of trust on real property.

Relative to other states, California has for many years imposed a very high state and local tax burden on residents. The burden of state and local taxation, in combination with the many other causes of regional economic dislocation, has contributed to the decisions of some businesses and individuals to relocate outside of, or not locate within, California. The economic and

financial condition of the State also may be affected by various financial, social, economic, environmental and political factors. For example, the electronics and technology industry is more central to California's economy than to the national economy, therefore any significant decline in the electronics and technology industry could adversely affect the State's income and employment levels. Furthermore, such financial, social, economic, environmental and political factors can be very complex, may vary from year to year and can be the result of actions taken not only by the State and its agencies and instrumentalities, but also by entities, such as the Federal government, that are not under the control of the State.

California's economy has major components in advanced electronics and computer technology, trade, entertainment, manufacturing, government, tourism, construction and services, and may be sensitive to economic factors affecting those industries.

California has experienced a number of natural disasters in recent years, including devastating wildfires, for which the State has received, and anticipates further receipt of, Federal disaster aid. However, there can be no assurance that anticipated Federal disaster aid will be provided to the State, or that such Federal disaster aid, if provided, will be for the full amount estimated or on the timeline expected.

The spread COVID-19 which began in early 2020 created financial and economic challenges for the State. Efforts to respond to COVID-19 impacted the California economy and contributed to volatility in the markets. Prolonged inflationary pressures and changing interest rates could adversely affect California's economy. It is not possible to predict the long-term environment as it relates to California. Other factors could negatively affect the California economy and the ability of California tax-exempt issuers to pay interest or repay principal. California faces an operating deficit in fiscal year 2025-2026, and it is projected that California will face an operating deficit in each subsequent fiscal year through 2029-30.

In June 2025, the California State Budget for fiscal year 2025-26 was signed into law ("Enacted Budget"). The Enacted Budget projects that General Fund revenues and transfers will be $215.7 billion and expenditures will be $228.4 billion. The Enacted Budget states that the General Fund began fiscal year 2025-26 with a surplus balance of $35.1 billion, and the Enacted Budget sets aside reserves of $15.7 billion. The projected fiscal year 2025-26 General Fund revenues and transfers are 4.9% less than the revised fiscal year 2024-25 estimate, while the projected fiscal year 2025-26 expenditures are 2.2% less than the revised fiscal year 2024-25 estimate. The 2025-26 Enacted Budget includes a package of budgetary solutions intended to address an $11.8 billion budget deficit.

The 2026-2027 proposed budget (the "Governor's Budget") was presented in January 2026 and projected that General Fund revenues and transfers would be $227.4 billion and expenditures would be $248.3 billion. The Governor's Budget projected that the General Fund would begin fiscal year 2026-27 with a surplus balance of $53.4 billion.

The Legislative Analyst's Office ("LAO") released its report on the Governor's Budget in January 2026. In the report, the LAO notes that the Governor's Budget projected that the 2026-2027 proposed budget is roughly balanced, primarily attributing such projection to the Governor's Budget's revenue estimates, which are considerably higher than the LAO's estimates. The LAO notes that theses higher revenue estimates are offset by higher spending. The LAO report also notes that the Governor's Budget projects multi-year deficits, which the LAO believes points to systemic issues regarding the State's financial stability.

Unfunded pension plans continue to add pressure to the State's budget. California's two main public pension funds are CalPERS and CalSTRS. CalPERS and CalSTRS each face significant unfunded future liabilities. Because the State may ultimately be responsible for paying the difference between the benefits paid and the contributions received by CalPERS and CalSTRS, these unfunded liabilities pose a significant risk to the State's fiscal condition. In addition, with more money diverted to pension contributions, the State may have less resources available to meet its debt obligations (including related to debt held by a Fund), which could impact the credit rating and marketability of its municipal bonds.

Moody's, S&P and Fitch assign ratings to California's long-term general obligation bonds, which represent their opinions as to the quality of the municipal bonds they rate. As of January 27, 2026, California's general obligation bonds were assigned ratings of Aa2, AA- and AA by Moody's, S&P and Fitch, respectively. It should be recognized that these ratings are not an absolute standard of quality, but rather general indicators. Such ratings reflect only the view of the originating rating agencies, from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may affect the market price of the State municipal obligations in which the Fund invests.

California is a party to numerous legal proceedings, many of which normally occur in governmental operations and which, if decided against California, might require California to make significant future expenditures or impair future revenue sources.

Constitutional and statutory amendments as well as budget developments may affect the ability of California issuers to pay interest and principal on their obligations. The overall effect may depend upon whether a particular California tax-exempt security is a general or limited obligation bond and on the type of security provided for the bond. It is possible that measures affecting the taxing or spending authority of California or its political subdivisions may be approved or enacted in the future.

*NEW YORK MUNICIPAL BONDS.* The New York Municipal Bond Fund may be particularly affected by political, economic or regulatory developments affecting the ability of New York tax-exempt issuers to pay interest or repay principal. Investors should be aware that certain issuers of New York tax-exempt securities have at times experienced serious financial difficulties. A reoccurrence of these difficulties may impair the ability of certain New York issuers to maintain debt service on their obligations. The following information provides only a brief summary of the complex factors affecting the financial situation in New York and is derived from sources that are generally available to investors, including, but not necessarily limited to, the New York State Division of the Budget and the New York City Office of Management and Budget. The information is intended to give a recent historical description and is not intended to indicate future or continuing trends in the financial or other positions of New York. Such information has not been independently verified by the Fund and the Fund assumes no responsibility for the completeness or accuracy of such information. It should be noted that the creditworthiness of obligations issued by local New York issuers may be unrelated to the creditworthiness of obligations issued by New York City and State agencies, and that there is no obligation on the part of New York State to make payment on such local obligations in the event of default.

Relative to other states, New York has for many years imposed a very high state and local tax burden on residents. The burden of state and local taxation, in combination with the many other causes of regional economic dislocation, has contributed to the decisions of some businesses and individuals to relocate outside of, or not locate within, New York. The economic and financial condition of the State also may be affected by various financial, social, economic, environmental and political factors. For example, the securities industry is more central to New York's economy than to the national economy, therefore any significant decline in stock market performance could adversely affect the State's income and employment levels. Furthermore, such financial, social, economic, environmental and political factors can be very complex, may vary from year to year and can be the result of actions taken not only by the State and its agencies and instrumentalities, but also by entities, such as the Federal government, that are not under the control of the State.

The fiscal stability of New York State is related to the fiscal stability of the State's municipalities, its agencies and authorities (which generally finance, construct and operate revenue-producing public benefit facilities). This is due in part to the fact that agencies, authorities and local governments in financial trouble often seek State financial assistance. In the event that New York City or any of its agencies or authorities suffers serious financial difficulty, the ability of the State, New York City, and the State's political subdivisions, agencies and authorities to obtain financing in the public credit markets, and the market price of outstanding New York tax-exempt securities, may be adversely affected.

State actions affecting the level of receipts and disbursements, the relative strength of the State and regional economies and actions of the Federal government may create budget gaps for the State. Moreover, even an ostensibly balanced budget may still contain several financial risks. These risks include the impact of broad economic factors, additional spending needs, revenues that may not materialize and proposals to reduce spending or raise revenues that have been previously rejected by the Legislature. To address a potential imbalance in any given fiscal year, the State would be required to take actions to increase receipts and/or reduce disbursements as it enacts the budget for that year. Under the State Constitution, the Governor is required to propose a balanced budget each year. There can be no assurance, however, that the Legislature will enact such proposals or that the State's actions will be sufficient to preserve budgetary balance in a given fiscal year or to align recurring receipts and disbursements in future fiscal years. The fiscal stability of the State is related to the fiscal stability of its public authorities. Authorities have various responsibilities, including those that finance, construct and/or operate revenue-producing public facilities. Authorities may issue bonds and notes within the amounts and restrictions set forth in their respective legislative authorization.

Authorities are generally supported by revenues generated by the projects financed or operated, such as tolls charged for use of highways, bridges or tunnels; charges for electric power, electric and gas utility services; rentals charged for housing units and charges for occupancy at medical care facilities. In addition, State legislation authorizes several financing techniques for authorities. Also, there are statutory arrangements providing for State local assistance payments otherwise payable to localities, to be made under certain circumstances directly to the authorities. Although the State has no obligation to provide additional assistance to localities whose local assistance payments have been paid to authorities under these arrangements, if

local assistance payments are diverted the affected localities could seek additional State assistance. Some authorities also receive monies from State appropriations to pay for the operating costs of certain of their programs.

Over the near and long term, New York State and New York City may face economic problems. New York City accounts for a large portion of the State's population and personal income, and New York City's financial health affects the State in numerous ways. New York City continues to require significant financial assistance from the State and depends on State aid to both enable it to balance its budget and to meet its cash requirements. The State could also be affected by the ability of the City to market its securities successfully in the public credit markets.

The State has experienced a number of natural disasters, for which the State has received Federal disaster aid. There can be no assurance that any anticipated Federal disaster aid will be provided to the State in the future, or that such Federal disaster aid, if provided, will be for the full amount estimated or on the timeline expected.

There are significant risks to the State's economic forecast, including, but not limited to, the effects of: general economic and business conditions; changes in political, social, economic, and environmental conditions, including climate change and extreme weather events; national and international events; ongoing financial risks in the Euro Zone; major terrorist events, hostilities or war; changes in consumer confidence, oil supplies and oil prices; cyber security threats; Federal statutory and regulatory changes concerning financial sector activities; severe epidemic or pandemic events; impediments to the implementation of gap-closing actions; regulatory initiatives and compliance with governmental regulations; litigation; Federal tax law changes; actions by the Federal government to reduce or disallow expected aid, including Federal aid authorized or appropriated by Congress but subject to sequestration, administrative actions, or other actions that would reduce aid to the State; shifts in monetary policy affecting interest rates and the financial markets; credit rating agency actions; financial and real estate market developments which may adversely affect bonus income and capital gains realizations; tech industry developments and employment; effect of household debt on consumer spending and State tax collections; outcomes of litigation and other claims affecting the State; and various other events, conditions and circumstances.

The spread of COVID-19 which began in early 2020 created financial and economic challenges for the State. Efforts to respond to COVID-19 impacted the New York economy and contributed to volatility in the markets. Prolonged inflationary pressures and changing interest rates could adversely affect New York's economy. It is not possible to predict the long-term environment as it relates to New York.

The budget for fiscal year 2025-26 ("Enacted Budget") forecasts total General Fund tax revenues of approximately $103.9 billion, an increase of $4.3 billion from fiscal year 2024-25. These receipts are expected to include $72.6 billion in personal income tax ("PIT") revenues and $18.7 billion in consumption/use tax receipts. Against these revenues, the Enacted Budget provides for approximately $125.5 billion in General Fund expenditures, an increase of $15.5 billion from fiscal year 2024-25. The Enacted Budget projects that the closing balance of the General Fund at the end of fiscal year 2025-26 will be approximately $44.9 billion, nearly $12 billion below the 2024-2025 closing balance.

In January 2025, the Governor released the proposed budget for FY 2027 ("Executive Budget") The estimated total General Fund receipts for the Executive Budget are projected to be $121.9 billion for FY 2027. These receipts are expected to include $119.4 billion in tax receipts. Against these revenues and transfers, the Executive Budget is expected to include approximately $126.8 billion in General Fund disbursements, which is offset by a projected opening General Fund balance of $52.0 billion.

In January 2026, an Executive Budget Financial Plan was issued, which includes projections for FYs 2026 through 2030 ("Financial Plan"). The Updated Financial Plan projects balanced budgets in FY 2026 and 2027 and budget gaps of $6.0 billion in FY 2028, $9.0 billion in FY 2029, and $12.5 billion in FY 2030. The budget gaps are the result of a structural imbalance between the forecasted levels of spending growth and available resources. Budget gaps represent the difference between: (a) the projected General Fund disbursements, including transfers to other funds, needed to maintain anticipated service levels and specific commitments; and (b) the expected level of resources to pay for them.

New York City has the largest population of any city in the U.S., and it is obligated to maintain a complex, varied and aging infrastructure. The City bears responsibility for more school buildings, firehouses, health facilities, community colleges, roads, bridges, libraries, and police precincts than any other municipality in the country.

New York City's general debt limit, as provided in the New York State Constitution, is 10 percent of the five-year rolling average of the full value of taxable City real property. The City's FY 2026 general debt-incurring power of $140.6 billion is projected to increase to $145.8 billion in FY 2027, to $151.8 billion in FY 2028, and to $158.6 billion by FY 2029. The City's general obligation debt outstanding was $46.7 billion as of June 30, 2025. After including contract and other liability and adjusting for appropriations, the City's indebtedness that is counted toward the debt limit was $44.4 billion below the debt-

incurring limit as of July 1, 2025. The City is projected to have remaining debt-incurring capacity of $37.4 billion on July 1, 2026, $32.1 billion on July 1, 2027 and $26.9 billion on July 1, 2028.

In addition to general obligation bonds, the City maintains several additional credits, including bonds issued by the New York City Transitional Finance Authority ("NYCTFA") and Tobacco Settlement Asset Securitization Corporation ("TSASC"). At the end of FY 2025, NYCTFA debt backed by personal income tax revenues accounted for $55.6 billion of debt. In July 2009, the State Legislature granted NYCTFA the authority to issue additional debt for general capital purposes. This additional borrowing above the initial $13.5 billion limit is secured by personal income tax revenues and counted under the City's general debt limit. In April 2024 the State legislature granted NYCTFA the authority to increase the total amount of outstanding NYCTFA bonds backed by tax revenues above the City's general debt limit to $21.5 billion beginning on July 1, 2024, and, in connection with fiscal year 2026 budget legislation, $30.5 billion on July 1, 2025. Starting July 1, 2024, these revised thresholds are considered when calculating New York City's indebtedness within the debt limit. In addition to this capacity, the NYCTFA is authorized to issue up to $9.4 billion of Building Aid Revenue Bonds (BARBs) for education purposes. As of the end of FY 2025, there were $7.5 billion of BARBs outstanding. Debt service for these bonds is supported by State building aid revenues. As of June 30, 2025, TSASC debt totaled $879 million. The growth in NYC debt outstanding has increased from $69.5 billion to $104.1 billion over recent years.

As of January 27, 2026, New York State's general obligation bonds are rated AA+, Aa1, and AA+ by S&P, Moody's, and Fitch, respectively. As of January 27, 2026, New York City's general obligation debt was rated AA by S&P, Aa2 by Moody's, and AA- by Fitch. It should be recognized that these ratings are not an absolute standard of quality, but rather general indicators. Such ratings reflect only the view of the originating rating agencies, from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency originally establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the market price of the State municipal obligations in which the Fund invests.

*MUNICIPAL NOTES.* Municipal notes may be issued by governmental entities and other tax-exempt issuers in order to finance short-term cash needs or, occasionally, to finance construction. Most municipal notes are general obligations of the issuing entity payable from taxes or designated revenues expected to be received within the relevant fiscal period. Municipal notes generally have maturities of one year or less. Municipal notes can be subdivided into two sub-categories: (i) municipal commercial paper and (ii) municipal demand obligations.

Municipal commercial paper typically consists of very short-term unsecured negotiable promissory notes that are sold, for example, to meet seasonal working capital or interim construction financing needs of a governmental entity or agency. While these obligations are intended to be paid from general revenues or refinanced with long-term debt, they frequently are backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks or institutions.

Municipal demand obligations can be subdivided into two general types: variable rate demand notes and master demand obligations. Variable rate demand notes are tax-exempt municipal obligations or participation interests that provide for a periodic adjustment in the interest rate paid on the notes. They permit the holder to demand payment of the notes, or to demand purchase of the notes at a purchase price equal to the unpaid principal balance, plus accrued interest either directly by the issuer or by drawing on a bank letter of credit or guaranty issued with respect to such note. The issuer of the municipal obligation may have a corresponding right to prepay at its discretion the outstanding principal of the note plus accrued interest upon notice comparable to that required for the holder to demand payment. The variable rate demand notes in which a Fund may invest are payable, or are subject to purchase, on demand usually on notice of seven calendar days or less. The terms of the notes generally provide that interest rates are adjustable at intervals ranging from daily to six months. A Fund treats demand instruments as short-term securities, because their variable interest rate adjusts in response to changes in market rates, even though their stated maturity may extend beyond thirteen months.

Master demand obligations are tax-exempt municipal obligations that provide for a periodic adjustment in the interest rate paid and permit daily changes in the amount borrowed. The interest on such obligations is, in the opinion of counsel for the borrower, excluded from gross income for federal income tax purposes (but not necessarily for alternative minimum tax purposes). Although there is no secondary market for master demand obligations, such obligations are not considered by a Fund to be illiquid because they are payable upon demand.

*MUNICIPAL LEASES.* Municipal lease obligations are participations in privately arranged loans to state or local government borrowers. In general, such loans are unrated, in which case they will be determined by the Adviser or sub-advisers to be of comparable quality at the time of purchase to rated instruments that may be acquired by a Fund. Frequently, privately arranged loans have variable interest rates and may be backed by a bank letter of credit. In other cases, they may be unsecured or may be

secured by assets not easily liquidated. Moreover, such loans in most cases are not backed by the taxing authority of the issuers and may have limited marketability or may be marketable only by virtue of a provision requiring repayment following demand by the lender.

Although lease obligations do not constitute general obligations of the municipal issuer to which the government's taxing power is pledged, a lease obligation ordinarily is backed by the government's covenant to budget for, appropriate, and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses that provide that the government has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a periodic basis. In the case of a "non-appropriation" lease, a Fund's ability to recover under the lease in the event of non-appropriation or default likely will be limited to the repossession of the leased property in the event that foreclosure proves difficult.

*MUNICIPAL HOUSING BONDS.* Municipal Housing Bonds are municipal bonds issued by state and municipal authorities established to purchase single family and other residential mortgages from commercial banks and other lending institutions within the applicable state or municipality. Generally, the authorities are not entitled to state or municipal appropriations from general tax revenues. As a result, and because investors in Municipal Housing Bonds receive repayments of principal as the underlying mortgages are paid prior to maturity, the yields obtainable on such Bonds exceed those of other similarly rated Municipal Bonds. As most Municipal Housing Bonds are secured only by the mortgages purchased, bonds used to purchase mortgages that are either insured by the Federal Housing Administration (the "FHA") or guaranteed by the U.S. Department of Veterans Affairs (the "VA") will have less risk of loss of principal than bonds used to purchase comparable mortgages that are not insured by the FHA or guaranteed by the VA. There may be similar factors affecting the mortgagor's ability to maintain payments under the underlying mortgages regardless of the bond's geography. Such factors could include changes in national and state policies relating to transfer payments such as unemployment insurance and welfare, and adverse economic developments, particularly those affecting less skilled and low income workers.

**NON-DIVERSIFICATION STATUS.** The California Municipal Bond Fund and the New York Municipal Bond Fund are non-diversified, which generally means that they may invest a greater percentage of their total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Funds could affect the overall value of the Funds more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Funds' value will likely be more volatile than if they were diversified funds.

**PREFERRED SECURITIES.** Preferred securities represent an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other securities such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The rights of preferred securities on the distribution of a corporation's assets in the event of liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred shares are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than those of larger companies.

**PRIVATE PLACEMENTS AND OTHER RESTRICTED SECURITIES.** Private placement securities are securities that have been privately placed and are not registered under the Securities Act of 1933, as amended (the "1933 Act"). They are eligible for sale only to certain eligible investors. Private placements often may offer attractive opportunities for investment not otherwise available on the open market. Private placement and other "restricted" securities often cannot be sold to the public without registration under the 1933 Act or the availability of an exemption from registration (such as Rules 144 or 144A), or they are "not readily marketable" because they are subject to other legal or contractual delays in or restrictions on resale.

Private placements typically may be sold only to qualified institutional buyers (or, in the case of the initial sale of certain securities, such as those issued in CDOs or CLOs, to accredited investors (as defined in Rule 501(a) under the 1933 Act)), or in a privately negotiated transaction or to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met pursuant to an exemption from registration.

Investing in private placement and other restricted securities is subject to certain risks. Private placements may be considered illiquid investments. Private placements typically are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, a Fund could find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held. At times, it also may be more difficult to determine the fair value of such securities for purposes of computing a Fund's NAV due to the absence of a trading market.

**QUANTITATIVE INVESTMENT STRATEGY RISK.** A Fund may invest in securities using a quantitative process. The success of this strategy depends on the effectiveness of the process in screening securities for inclusion in the Fund's portfolios. The factors used in the quantitative analysis and the weight placed on these factors may not be predictive of a security's value. The impact of risk and quantitative metrics on a security's performance can be difficult to predict, and securities that previously possessed certain desirable characteristics may not continue to demonstrate those same characteristics in the future. Relying on risk and quantitative models entails the risks that the models themselves may be limited or incorrect, that the data on which the models rely may be incorrect or incomplete, and that the Adviser may not be successful in selecting securities for investment or determining the weighting of particular securities in the Fund. Any of these factors could cause the Fund to underperform funds with similar strategies that do not select stocks through the use of risk-based and/or quantitative models. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional and economic developments. These risks are generally greater for investments in emerging markets.

**REAL ESTATE INVESTMENT TRUSTS.** Real estate investment trusts, or REITs, are pooled investment vehicles that own, and usually operate, income-producing real estate. Some REITs also finance real estate. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations. REITs are typically not diversified and are heavily dependent on cash flow.

An investment in a REIT is subject to the risks that impact the value of the underlying assets of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for preferential treatment under the Internal Revenue Code of 1986, as amended (the "Code"), local, state, national or international economic conditions and real estate market conditions (such as oversupply of real estate for rent or sale or vacancies, potentially for extended periods), reduced demand for commercial and office space as well as increased maintenance or tenant improvement costs and costs to convert properties for other uses, and default risk and credit quality of tenants and borrowers. REITs are also subject to default by borrowers and self-liquidation, and are heavily dependent on cash flow. Real estate income and values may also be affected by demographic trends, such as population shifts or changing tastes, preferences (such as remote work arrangements) and social values. REITs are subject to the same risks as direct investments in real estate and the real estate market generally. As a result, the value of a REIT may also decline due to, among other factors, adverse conditions in the real estate market and management, variations in rental income, development or occupancy rates of the underlying properties, which may also be subject to the risk of default. In addition, economic downturns, tightening lending standards and increased interest and lending rates, developments adverse to the real estate markets, and other developments that limit or reduce the activities of and demand for residential or commercial retail and office spaces adversely impact the value of, and income generated by, such securities. Some REITs lack diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property and are subject to the risks affecting those types of properties or areas to a greater extent than a REIT with more diversified investments. Mortgage REITs may be impacted by the quality of the credit extended, inflation, and changes in market interest rates.

**ROYALTY TRUSTS.** Royalty trusts are structured similarly to REITs. A royalty trust generally acquires an interest in natural resource companies or chemical companies and distributes the income it receives to the investors of the royalty trust. A part or all of the income distributed to investors may be tax deferred.

**REPURCHASE AGREEMENTS.** Repurchase agreements are agreements under which a Fund acquires a security for a relatively short period of time subject to the obligation of a seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund's cost plus interest). Repurchase agreements also may be viewed as loans made by the Fund that are collateralized by the securities subject to repurchase. Such transactions are monitored to ensure that the value of the underlying securities will be at least equal at all times to the total amount of the repurchase obligation, including any accrued interest.

Repurchase agreements generally are subject to counterparty risk. If a counterparty defaults, a Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of the sale are less than the resale price provided in the repurchase agreement including interest. In the event that a counterparty fails to perform because it is insolvent or otherwise subject to insolvency proceedings against it, a Fund's right to take possession of the underlying securities would be subject to applicable insolvency law and procedure, including an automatic stay (which would preclude immediate enforcement of the Fund's rights) and exemptions thereto (which would permit the Fund to take possession of the underlying securities or to void a repurchase agreement altogether). Since it is possible that an exemption from the automatic stay would not be available, the Fund might be prevented from immediately enforcing its rights against the counterparty. Accordingly, if a counterparty becomes insolvent or otherwise subject to insolvency proceedings against it, the Fund may incur delays in or be prevented from liquidating the underlying securities and could experience losses, including the possible decline in value of the underlying securities during the period in which the Fund seeks to enforce its rights thereto, possible subnormal levels of income or lack of access to income during such time, as well as the costs incurred in enforcing the Fund's rights.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require its direct participants (which generally would be a bank or broker-dealer) to submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which the direct participant is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement.

Market participants, absent an exemption, will be required to clear Treasury repo transactions under the rule as of June 30, 2027. The clearing mandate is expected to result in a Fund being required to clear all or substantially all of its Treasury repo transactions as of the compliance date, and a Fund may incur costs in connection with entering into new agreements (or amending existing agreements) with direct participants of a CCA and potentially other market participants and taking other actions to comply with the new requirements. In addition, upon the compliance date taking effect, the costs and benefits of entering into Treasury repo transactions to the Fund may be impacted as compared to Treasury repo transactions the Fund may enter prior to the compliance date.

**REVERSE REPURCHASE AGREEMENTS.** In a reverse repurchase agreement, a Fund sells a security and agrees to repurchase the same security at a mutually agreed upon date and price reflecting the interest rate effective for the term of the agreement. Under a reverse repurchase agreement, the Fund continues to receive any principal and interest payments on the underlying security during the term of the agreement. Reverse repurchase agreements involve the risk that the market value of the portfolio securities transferred may decline below the price at which a Fund is obliged to purchase the securities. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

**SHORT SALES.** A short sale is a transaction in which a Fund borrows and sells a security (e.g., in anticipation that the market price of that security will decline). When a Fund makes a short sale, it must borrow the security sold short. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. If the price of the security sold short increases between the time of the short sale and the time that the Fund closes out the short sale, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling as a hedge for a Fund's portfolio securities may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. Short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment (which losses are theoretically unlimited).

To the extent that a Fund engages in short sales, it will post collateral to satisfy its margin obligations in connection with the short sale. A Fund will not sell securities short unless it maintains, or has a right to acquire, an offsetting long position in an equal amount of such securities. Short selling may accelerate the recognition of gains.

**SMALL AND MEDIUM CAPITALIZATION STOCKS.** Many small and mid-capitalization companies ("Small and Mid-Cap Companies") will have had their securities publicly traded, if at all, for only a short period of time and will not have had the opportunity to establish a reliable trading pattern through economic cycles. Investing in small and mid-capitalization stocks may involve greater risk than investing in large capitalization stocks and more established companies, since they can be subject to greater volatility. The price volatility of Small and Mid-Cap Companies is relatively higher than larger, more mature companies. The greater price volatility of Small and Mid-Cap Companies may result from the fact that there may be less market liquidity, less information publicly available or few investors who monitor the activities of these companies. Further, in addition to exhibiting greater volatility, the stocks of Small and Mid-Cap Companies may, to some degree, fluctuate independently of the stocks of large companies. That is, the stocks of Small and Mid-Cap Companies may decline in price as the price of large company stocks rise or vice versa. In addition, the market prices of these securities may exhibit more sensitivity to changes in industry or general economic conditions. Some Small and Mid-Cap Companies will not have been in existence long enough to experience economic cycles or to know whether they are sufficiently well managed to survive downturns or inflationary periods. Further, a variety of factors may affect the success of a company's business beyond the ability of its management to prepare or compensate for them, including domestic and international political developments, government trade and fiscal policies, patterns of trade and war or other military conflict which may affect particular industries, markets or the economy generally.

**STANDBY COMMITMENTS**. Standby commitments are securities under which a purchaser, usually a bank or broker/dealer, agrees to purchase, for a fee, an amount of a Fund's municipal obligations. The amount payable by a bank or broker/dealer to purchase securities subject to a standby commitment typically will be substantially the same as the value of the underlying municipal securities. A Fund may pay for standby commitments either separately in cash or by paying a higher price for portfolio securities that are acquired subject

to such a commitment. Using standby commitments is subject to certain risks. Standby commitments are subject to the risk that a counterparty will not fulfill its obligation to purchase securities subject to a standby commitment.

**STRIPPED SECURITIES*.*** Stripped securities are securities that evidence ownership in either the future interest or principal payments on an instrument. There are many different types and variations of stripped securities. For example, Separate Trading of Registered Interest and Principal Securities ("STRIPs") can be component parts of a U.S. Treasury security where the principal and interest components are traded independently through DTC, a clearing agency registered pursuant to Section 17A of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and created to hold securities for its participants, and to facilitate the clearance and settlement of securities transactions between participants through electronic computerized book-entries, thereby eliminating the need for physical movement of certificates. Treasury Investor Growth Receipts ("TIGERs") are Treasury securities stripped by brokers. Stripped mortgage-backed securities, or SMBS, also can be issued by the U.S. Government or its agencies. SMBS usually are structured with two or more classes that receive different proportions of the interest and principal distributions from a pool of mortgage-backed assets. Common types of SMBS will be structured so that one class receives some of the interest and most of the principal from the mortgage-backed assets, while another class receives most of the interest and the remainder of the principal. Investing in stripped securities is subject to certain risks. If the underlying obligations experience greater than anticipated prepayments of principal, a Fund may fail fully to recoup its initial investment in such securities. The market value of the class consisting primarily or entirely of principal payments can be especially volatile in response to changes in interest rates. The rates of return on a class of SMBS that receives all or most of the interest are generally higher than prevailing market rates of return on other mortgage-backed obligations because their cash flow patterns also are volatile and there is a greater risk that the initial investment will not be recouped fully.

**STRUCTURED INVESTMENTS.** Structured investments are interests in entities organized and operated solely for the purpose of restructuring the investment characteristics of a security or securities and then issuing that restructured security. Restructuring involves the deposit with, or purchase by, an entity (such as a corporation or trust) of specified instruments and the issuance by that entity of one or more classes of securities (structured investments) backed by, or representing interests in, the underlying instruments.

Subordinated classes typically have higher yields and present greater risks than unsubordinated classes. The extent of the payments made with respect to structured investments is dependent on the extent of the cash flow on the underlying instruments.

Certain issuers of structured investments may be deemed to be "investment companies" as defined in the 1940 Act. As a result, a Fund's investment in these structured investments may be limited by the restrictions contained in the 1940 Act. Please also refer to the "Investment in Other Investment Companies" section above. The risks associated with investing in a structured investment are usually tied to the risks associated with investing in the underlying instruments and securities. The risks will also depend upon the comparative subordination of the class held by a Fund, relative to the likelihood of a default on the structured investment. To the extent that a Fund is exposed to default, the Fund's structured investment may involve risks similar to those of high-yield debt securities. Structured investments typically are sold in private placement transactions, and there currently is no active trading market for structured investments. To the extent such investments are illiquid, they will be subject to the limitation on illiquid investments. These entities typically are organized by investment banking firms that receive fees in connection with establishing each entity and arranging for the placement of its securities. A Fund will indirectly pay its portion of these fees in addition to the fees associated with the creation and marketing of the underlying instruments and securities. If an active investment management component is combined with the underlying instruments and securities in the structured investment, there may be ongoing advisory fees which the Fund's shareholders would indirectly pay.

**U.S. GOVERNMENT SECURITIES.** U.S. Government securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. Treasury, such as U.S. Treasury bills, notes, and bonds;

&nbsp;&nbsp;&nbsp;&nbsp;• notes, bonds and discount notes issued or guaranteed by U.S. Government agencies and instrumentalities
supported by the full faith and credit of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;• notes, bonds and discount notes of U.S. Government agencies or instrumentalities which receive or have
access to federal funding; and

&nbsp;&nbsp;&nbsp;&nbsp;• notes, bonds and discount notes of other U.S. Government instrumentalities supported by the credit of
the instrumentalities.

Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the GNMA, are supported by the full faith and credit of the United States; others, such as securities issued by FHLMC, FNMA and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. However, these securities may be supported by the ability to borrow from the U.S. Treasury or by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. On September 7, 2008, the FHFA was appointed to be the conservator of FHLMC and FNMA for an indefinite period. As conservator, the FHFA will control and oversee the entities until the FHFA deems them financially sound and solvent, and the U.S. Department of Treasury has attempted to enhance the ability of these entities to meet their obligations. The U.S. Government and its agencies and instrumentalities do not guarantee the market value of their securities;

consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the United States Congress to increase the statutory debt ceiling. If the United States Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Funds, which could have a material negative impact on the Funds.

**TEMPORARY INVESTMENTS.** A Fund may hold cash or money market instruments, or take other defensive investment positions, when the Adviser or sub-advisers: (i) are unable to locate favorable investment opportunities; (ii) determine that a temporary defensive position is advisable or necessary in order to meet anticipated redemption requests, in order to manage large cash inflows, or minimize potential losses during adverse market, economic, political, or other conditions or for other reasons; or (iii) are implementing a revised investment strategy for a given Fund. When a Fund engages in such strategies, it may not achieve its investment objective and such strategies may be inconsistent with a Fund's principal investment strategies. During these times, the portfolio managers may make frequent portfolio holding changes, which could result in increased trading expenses and taxes, and decreased Fund performance.

**VARIABLE RATE DEMAND NOTES.** Variable rate demand notes are long-term corporate debt instruments that have variable or floating interest rates and provide a Fund with the right to tender the security for repurchase at its stated principal amount plus accrued interest. Such securities typically bear interest at a rate that is intended to cause the securities to trade at par. The interest rate may float or be adjusted at regular intervals (ranging from daily to annually), and is normally based on an interest rate index or a published interest rate. Many variable rate demand notes allow a Fund to demand the repurchase of the security on not more than seven days prior notice. Other notes only permit a Fund to tender the security at the time of each interest rate adjustment or at other fixed intervals.

**WARRANTS AND RIGHTS.** Warrants give a Fund the option to buy the issuer's stock or other equity securities at a specified price. A Fund may buy the designated shares by paying the exercise price before the warrant expires. Warrants may become worthless if the price of the stock does not rise above the exercise price by the expiration date. Rights are the same as warrants, except they are typically issued to existing stockholders.

**WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS.** These transactions are made to secure what is considered to be an advantageous price or yield. Settlement dates may be a month or more after entering into these transactions, and the market values of the securities purchased may vary from the purchase prices. Other than normal transaction costs, no fees or expenses are incurred. These assets are marked to market daily and are maintained until the transaction has been settled.

**ZERO COUPON, PAY-IN-KIND AND STEP-COUPON SECURITIES.** Zero coupon bonds are bonds sold at a discount to their stated value and do not pay any periodic interest. Pay-in-kind securities normally give the issuer an option to pay cash at a coupon payment date or give the holder of the security a similar security with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made. Step-coupon securities trade at a discount from their face value and pay coupon interest. The coupon rate is paid according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issue.

Generally, the market prices of zero coupon, step coupon and pay-in-kind securities are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than other types of debt securities having similar maturities and credit quality. Under many market conditions, investments in zero coupon, step-coupon and pay-in-kind securities may be illiquid, making it difficult for a Fund to dispose of them or to determine their current value.

**ADDITIONAL RISKS.** In addition to the risks described in the Prospectus and above, each Fund is subject to the following risks:

**REGULATORY EVENTS.** Legal, tax and regulatory changes could occur that may adversely affect each Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies.

The potential impact of future legal, tax and regulatory changes on securities held and strategies pursued by each Fund is unknown. There can be no assurance that such changes will not have an adverse effect on the value or marketability of securities held by each Fund or the investment strategies pursued by each Fund. Furthermore, no assurance can be made that the U.S. government or any U.S. regulatory body (or other authority or regulatory body) will not take legislative or regulatory action at any time, and the effect of such actions, if taken, cannot be known.

**MARKET AND GEOPOLITICAL EVENTS.** Economies and financial markets throughout the world are increasingly interconnected. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to (among other developments) changes in general market conditions, overall economic trends or events, governmental actions or intervention, armed conflicts, terrorist activities, political and geopolitical developments, actions taken by the Fed or other central banks, market disruptions caused by trade

disputes or other events or circumstances, natural disasters, rapid inflation, supply chain disruptions, international sanctions, a pandemic or other public health crisis, investor sentiment and uncertainty, U.S. government statutory debt ceiling negotiations and uncertainty and other factors that may or may not be related to the issuer of the security or other asset. Among other adverse developments, changes in international trading patterns and policies actual or threatened impositions of tariffs (including those imposed by the U.S. or foreign governments), trade barriers, trade wars, and other protectionist or retaliatory measures may result in greater price volatility of investments, and investment losses. Such events or circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected by such events or circumstances, the value and liquidity of a Fund's investments may be negatively affected. Market volatility, dramatic interest rate moves and/or unfavorable economic conditions may lower a Fund's performance or impair a Fund's ability to achieve its investment objective (also referred to as investment goals).

Any of the foregoing events could materially and adversely affect the Adviser's ability to source, manage and divest investments on behalf of a Fund and pursue the Fund's investment objective and strategies.

**CYBER SECURITY AND OPERATIONAL RISK.** With the increasing use of the Internet and technology, including cloud-based technology as well as artificial intelligence, blockchain and similar technologies, in connection with the Funds' operations and generally, a Fund and its service providers, vendors, counterparties, or clients, and other third parties are susceptible to greater operational and information security risks resulting from breaches in cyber security and operational failures and outages and other risks generally associated with the use of such technologies. These risks include, among other things, theft, misuse and loss of confidential and proprietary information, data corruption, and operational disruption and information security vulnerabilities. Cyberattacks may include the use of stolen access credentials, malware or other computer viruses, ransomware, phishing, structured query language injection attacks, and distributed denial of service attacks. Cyberattacks against or security breakdowns of a Fund or its service providers may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses, the inability of Fund shareholders to transact business, inability to calculate the Fund's NAV, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance and remediation costs. Further, substantial cost may be incurred in order to seek to prevent future cyber incidents. There can be no assurance that a Fund will not suffer losses relating to cyberattacks or other information security breaches in the future. Cyber security risks and risks associated with the use of artificial intelligence, blockchain and similar technologies may also impact issuers of securities in which a Fund invests, which may cause the Fund's investment in such issuers to lose value. The Funds and their shareholders could be negatively impacted as a result. In addition, because the Funds work closely with third-party service providers (e.g., custodians), cyber security breaches at such third-party service providers or trading counterparties may subject a Fund's shareholders to the same risks associated with direct cyber security breaches. Further, cyber security breaches at an issuer of securities in which the Funds invest may similarly negatively impact a Fund's shareholders because of a decrease in the value of these securities. These incidents could result in adverse consequences for such issuers and may cause a Fund's investment in such securities to lose value. There can be no assurances that risk management systems and business continuity policies designed to reduce the risks associated with cyber security breaches and other operational disruptions will be successful, and the Funds do not control the cyber security and operational systems of issuers or third-party service providers, and certain security breaches may not be detected. The Funds and their service providers, as well as exchanges and market participants through or with which the Funds trade and other infrastructures on which the Funds or their service providers rely, are also subject to the risks associated with technological and operational disruptions or failures arising from, for example, processing errors and human and technological errors, inadequate or failed internal or external processes, failures in systems and technology, errors in algorithms used with respect to the Funds, changes in personnel, errors caused by third parties or trading counterparties and legal, regulatory and compliance risks associated with use of such technologies. Moreover, technological developments, such as the use of cloud-based service providers and/or services and the integration of artificial intelligence, blockchain and similar technologies in systems and operations, create new risks that are difficult to assess and anticipate. In addition, any controls in place designed to mitigate such risks may be ineffective and the use of these technologies may change over time, which may present new risks and vulnerabilities. As a result, a Fund may experience adverse consequences, such as operational errors, from such use of artificial intelligence and similar technologies. In addition, there are inherent limitations to these plans and systems, and certain risks may not yet be identified, and new risks may emerge in the future. The Funds and their respective shareholders could be negatively impacted as a result of any security breaches or operational disruptions and may bear certain costs tied to such events.

**INFLATION.** The Funds are subject to the risk that the present value of assets or income from investments will be worth less in the future as inflation decreases the purchasing power and value of money. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change). A Fund's investments may not keep pace with inflation, which would generally adversely affect the real value of shareholders' investment in the Fund.

*In addition, the name, investment objective and/or policies of the Fund may be similar to other funds or strategies advised by the Adviser or its affiliates. However, the investment results of the Fund may be higher or lower than, and there is no guarantee that the investment results of the Fund will be comparable to, any such other funds or accounts for any period of time.* 

**INVESTMENT RESTRICTIONS**

**FUNDAMENTAL LIMITATIONS**

The following investment limitations are fundamental and cannot be changed unless approved by a majority of the outstanding shares of the Corporation. The term "majority of outstanding shares" as defined by the 1940 Act means the vote of the lesser of (i) 67% or more of the shares of the Corporation present at a meeting, if the holders of more than 50% of the outstanding shares of the Corporation are present or represented by proxy, or (ii) more than 50% of the outstanding shares of the Corporation. The Funds may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except to the extent permitted by the 1940 Act, or any applicable rules, regulations or
exemptive orders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;2. Make loans of cash, securities or other assets, except to the extent permitted by the 1940 Act, or any
applicable rules, regulations, or exemptive orders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;3. Act as an underwriter of securities of other issuers, except insofar as a Fund may be deemed an underwriter
under the 1933 Act, as amended, in disposing of a portfolio security.

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell real estate, except that any of the Funds may: (i) purchase or sell securities or instruments
of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein; (ii) purchase or sell securities
or instruments that are secured by real estate or interests therein; (iii) purchase or sell real estate mortgage loans; and (iv) hold
and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of securities or instruments
which are secured by real estate or interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell physical commodities, except that any of the Funds may: (i) purchase and sell securities
or instruments of companies that purchase or sell commodities or that invest in such products; and (ii) purchase, sell or enter into transactions
involving currencies, forward contracts, options, swap contracts, futures contracts and options thereon, hybrid instruments, and other
derivative instruments relating to indices or individual commodities.

&nbsp;&nbsp;&nbsp;&nbsp;6. Issue senior securities, except to the extent permitted by the 1940 Act or any applicable rules, regulations
or exemptive orders thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;7. Invest 25% or more of the value of each Fund's total assets in any particular industry. In addition,
the Municipal Bond Fund may not invest 25% or more of the value of its total assets in industrial development bonds or other securities,
the interest on which is paid from revenues of similar type projects. This limitation does not apply to (i) securities or loans issued
or guaranteed by the U.S. Government or any of its agencies or instrumentalities and repurchase agreements secured by them or securities
issued by state or municipal governments and their political subdivisions; and (ii) securities of investment companies to the extent permitted
by the 1940 Act or any applicable rules, regulations or exemptive orders.

&nbsp;&nbsp;&nbsp;&nbsp;8. With respect to each Fund other than the California Municipal Bond Fund and New York Municipal Bond Fund,
purchase securities of any one issuer (other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities
or of other investment companies) if, as a result, (i) more than 5% of the value of the Fund's total assets will be invested in
the securities of such issuer or (ii) more than 10% of the outstanding voting securities of such issuer would be owned by the Fund, except
that up to 25% of the value of the Fund's total assets may be invested without regard to such 5% and 10% limitations.

&nbsp;&nbsp;&nbsp;&nbsp;9. With respect to the Municipal Bond Fund, invest less than 80% of net assets plus investment borrowings,
under normal circumstances, in investments the income from which is exempt from federal income tax, but not necessarily the federal alternative
minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;10. With respect to the California Municipal Bond Fund, invest less than 80% of net assets plus investment
borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax and California income tax,
but not necessarily the federal alternative minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;11. With respect to the New York Municipal Bond Fund, invest less than 80% of net assets plus investment borrowings,
under normal circumstances, in investments the income from which is exempt from federal income tax and New York income tax, but not necessarily
the federal alternative minimum tax.

**NON-FUNDAMENTAL LIMITATIONS**

The following are additional investment limitations of the Funds, which are "non-fundamental" and may be changed with Board approval.

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds may not invest more than 15% of the market value of each Fund's net assets in illiquid
investments including repurchase agreements maturing in more than seven days.

&nbsp;&nbsp;&nbsp;&nbsp;2. Pursuant to SEC Rule 35d-1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Large Cap Strategies Fund will invest, under normal circumstances, at least 80% of its net assets,
including any borrowings for investment purposes, in equity securities of large capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Small & Mid Cap Strategies Fund will invest, under normal circumstances, at least 80% of
its net assets, including borrowings for investment purposes, in securities of small and medium capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Total Equity Fund will invest, under normal circumstances, at least 80% of its net assets, including
any borrowings for investment purposes, in equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Credit Income Fund will invest, under normal circumstances, at least 80% of its net assets, including
any borrowings for investment purposes, in credit instruments and derivative instruments that are linked to, or provide investment exposure
to, credit instruments, including short exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Fixed Income Fund will invest, under normal circumstances, at least 80% of its net assets, plus borrowings
for investment purposes, in fixed income securities including corporate, asset-backed, mortgage-backed, and U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Short-Term Bond Fund will invest, under normal circumstances, at least 80% of its net assets, including
any borrowings for investment purposes, in investment-grade fixed income securities including sovereign, corporate, asset-backed, and
U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Municipal Bond Fund will invest, under normal circumstances, at least 80% of its net assets, plus
borrowings for investment purposes, in municipal bonds.

Shareholders will receive 60 days' prior notice of any changes to these policies.

For the fundamental and non-fundamental limitations described above, if a percentage restriction is adhered to at the time an investment is made, a later change in percentage resulting from changes in the value of a Fund's investment securities will not be considered a violation of a Fund's restrictions. With regard to the borrowings limitation in fundamental limitation (1), the Funds will comply with the applicable restrictions of Section 18 of the 1940 Act.

**WHO MANAGES THE FUNDS?**

**DIRECTORS AND OFFICERS**

The Board of Directors of the Corporation (the "Board" or the "Directors") is responsible for managing the Corporation's business affairs and for exercising all of the Corporation's powers except those reserved for the shareholders. In addition, the Board reviews contractual arrangements with companies that provide services to the Corporation and reviews the Funds' performance.

Information about each Board member and each Officer of the Corporation is provided below and includes the following: name, address, age, present position(s) held with the Corporation, term of office and length of time served, principal occupations for the past five years, number of portfolios overseen by a Director in the Fund Complex, and total compensation received as a Director of the Corporation for its most recent fiscal year. The Corporation is comprised of eight funds.

**Officers.** The table below sets forth certain information about each of the Fund's Officers, as of December 31, 2025.

**OFFICERS OF THE CORPORATION**

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and<br> Age** | **Position(s) Held<br> with Funds** | **Term of Office;<br> Term Served in <br> Office** | **Principal Occupation(s)<br> During Past 5 Years** |
| David W. Rossmiller <br> 1271 Avenue of the Americas <br> New York, NY 10020<br> Age: 68 | President & Chief Executive Officer | Indefinite; 13 Years | Managing Director and Chief of Portfolio Management, Bessemer Trust Company, N.A. (Since 2010). |
| Nicola R. Knight <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 63 | Secretary; Chief Legal Officer | Indefinite; Chief Legal Officer 5 Years; Secretary, 2 Years | Managing Director of Bessemer Trust Company, N.A. (Since 2020); Principal and Associate Counsel of Bessemer (Since 2007). |
| Matthew A. Rizzi <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 52 | Vice President & Treasurer | Indefinite; 11 Years | Managing Director and Controller - Alternative Investments and Mutual Funds (Since 2020); Principal and Head of Fund Accounting, Bessemer Trust Company, N.A. (Since 2018); Principal and Head of Trust Accounting and Fees, Bessemer Trust Company, N.A. (2015-2017). |
| Ritu Gupta<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 45 | Chief Compliance Officer | Indefinite; 4 Years | Principal and Head of Investment Management and Core Compliance Programs, Bessemer Trust Company, N.A. (Since January 2025); Principal and Director of Investment Management Compliance, Bessemer Trust Company, N.A. (Since March 2021); Vice President, Brown Brothers Harriman & Co. (2005-2021). |
| Brian Jordan<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 32 | Vice President & Assistant Treasurer | Indefinite; Since July 2025 | Senior Vice President and Senior Fund Accounting Manager (Since 2021). Audit Manager, Deloitte & Touche (2017-2021). |
| Hardik B. Patel<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 43 | Vice President & Assistant Treasurer | Indefinite; 5 Years | Principal and Director of Fund Accounting (Since January 2025); Senior Vice President and Accounting Manager, Bessemer Trust Company, N.A. (Since 2021); Vice President and Accounting Manager, Bessemer Trust Company, N.A. (2017-2020); Associate Vice President and Accounting Manager, Bessemer Trust Company, N.A. (2015-2017). |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and<br> Age** | **Position(s) Held<br> with Funds** | **Term of Office;<br> Term Served in<br> Office** | **Principal Occupation(s)<br> During Past 5 Years** |
| Lee Hirsch<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 37 | Anti-Money Laundering Compliance Officer | Indefinite; 1 Year | Senior Vice President and Director of AML/BSA/OFAC Compliance, Bessemer Trust Company, N.A. (Since August 2024) |
| Paul Driscoll<br> 118 Flanders Road<br> Westborough, MA 01581<br> Age: 41 | Vice President & Assistant Treasurer | Indefinite; 1 Year | Vice President, BNY Mellon ("BNY"), Fund Accounting Treasury (Since March 2019) |
| Christina Morse<br> 240 Greenwich Street<br> New York, NY10286<br> Age: 61 | Assistant Secretary | Indefinite; 1 Year | Senior Vice President, BNY, Regulatory Administration (Since July 2023); Vice President, BNY, Regulatory Administration (2014-2023) |

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**Directors.** The following tables set forth certain information about the Funds' Directors, as of December 31, 2025. Each Director serves for an indefinite term and until a successor is elected and qualified or until resignation or until such Director reaches the age of retirement, as set forth in the Corporation's By-Laws. Information for the Directors who are not "interested persons" of the Corporation, as that term is defined under the 1940 Act (the "Independent Directors"), appears separately from the information for any "interested" Director.

**INTERESTED DIRECTORS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and<br> Age** | **Position(s)<br> Held with<br> Funds** | **Term of Office<br> and Length of<br> Time Served as<br> a Director of<br> the<br> Corporation<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5 Years** | **Number<br> of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by<br> Director** | **Other<br> Directorships<sup>2</sup> Held by<br> Director<br> During Past 5<br> Years** |
| Michael A. Marquez<sup>3</sup> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 52 | Director | Indefinite term;<br> 1 Year | President - Client Advisory and Wealth Advisory of Bessemer Trust Company, N.A. (since April 2025-Present); President of The Bessemer Group, Incorporated (since 2025), and President of Bessemer Investor Services, LLC (since 2025). Mr. Marquez also serves as a Director of Bessemer Investor Services, LLC (since 2019) and Director of Bessemer Insurance Advisors Inc. (since February 2026-Present). He was Chief Operating Officer of Bessemer Trust, N.A. from 2017-2025. | 10 | 0 |
| Patrick Darcy<sup>3</sup> 1271 Avenue of the Americas <br> New York, NY 10020 <br> Age: 56 | Director | Indefinite term; 2 Years | Managing Director, Chief Information Security Officer and Head of Corporate Operations of Bessemer (since 2022), Managing Director (2020-2021); Principal and Information Security Officer (2013-2018) | 10 | 0 |

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**INDEPENDENT DIRECTORS**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, and<br> Age** | **Position(s)<br> Held with<br> Funds** | **Term of Office<br> and Length of<br> Time Served as<br> a Director of<br> the<br> Corporation<sup>1</sup>** | **Principal<br> Occupation(s)<br> During Past 5 Years** | **Number<br> of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by<br> Director** |
| Alexander Ellis III<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 76 | Chairman & Director | Indefinite term; 12 Years | Managing Partner, New Energy Development Co. (2020-Present); Member, Abnaki Group, LLC, (2017-Present); General Partner, Rockport Capital Partners (2000-2023). | 101<sup>4</sup> |
| R. Keith Walton<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 61 | Director | Indefinite term; 9 Years | Managing Director, Lafayette Square Holding (October 2020-Present); Senior Adviser & Venture Partner, Plexo LLC (March 2017-October 2020); Senior Adviser, Vatic Labs LLC (May 2018-July 2019). | 106<sup>5</sup> |
| Daphne H. Foster<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 68 | Director | Indefinite term; 2 Years | Chief Finance Officer, Global Partners LP (2013-2021). | 101<sup>6</sup> |
| Diane Durnin<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> Age: 69 | Director | Indefinite term; Since October 2025 | Managing Director - Head of Product<br> Strategy and Development, BNY<br> Mellon Investment Management<br> (investment management firm)<br> (2012-2018); Vice Chairman – The<br> Dreyfus Corporation (2005 – 2018). | 101<sup>7</sup> |

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<sup>1</sup> Each Director's term of office is subject to a mandatory retirement provision of the Corporation's By-Laws, which may be amended from time to time.

<sup>2</sup> Directorships held during the last five years in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

<sup>3</sup> Directors who are or may be deemed "interested persons" (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer (as defined below) are referred to as Interested Directors. Mr. Marquez is deemed an Interested Director by virtue of his position as President — Client Advisory and Wealth Advisory of Bessemer Trust Company, N.A., President of The Bessemer Group, Incorporated, and President of Bessemer Investor Services, LLC. Mr. Marquez also serves as a Director of Bessemer Investor Services, LLC and Director of Bessemer Insurance Advisors Inc. Mr. Darcy is deemed an Interested Director by virtue of his position as Managing Director, Chief Information Security Officer and Head of Corporate Operations of Bessemer.

<sup>4</sup> Mr. Ellis has served as Director of Clean Diesel Technologies Inc.

<sup>5</sup> Mr. Walton serves, or has served, as Director of the following entities: Blue Crest Capital Management, LLC Funds; Global Infrastructure Partners; Systematica Investment Limited; Zweig Fund Inc.; Zweig Total Return Fund Inc.; and Virtus Funds.

<sup>6</sup> Ms. Foster has served as Director of Global Partners LP.

<sup>7</sup> Ms. Durnin serves as a Director of the Pioneer Family of Funds, over 40 funds across the mutual fund complex including open end, closed end, interval and variable annuities.

**<u>Additional Information Concerning Our Board of Directors</u>**

*The Role of the Board*

The Board provides oversight of the management and operations of the Corporation. Like all mutual funds, the day-to-day responsibility for the management and operation of the Corporation is the responsibility of various service providers to the Corporation, such as the Adviser, the sub-advisers, the distributor, administrator, custodian, and transfer agent, each of whom are discussed in greater detail in this SAI. The Board has appointed various senior individuals of certain of these service providers as officers of the Corporation, with responsibility for monitoring and reporting to the Board on the Corporation's operations and affairs. In conducting this oversight, the Board receives regular or periodic reports from its officers and service providers. For example, the Treasurer or Assistant Treasurer reports as to financial reporting matters and the President and other investment personnel report on the performance of the Funds. The Board has appointed a Chief Compliance Officer who administers the Corporation's compliance program and regularly reports to the Board as to compliance matters. These reports are provided as part of formal "Board Meetings" which are typically held quarterly, and typically in person, and involve the Board's review of recent operations. In addition, various members of the Board also may meet with management in less formal settings, between formal "Board Meetings", to discuss various topics. In all cases, however, the role of the Board and of any individual Director is one of oversight and not of management of the day-to-day affairs of the Corporation.

*Board and Leadership Structure*

The Board has structured itself in a manner that it believes allows it to appropriately perform its oversight function given the particular characteristics and circumstances of the Corporation. It has established two standing committees, an Audit Committee, and a Governance and Nominating Committee, which are discussed in greater detail below under "*Committees"*. Presently, two-thirds of the members of the Board are Independent Directors, which are Directors that "interested persons" of the Adviser, the Funds' sub-advisers, or the Funds' principal underwriter (as that term is defined in the 1940 Act), and each of the Audit and the Governance and Nominating Committee are comprised entirely of Independent Directors. The Chairman of the Board is an Independent Director. The Board has determined not to combine the Chairman position and the principal executive officer position and has appointed the Managing Director of the Adviser and Chief of Portfolio Management of Bessemer as the President of the Corporation. The Board reviews its structure and the structure of its Committees annually. In developing this structure, the Board has considered that substantially all shareholders of the Funds are clients of affiliates of the Adviser and that the Funds are used as investment options for such clients. The Board has also determined that the structure of the Independent Chairman, the composition of the Board, and the function and composition of its various Committees are appropriate means to address any potential conflicts of interest that may arise. The Board may at any time and in its discretion change this leadership structure.

*Board Oversight of Risk Management*

As part of its oversight function, the Board receives and reviews various risk management reports and assessments and discusses these matters with appropriate management and other personnel. In addition, because risk management is a broad concept comprised of many disparate elements (such as, for example, investment risk, liquidity risk, issuer and counterparty risk, compliance risk, operational risks, business continuity risks, etc.) the oversight of different types of risks is handled in different ways. For example, the Audit Committee meets with the Treasurer and the Corporation's independent public accounting firm to discuss, the internal control structure of the Corporation's financial reporting function. In addition to these reports, from time to time the Board receives reports from senior officers of the Adviser and its affiliates, from the Funds' sub-advisers, the administrator of the Corporation's liquidity risk management program and the Corporation's derivatives risk manager, as well as from the Adviser's internal audit department as to enterprise risk management. The Board may at any time and in its discretion change how it administers its risk oversight function.

*Information about Each Director's Qualifications, Experience, Attributes or Skills*

The Board believes that each of the Directors has the appropriate qualifications, experience, attributes and skills ("Director Attributes") to render their duties as Directors of the Corporation in light of the Corporation's business and structure. Each of the Directors has substantial business and professional backgrounds that demonstrate their respective ability to critically review, evaluate and assess information provided to them. Examples of these business and professional experiences are set forth in the charts above. In addition, certain Directors have served on boards of organizations other than the Corporation, as well as having served on the Board of the Corporation for the number of years shown above. They each therefore have substantial board experience and, in their service to the Corporation, have gained substantial insight as to the operations of the Corporation. The Governance and Nominating Committee annually conducts a "self-assessment" wherein the effectiveness of the Board and individual Directors is evaluated.

In addition to the information provided in the charts above, certain additional information concerning each particular Director and their Director Attributes is set forth below. The information provided below, and in the chart above, is not all-inclusive. Many Director Attributes involve intangible elements, such as intelligence, work ethic, the ability to work together, the ability to communicate effectively and the ability to exercise judgment, ask incisive questions, manage people and develop solutions to problems. The Governance and Nominating Committee has determined that the Directors have the appropriate attributes and experience to serve effectively as Directors of the Corporation.

Mr. Ellis' Director Attributes include his investment and executive experience with Rockport Capital Partners, a multi-stage venture capital firm that invests in the areas of alternative and traditional energy, mobility and sustainability. His Director Attributes also include his experience of serving on boards of a number of other entities. Mr. Ellis was also an executive at BayCorp Holdings, Kenetech Corporation and Knoll International. Mr. Ellis serves as Chairman of the Board and Chairman of the Governance and Nominating Committee. Mr. Ellis serves as a member of the Audit Committee and has been designated to serve as an "audit committee financial expert" for the Corporation based on his financial background.

Ms. Foster's Director Attributes include her financial background as the Chief Finance Officer, Treasurer, and Treasury Manager of Global Partners LP. Ms. Foster's Director Attributes also include her experience serving on the board of Global Partners LP. Ms. Foster serves as a member of the Audit Committee and Governance and Nominating Committee. Ms. Foster has been designated to serve as an "audit committee financial expert" for the Corporation based on her financial background.

Mr. Walton's Director Attributes include knowledge and business experience resulting from his positions as Vice President of Arizona State University and Alcoa. His Director Attributes also include his experience serving as a director of a number of registered investment companies. Mr. Walton serves as Chair of the Audit Committee and as a member of the Governance and Nominating Committee and the Board's Pricing Committee and Compliance liaison. Mr. Walton has been designated to serve as an "audit committee financial expert" for the Corporation based on his financial background.

Ms. Durnin's Director Attributes include her knowledge and business experience as Head of Product Strategy and Development at BNY Mellon Investment Management. Ms. Durnin's Director Attributes also include her experience serving as a director of a number of registered investment companies. Ms. Durnin serves as a member of the Audit Committee and Governance and Nominating Committee. Ms. Durnin has been designated to serve as an "audit committee financial expert" for the Corporation based on her financial background.

Mr. Marquez's Director Attributes include his knowledge and executive experience, resulting from his senior position as President — Client Advisory and Wealth Advisory of Bessemer Trust Company, N.A., President of The Bessemer Group, Incorporated, and President of Bessemer Investor Services, LLC. His Director Attributes also include his experience serving as a Director of Bessemer Investor Services, LLC. Mr. Marquez is able to impart to the Board key information relating to the clients, products, operations, personnel, and financial resources of Bessemer and its affiliates. The Board believes that this information is valuable in its oversight of the Corporation.

Mr. Darcy's Director Attributes include knowledge and financial services experience resulting from his senior position at Bessemer, an affiliate of the Adviser. His Director attributes also include his experience serving as the Chief Information Officer and Head of Corporate Operations of Bessemer. In this regard, Mr. Darcy's significant experience with an emphasis on information and cyber security and operations would provide the Board with a wealth of practical experience and knowledge in these critical areas. The Board believes that enhancing its information and cyber security expertise is valuable in its oversight of the Corporation.

Reference to the experience, qualifications, attributes and skills of Directors do not constitute holding out of the Board or any Director as having special expertise and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

***Committees***

 ****

The Board has an Audit Committee, consisting of Messrs. Ellis and Walton and Mses. Durnin and Foster. The Board has adopted a written charter for the Audit Committee. Each member of the Audit Committee is not an "interested person," as that term is defined in the 1940 Act, of the Corporation. As set forth in its charter, the primary duties of the Corporation's Audit Committee are: (1) to recommend to the Board auditors to be retained for the next fiscal year; (2) to meet with the Corporation's independent auditors as necessary; (3) to consider the effect upon each Fund of any changes in accounting principles or practices proposed by the Adviser or the auditors; (4) to review the fees charged by the auditors for audit and non-audit services; (5) to investigate improprieties or suspected improprieties in Fund operations and (6) to report its activities to the full Board on a regular basis and to make such recommendations with respect to the above and other matters as the Audit Committee may deem necessary or appropriate. The Audit Committee met three times during the fiscal year ended October 31, 2025.

The Board has a Governance and Nominating Committee, consisting of Messrs. Ellis and Walton and Mses. Durnin and Foster. The Board has adopted a written charter for the Governance and Nominating Committee. Each member of the Governance and Nominating Committee is not an "interested person" as term is defined in the 1940 Act. of the Corporation. The Governance and Nominating Committee's primary responsibilities are to nominate Director candidates when there is a vacancy on the Board, to oversee the structure, compensation and operation of the Board and to review the performance of the Corporation's Chief Compliance Officer. The Governance and Nominating Committee may consider nominees from shareholders when nominating Director candidates. The Governance and Nominating Committee met three times during the fiscal year ended October 31, 2025. To submit a recommendation for nomination as a candidate for a position on the Board, shareholders of the Funds must mail such recommendation to the Corporation's Secretary, Nicola R. Knight, at Bessemer Investment Management, LLC, 1271 Avenue of the Americas, New York, NY 10020. Such shareholder recommendations must include the following information: (1) the name of the proposed nominee and such proposed nominee's principal occupation(s) during the past five years; (2) whether such shareholder believes any such proposed nominee is, or is not, an "interested person" of the Corporation, as defined in the 1940 Act; and (3) a statement, based on the shareholder's reasonable belief at the time, as to the qualifications and attributes that make the proposed nominee an appropriate candidate for election to the Board. Such shareholder recommendations must also include the following information as to the shareholder giving notice the recommendation and any proposed nominee: (1) the series and number of all shares of stock or other securities of the Corporation or any affiliate thereof (collectively, the "Company Securities"), if any, which are owned (beneficially or of record) by such shareholder or proposed nominee, the date on which each such Company Security was acquired and the investment intent of such acquisition; the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such shareholder or proposed nominee; and (3) the name and address of such shareholder giving the notice and any proposed nominee, the name and address of such shareholder, as they appear on the Corporation's stock ledger, and the current name and business address, if different, of any proposed nominee. In order to for any nomination to be properly brought before an annual or special meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the secretary of the Corporation. To be timely, a shareholder's notice shall set forth all information as specified in the Corporation's By-Laws and shall be delivered to the Corporation's Secretary at the principal executive office of the Corporation at a reasonable time before the Corporation begins to print and mail its proxy statement.

***Fund Ownership***

 ****

The table below shows the dollar range of equity securities owned beneficially by each Director in the Funds and in any registered investment company overseen by the Directors within the same family of investment companies for the calendar year ended December 31, 2025 stated as one of the following dollar ranges: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <u>Daphne H. Foster</u> | <u>Diane Durnin</u> | <u>Patrick</u><br> <u>Darcy</u> | <u>R. Keith</u><br> <u>Walton</u> | <u>Alexander</u><br> <u>Ellis III</u> | <u>Michael A. Marquez</u> |
| *All Cap Core Fund* |  |  |  |  | Over $100,000 | Over $100,000 |
| *Large Cap Strategies Fund* |  |  |  | $10001-$50000 | Over $100,000 |  |
| *Small & Mid Cap Strategies Fund* |  |  |  | $10001-$50000 |  | $50001-$100000 |
| *Total Equity Fund* | Over $100,000 |  |  |  |  |  |
| *Credit Income Fund* | Over $100,000 |  |  |  | $50001-$100000 |  |
| *Fixed Income Fund* |  |  |  |  | Over $100,000 |  |
| *Short-Term Bond Fund* |  |  |  |  |  |  |
| *Municipal Bond Fund* |  |  |  |  | Over $100,000 |  |
| *California Municipal Bond Fund* |  |  |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| *New York Municipal Bond Fund* |  |  | Over $100,000 |
| *Aggregate Dollar Range of Securities in Fund Complex* | Over $100,000 | $50001-$100000 | Over $100,000 |

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None of the Independent Directors or their immediate family members own securities of the investment adviser, sub-advisers or the distributor of the Funds, or a person directly or indirectly controlling, controlled by, or under common control with the investment adviser, sub-advisers or the distributor of the Funds.

***Board Compensation***

 ****

The Independent Directors receive from the Corporation an annual retainer of $240,000 plus $30,000 for the Board's Chairperson, and $15,000 for the Audit Committee Chairperson.

In addition, each Independent Director also receives reimbursement of all out-of-pocket expenses relating to attendance at Board and committee meetings. Interested Directors, officers or employees of BIM and BNY do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis on net assets.

The table below sets forth the compensation received by each Director from the Corporation for the fiscal year ended October 31, 2025. Officers who are officers or employees of the Adviser or BNY do not receive compensation from the Corporation.

**FISCAL YEAR ENDED OCTOBER 31, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Director** | **Aggregate<br> Compensation<br> from the Funds** | **Pension or<br> Retirement<br> Benefits Accrued as<br> a Part of Fund<br> Expenses** | **Estimated<br> Annual <br> Benefits Upon<br> Retirement** | **Total<br> Compensation<br> from the<br>Funds and<br> Fund<br>Complex<br> Paid to<br> Directors** |
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |
| Alexander Ellis III | $270000 | 0 | 0 | $270000 |
| Patricia L. Francy<sup>(1)</sup> | $255000 | 0 | 0 | $255000 |
| R. Keith Walton | $240000 | 0 | 0 | $240000 |
| Daphne Foster | $240000 | 0 | 0 | $240000 |
| Diane Durnin | $0 | 0 | 0 | $0 |
| (1) Patricia L. Francy retired effective October 14, 2025. | (1) Patricia L. Francy retired effective October 14, 2025. | (1) Patricia L. Francy retired effective October 14, 2025. | (1) Patricia L. Francy retired effective October 14, 2025. | (1) Patricia L. Francy retired effective October 14, 2025. |
| **Interested Directors** | **Interested Directors** | **Interested Directors** | **Interested Directors** | **Interested Directors** |
| Michael A. Marquez | $0 | 0 | 0 | $0 |
| Patrick Darcy | $0 | 0 | 0 | $0 |

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**Control Persons and Principal Holders of Securities.** As of January 30, 2026, NAIDOT & Co., acting in various capacities for numerous accounts, was the owner of record of 5% or more of the following Funds' outstanding shares:

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| | | |
|:---|:---|:---|
| NAIDOT & Co.<br> c/o Bessemer Trust Company<br> 100 Woodbridge Center Drive<br> Woodbridge, NJ 07095-1162 | All Cap Core Fund | 98.61% |
| NAIDOT & Co.<br> c/o Bessemer Trust Company<br> 100 Woodbridge Center Drive<br> Woodbridge, NJ 07095-1162 |  |  |
| NAIDOT & Co.<br> c/o Bessemer Trust Company<br> 100 Woodbridge Center Drive<br> Woodbridge, NJ 07095-1162 | Large Cap Strategies Fund | 97.73% |
| NAIDOT & Co.<br> c/o Bessemer Trust Company<br> 100 Woodbridge Center Drive<br> Woodbridge, NJ 07095-1162 |  |  |
|  | Small & Mid Cap Strategies Fund | 98.36% |
|  | Total Equity Fund | 99.95% |
|  | Credit Income Fund | 99.41% |

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| | |
|:---|:---|
| Fixed Income Fund | 99.36% |
| Short-Term Bond Fund | 99.28% |
| Municipal Bond Fund | 99.36% |
| California Municipal Bond Fund | 99.99% |
| New York Municipal Bond Fund | 99.90% |

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\* NAIDOT & Co., as the owner of 25% or more of the outstanding shares of each of the Funds listed above, may be presumed to "control" (as that term is defined in the 1940 Act) such Funds. As a result, NAIDOT & Co. could have the ability to vote a majority of the shares of the respective Fund and thus may have a significant impact on any matter requiring the approval of shareholders of such Fund.

As of January 30, 2026, the Directors and officers of the Corporation, as a group, owned less than 1% of the outstanding shares of each of the Funds as of such date.

**Code of Ethics.** The Corporation, the Adviser and the sub-advisers have each adopted a Code of Ethics under Rule 17j-1 of the 1940 Act. The Codes of Ethics for these entities (the "Codes") restrict the personal investing activities of certain Access Persons (as defined in Rule 17j-1) and others, as defined in the Codes. The primary purpose of the Codes is to ensure that these investing activities do not disadvantage the Funds. Such Access Persons are generally required to pre-clear security transactions (which may include securities purchased by the Funds) with the entities' Compliance Officer or his designee and to report all transactions on a regular basis. The Compliance Officer or designee has the responsibility for interpreting the provisions of the Codes, for adopting and implementing Procedures for the enforcement of the provisions of the Codes, and for determining whether a violation has occurred. In the event of a finding that a violation has occurred, the Compliance Officer or designee shall take appropriate action. The Corporation, the Adviser and the sub-advisers have developed procedures for administration of the Codes.

**INVESTMENT ADVISER AND SUB-ADVISERS**

The Adviser manages the Funds' assets, including buying and selling portfolio securities, and supervises sub-advisers who are responsible for making the day-to-day investment decisions for a portion of a Fund's assets. The Funds' investment adviser is Bessemer Investment Management LLC, a wholly-owned subsidiary of Bessemer, which is a national banking association.

The Adviser is responsible for all duties and obligations under the Funds' investment advisory agreement entered into between the Adviser and the Corporation (the "Advisory Contract"). For its services under the Advisory Contract, the Adviser receives an advisory fee from each Fund, computed daily and payable monthly, in accordance with the following schedule:

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| | | | |
|:---|:---|:---|:---|
|  | **First<br> $500<br> million of<br> average<br> net assets** | **Second $500<br> million to $1<br> billion of<br> average<br> net assets** | **Average<br> net assets<br> exceeding<br> $1 billion** |
| All Cap Core Fund | 0.75% | 0.70% | 0.65% |
| Total Equity Fund | 0.80% | 0.75% | 0.70% |
| Credit Income Fund | 0.65% | 0.60% | 0.55% |
| Fixed Income Fund | 0.45% | 0.40% | 0.35% |
| Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| California Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| New York Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
|  | **Average<br> net assets** |  |  |
| Small & Mid Cap Strategies Fund | 0.85% |  |  |
| Short-Term Bond Fund | 0.32% |  |  |
|  | **First $1.25<br> billion of<br> average<br> net assets** | **Second $1.25<br> billion to<br> $2.5<br> billion of<br> average<br> net assets** | **Average<br>net<br> assets<br> exceeding<br> $2.5<br> billion** |
| Large Cap Strategies Fund | 0.90% | 0.85% | 0.80% |

---

The Adviser has contractually committed through October 31, 2028 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses, if any, of the All Cap Core Fund at 0.95%, the Fixed Income Fund at 0.57%, the Municipal Bond Fund at 0.57%, the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Large Cap Strategies Fund at 1.10%, the Total Equity Fund at 0.98%, the California Municipal Bond Fund at 0.57%, the New York Municipal Bond Fund at 0.57%, and the Short-Term Bond Fund at 0.37%. This commitment may be changed or terminated at any time with the approval of the Board. The Adviser may choose voluntarily to reimburse a portion of its advisory fee at any time. See "Fees Paid by the Funds for Services" for payments to the Adviser over the last three fiscal years.

Under the Advisory Contract, the Adviser shall not be liable to the Corporation, the Funds, or any Fund shareholder for any losses that may be sustained in the purchase, holding, or sale of any security or for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties imposed upon it by its contract with the Corporation. Under the Advisory Contract, the Adviser also shall not be liable for any act or omission of any sub-adviser, except for failure to exercise good faith in the employment of a sub-adviser and for failure to exercise appropriate supervision of such sub-adviser, and as may otherwise be agreed in writing.

The Adviser has also retained BlackRock Financial Management, Inc. ("BlackRock") as a sub-adviser to the Credit Income Fund pursuant to a sub-advisory agreement between the Adviser and BlackRock agreed to and accepted by the Corporation (the "BlackRock Sub-Advisory Contract"). Pursuant to the BlackRock Sub-Advisory Contract, BlackRock will, subject to the supervision of the Adviser and the Board and in accordance with the investment objective and policies of the Fund and applicable laws and regulations, make investment decisions with respect to the purchases and sales of portfolio securities and other assets, the amount of which is determined by the Adviser from time to time. Under the BlackRock Sub-Advisory Contract, the Adviser pays BlackRock from the advisory fees it receives from the Credit Income Fund. BlackRock is a wholly-owned subsidiary of BlackRock, Inc.

The Adviser has also retained Sands Capital Management, LLC ("Sands Capital"), as a sub-adviser to the Large Cap Strategies Fund pursuant to a sub-advisory agreement between the Adviser and Sands Capital agreed to and accepted by the Corporation (the "Sands Sub-Advisory Contract"). Pursuant to the Sands Sub-Advisory Contract, Sands Capital will, subject to the supervision of the Adviser and the Board and in accordance with the investment objective and policies of the Fund and applicable laws and regulations, make investment decisions with respect to the purchases and sales of portfolio securities and other assets, the amount of which is determined by the Adviser from time to time. Under the Sands Sub-Advisory Contract, the Adviser pays Sands Capital from the advisory fees it receives from the Large Cap Strategies Fund. The Adviser has also retained Sands Capital as a sub-adviser to the Total Equity Fund pursuant to a sub-advisory agreement between the Adviser and Sands Capital agreed to and accepted by the Corporation (the "Sands Capital Total Equity Fund Sub-Advisory Contract"). Pursuant to the Sands Capital Total Equity Fund Sub-Advisory Contract, Sands Capital will, subject to the direction and control of the Adviser and the Board and in accordance with the investment objective and policies of the Fund and applicable laws and regulations, deliver a model portfolio to the Adviser. The Adviser pays Sands Capital from the advisory fee it receives from the Total Equity Fund. Sands Capital's fee is based on the Fund's assets that are allocated to the sub-adviser's model portfolio strategy.

Sands Capital is an independent investment management firm, ultimately controlled by Frank M. Sands, Sands Capital's CEO and CIO. Frank M. Sands controls Sands Capital by virtue of his position as, among other things, trustee, manager, or officer, respectively, of various intermediate holding entities and trusts through which voting or management rights with respect to Sands Capital are held and/or exercised.

The Adviser has also retained Aikya Investment Management Limited ("Aikya") as a sub-adviser to the Large Cap Strategies Fund pursuant to a sub-advisory agreement between the Adviser and Aikya, agreed to and accepted by the Corporation (the "Aikya Sub-Advisory Contract"). Pursuant to the Aikya Sub-Advisory Contract, Aikya will, subject to the supervision of the Adviser and the Board and in accordance with the investment objective and policies of the Large Cap Strategies Fund, respectively, and applicable laws and regulations, make investment decisions with respect to the purchases and sales of portfolio securities and other assets, the amount of which is determined by the Adviser from time to time. Under the Aikya Sub-Advisory Contract, the Adviser pays Aikya from the advisory fees it receives from the Large Cap Strategies Fund. The Adviser has also retained Aikya as a sub-adviser to the Total Equity Fund pursuant to a sub-advisory agreement between the Adviser and Aikya, agreed to and accepted by the Corporation (the "Aikya Total Equity Fund Sub-Advisory Contract"). Pursuant to the Aikya Total Equity Fund Sub-Advisory Contract, Aikya will, subject to the direction and control of the Adviser and the Board and in accordance with the investment objective and policies of the Fund and applicable laws and regulations, deliver a model portfolio to the Adviser. The Adviser pays Aikya from the advisory fees it receives from the Total Equity Fund. Aikya's fee is based on the Fund's assets that are allocated to the sub-adviser's model portfolio strategy.

Aikya is 67.5% owned by the Aikya investment team and 32.5% owned by Pinnacle Investment Management Group Ltd., an ASX-listed company that provides middle and back office support to boutique investment management firms.

The Adviser has also retained Muzinich & Co., Inc. ("Muzinich") as a sub-adviser to the Credit Income Fund pursuant to a sub-advisory agreement between the Adviser and Muzinich, agreed to and accepted by the Corporation (the "Muzinich Sub-Advisory Contract"). Pursuant to the Muzinich Sub-Advisory Contract, Muzinich will, subject to the supervision of the Adviser and the Board and in accordance with the investment objective and policies of the Fund and applicable laws and regulations, make investment decisions with respect to the purchases and sales of portfolio securities and other assets, the amount of which is determined by the Adviser from time to time. Under the Muzinich Sub-Advisory Contract, the Adviser pays Muzinich from the advisory fees it receives from the Credit Income Fund. Muzinich is owned by George Muzinich, Chairman & CEO, as well as Muzinich family trusts.

The Adviser has also retained Polunin Capital Partners Limited ("Polunin") as a sub-adviser to the Small & Mid Cap Strategies Fund pursuant to a sub-advisory agreement between the Adviser and Polunin, agreed to and accepted by the Corporation (the "Polunin Sub-Advisory Contract"). Pursuant to the Polunin Sub-Advisory Contract, Polunin will, subject to the supervision of the Adviser and the Board and in accordance with the investment objective and policies of the Small & Mid Cap Strategies Fund and applicable laws and regulations, make investment decisions with respect to the purchases and sales of portfolio securities and other assets, the amount of which is determined by the Adviser from time to time. Under the Polunin Sub-Advisory Contract, the Adviser pays Polunin from the advisory fees it receives from the Small & Mid Cap Strategies Fund. The Adviser has also retained Polunin as a sub-adviser to the Total Equity Fund pursuant to a sub-advisory agreement between the Adviser and Polunin agreed to and accepted by the Corporation (the "Polunin Total Equity Fund Sub-Advisory Contract"). Pursuant to the Polunin Total Equity Fund Sub-Advisory Contract, Polunin will, subject to the direction and control of the Adviser and the Board and in accordance with the investment objective and policies of the Fund and applicable laws and regulations, deliver a model portfolio to the Adviser. The Adviser pays Polunin from the advisory fees it receives from the Total Equity Fund. Polunin's fee is based on the Fund's assets that are allocated to the sub-adviser's model portfolio strategy. Polunin is primarily owned (75.0%) by its four co-founders Douglas Polunin, Aditya Mehta, Julian Garel-Jones, and Paul Parsons, whilst other employees own 19% and external shareholders (non-working friends & family members) holding approximately 6% of the Firm's ownership.

The Adviser has also retained Acadian Asset Management LLC ("Acadian") as a sub-adviser to the Small & Mid Cap Strategies Fund pursuant to a sub-advisory agreement between the Adviser and Acadian, agreed to and accepted by the Corporation (the "Acadian Sub-Advisory Contract.") Pursuant to the Acadian Sub-Advisory Contract, Acadian will, subject to the supervision of the Adviser and the Board and in accordance with the investment objective and policies of the Small & Mid Cap Strategies Fund and applicable laws and regulations, make investment decisions with respect to the purchases and sales of portfolio securities and other assets, the amount of which is determined by the Adviser from time to time. Under the Acadian Sub-Advisory Contract, the Adviser pays Acadian from the advisory fees it receives from the Small & Mid Cap Strategies Fund. Acadian is a subsidiary of Acadian Asset Management Inc., a publicly traded company.

**<u>Additional Portfolio Manager Information</u>**

**Other Accounts Managed by Portfolio Managers**

The following tables show the number and assets of other funds and investment accounts (or portions of investment accounts) that each Fund's portfolio manager(s) managed as of each Fund's fiscal year end, and separately the same information but only for those funds and accounts whose investment advisory fee is based on performance.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other SEC-registered<br> open-end<br> and closed-end funds** | **Other SEC-registered<br> open-end<br> and closed-end funds** | **Other pooled investment<br> vehicles** | **Other pooled investment<br> vehicles** | **Other accounts** | **Other accounts** |
|  | Number<br> of<br> accounts | Assets | Number<br> of<br> accounts | Assets | Number<br> of<br> accounts | Assets |
| *All Cap Core Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *John A. Christie* | 0 | $0 | 1 | $25000000 | 7885 | $20070000000 |
| *Michael Morrisroe* | 0 | $0 | 2 | $59000000 | 5112 | $3860000000 |
| *Anthony Wile* | 0 | $0 | 4 | $186000000 | 0 | $0 |
| *Large Cap Strategies Fund* |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***BIM*** |  |  |  |  |  |  |
| *Edward N. Aw* | 0 | $0 | 2 | $143000000 | 0 | $0 |
| *Jeffrey A. Rutledge* | 0 | $0 | 1 | $109000000 | 1355 | $6570000000 |
| *Nancy Sheft* | 0 | $0 | 2 | $143000000 | 0 | $0 |
| *Anthony Wile* | 0 | $0 | 4 | $186000000 | 0 | $0 |
| *Cheng Jan* | 0 | $0 | 1 | $109000000 | 1092 | $4300000000 |
| ***Aikya*** |  |  |  |  |  |  |
| *Ashish Swarup* | 1 | $1107000000 | 7 | $4504000000 | 3 | $276000000 |
| *Rahul Desai* | 1 | $1107000000 | 7 | $4504000000 | 3 | $276000000 |
| *Thomas Allen* | 1 | $1107000000 | 7 | $4504000000 | 3 | $276000000 |
| ***Sands Capital*** |  |  |  |  |  |  |
| *Brian Christiansen* | 3 | $3100689105 | 22 | $11906299109 | 29 | $8458124256 |
| *David Levanson* | 2 | $1076044065 | 13 | $9399526979 | 24 | $7412590050 |
| *Daniel Pilling* | 1 | $965576071 | 9 | $8438330319 | 19 | $6527884409 |
| *Small & Mid Cap Strategies Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Michael Morrisroe* | 0 | $0 | 2 | $59000000 | 5112 | $3860000000 |
| *Nancy Sheft* | 0 | $0 | 2 | $143000000 | 0 | $0 |
| *Edward N. Aw* | 0 | $0 | 2 | $143000000 | 0 | $0 |
| *Andrea Tulcin* | 0 | $0 | 1 | $34000000 | 674 | $1180000000 |
| *Anthony Wile* | 0 | $0 | 4 | $186000000 | 0 | $0 |
| ***Acadian\**** |  |  |  |  |  |  |
| *Brendan O. Bradley* | 12 | $8200184938 | 95 | $44090924872 | 225 | $111928342576 |
| *Fanesca Young* | 12 | $8200184938 | 95 | $44090924872 | 225 | $111928342576 |
| ***Polunin*** |  |  |  |  |  |  |
| *Douglas Polunin* | 0 | $0 | 7 | $4378261451 | 5 | $1181434278 |
| *Aleksandrs Babikovs* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Total Equity Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *John A. Christie* | 0 | $0 | 1 | $25000000 | 7885 | $20070000000 |
| *Michael Morrisroe* | 0 | $0 | 2 | $59000000 | 5112 | $3860000000 |
| *Edward N. Aw* | 0 | $0 | 2 | $143000000 | 0 | $0 |
| *Jeffrey A. Rutledge* | 0 | $0 | 1 | $109000000 | 1355 | $6570000000 |
| *Nancy Sheft* | 0 | $0 | 2 | $143000000 | 0 | $0 |
| *Andrea Tulcin* | 0 | $0 | 1 | $34000000 | 674 | $1180000000 |
| *Anthony Wile* | 0 | $0 | 4 | $186000000 | 0 | $0 |
| *Cheng Jan* | 0 | $0 | 1 | $109000000 | 1092 | $4300000000 |
| ***Aikya*** |  |  |  |  |  |  |
| *Ashish Swarup* | 1 | $1107000000 | 7 | $4504000000 | 3 | $276000000 |
| *Rahul Desai* | 1 | $1107000000 | 7 | $4504000000 | 3 | $276000000 |
| *Thomas Allen* | 1 | $1107000000 | 7 | $4504000000 | 3 | $276000000 |
| ***Polunin*** |  |  |  |  |  |  |
| *Aleksandrs Babikovs* | 0 | $0 | 0 | $0 | 0 | $0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Sands Capital*** |  |  |  |  |  |  |
| *Brian Christiansen* | 3 | $3100689105 | 22 | $11906299109 | 29 | $8458124256 |
| *David Levanson* | 2 | $1076044065 | 13 | $9399526979 | 24 | $7412590050 |
| *Daniel Pilling* | 1 | $965576071 | 9 | $8438330319 | 19 | $6527884409 |
| *Credit Income Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Anthony Wile* | 0 | $0 | 4 | $186000000 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 2 | $101000000 | 0 | $0 |
| *Qiang Jiang* | 0 | $0 | 1 | $18000000 | 0 | $0 |
| ***BlackRock*** |  |  |  |  |  |  |
| *Ibrahim Incoglu* | 7 | $6150000000 | 27 | $2750000000 | 16 | $7150000000 |
| *Saffet Ozbalci* | 9 | $3180000000 | 11 | $5120000000 | 10 | $3020000000 |
| ***Muzinich*** |  |  |  |  |  |  |
| *Michael McEachern* | 1 | $165857160 | 3 | $1557009103 | 7 | $1018488141 |
| *Warren Hyland* | 1 | $165857160 | 14 | $4030773870 | 7 | $1900382835 |
| *Thomas Samson* | 1 | $165857160 | 11 | $4166993745 | 13 | $3727571237 |
| *Torben Ronberg* | 0 | $0 | 8 | $1697208258 | 1 | $193426754 |
| *Joseph Galzerano* | 3 | $1129134821 | 20 | $16082060915 | 21 | $2081298494 |
| *Fixed Income Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Peter D. Hayward* | 0 | $0 | 1 | $83000000 | 245 | $4310000000 |
| *Jared B. Olivenstein* | 0 | $0 | 2 | $101000000 | 0 | $0 |
| *Short-Term Bond Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Peter D. Hayward* | 0 | $0 | 1 | $83000000 | 245 | $4310000000 |
| *Jared B. Olivenstein* | 0 | $0 | 2 | $101000000 | 0 | $0 |
| *Municipal Bond Fund* |  |  |  |  |  |  |
| **BIM** |  |  |  |  |  |  |
| *Kevin Akinskas* | 0 | $0 | 0 | $0 | 1611 | $10490000000 |
| *Jared B. Olivenstein* | 0 | $0 | 2 | $101000000 | 0 | $0 |
| *California Municipal Bond Fund* |  |  |  |  |  |  |
| **BIM** |  |  |  |  |  |  |
| *Kevin Akinskas* | 0 | $0 | 0 | $0 | 1611 | $10490000000 |
| *Jared B. Olivenstein* | 0 | $0 | 2 | $101000000 | 0 | $0 |
| *New York Municipal Bond Fund* |  |  |  |  |  |  |
| **BIM** |  |  |  |  |  |  |
| *Kevin Akinskas* | 0 | $0 | 0 | $0 | 1611 | $10490000000 |
| *Jared B. Olivenstein* | 0 | $0 | 2 | $101000000 | 0 | $0 |

---

\*For all core equity products offered by the firm, including the subject strategy, Acadian manages a single process that is custom-tailored to the objectives of its clients. The investment professionals shown above function as part of a core equity team of 24 portfolio managers, all of whom are responsible for working with the dedicated research team to develop and apply quantitative techniques to evaluate securities and markets and for final quality-control review of portfolios to ensure mandate compliance. The data shown for these managers reflect firm-level numbers of accounts and assets under management, segregated by investment vehicle type. Not reflected: $1,388 million in model advisory contracts where Acadian does not have trading authority. Figures provided in USD, as of October 31, 2025.

Acadian has been appointed as adviser or sub-adviser to numerous public and private funds domiciled in the U.S. and abroad. Acadian is not an investment company and does not directly offer mutual funds. The asset data shown under "Registered Investment Companies" reflects Advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors. The asset data shown under "Other Pooled Investment Vehicles" reflects a combination of; 1) Delaware-based

private funds where Acadian has been appointed adviser or sub-adviser and 2) Non-U.S.-based funds where Acadian has been appointed adviser or sub-adviser.

<u>Accounts and Assets for which an Investment Advisory Fee is Based on Performance</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other SEC-registered<br> open-end<br> and closed-end funds** | **Other SEC-registered<br> open-end<br> and closed-end funds** | **Other pooled investment<br> vehicles** | **Other pooled investment<br> vehicles** | **Other Accounts** | **Other Accounts** |
|  | Number <br> of <br> Accounts | Assets | Number<br> of<br> Accounts | Assets | Number<br> of<br> Accounts | Assets |
| *All Cap Core Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *John A. Christie* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Michael Morrisroe* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Anthony Wile* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Large Cap Strategies Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Edward N. Aw* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jeffrey A. Rutledge* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Nancy Sheft* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Anthony Wile* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Cheng Jan* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***Aikya*** |  |  |  |  |  |  |
| *Ashish Swarup* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Rahul Desai* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Thomas Allen* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***Sands Capital*** |  |  |  |  |  |  |
| *Brian Christiansen* | 0 | $0 | 1 | $184276870 | 8 | $3015886993 |
| *David Levanson* | 0 | $0 | 0 | $0 | 4 | $2190831864 |
| *Daniel Pilling* | 0 | $0 | 0 | $0 | 4 | $2190831864 |
| *Small & Mid Cap Strategies Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Michael Morrisroe* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Nancy Sheft* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Edward N. Aw* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Andrea Tulcin* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Anthony Wile* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***Acadian\**** |  |  |  |  |  |  |
| *Brendan O. Bradley* | 0 | $0 | 17 | $6406864683 | 28 | $17179382766 |
| *Fanesca Young* | 0 | $0 | 17 | $6406864683 | 28 | $17179382766 |
| ***Polunin*** |  |  |  |  |  |  |
| *Douglas Polunin* | 0 | $0 | 1 | $35599656 | 1 | $602949838 |
| *Aleksandrs Babikovs* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Total Equity Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *John A. Christie* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Michael Morrisroe* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Edward N. Aw* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jeffrey A. Rutledge* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Nancy Sheft* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Andrea Tulcin* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Anthony Wile* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Cheng Jan* | 0 | $0 | 0 | $0 | 0 | $0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Aikya*** |  |  |  |  |  |  |
| *Ashish Swarup* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Rahul Desai* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Thomas Allen* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***Polunin*** |  |  |  |  |  |  |
| *Aleksandrs Babikovs* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***Sands Capital*** |  |  |  |  |  |  |
| *Brian Christiansen* | 0 | $0 | 1 | $184276870 | 8 | $3015886993 |
| *David Levanson* | 0 | $0 | 0 | $0 | 4 | $2190831864 |
| *Daniel Pilling* | 0 | $0 | 0 | $0 | 4 | $2190831864 |
| *Credit Income Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Anthony Wile* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Qiang Jiang* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***BlackRock*** |  |  |  |  |  |  |
| *Ibrahim Incoglu* | 0 | $0 | 1 | $5540000 | 0 | $0 |
| *Saffet Ozbalci* | 0 | $0 | 0 | $0 | 0 | $0 |
| ***Muzinich*** |  |  |  |  |  |  |
| *Michael McEachern* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Warren Hyland* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Thomas Samson* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Torben Ronberg* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Joseph Galzerano* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Fixed Income Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Peter D. Hayward* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Short-Term Bond Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Peter D. Hayward* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Municipal Bond Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Kevin Akinskas* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 0 | $0 | 0 | $0 |
| *California Municipal Bond Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Kevin Akinskas* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 0 | $0 | 0 | $0 |
| *New York Municipal Bond Fund* |  |  |  |  |  |  |
| ***BIM*** |  |  |  |  |  |  |
| *Kevin Akinskas* | 0 | $0 | 0 | $0 | 0 | $0 |
| *Jared B. Olivenstein* | 0 | $0 | 0 | $0 | 0 | $0 |

---

\*For all core equity products offered by the firm, including the subject strategy, Acadian manages a single process that is custom-tailored to the objectives of its clients. The investment professionals shown above function as part of a core equity team of 24 portfolio managers, all of whom are responsible for working with the dedicated research team to develop and apply quantitative techniques to evaluate securities and markets and for final quality-control review of portfolios to ensure mandate compliance. The data shown for these managers reflect firm-level numbers of accounts and assets under management, segregated by investment vehicle type. Not reflected: $1,388 million in model advisory contracts where Acadian does not have trading authority. Figures provided in USD, as of October 31, 2025.

Acadian has been appointed as adviser or sub-adviser to numerous public and private funds domiciled in the U.S. and abroad. Acadian is not an investment company and does not directly offer mutual funds. The asset data shown under "Registered Investment Companies" reflects Advisory and sub-advisory relationships with U.S. registered investment companies offering funds to retail investors. The asset data shown under "Other Pooled Investment Vehicles" reflects a combination of: 1) Delaware-based private funds where Acadian has been appointed adviser or sub-adviser and 2) Non-U.S.-based funds where Acadian has been appointed adviser or sub-adviser.

**Ownership of Securities**

The table below shows the dollar ranges of shares of each Fund beneficially owned (as determined pursuant to Rule 16a-1(a)(2) under the Exchange Act) by the portfolio managers listed above as of each Fund's most recent fiscal year ended October 31, 2025. As of October 31, 2025, no portfolio managers held shares of the California Municipal Bond Fund or the New York Municipal Bond Fund.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **All Cap<br> Core Fund** | **Large Cap<br> Strategies<br> Fund** | **Fixed<br> Income<br> Fund** | **Municipal<br> Bond Fund** | **Short-Term Bond Fund** | **Small &<br> Mid Cap<br> Strategies<br> Fund** | **Credit Income Fund** | **Total <br> Equity <br> Fund** |
| ***BIM*** |  |  |  |  |  |  |  |  |
| *Edward N. Aw* |  |  |  |  | $10000-$50000 |  |  |  |
| *Nancy Sheft* |  |  |  |  |  |  |  | $50000-$100000 |
| *John A. Christie* |  |  |  |  | $1-$10000 |  |  |  |
| *Jeffrey A. Rutledge* |  |  |  |  |  |  |  |  |
| *Michael Morrisroe* |  |  |  |  |  |  |  |  |
| *Qiang Jiang* |  |  |  |  | $10000-$50000 |  |  |  |
| *Anthony Wile* |  |  |  |  |  |  |  |  |
| *Jared B. Olivenstein* |  |  |  |  |  |  |  |  |
| *Kevin Akinskas* |  |  |  |  |  |  |  |  |
| *Andrea Tulcin* |  |  |  |  |  |  |  |  |
| *Peter Hayward* |  |  |  |  |  |  |  |  |
| *Cheng Jan* |  |  |  |  |  |  |  |  |
| ***Acadian*** |  |  |  |  |  |  |  |  |
| *Brendan O. Bradley* |  |  |  |  |  |  |  |  |
| *Fanesca Young* |  |  |  |  |  |  |  |  |
| ***Aikya*** |  |  |  |  |  |  |  |  |
| *Ashish Swarup* |  |  |  |  |  |  |  |  |
| *Rahul Desai* |  |  |  |  |  |  |  |  |
| *Thomas Allen* |  |  |  |  |  |  |  |  |
| ***BlackRock*** |  |  |  |  |  |  |  |  |
| *Ibrahim Incoglu* |  |  |  |  |  |  |  |  |
| *Saffet Ozbalci* |  |  |  |  |  |  |  |  |
| ***Muzinich*** |  |  |  |  |  |  |  |  |
| *Michael McEachern* |  |  |  |  |  |  |  |  |
| *Warren Hyland* |  |  |  |  |  |  |  |  |
| *Thomas Samson* |  |  |  |  |  |  |  |  |
| *Torben Ronberg* |  |  |  |  |  |  |  |  |
| *Joseph Galzerano* |  |  |  |  |  |  |  |  |
| ***Polunin*** |  |  |  |  |  |  |  |  |
| *Douglas Polunin* |  |  |  |  |  |  |  |  |
| *Aleksandrs Babikovs* |  |  |  |  |  |  |  |  |
| ***Sands Capital*** |  |  |  |  |  |  |  |  |
| *Brian Christiansen* |  |  |  |  |  |  |  |  |
| *David Levanson* |  |  |  |  |  |  |  |  |
| *Daniel Pilling* |  |  |  |  |  |  |  |  |

---

**Compensation of Portfolio Managers**

**BIM.** The Adviser's portfolio managers are generally responsible for providing investment advisory services for multiple types of accounts with similar investment objectives, strategies, risks and fees. Portfolio managers responsible for managing a Fund generally will also provide investment advisory services with respect to bank common and collective funds, separately managed accounts and model portfolios. The Adviser generally compensates portfolio managers with respect to their overall contribution and, except as described below, not with respect to the performance of any single account type.

The Adviser's portfolio managers receive compensation comprised of an annual base salary, annual cash bonus, deferred cash bonus, and, in some cases, an annual portfolio bonus (described below). The deferred cash bonus is a fixed percentage of the annual cash bonus and is generally paid over a three-year period. The Adviser's portfolio managers also participate in a deferred compensation profit sharing plan as well as other medical and insurance coverage programs, of affiliates of the Adviser. The annual base salaries for portfolio managers are determined on the basis of relevant industry salary data and are intended to be competitive. Annual cash bonus awards are based upon a combination of qualitative and quantitative factors, including performance of the portfolios advised by the portfolio manager, generation and development of new investment ideas, willingness to develop and share ideas as part of a team and contributions to the development of the Adviser's investment team. Certain portfolio managers for the Small & Mid Cap Strategies Fund, the All Cap Core Fund, and the Large Cap Strategies Fund participate in a portfolio bonus plan where annual awards are based upon the rolling three year performance of their respective strategies within their respective Funds relative to internal/external benchmarks. With respect to these portfolio managers, such benchmarks are currently the MSCI ACWI Large Cap Index for Mr. Rutledge, 90% the S&P 500® Index and 10% MSCI AC World ex USA Large Cap Index for Mr. Christie, 90% MSCI USA Mid Cap Index and 10% the MSCI AC WORLD ex USA Mid Cap Index for Mr. Morrisroe, and the Russell 2000® Index for Ms. Tulcin.

**BlackRock.** BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

*Base Compensation*. Generally, portfolio managers receive base compensation based on their position with the firm.

*Discretionary Incentive Compensation*. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:

Portfolio Manager <u>Benchmark</u> <br> <u>Ibrahim Incoglu</u> <u>No Benchmarks.</u> <br> <u>Saffet Ozbalci</u> <u>A combination of an absolute return benchmark, relative to market conditions, relevant industry peer groups, combination of market-based indices (e.g., the JP Morgan CLOIE AAA Index), certain customized indices.</u>

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve

its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

*Other Compensation Benefits*. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

**Aikya.** The investment team's compensation arrangement is designed to promote teamwork and a joint sense of ownership of outcomes (rather than individualistic attributions) in keeping with Aikya's investment process and is structured as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base salary which is determined by market benchmarks to attract and retain high caliber investment
professionals; and

• Bonus is available to all team members depending on the team's performance and an individual's
contribution to the team, which is subjectively determined by the board.

• 67.5% of the equity in Aikya is owned by members of the investment team. Broad ownership creates
an owner-partner mindset, which strengthens employee retention and leads to sustainable outcomes for clients and the business.

• PMs/Analysts are not remunerated on how many stock recommendations they get into the portfolio
or how many of their stock calls they 'get right'. Team members are not competing with one another for remuneration,
position or prestige, which makes the team environment extremely collaborative.

Senior members of the investment team will periodically invite other members to participate in equity issuances based on their long-term contributions and future potential. The minimum holding period for these shares is 6 years and the equity is recycled back to the firm upon departure. This serves two purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clear incentive for existing equity partners to develop the next generation of potential partners
as buyers of their equity on departure

• Flexibility for the firm to attract new talent triggered by a key departure

**Potential Conflicts of Interests**

**BIM.** Like other investment professionals with multiple clients, a portfolio manager for a Fund may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The paragraphs below describe some of these potential conflicts, which the Adviser believes are faced by investment professionals at most financial firms but which the Adviser believes are adequately addressed by its current policies and procedures. The Adviser has adopted policies and procedures that are reasonably designed to address certain of these potential conflicts.

A potential conflict of interest may arise when a Fund and other accounts managed by the Adviser or its affiliates purchase or sell the same securities. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts managed by the Adviser or its affiliates, the orders for such transactions may be combined in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or

another account if one account is favored over another in allocating the securities purchased or sold – for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account. The Adviser believes that its policies and procedures relating to trade aggregation and allocation are reasonably designed to prevent such results.

"Cross trades," in which one account managed by the Adviser or its affiliates sells a particular security to another account managed by the Adviser or its affiliates (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay. The Adviser and the Board have adopted compliance procedures that provide that any transactions between a Fund and another account advised by the Adviser or its affiliates are to be made at an independent current market price, as required by law.

Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts. For example, another account may have a shorter-term investment horizon or different investment objective, policies or restrictions than a Fund. Depending on another account's objectives or other factors, a portfolio manager may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made, with respect to a Fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by a portfolio manager when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts.

A Fund's portfolio manager(s) who are responsible for managing multiple funds and/or accounts for the Adviser and its affiliates may devote unequal time and attention to the management of those funds and/or accounts. Portfolio managers of a Fund may serve as directors of, or in a similar capacity with, companies in which funds or accounts they manage invest. In the event that material nonpublic information is obtained with respect to such companies, or they otherwise become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, a Fund could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on a Fund's performance. As a result, the portfolio manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he or she were to devote substantially more attention to the management of a single fund. The effects of this potential conflict may be more pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

A Fund's portfolio manager(s) may be able to select or influence the selection of the brokers and dealers that are used to execute securities transactions for the Fund. In addition to executing trades, some brokers and dealers provide the Adviser and its affiliates with brokerage and research products and services, which may result in the payment of higher brokerage fees than might have otherwise been available. These products and services are used by the Adviser and its affiliates and may be more beneficial to certain Funds or accounts than to others. Although the payment of brokerage commissions is subject to the requirement that the Adviser and its affiliates determine in good faith that the commissions are reasonable in relation to the value of the brokerage and research products and services provided, the decision as to the selection of brokers and dealers could yield disproportionate costs and benefits among a Funds and/or accounts that the Adviser and its affiliates manage.

The Adviser's portfolio managers may also face other potential conflicts of interest in managing a Fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both a Fund and other accounts. In addition, portfolio managers may also manage other accounts (including their personal assets or the assets of family members) in their personal capacity. The management of these accounts may also involve certain of the potential conflicts described above. Investment personnel at the Adviser, including portfolio managers, are subject to restrictions on engaging in personal securities transactions pursuant to Codes of Ethics adopted by the Adviser and the Funds, which contain provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities and the interests of clients.

Other conflicts may arise out of other situations, including without limitation: (i) the allocation of investment opportunities to the Fund and to any other accounts; (ii) the aggregation of orders for the other accounts; (iii) the discretion of the Fund (and in certain cases of the Adviser) to waive or modify the application of, any provision of the Prospectus and SAI or grant special or more favorable rights with respect to, any provision of the Prospectus and SAI or the fund documents to the extent permitted by applicable law and (iv) cross trades and principal transactions.

**BlackRock.** BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless,

BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Incoglu and Ozbalci may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Incoglu and Ozbalci may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

**Sands Capital.** As an investment adviser to a variety of clients, Sands Capital recognizes there may be actual or potential conflicts of interest inherent in its business. The Sands Capital portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Large Cap Strategies Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar, different, or overlapping investment objectives and strategies as the Large Cap Strategies Fund, and such accounts may be managed by one, or any combination of portfolio managers. Therefore, a potential conflict of interest may arise as a result of the similar, different, or overlapping investment objectives and strategies, whereby the portfolio managers could favor one account over another. Another potential conflict may arise where a portfolio manager has knowledge about the size, timing and possible market impact of the Large Cap Strategies Fund's trades, which may incentivize a portfolio manager to use this information to the advantage of other accounts and to the disadvantage of the Large Cap Strategies Fund. However, Sands Capital has established policies and procedures intended to produce fair and equitable allocation of investment opportunities among Sands Capital's clients over time. These policies and procedures address matters including execution of portfolio transactions, aggregation and allocation of trades, directed brokerage, and the use of brokerage commissions.

Additionally, Sands Capital has adopted an Insider Trading Policy and Code of Ethics that govern personal trading.

**Muzinich**. Muzinich endeavors to treat all clients fairly and provide high quality investment services. However, in addition to managing the Fund, each of Muzinich's portfolio managers also manages other accounts, which may include mutual funds other than the Fund, as well as other investment funds and institutional separate accounts. Some of the other accounts may be managed pursuant to similar investment strategies as the Fund, while other accounts may be managed pursuant to different investment strategies. Moreover, certain accounts may pay higher management fees than the Fund, and certain accounts may pay performance fees. In addition, portfolio managers and their family members may own investments or other proprietary interests in one or more accounts, and also may directly own investments in securities which Muzinich recommends for purchase and/or sale to its clients. Accordingly, the side-by-side management of the Fund and other accounts presents a variety of actual and/or potential conflicts of interest, as a portfolio manager may be incentivized to favor other accounts over the Fund. For instance, in allocating securities for which there may not be sufficient quantities available for all relevant accounts to purchase, a portfolio manager may be incentivized to allocate purchases to accounts other than the Fund. Portfolio managers may similarly be incentivized to allocate sale opportunities to certain accounts other than the Fund in circumstances where liquidity is limited. In addition, one or more accounts may hold securities issued by a company in which the Fund holds securities with rights which are senior or subordinated rights relative to such other accounts. As a result of the foregoing, portfolio managers may have conflicts of interest because the Fund's interest in, and rights with respect to, the portfolio company may differ from the interests of such other accounts, particularly when an issuer experiences financial distress. In addition, the management of numerous accounts other than the Fund may result in a portfolio manager devoting less time and attention to the investments of the Fund. Furthermore, where portfolio managers and/or other Muzinich personnel have a material interest in or obtain material non-public information with respect to a company, the Fund may be prevented from transacting in the securities of such company.

As a result, Muzinich has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts of different types with similar and

dissimilar investment objectives and guidelines. Where potential conflicts exist, Muzinich generally has adopted objective procedures that limit the ability of the firm to subjectively favor one client over another, or to favor the firm over a client.

**Polunin**. Polunin has a firm-wide Code of Ethics policy that applies to all staff and directors of the firm. Underpinning its Code of Ethics policy, Polunin's Conflicts of Interest Policy document identifies a number of areas in which a conflict might arise. The following is a non-exhaustive description of the most significant conflicts that Polunin believes may have relevance to the Funds: conflicts between clients in the same or different strategies, or with performance rather than fixed management fees; personal account dealing by the firm's employees; and the equitable resolution of trade errors. Polunin believes that it has robust procedures in place to mitigate or prevent the conflicts identified above from arising or from having an impact on the Funds. Among the procedures that are in place, the most significant is Polunin's Order Aggregation and Allocation Policy which ensures that customers are treated fairly when buying and selling securities. Further, the firm's Personal Account Dealing Policy generally prohibits personal trades in equity and equity-related instruments, in companies that are deemed by the Firm's senior management to be included in the clients' investment universe. The above policies and procedures are monitored and controlled by a separate Compliance and Risk department within the firm, operating independently from the front office portfolio management team, staffed by senior professionals and led by a board director and equity shareholder of the firm.

**Acadian.** A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Small & Mid Cap Strategies Fund, which may have different investment guidelines and objectives. In addition to the Small & Mid Cap Strategies Fund, these accounts may include other mutual funds managed on an advisory or sub-advisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Small & Mid Cap Strategies Fund as well as for any of the other managed accounts (the "Other Accounts"). However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by the Small & Mid Cap Strategies Fund to the Other Accounts. The Other Accounts may have similar investment objectives or strategies as the Small & Mid Cap Strategies Fund, may track the same benchmarks or indexes as the Small & Mid Cap Strategies Fund tracks, and may sell securities that are eligible to be held, sold or purchased by the Small & Mid Cap Strategies Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Small & Mid Cap Strategies Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Small & Mid Cap Strategies Fund.

To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by investment management and the compliance team.

**Aikya.** Aikya has procedures to identify situations in which activities carried out by it could constitute conflicts of interest and that could lead to potential risks of damage to its client's and investor's interests. To identify them, Aikya considers the activities it is authorized to carry out as well as those carried out on its behalf by delegates, sub-delegates, external valuers or other counterparties and service providers. To identify the types of conflicts of interest that arise while providing its services, Aikya considers whether it, its managers, employees, other relevant person or a person directly or indirectly linked by way of control: (i) is likely to make a financial gain, or avoid a financial loss, at the expense of a client or investor; (ii) has an interest in the outcome of a service or an activity provided to the client or investors which differs from the client's or investor's interest in that outcome; (iii) has a financial or other incentive to favor a client or group of clients or investors, over the interests of another client or investor; (iv) carries out the same activities for the client and for another client; or (v) receives an inducement from a third party in the form of monies, goods or services other than the standard commission or fee for that service.

**ADMINISTRATIVE SERVICES AGREEMENT**

The Corporation, on behalf of each Fund, entered into an administrative oversight, supervision and coordination services agreement (the "Administrative Oversight Agreement") with Bessemer, pursuant to which Bessemer and Bessemer Trust Company ("BTCO"), affiliates of the Adviser, provide certain non-advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of other non-advisory service providers. Under the Administrative Oversight Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services.

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT**

BNY and BNY Mellon Investment Servicing (US) Inc. act as administrator and fund accounting agent and as transfer agent, respectively, for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement (the "BNY Agreements"). BNY and BNY Mellon Investment Servicing (US) Inc. are located at 103 Bellevue Parkway, Wilmington, DE 19809 and 118 Flanders Road, Westborough, MA 01581, respectively. Pursuant to the BNY Agreements, BNY provides the Funds with general office facilities and supervises the overall administration of the Funds, including among other responsibilities, assisting in the preparation and filing of all documents required for compliance by the Funds with applicable laws and regulations and arranging for the maintenance of books and records of the Funds. BNY may also provide persons (including directors, officers and other employees of BNY or its affiliates) satisfactory to the Board to serve as officers of the Funds. BNY maintains all Fund books and records required under Rule 31a-1 under the 1940 Act, performs daily accounting services and satisfies additional Fund reporting and record keeping requirements.

For the services provided by BNY, the following annual fee will be calculated based upon the aggregate average net assets of the Old Westbury Fund complex and payable to BNY monthly:

---

| | |
|:---|:---|
| **Maximum Administrative Fee** | **Average Aggregate Daily Net Assets of the Funds** |
| 0.0350% | of the first $1.5 billion |
| 0.0275% | of the next $1 billion |
| 0.0175% | of the next $1 billion |
| 0.0125% | of assets in excess of $3.5 billion |

---

Additionally, the Funds pay BNY an annual base fee of $25,000 per portfolio, excluding out-of-pocket expenses.

BNY may choose voluntarily to reimburse a portion of its fee at any time. See "Fees Paid by the Funds for Services" for payments made over the last three fiscal years to BNY.

**CUSTODIANS**

Citibank, N.A. ("Citibank"), located at 388 Greenwich Street, New York, New York 10013, is the co-custodian for the Large Cap Strategies Fund and Small & Mid Cap Strategies Fund, and the custodian for the Credit Income Fund. Pursuant to its respective agreements with the Funds, Citibank is responsible for maintaining (1) the books and records of securities and cash, and maintaining (2) portfolio transaction records. Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

BTCO, located at 100 Woodbridge Center, Woodbridge, New Jersey 07095, is the custodian for the All Cap Core, Total Equity, Fixed Income, Short-Term Bond, Municipal Bond, California Municipal Bond and New York Municipal Bond Funds and the co-custodian for the Large Cap Strategies and Small & Mid Cap Strategies Funds. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than ETFs) and securities in the form of depositary receipts directly managed by the Adviser, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. Pursuant to its agreement with these Funds, BTCO is responsible for maintaining the books and records of these Funds' securities and cash. During the term of this Agreement, the Fund will pay to BTCO a fee calculated and paid monthly at the annual rate of 0.065% of the average daily net assets of each of the Old Westbury Large Cap Strategies Fund, the Old Westbury All Cap Core Fund and the Old Westbury Total Equity Fund representing non-U.S. investments; 0.015% of the average daily net assets of each of the Old Westbury Large Cap Strategies Fund, the Old Westbury All Cap Core Fund and the Old Westbury Total Equity Fund representing U.S. investments; and 0.015% of the average daily net assets of each of the Old Westbury Fixed Income Fund, the Old Westbury Short-Term Bond Fund, the Old Westbury Municipal Bond Fund, the Old Westbury California Municipal Bond Fund and the Old Westbury New York Municipal Bond Fund or portion thereof for the Old Westbury Small & Mid Cap Strategies Fund.

**UNDERWRITER**

The Corporation has entered into an underwriting agreement with Foreside Funds Distributors LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) (the "Underwriting Agreement"). Pursuant to the Underwriting Agreement, the Underwriter facilitates the distribution of Fund shares and undertakes such advertising and promotion as requested by the Corporation and as it believes reasonable. The Underwriting Agreement contemplates that the Underwriter may, if authorized in each instance by the Corporation, on behalf of a Fund, or the Adviser, enter into sales agreements with securities dealers, financial institutions and other industry professionals, such as investment advisers, accountants and estate planning firms. The Underwriter will require each dealer with whom the Underwriter has a selling agreement to conform to all applicable provisions of the Funds' Prospectus. Foreside makes a continuous offering of the Funds' shares. Foreside is located at 190 Middle Street, Suite 301, Portland, Maine 04101.

In its capacity as principal underwriter, Foreside uses its best efforts to obtain subscriptions to shares of each Fund. Foreside does not receive an annual fee from the Funds.

**FUND COUNSEL, INDEPENDENT DIRECTORS' COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Dechert LLP, 1900 K Street NW, Washington, DC 20006, serves as legal counsel to the Funds.

Sullivan & Worcester LLP, 1251 Avenue of the Americas, New York, New York 10020, serves as independent counsel to the Independent Directors.

Ernst & Young LLP, located at One Manhattan West, New York, New York 10001, is the independent registered public accounting firm for the Corporation, providing audit services and tax return review services.

**PROXY VOTING POLICIES**

The Funds have adopted Proxy Voting Policies that delegate the responsibility of voting proxies to the Adviser and that permit the Adviser to further delegate to the sub-advisers proxy voting responsibility relating to the portfolio securities that they manage. The Proxy Voting Policy and Guidelines of the Adviser are attached as Appendix B.

Information regarding how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2025 is available, without charge, upon request, by calling 1-800-607-2200, free of charge on the Funds' website at www.oldwestburyfunds.com and on the SEC's website at *<u>http://www.sec.gov.</u>*

**DISCLOSURE OF PORTFOLIO HOLDINGS INFORMATION**

Pursuant to policies on portfolio holdings disclosure ("Portfolio Disclosure Policies"), the Funds, or their authorized service providers, may publicly disclose holdings of all Funds in accordance with applicable regulatory requirements. Such public disclosure of holdings includes required periodic holdings disclosure in filings with the SEC, as well as other holdings disclosures, such as the top ten or other specified holdings of a Fund, on a monthly basis with a lag time of not less than seven days, on the website www.bessemertrust.com or by other means.

Portfolio holdings information for the Funds may also be made available more frequently and prior to its public availability ("non-standard disclosure") to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Funds' service providers
 (which currently include the Funds' adviser, sub-adviser, custodian, administrator,
 fund accountant, transfer agent, distributor, pricing service and printers (Command Financial
 Press Corporation)) ("Service Providers"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) certain non-service providers (such as ratings agencies including, among others, Morningstar, Inc.,
Standard & Poor's Securities, Inc. and Lipper Analytical Services for such purposes as analyzing and ranking the Funds
or performing due diligence and asset allocation) ("Non-Service Providers"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-Service Providers pursuant to a written confidentiality agreement that protects the confidentiality
of the portfolio holdings information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to facilitate efficient trading of certain investment and receipt of relevant research.

The disclosure of portfolio holdings for the Funds may only be made pursuant to the Portfolio Disclosure Policies, which are designed to ensure compliance by the Funds and their service providers with the applicable federal securities laws. The Portfolio Disclosure Policies are also designed to prevent the unauthorized disclosure of a Fund's holdings that could harm the Fund or its shareholders and to ensure that their respective interest are not put above those of the shareholders.

Neither the Funds nor the Funds' service providers may receive compensation or other consideration in connection with the disclosure of information about portfolio securities. The Portfolio Disclosure Policies may not be waived or exceptions made, without the consent of the Funds' Chief Compliance Officer or his designees, or Chief Legal Officer. The Board will review this policy as often as they deem appropriate, but not less often than annually, and recommend any changes that they deem appropriate. The Funds' Board and Chief Compliance Officer may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio information beyond those found in the Funds' Portfolio Disclosure Policies.

**BROKERAGE TRANSACTIONS**

The Adviser and the sub-advisers make each Fund's portfolio decisions and determine the broker to be used in each specific transaction with the objective of obtaining a combination of the most favorable commission and the best price obtainable on each transaction (generally defined as best execution). When consistent with the objective of seeking best execution and consistent with applicable law, brokerage may be directed to persons or firms supplying research products and services to the Adviser and its affiliates and the sub-advisers. To the extent that such persons or firms supply research products and services to the Adviser and its affiliates or the sub-advisers for use in rendering the investment advice to a Fund or account, such information may be supplied at no cost to the Adviser and its affiliates or the sub-advisers and, therefore, may have the effect of reducing the expenses of the Adviser and its affiliates and the sub-advisers in rendering advice to a Fund or account. While it is impossible to place an actual dollar value on such research products and services, receipt by the Adviser and its affiliates or the sub-advisers probably does not reduce the overall expenses of the Adviser and its affiliates or the sub-advisers to any material extent. Consistent with Rule 12b-1(h), the Adviser and its affiliates and sub-advisers will not consider sales of shares of a Fund as a factor in the selection of brokers to execute portfolio transactions for the Funds.

The research products and services provided to the Adviser and its affiliates and the sub-advisers is of the type described in Section 28(e) of the Exchange Act and is designed to augment the Adviser's and its affiliates or the sub-advisers' own internal research and investment strategy capabilities. These research products and services include such matters as general economic and securities market reviews, industry and company reviews, evaluations of securities and recommendations as to the purchase and sale of securities. Research products and services furnished by brokers through which each Fund effects securities transactions are used by the Adviser and its affiliates or the sub-advisers in carrying out their investment management responsibilities with respect to all of their clients' accounts. There may be occasions where the transaction cost charged by a broker may be greater than that which another broker may charge if the Adviser and its affiliates or the sub-advisers determine in good faith that the amount of such transaction cost is reasonable in relation to the value of brokerage and research products and services provided by the executing broker.

European-based sub-advisers and their affiliates ("European Affiliates") who are subject to the EU's Markets in Financial Instruments Directive ("EU Directive") will be subject to separate rules applicable to any arrangements under which brokers may, in addition to routine order execution, facilitate the provision of research to the European Affiliates by the broker itself or a third party research provider ("third party research"). In general, firms subject to the EU Directive may not direct brokerage to firms in exchange for third party research, but rather must pay for such research services directly or allocate their costs equitably among their clients. Third party research will be purchased by the European Affiliates when they consider that such research will benefit their clients, including the Fund, in seeking to achieve their clients' investment objectives and strategies. The purchase of third party research will be subject to appropriate controls and oversight designed to ensure that the research budget is managed and used in the interests of clients and will include regularly assessing the quality of the research purchased.

A Fund may deal in some instances in securities which are not listed on a national securities exchange but are traded in the over-the-counter market. It may also purchase listed securities through the third market. Where transactions are executed in the over-the-counter market or third market, that Adviser or sub-advisers will seek to deal with the primary market makers; but when necessary in order to seek best execution, it will utilize the services of others. In all cases, the Adviser and sub-advisers will attempt to negotiate best execution.

Although investment decisions for the Funds are made independently from those of the other accounts managed by the Adviser and the sub-advisers and their respective affiliates, investments of the type the Funds may make may also be made by those other accounts. When the Funds and one or more other accounts managed by the Adviser and the sub-advisers or their respective affiliates are prepared to invest in, or desire to dispose of, the same security, available investments or opportunities for sales will be allocated in a manner believed by the Adviser and the sub-advisers and their respective affiliates to be equitable to each. In some cases, this procedure may adversely affect the price paid or received by the Funds or the size of the position obtained or disposed of by the Funds. In other cases, however, it is believed that coordination and the ability to participate in volume transactions will be to benefit the Funds.

As of October 31, 2025, the following Funds held investments in securities of its regular broker-dealers as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Name of Broker or Dealer** | &nbsp;&nbsp;**Approximate Aggregate<br> Value of Issuer's Securities<br> Owned by<br> the Fund at 10/31/2025** |
| &nbsp;&nbsp;All Cap Core Fund | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;$86085348.40 |
| &nbsp;&nbsp;Credit Income Fund | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;$4856858.50 |
| &nbsp;&nbsp;Credit Income Fund | &nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;$2428569.00 |
| &nbsp;&nbsp;Credit Income Fund | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;$948771.00 |
| &nbsp;&nbsp;Credit Income Fund | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;$447735.00 |
| &nbsp;&nbsp;Fixed Income Fund | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;$11420456.03 |
| &nbsp;&nbsp;Fixed Income Fund | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;$10166233.04 |
| &nbsp;&nbsp;Fixed Income Fund | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;$10133054.03 |
| &nbsp;&nbsp;Fixed Income Fund | &nbsp;&nbsp;Citigroup | &nbsp;&nbsp;$5131867.20 |
| &nbsp;&nbsp;Fixed Income Fund | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;$4684610.24 |
| &nbsp;&nbsp;Large Cap Strategies Fund | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;$593902568.16 |
| &nbsp;&nbsp;Large Cap Strategies Fund | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;$159799999.50 |
| &nbsp;&nbsp;Large Cap Strategies Fund | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;$56277456.22 |
| &nbsp;&nbsp;Large Cap Strategies Fund | &nbsp;&nbsp;Bank of New York Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95194.26 |
| &nbsp;&nbsp;Short Term Bond Fund | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1165812.66 |
| &nbsp;&nbsp;Short Term Bond Fund | &nbsp;&nbsp;JP Morgan | &nbsp;&nbsp;$949709.50 |
| &nbsp;&nbsp;Short Term Bond Fund | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;$644073.26 |
| &nbsp;&nbsp;Short Term Bond Fund | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;$508518.50 |
| &nbsp;&nbsp;Short Term Bond Fund | &nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;$429198.71 |
| &nbsp;&nbsp;Short Term Bond Fund | &nbsp;&nbsp;Bank of America | &nbsp;&nbsp;$252968.62 |
| &nbsp;&nbsp;Small & Mid Cap Strategies Fund | &nbsp;&nbsp;Bank of New York Mellon | &nbsp;&nbsp;$590377.10 |
| &nbsp;&nbsp;Small & Mid Cap Strategies Fund | &nbsp;&nbsp;State Street | &nbsp;&nbsp;$386304.40 |
| &nbsp;&nbsp;Total Equity Fund | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;$1991079.59 |

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**PORTFOLIO TURNOVER**

Changes may be made to a Fund's portfolio consistent with the investment objectives and policies of such Fund whenever such changes are believed to be in the best interests of the Funds and their shareholders. The portfolio turnover rate is calculated by dividing the lesser

of purchases or sales of portfolio securities by the average monthly value of a Fund's portfolio securities. For purposes of this calculation, portfolio securities exclude all securities having a maturity when purchased of one year or less. For the fiscal year ended October 31, 2025, the turnover rates for the Funds can be found in the "Financial Highlights" section of the Funds' Prospectus. High portfolio turnover may result in increased brokerage costs to a Fund and also adverse tax consequences to a Fund's shareholders.

**In any particular year, market conditions may result in greater portfolio turnover rates than are presently anticipated. The rate of a Fund's turnover may vary significantly from time-to-time depending on the volatility of economic and market conditions.**

**SHAREHOLDER SERVICING PLAN**

The Funds have adopted a shareholder servicing plan (the "Shareholder Servicing Plan"). Under the Shareholder Servicing Plan, the Funds have entered into a shareholder servicing agreement with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services ("Shareholder Support Services") to each Fund. Such Shareholder Support Services include, but are not limited to, providing necessary personnel and facilities to establish and maintain shareholder accounts and records, assisting in processing purchase and redemption requests, and transmitting various communications to shareholders. For these services, each Fund pays an annual fee of 0.20% of its average daily net assets. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder sub-servicing agent from the fee it receives from each of the Funds.

**FEES PAID BY THE FUNDS FOR SERVICES**

**FOR THE FISCAL YEAR ENDED OCTOBER 31, 2025<sup>1</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Advisory Fee/Fee<br> Waived** | **Brokerage<br> Commissions** | **Administrative<br> Fee†** | **Shareholder<br> Servicing Fee/Fee<br> Waived** |
| **All Cap Core Fund** | $22,984,759/$(168437) | $744304 | $1587342 | $6841464 |
| **Large Cap Strategies Fund** | $200,417,828<sup>2</sup>/$0 | $14416357 | $11105106 | $49635707 |
| **Small & Mid Cap Strategies Fund** | $74,476,548<sup>3</sup>/$(3587614) | $5912282 | $4009302 | $17523894 |
| **Total Equity Fund\*** | $3,283,024<sup>4</sup>/$(497062) | $412357 | $215891 | $839273 |
| **Credit Income Fund** | $13,447,266<sup>5</sup>/$(292187) | $17067 | $1082653 | $4617188 |
| **Fixed Income Fund** | $5,872,540/$(1692060) | $0 | $665083 | $2927165 |
| **Municipal Bond Fund** | $15,468,848/$(3233874) | $0 | $1874542 | $8410770 |
| **Short-Term Bond Fund** | $277,762/$(323053) | $0 | $62445 | $173602 |
| **California Municipal Bond Fund** | $1,664,719/$(685918) | $0 | $189749 | $739875 |
| **New York Municipal Bond Fund** | $2,617,097/$(984994) | $0 | $284381 | $1183548 |

---

\*The Total Equity Fund commenced operations on February 28, 2025.

**FOR THE FISCAL YEAR ENDED OCTOBER 31, 2024<sup>1</sup>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Advisory Fee/Fee<br> Waived** | **Brokerage<br> Commissions** | **Administrative<br> Fee†** | **Shareholder<br> Servicing Fee/Fee<br> Waived** |
| **All Cap Core Fund** | $22,702,528/$(112262) | $974257 | $1496213 | $6754624 |
| **Large Cap Strategies Fund** | $188,496,766<sup>6</sup>/$0 | $11711398 | $10152671 | $46655442 |
| **Small & Mid Cap Strategies Fund** | $71,396,611<sup>7</sup>/$(3266314) | $5766125 | $3697169 | $16799203 |
| **Total Equity Fund\*** | $0/$0 | $0 | $0 | $0 |
| **Credit Income Fund** | $13,972,356<sup>8</sup>/$(95590) | $72674 | $1110759 | $4808129 |
| **Fixed Income Fund** | $5,687,230/$(1645037) | $0 | $636791 | $2821274 |
| **Municipal Bond Fund** | $14,922,877/$(3127253) | $0 | $1789662 | $8138787 |
| **Short-Term Bond Fund\*\*** | $50,415/$(97384) | $0 | $22018 | $31509 |
| **California Municipal Bond Fund** | $1,608,949/$(650195) | $0 | $179466 | $715088 |
| **New York Municipal Bond Fund** | $2,533,187/$(974107) | $0 | $272146 | $1141594 |

---

\*The Total Equity Fund had not yet commenced operations as of October 31, 2024. As a result, no service fees were paid by the Total Equity Fund.

\*\* The Short-Term Bond Fund commenced operations on February 29, 2024.

**FOR THE FISCAL YEAR ENDED OCTOBER 31, 2023<sup>1</sup>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Advisory Fee/Fee<br> Waived** | **Brokerage<br> Commissions** | **Administrative<br> Fee†** | **Shareholder<br> Servicing Fee/Fee<br> Waived** |
| **All Cap Core Fund** | $20,054,408/$0 | $1311352 | $1347847 | $5939818 |
| **Large Cap Strategies Fund** | $166,067,702<sup>9</sup>/$0 | $5484186 | $9052106 | $41048175 |
| **Small & Mid Cap Strategies Fund** | $67,149,749<sup>10</sup>/$3,424,666 | $3003139 | $3546998 | $15799941 |
| **Credit Income Fund** | $13,400,075<sup>11</sup>/$394,623 | $480028 | $1075760 | $4600027 |
| **Fixed Income Fund** | $5,655,366/$1,674,109 | $40 | $636477 | $2803066 |
| **Municipal Bond Fund** | $14,403,282/$3,103,068 | $0 | $1729532 | $7801875 |
| **California Municipal Bond Fund** | $1,499,698/$638,834 | $0 | $170165 | $666532 |
| **New York Municipal Bond Fund** | $2,479,946/$962,510 | $0 | $268180 | $1114973 |

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&nbsp;&nbsp;&nbsp;&nbsp;† Includes amounts paid to Bessemer
 and BTCO under the Administrative Agreement and BNY under the Administration and Accounting
 Services Agreement.

<sup>1</sup> From time to time, the Adviser may voluntarily assume certain expenses of a Fund. This would have the effect of lowering the overall expense ratio of that Fund and of increasing yield to investors in that Fund.

<sup>2</sup> Includes sub-advisory fees paid to Sands Capital and Aikya, from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $16,932,341 or 0.07% based on the average daily net assets of the Fund.

<sup>3</sup> Includes sub-advisory fees paid to Champlain (a former sub-adviser), Baillie Gifford Overseas Limited ("Baillie Gifford") (a former sub-adviser), Polunin, Acadian and Artisan (a former sub-adviser) from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $28,504,192 or 0.33% based on the average daily net assets of the Fund.

<sup>4</sup> Includes sub-advisory fees paid to Sands Capital, Aikya, and Polunin from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $228,194 or 0.04% based on the average daily net assets of the Fund.

<sup>5</sup> Includes sub-advisory fees paid to BlackRock and Muzinich from the advisory fees the Adviser received from the Fund. The aggregate sub-advisory fees paid totaled $4,315,444 or an annualized rate of 0.19% based on the average daily net assets of the Fund.

 

<sup>6</sup> Includes sub-advisory fees paid to Sands Capital, Aikya, and Baillie Gifford (a former sub-adviser), from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $15,944,800 or 0.07% based on the average daily net assets of the Fund.

<sup>7</sup> Includes sub-advisory fees paid to Champlain (a former sub-adviser), Baillie Gifford (a former sub-adviser), Polunin, Acadian and Artisan (a former sub-adviser) from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $28,255,265 or 0.34% based on the average daily net assets of the Fund.

<sup>8</sup> Includes sub-advisory fees paid to BlackRock and Muzinich from the advisory fees the Adviser received from the Fund. The aggregate sub-advisory fees paid totaled $4,647,062 or an annualized rate of 0.19% based on the average daily net assets of the Fund.

<sup>9</sup> Includes sub-advisory fees paid to Sands Capital and Baillie Gifford (a former sub-adviser), from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $16,668,873 or 0.08% based on the average daily net assets of the Fund.

<sup>10</sup> Includes sub-advisory fees paid to Champlain (a former sub-adviser), Baillie Gifford (a former sub-adviser), Polunin, Acadian and Artisan (a former sub-adviser) from the advisory fees the Adviser received from the Fund. The aggregate annual sub-advisory fees paid totaled $29,030,910 or 0.37% based on the average daily net assets of the Fund.

<sup>11</sup> Includes sub-advisory fees paid to BlackRock and Muzinich from the advisory fees the Adviser received from the Fund. The aggregate sub-advisory fees paid totaled $4,785,778 or an annualized rate of 0.21% based on the average daily net assets of the Fund.

**HOW DO THE FUNDS MEASURE PERFORMANCE?**

Each Fund may advertise its share performance by using the SEC's standard method for calculating performance applicable to all mutual funds. The SEC also permits this standard performance information to be accompanied by non-standard performance information.

Unless otherwise stated, any quoted share performance reflects the effect of non-recurring charges, such as maximum sales charges, which, if excluded would increase the total return and yield. The performance of shares depends upon such variables as: portfolio quality; average portfolio maturity; type and value of portfolio securities; changes in interest rates; changes or differences in the Fund's expenses; and various other factors.

Share performance fluctuates on a daily basis largely because net earnings and offering price per share fluctuate daily. Both net earnings and offering price per share are factors in the computation of yield and total return.

The performance of the Funds may be compared in various financial and news publications to the performance of various indices and investments for which reliable performance data is available. The performance of the Funds may be compared in publications to averages, performance rankings, or other information prepared by nationally recognized mutual fund ranking and statistical services. As with other performance data, performance comparisons should not be considered representative of a Fund's relative performance for any future period.

**TOTAL RETURN**

Total return represents the change (expressed as a percentage) in the value of shares over a specific period of time, and includes the investment of income and capital gains distributions.

The average annual total return for a Fund's shares is the average compounded rate of return for a given period that would equate a $1,000 initial investment to the ending redeemable value of that investment. The ending redeemable value is computed by multiplying the number of shares owned at the end of the period by the NAV per share at the end of the period. The number of shares owned at the end of the period is based on the number of shares purchased at the beginning of the period with $1,000, less any applicable sales charge, adjusted over the period by any additional shares, assuming the annual reinvestment of all distributions.

When shares of a Fund are in existence for less than a year, the Fund may advertise cumulative total return for that specific period of time, rather than annualizing the total return.

**YIELD AND TAX EQUIVALENT YIELD**

The yield of a Fund's shares is calculated by dividing: (i) the net investment income per share earned by the shares over a thirty-day period by (ii) the maximum offering price per share on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the thirty-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The tax-equivalent yield of the Municipal Bond, the California Municipal Bond and New York Municipal Bond Funds' shares is calculated similarly to the yield, but is adjusted to reflect the taxable yield that shares would have had to earn to equal the actual yield, assuming a specific tax rate. The yield and tax-equivalent yield do not necessarily reflect income actually earned by shares because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.

The Municipal Bond, California Municipal Bond and New York Municipal Bond Funds may use tax equivalent yield information in their sales literature and advertising. Such information sets forth the yield that is afforded by a tax free investment by showing such yields without the effect of federal income taxes with respect to a given taxable income bracket. The interest earned by the municipal securities owned by a Fund generally remains exempt from regular federal income tax and is often exempt from state and local taxes as well. However, some of a Fund's interest income may be subject to the federal alternative minimum tax (AMT) and state and/or local taxes.

To the extent financial institutions and broker/dealers charge fees in connection with services provided in conjunction with an investment in a Fund's shares, the Fund's share performance is lower for shareholders paying those fees.

**AVERAGE ANNUAL TOTAL RETURNS**

After-tax returns are calculated using the historical highest individual federal marginal income tax rate, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to tax-exempt investors or those who hold Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts.

**PERFORMANCE COMPARISONS**

Advertising and sales literature may include:

&nbsp;&nbsp;&nbsp;&nbsp;• references to ratings, rankings, and financial publications and/or performance comparisons of shares
to certain indices;

&nbsp;&nbsp;&nbsp;&nbsp;• charts, graphs and illustrations using the Funds' returns, or returns in general, that demonstrate
investment concepts such as tax-deferred compounding, dollar-cost averaging and systematic investment;

&nbsp;&nbsp;&nbsp;&nbsp;• discussions of economic, financial and political developments and their impact on the securities
market, including the portfolio manager's views on how such developments could impact the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• information about the mutual fund industry from sources such as the Investment Company Institute.

Each Fund may compare its performance, or performance for the types of securities in which it invests, to a variety of other investments, including federally insured bank products such as bank savings accounts, certificates of deposit, and Treasury bills.

Each Fund may quote information from reliable sources regarding individual countries and regions, world stock exchanges, and economic and demographic statistics.

You may use financial publications and/or indices to obtain a more complete view of share performance. When comparing performance, you should consider all relevant factors such as the composition of the index used, prevailing market conditions, portfolio compositions of other funds, and methods used to value portfolio securities and compute offering price.

**ACCOUNT INFORMATION, PRICING OF SHARES AND CAPITAL STOCK**

Information relating to the purchase and redemption of the Funds' shares is located in the Prospectus.

**NET ASSET VALUE**

For purposes of determining each Fund's NAV per share, readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined. Securities may be valued by independent pricing services, selected by the Adviser, which use prices provided by market makers or estimates of market value obtained yield data relating to instruments or securities with similar characteristics. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the security is valued by using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities. If significant events occur that materially affect the value of the security between the time trading ends on a particular security and the close of the regular trading session of the New York Stock Exchange (the "NYSE"), the Funds may value the security at its fair value under the supervision of the Board. The effect of using fair value pricing is that a Fund's NAV will be subject to the judgment of the Board or its designee instead of being determined by market prices. Examples of significant events may include, but will not necessarily include, an announcement by the issuer, a creditor, or a government body, political or economic events, natural disasters, or significant fluctuations in key markets that occurring after the close of the security's principal market. Since some Funds may invest in securities that are primarily listed on foreign exchanges that trade on days when the Funds do not price their shares, the value of those Funds' assets may change on days when you will not be able to purchase or redeem fund shares.

Readily marketable equity securities traded in the over-the-counter market, including listed securities whose primary market is believed by the Adviser or sub-adviser, as applicable, to be over-the-counter are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

Debt instruments will be valued on the basis of prices obtained from a broker-dealer or an approved pricing service. All other investment assets, including restricted and not readily marketable securities, are valued under procedures approved by the Fund's Board. The Board has designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act.

Shares of open-end investment companies will be valued at the latest NAV reported by the investment company. Shares of investment companies that are traded intraday on an exchange (e.g., ETFs) will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

As indicated in the Prospectus, the NAV per share of each Fund's shares will be determined as of the close of the regular trading session of the NYSE on each day that the NYSE is open for trading. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, a Fund reserves the right to treat such day as a business day and accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as the Adviser believes there generally remains an adequate market to obtain reliable and accurate market quotations. The NYSE annually announces the days on which it will not be open for trading; the most recent announcement indicates that it will not be open on the following days: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. However, the NYSE may close on days not included in that announcement.

The Corporation intends to pay all redemptions in cash unless the redemption request is for more than the lesser of $250,000 or one percent of the net assets of the relevant Fund by a single shareholder over any ninety-day period. If a redemption request is over these limits, it may be to the detriment of existing shareholders to pay such redemption in cash; therefore, a redemption request may be paid in securities of equal value.

**TRADING IN FOREIGN SECURITIES**

Trading in foreign securities may be completed at times which vary from the closing of the NYSE. In computing its NAV, a Fund values foreign securities at the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates may also be determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Occasionally, events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value under supervision by the Board, although the actual calculation may be done by others.

**CAPITAL STOCK AND VOTING RIGHTS**

The authorized capital stock of the Corporation consists of twenty-six and one-half billion shares of stock having a par value of one tenth of one cent ($0.001) per share. The Board is authorized to divide the unissued shares into separate series of stock. Shares of all series will have identical voting rights, except where, by law, certain matters must be approved by a majority of the shares of the affected series. Each share of any series has equal distribution, liquidation and voting rights within the series in which it was issued. Each share of a Fund gives the shareholder one vote in Director elections and other matters submitted to shareholders for vote.

In addition, the Corporation's bylaws contain a provision relating to forum selection, which provides that, for example, unless the Corporation consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America are the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under any federal securities law, including, but not limited to, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940. The Corporation's bylaws also provide that, unless the Corporation consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division is the sole and exclusive forum for other claims or actions as set forth in the bylaws. The designation of exclusive forum may make it more expensive for a shareholder to bring a suit and may limit a shareholder's ability to litigate a claim in a jurisdiction or forum that may be more convenient and that a shareholder believes is favorable to the shareholder for the claim.

**HOW ARE THE FUNDS TAXED?**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Taxes." The Prospectus generally describes the U.S. federal income tax treatment of distributions by the Funds. This section of the SAI provides additional information concerning federal income taxes. It is based on the Code, applicable Treasury regulations promulgated under the Code (the "Treasury Regulations"), judicial authority, and administrative rulings and practice, all as of the date of this SAI and all of which are subject to change, including changes with retroactive effect. The following discussion does not address any state, local or foreign tax matters. A shareholder's tax treatment may vary depending upon his or her particular situation. This discussion applies only to shareholders holding Fund shares as capital assets within the meaning of the Code. Except as otherwise noted, it may not apply to certain types of shareholders who may be subject to special rules such as insurance companies, tax-exempt organizations, shareholders

holding Fund shares through tax-advantaged accounts (such as 401(k) Plan Accounts or Individual Retirement Accounts ("IRAs")), financial institutions, broker/dealers, traders in securities that have elected mark-to-market treatment with respect to their securities holdings, entities that are not organized under the laws of the United States or a political subdivision thereof, persons who are neither citizens nor residents of the United States, shareholders holding Fund shares as part of a hedge, straddle or conversion transaction, and shareholders who are subject to the federal AMT.

The Corporation has not requested and does not anticipate requesting an advance ruling from the Internal Revenue Service (the "IRS") as to the federal income tax matters described herein. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. In addition, the following discussion and the discussions in the Prospectus applicable to each shareholder address only some of the federal income tax considerations generally affecting investments in the Funds. Prospective shareholders are urged to consult with their own tax advisors and financial planners regarding the federal tax consequences to them of an investment in a Fund, as well as the application of state, local or foreign laws, and the effect of possible changes in applicable tax laws to their investment in the Fund.

**<u>Qualification as a Regulated Investment Company</u>**

The Corporation intends for each Fund to qualify annually as a "regulated investment company" under Subchapter M of Subtitle A, Chapter 1 of the Code. Each Fund will be treated as a separate entity for federal income tax purposes. Thus, the provisions of the Code applicable to regulated investment companies generally will apply separately to each Fund, rather than to the Corporation as a whole. Furthermore, each Fund will separately determine its income, gains, losses and expenses for federal income tax purposes.

In order to qualify as a regulated investment company under the Code, each Fund must, among other things, derive at least 90% of its gross income each taxable year generally from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, and other income attributable to its business of investing in such stock, securities or foreign currencies (including but not limited to gains from options, futures or forward contracts) and net income derived from an interest in a qualified publicly traded partnership, as defined in the Code. Future Treasury Regulations may (possibly retroactively) exclude from qualifying income foreign currency gains that are not directly related to a Fund's principal business of investing in stock or securities or options and futures with respect to stock or securities. In general, for purposes of this 90% gross income requirement, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized by the regulated investment company. However, 100% of the net income derived from an interest in a qualified publicly traded partnership will be treated as qualifying income.

Each Fund must also diversify its holdings so that, at the end of each quarter of the taxable year, (i) at least 50% of the fair market value of its assets consists of (A) cash and cash items (including receivables), U.S. Government securities and securities of other regulated investment companies, and (B) securities of any one issuer (other than those described in clause (A)) to the extent such securities do not exceed 5% of the value of the Fund's total assets and do not exceed 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets consists of the securities of any one issuer (other than those described in clause (i)(A)), the securities of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. In addition, for purposes of meeting this diversification requirement, the term "outstanding voting securities of such issuer" includes the equity securities of a qualified publicly traded partnership and in the case of a Fund's investments in loan participations, the Fund shall treat both the financial intermediary and the issuer of the underlying loan as an issuer. The qualifying income and diversification requirements applicable to a Fund may limit the extent to which it can engage in transactions in options, futures contracts, forward contracts and swap agreements.

In addition, each Fund generally must timely distribute to its shareholders an amount at least equal to the sum of 90% of its investment company taxable income, which generally includes its ordinary income and the excess of any net short-term capital gain over net long-term capital loss and at least 90% of its net tax-exempt interest income (if any) earned in each taxable year. If a Fund meets all of the regulated investment company requirements, it generally will not be subject to federal income tax on any of the investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) it timely distributes to its shareholders. For this purpose, a Fund generally must make the distributions in the same year that it realizes the income and gain, although, in certain circumstances, a Fund may make the distributions in the following taxable year. Shareholders generally are taxed on any distributions from a Fund in the year they are actually distributed. If a Fund declares a distribution to shareholders of record in October, November or December of one year and pays the distribution in January of the following year, however, the Fund and its shareholders will be treated as if the Fund paid the distribution on December 31 of the first taxable year. Each Fund intends to distribute its net income and gain in a timely manner to maintain its status as a regulated investment company and eliminate Fund-level federal income taxation of such income and gain. However, no assurance can be given that a Fund will not be subject to federal income taxation.

Moreover, a Fund may determine to retain for investment all or a portion of its net capital gain. If a Fund retains any net capital gain, it will be subject to a tax at regular corporate rates on the amount retained, but may report the retained amount as undistributed capital

gain in a written statement to its shareholders, who (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their share of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal under current law to the difference between the amount of undistributed capital gain included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence.

If, for any taxable year, a Fund fails to qualify as a regulated investment company under the Code or fails to meet the distribution requirements, it will be taxed in the same manner as an ordinary corporation without any deduction for its distributions to shareholders, and all distributions from the Fund's current and accumulated earnings and profits (including any distributions of its net tax-exempt income and net long-term capital gains) to its shareholders will be taxable as dividend income. Certain savings provisions may be available to a Fund to prevent such disqualification.

**<u>Capital Loss Carry-forwards</u>**

A Fund is generally permitted to carry forward a net capital loss in any taxable year to offset its own capital gains, if any, in each succeeding year. If future capital gains are offset by carried-forward capital losses, such future capital gains are not subject to Fund-level federal income taxation, regardless of whether they are distributed to shareholders. However, future capital gains offset by carried-forward capital losses are generally subject to taxation as ordinary dividends to shareholders if distributed. Accordingly, the Funds do not expect to distribute such capital gains. The Funds cannot carry back or carry forward any net operating losses.

As of October 31, 2025, the capital loss carryforwards of the Funds below are available to offset future realized capital gains. This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Short-Term<br> Capital Loss**<br>**Carryforward** | &nbsp;&nbsp; **Long-Term<br> Capital Loss**<br>**Carryforward** |
| Credit Income Fund | $&nbsp;&nbsp;82603157 | $&nbsp;&nbsp;98617773 |
| Fixed Income Fund | &nbsp;&nbsp;26080601 | &nbsp;&nbsp;134492226 |
| Short-Term Bond Fund | &nbsp;&nbsp;3700 | &nbsp;&nbsp;-- |
| Municipal Bond Fund | &nbsp;&nbsp;77836006 | &nbsp;&nbsp;139822856 |
| California Municipal Bond Fund | &nbsp;&nbsp;6558818 | &nbsp;&nbsp;11074010 |
| New York Municipal Bond Fund | &nbsp;&nbsp;6261040 | &nbsp;&nbsp;15560997 |

---

If a Fund engages in a reorganization, either as an acquiring fund or acquired fund, its own capital loss carry-forwards and the use of its unrealized losses against future realized gains, or such losses of other funds participating in the reorganization, may be subject to severe limitations that could make such losses substantially unusable. Certain Funds have engaged in reorganizations in the past and the Funds may engage in reorganizations in the future.

**<u>Equalization Accounting</u>**

Each Fund may use the so-called "equalization method" of accounting to allocate a portion of its "earnings and profits," which generally equals a Fund's undistributed net investment income and realized capital gains, with certain adjustments, to redemption proceeds. This method permits a Fund to achieve more balanced distributions for both continuing and redeeming shareholders. Although using this method generally will not affect a Fund's total returns, it may reduce the amount that the Fund would otherwise distribute to continuing shareholders by reducing the effect of redemptions of Fund shares on Fund distributions to continuing shareholders. However, the IRS generally will not have expressly sanctioned the equalization accounting method used by a particular Fund, and thus the use of this method may be subject to IRS scrutiny.

**<u>Excise Tax</u>**

A 4% nondeductible excise tax will be imposed on each Fund's net income and gains (other than to the extent of its tax-exempt interest income, if any) to the extent it fails to distribute by December 31 of each calendar year an amount at least equal to the sum of 98% of its ordinary income for that year (taking into account certain deferrals and elections), 98.2% of its capital gain net income (adjusted for certain net ordinary losses) for the 12-month period ending on October 31 of that year and all of its ordinary income and capital gain net income from previous years that were not distributed during such years. For these purposes, a Fund will be treated as having distributed any amount on which it has been subject to corporate income tax in the taxable year ending within the calendar year. Each Fund intends

to distribute substantially all of its net income and gain, if any, by the end of each calendar year and, thus, expects not to be subject to the excise tax. However, no assurance can be given that a Fund will not be subject to the excise tax. Moreover, each Fund reserves the right to pay an excise tax rather than make an additional distribution when circumstances warrant (for example, the amount of excise tax to be paid is deemed de minimis by a Fund).

**<u>Taxation of Fund Investments</u>**

In general, realized gains or losses on the sale of portfolio securities will be treated as capital gains or losses, and long-term capital gains or losses if the Fund has held the disposed securities for more than one year at the time of disposition.

If a Fund purchases a debt obligation with original issue discount ("OID") (generally a debt obligation with an issue price less than its stated principal amount, such as a zero-coupon bond), the Fund may be required to include annually in its taxable income (or, in the case of the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund, its distributable income) a portion of the OID as ordinary income, even though the Fund will not receive cash payments for such discount until maturity or disposition of the obligation. Inflation-protected bonds generally can be expected to produce OID income as their principal amounts are adjusted upward for inflation. A portion of the OID includible in income with respect to certain high-yield corporate debt securities may be treated as a dividend for federal income tax purposes. In general, gains recognized on the disposition of a debt obligation (including a municipal obligation) purchased by a Fund at a market discount, generally at a price less than its principal amount, will be treated as ordinary income to the extent of the portion of market discount which accrued, but was not previously recognized pursuant to an available election, during the term that the Fund held the debt obligation. A Fund generally will be required to make distributions to shareholders representing the OID income on debt securities that is currently includible in income, even though the cash representing such income may not have been received by the Fund. Cash to pay such distributions may be obtained from borrowing or from sales proceeds of securities held by a Fund which the Fund otherwise might have continued to hold; obtaining such cash might be disadvantageous for the Fund.

In addition, payment-in-kind securities similarly will give rise to income which is required to be distributed and is taxable even though a Fund holding such a security receives no interest payment in cash on the security during the year.

If a Fund invests in debt securities that are in the lowest rating categories or are unrated, including debt securities of issuers not currently paying interest or who are in default, special tax issues may exist for the Fund. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, OID, or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, and how payments received on obligations in default should be allocated between principal and income. These and other related issues will be addressed by a Fund when, as, and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

If an option granted by a Fund is sold, lapses or is otherwise terminated through a closing transaction, such as a repurchase by the Fund of the option from its holder, the Fund will realize a short-term capital gain or loss, depending on whether the premium income is greater or less than the amount paid by the Fund in the closing transaction. Some capital losses realized by a Fund in the sale, exchange, exercise or other disposition of an option may be deferred if they result from a position that is part of a "straddle," discussed below. If securities are sold by a Fund pursuant to the exercise of a call option granted by it, the Fund will add the premium received to the sale price of the securities delivered in determining the amount of gain or loss on the sale. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund will subtract the premium received from its cost basis in the securities purchased.

Some regulated futures contracts, certain foreign currency contracts, and non-equity, listed options used by a Fund will be deemed "Section 1256 contracts." A Fund will be required to mark-to-market any such contracts held at the end of the taxable year by treating them as if they had been sold on the last day of that year at market value. Sixty percent of any net gain or loss realized on all dispositions of Section 1256 contracts, including deemed dispositions under the "mark-to-market" rule, generally will be treated as long-term capital gain or loss, and the remaining 40% will be treated as short-term capital gain or loss, although certain foreign currency gains and losses from such contracts may be treated as ordinary income or loss (as described below). These provisions may require a Fund to recognize income or gains without a concurrent receipt of cash. Transactions that qualify as designated hedges are exempt from the mark-to-market rule and the "60%/40%" rule and may require the Fund to defer the recognition of losses on certain futures contracts, foreign currency contracts and non-equity options.

Foreign exchange gains and losses realized by a Fund in connection with certain transactions involving foreign currency-denominated debt securities, certain options and futures contracts and similar instruments relating to foreign currency, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income or loss and may affect the amount and timing of recognition of the Fund's income. Under future Treasury Regulations, any such transactions that are not directly related to a Fund's investments in

stock or securities (or its options contracts or futures contracts with respect to stock or securities) may have to be limited in order to enable the Fund to satisfy the 90% income test described above. If the net foreign exchange loss exceeds a Fund's net investment company taxable income (computed without regard to such loss) for a taxable year, the resulting ordinary loss for such year will not be deductible by the Fund or its shareholders in future years.

Offsetting positions held by a Fund involving certain derivative instruments, such as financial forward, futures or options contracts may be considered, for federal income tax purposes, to constitute "straddles." "Straddles" are defined to include "offsetting positions" in actively traded personal property. The tax treatment of "straddles" is governed by Section 1092 of the Code, which, in certain circumstances, overrides or modifies the provisions of Section 1256. If a Fund is treated as entering into "straddles" and at least one (but not all) of the futures or option contracts comprising a part of such straddles is governed by Section 1256 of the Code, described above, such straddles could be characterized as "mixed straddles." A Fund may make one or more elections with respect to "mixed straddles." Depending upon which election is made, if any, the results with respect to a Fund may differ. Generally, to the extent the straddle rules apply to positions established by a Fund, losses realized by the Fund may be deferred to the extent of unrealized gain in any offsetting positions. Moreover, as a result of the straddle rules, short-term capital loss on straddle positions may be recharacterized as long-term capital loss, and long-term capital gain may be characterized as short-term capital gain or ordinary income. In addition, the existence of a straddle may affect the holding period of the offsetting positions. As a result, the straddle rules could cause distributions that would otherwise constitute qualified dividend income (defined below) to fail to satisfy the applicable holding period requirements (described below) and therefore, to be taxed as ordinary income. Further, the Fund may be required to capitalize, rather than deduct currently, any interest expense and carrying charges applicable to a position that is part of a straddle, including any interest expense on indebtedness incurred or continued to purchase or carry any positions that are part of a straddle. Because the application of the straddle rules may affect the character of gains and losses, defer losses and/or accelerate the recognition of gains or losses from affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to the situation where a Fund had not engaged in such transactions.

If a Fund enters into a "constructive sale" of any appreciated financial position in stock, a partnership interest, or certain debt instruments, the Fund will be treated as if it had sold and immediately repurchased the property and must recognize gain (but not loss) with respect to that position. A constructive sale of an appreciated financial position occurs when a Fund enters into certain transactions with respect to the same or substantially identical property, including: (i) a short sale; (ii) an offsetting notional principal contract; (iii) a futures or forward contract; or (iv) other transactions identified in future Treasury Regulations. The character of the gain from constructive sales will depend upon a Fund's holding period in the property. Any gain or loss subsequently realized with respect to an appreciated financial position shall be adjusted to take into account any gain realized as a result of any constructive sale. The character of any such subsequent gain or loss will depend upon a Fund's holding period in the property subsequent to any constructive sale and the application of various loss deferral provisions in the Code. Constructive sale treatment does not apply to a transaction if such transaction is closed before the end of the 30th day after the close of the Fund's taxable year and the Fund holds the appreciated financial position unhedged throughout the 60-day period beginning with the day such transaction was closed.

The amount of long-term capital gain a Fund may recognize from certain derivative transactions with respect to interests in certain pass-through entities is limited under the Code's constructive ownership rules. The amount of long-term capital gain is limited to the amount of such gain a Fund would have had if the Fund directly invested in the pass-through entity during the term of the derivative contract. Any gain in excess of this amount is treated as ordinary income. An interest charge is imposed on the amount of gain that is treated as ordinary income.

In addition, a Fund's transactions in securities and certain types of derivatives (e.g., options, futures contracts, forward contracts, and swap agreements) may be subject to other special tax rules, such as the wash sale rules or the short sale rules, the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments to the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains, and/or convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing, and character of distributions to shareholders.

Certain of a Fund's hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If a Fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital up to the amount of a shareholder's tax basis in the shareholder's Fund shares, and (iii) thereafter, as capital gain. If a Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income in order to qualify as a regulated investment company.

"Passive foreign investment companies" ("PFICs") are generally defined as certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or that hold at

least 50% of their assets in investments producing such passive income. If a Fund acquires any equity interest in a PFIC, the Fund could be subject to federal income tax and IRS interest charges on "excess distributions" received from the PFIC or on gain from the sale of such equity in the PFIC, even if all income or gain actually received by the Fund is timely distributed to its shareholders. Excess distributions and gain from the sale of equity interests in PFICs will be characterized as ordinary income even though, absent the application of PFIC rules, these amounts would have been classified as capital gain.

A Fund will not be permitted to pass through to its shareholders any credit or deduction for taxes and interest charges incurred with respect to PFICs. Elections may be available that would ameliorate these adverse tax consequences, but such elections could require a Fund to recognize taxable income or gain without the concurrent receipt of cash. Investments in PFICs could also result in the treatment of associated capital gains as ordinary income. The Funds may attempt to limit and/or manage their holdings in PFICs to minimize their tax liability or maximize their returns from these investments, but there can be no assurance they will be able to do so. Moreover, because it is not always possible to identify a foreign corporation as a PFIC in advance of acquiring shares in the corporation, a Fund may incur the tax and interest charges described above in some instances. Dividends paid by PFICs will not be eligible to be treated as qualifying dividend income.

Rules governing the federal income tax aspects of derivatives, including swap agreements, are in a developing stage and are not entirely clear in certain respects, particularly in light of a pair of 2006 IRS revenue rulings that held that income from certain derivative contracts with respect to a commodity index or individual commodities was not qualifying income for a regulated investment company. Certain requirements that must be met under the Code in order for each Fund to qualify as a regulated investment company may limit the extent to which a Fund will be able to engage in derivative transactions. The Funds intend to limit their investments in commodity-linked derivatives in a manner designed to maintain their continued qualification as regulated investment companies under the Code. Each Fund also intends to account for derivative transactions in a manner it deems to be appropriate. However, the IRS may not agree with determinations made by a Fund. If it does not, the status of the Fund as a regulated investment company might be jeopardized.

A Fund may invest in REITs. Investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. The Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for federal income tax purposes. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.

Section 199A of the Code provides a 20% deduction for qualified business income. Under this provision, individuals, trusts, and estates generally may deduct 20% of "qualified business income," which includes all ordinary REIT dividends ("Qualifying REIT Dividends") and certain income from investments in MLPs ("MLP Income"). Applicable Treasury Regulations permit a regulated investment company to pass through to its shareholders Qualifying REIT Dividends eligible for the 20% deduction. However, the regulations do not provide a mechanism for a regulated investment company to pass through to its shareholders MLP Income that would be eligible for such deduction. It is uncertain whether future legislation or other guidance will enable a regulated investment company to pass through the special character of MLP Income to the regulated investment company's shareholders.

Certain distributions reported by a Fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

A Fund may invest in REITs that hold residual interests in REMICs or taxable mortgage pools ("TMPs"), or such REITs may themselves constitute TMPs. Under an IRS notice, and future Treasury Regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income from a REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMIC") or a TMP (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a regulated investment company, such as each Fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related residual interest or invested in the TMP directly. As a result, the Fund may not be a suitable investment for certain tax-exempt shareholders.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or certain other tax-exempt entities) subject to tax on unrelated

business income, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax.

In addition to the investments described above, prospective shareholders should be aware that other investments made by the Funds may involve complex tax rules that may result in income or gain recognition by the Funds without corresponding current cash receipts. Although the Funds seek to avoid significant noncash income, such noncash income could be recognized by the Funds, in which case the Funds may distribute cash derived from other sources in order to meet the minimum distribution requirements described above. In this regard, the Funds could be required at times to liquidate investments prematurely in order to satisfy their minimum distribution requirements.

**<u>Taxation of Distributions</u>**

Except for exempt-interest dividends paid out by the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund, defined below, all distributions paid out of a Fund's current and accumulated earnings and profits (as determined at the end of the year), whether paid in cash or reinvested in the Fund, generally are deemed to be taxable distributions and must be reported by each shareholder who is required to file a U.S. federal income tax return. Dividends and distributions on a Fund's shares are generally subject to federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV reflects gains that are either unrealized, or realized but not distributed. For federal income tax purposes, a Fund's earnings and profits, described above, are determined at the end of the Fund's taxable year and are generally allocated pro rata to distributions paid over the entire year. Distributions in excess of a Fund's current and accumulated earnings and profits will first be treated as a return of capital up to the amount of a shareholder's tax basis in his or her Fund shares and then as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in his or her Fund shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of his or her shares. A Fund may make distributions in excess of earnings and profits to a limited extent, from time to time.

For federal income tax purposes, distributions of investment income (except for exempt-interest dividends and dividends treated as qualified dividend income, as discussed below) are generally taxable as ordinary income, and distributions of gains from the sale of investments that a Fund owned (or is deemed to have owned) for one year or less will be taxable at ordinary income rates. Distributions properly reported by a Fund as capital gain distributions will be taxable to shareholders as long-term capital gain (to the extent such distributions do not exceed the Fund's actual net long-term capital gain for the taxable year), regardless of how long a shareholder has held Fund shares and do not qualify as dividends for purposes of the dividends-received deduction or as qualified dividend income (defined below).

A Fund will report annually to shareholders the federal income tax status of all distributions made for the preceding year. To the extent such amounts include distributions received from a REIT, they may be based on estimates and be subject to change as REITs do not always have the information available by the time these reports are due and can recharacterize certain amounts after the end of the tax year. As a result, the final character and amount of distributions may differ from that initially reported.

Some states will not tax distributions made to individual shareholders that are attributable to interest a Fund earned on direct obligations of the U.S. Government if the Fund meets the state's minimum investment or reporting requirements, if any. Investments in Government National Mortgage Association or Federal National Mortgage Association securities, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities generally do not qualify for tax-free treatment. This exemption may not apply to corporate shareholders.

**<u>Sales and Exchanges of Fund Shares</u>**

If a shareholder sells or exchanges his or her Fund shares, subject to the discussion below, he or she generally will realize a taxable capital gain or loss on the difference between the amount received for the shares (or deemed received in the case of an exchange) and his or her tax basis in the shares. This gain or loss will be long-term capital gain or loss if he or she has held (or is deemed to have held) such Fund shares for more than one year at the time of the sale or exchange, and short-term capital gain or loss otherwise.

If a shareholder incurs a sales charge in acquiring shares of a Fund, and by reason of incurring such charge or making such acquisition acquires a reinvestment right and then sells or exchanges such Fund shares within 90 days of having acquired them, and if, as a result of having initially acquired those shares, he or she subsequently pays a reduced sales charge on a new purchase of shares of the Fund or a different regulated investment company during the period beginning on the date of disposition of the original Fund shares and ending on the January 31 of the calendar year that includes the date of such disposition, the sales charge previously incurred in acquiring the Fund's shares generally will not be taken into account (to the extent the previous sales charges do not exceed the reduction in sales

charges on the new purchase) for the purpose of determining the amount of gain or loss on the disposition, but generally will be treated as having been incurred in the new purchase. Also, if a shareholder realizes a loss on a disposition of Fund shares, the loss will be disallowed under the "wash sale" rules to the extent he or she purchases substantially identical shares within the 61-day period beginning 30 days before and ending 30 days after the disposition. Any disallowed loss generally will be reflected in an adjustment to the tax basis of the purchased shares.

If a shareholder receives a capital gain distribution with respect to any Fund share and such Fund share is held for six months or less, then (unless otherwise disallowed) any loss on the sale or exchange of that Fund share will be treated as a long-term capital loss to the extent of the capital gains distribution. In addition, if a shareholder holds Municipal Bond Fund, California Municipal Bond Fund or New York Municipal Bond Fund shares for six months or less, any loss on the sale or exchange of those shares will be disallowed to the extent of the amount of exempt-interest dividends received with respect to the shares.

**<u>Cost Basis Reporting</u>**

The Funds are required to report to the IRS and furnish to you annually on Form 1099-B the cost basis information for a Fund's shares purchased or acquired on or after January 1, 2012, and sold or redeemed on or after that date. In addition to the requirement that the Funds report the gross proceeds from the sale or redemption of a Fund's shares, the Funds also are required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale or redemption of a Fund's shares, a Fund will permit you to elect from among several IRS-accepted cost basis methods, including average cost basis. In the absence of an election, cost basis will be calculated using the Funds' default method of average cost. The cost basis method elected by you (or the cost basis method applied by default) for each sale or redemption of a Fund's shares may not be changed after the settlement date of each such sale or redemption of a Fund's shares. At any time, you may designate a new election for future cost basis calculations.

You should carefully review the cost basis information provided by a Fund and make any adjustments that are required when reporting these amounts on federal income tax returns. If your account is held by an investment representative (financial advisor, broker or other nominee), you should consider contacting that representative with respect to reporting of cost basis and available elections for your account. You are encouraged to refer to the appropriate IRS regulations or consult your tax advisor to obtain more information about cost basis reporting and, in particular, to determine the best IRS-accepted cost basis method for your personal tax situation.

For shares of a Fund purchased or acquired on or before December 31, 2011, and sold or redeemed on or after that date, Funds are required to report only the gross proceeds from the sale or redemption of the Fund's shares.

**<u>Foreign Taxes</u>**

Amounts realized by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of non-U.S. companies, the Fund will be eligible to file an annual election with the IRS pursuant to which the Fund may pass-through to its shareholders on a pro rata basis certain foreign income and similar taxes paid by the Fund, which may be claimed, subject to certain limitations, either as a tax credit or deduction by the shareholders.

It is possible that the Large Cap Strategies Fund, Total Equity Fund and Small & Mid Cap Strategies Fund may, in certain taxable years, qualify to make the election. However, even if a Fund qualifies for the election for a year, it may decide not to make the election for such year. If a Fund does not so elect, then shareholders will not be entitled to claim a credit or deduction with respect to foreign taxes paid or withheld. A Fund will report to each shareholder in a written statement whether it has elected for the foreign taxes paid by the Fund to "pass-through" for that year.

Even if a Fund qualifies for and makes the election, foreign income and similar taxes will only pass-through to the Fund's shareholders if the Fund and its shareholders meet certain holding period requirements. Specifically, (i) the shareholders must have held Fund shares for at least 16 days during the 31-day period beginning 15 days prior to the date upon which the shareholders became entitled to receive Fund distributions corresponding with the pass-through of such foreign taxes paid by the Fund, and (ii) with respect to dividends received by the Fund on foreign shares giving rise to such foreign taxes, the Fund must have held the shares for at least 16 days during the 31-day period beginning 15 days prior to the date upon which the Fund became entitled to the dividend. These holding periods increase for certain dividends on preferred stock. A Fund may choose not to make the election if the Fund has not satisfied its holding requirements.

If a Fund makes the election, the Fund will not be permitted to claim a credit or deduction for foreign taxes paid in that year, and the Fund's dividends paid deduction will be increased by the amount of foreign taxes paid that year. Fund shareholders that have satisfied the holding period and certain other requirements will include their proportionate share of the foreign taxes paid by the Fund in their

gross income and treat those amounts as paid by them for the purpose of the foreign tax credit or deduction. If such shareholder claims a credit for foreign taxes paid, the credit will be limited to the extent it exceeds the shareholder's federal income tax attributable to foreign source taxable income or the amount specified in the written statement mailed to that shareholder. If the credit is attributable, wholly or in part, to qualified dividend income (as defined below), special rules will be used to limit the credit in a manner that reflects any resulting dividend rate differential.

In general, an individual with $300 or less of creditable foreign taxes may elect to be exempt from the foreign source taxable income and qualified dividend income limitations if the individual has no foreign source income other than qualified passive income. This $300 threshold is increased to $600 for joint filers. A deduction for foreign taxes paid may be claimed only by shareholders that itemize their deductions.

**<u>Federal Income Tax Rates</u>**

As of the date of this SAI, the maximum stated federal income tax rate applicable to individuals generally is 37% for ordinary income and 20% for net long-term capital gain. Distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) that are derived from the sale or disposition of collectibles are currently taxable at a 28% federal rate.

Current federal income tax law also provides for a maximum individual federal income tax rate applicable to "qualified dividend income" (defined below) equal to the highest net long-term capital gains rate, which generally is 20%. In general, "qualified dividend income" is income attributable to dividends received by a Fund from certain domestic and foreign corporations, as long as certain holding period and other requirements are met by the Fund with respect to the dividend-paying corporation's stock and by the shareholders with respect to the Fund's shares. If 95% or more of a Fund's gross income (excluding net long-term capital gain over net short-term capital loss) constitutes qualified dividend income, all of its distributions (other than capital gain dividends) generally will be treated as qualified dividend income in the hands of individual shareholders, as long as they have owned their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund's ex-dividend date (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date). If less than 95% of the Fund's income is attributable to qualified dividend income, then only the portion of the Fund's distributions that is attributable to qualified dividend income and properly reported as such in a timely manner will be so treated in the hands of individual shareholders. Payments received by the Fund derived from securities lending, repurchase agreements and other derivative transactions ordinarily will not qualify as qualified dividend income. The rules attributable to the qualification of Fund distributions as qualified dividend income are complex, including the holding period requirements. Individual Fund shareholders therefore are urged to consult their own tax advisors and financial planners. Income and bond funds, such as the Credit Income Fund, Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund, typically do not distribute significant amounts of qualified dividend income.

The maximum stated corporate federal income tax rate applicable to ordinary income and net capital gain is 21%. The effective marginal tax rate may be higher for some shareholders, for example through reductions in deductions. Naturally, the amount of tax payable by any taxpayer will be affected by a combination of tax laws covering, for example, deductions, credits, deferrals, exemptions, sources of income and other matters.

Section 1411 of the Code generally imposes a 3.8% Medicare contribution tax on certain high-income individuals, trusts and estates. For individuals, the 3.8% tax will apply to the lesser of (1) the amount by which the taxpayer's modified adjusted gross income exceeds certain threshold amounts or (2) the taxpayer's "net investment income." For this purpose, "net investment income" generally includes, among other things, (i) distributions paid by a Fund of net investment income and capital gains (other than exempt-interest dividends) as described above, and (ii) any net gain from the sale, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

**<u>Backup Withholding</u>**

A Fund may be required to withhold, and remit to the U.S. Treasury, subject to certain exemptions, an amount equal to 24% of all distributions and redemption proceeds (including proceeds from exchanges and redemptions in-kind) paid or credited to a Fund shareholder, if the shareholder fails to furnish the Fund with a correct "taxpayer identification number" ("TIN"), generally the shareholder's social security or employer identification number; if (when required to do so) the shareholder fails to certify under penalty of perjury that the TIN provided is correct and that the shareholder is not subject to backup withholding; or if the IRS notifies the Fund that the shareholder's TIN is incorrect or that the shareholder is subject to backup withholding. These backup withholding rules may also apply to distributions that are properly reported as exempt-interest dividends. This backup withholding is not an additional tax imposed on the shareholder. The shareholder may apply amounts required to be withheld as a credit against his or her future federal income tax liability and may obtain a refund of any excess amounts withheld, provided that the required information is furnished to the IRS. If a shareholder fails to furnish a valid TIN upon request, the shareholder can also be subject to IRS penalties. A shareholder may generally avoid backup withholding by furnishing a properly completed IRS Form W-9.

**<u>Tax-Deferred Plans</u>**

The shares of the Funds may be available for a variety of tax-deferred retirement and other tax-advantaged plans and accounts, including IRAs, Simplified Employee Pension Plans ("SEP-IRAs"), Savings Incentive Match Plans for Employees ("SIMPLE Plans"), Roth IRAs, and Coverdell Education Savings Accounts. Prospective investors should contact their tax advisors and financial planners regarding the tax consequences to them of holding Fund shares through such plans and/or accounts.

**<u>Corporate Shareholders</u>**

Subject to limitation and other rules, a corporate shareholder of a Fund may be eligible for the dividends-received deduction on Fund distributions attributable to dividends received by the Fund from domestic corporations, which, if received directly by the corporate shareholder, would qualify for such a deduction. The dividends-received deduction may be subject to certain reductions, and a distribution by a Fund attributable to dividends of a domestic corporation will be eligible for the deduction only if certain holding period and other requirements are met. These requirements are complex; therefore, corporate shareholders of the Funds are urged to consult their own tax advisors and financial planners.

A portion of the interest paid or accrued on certain high-yield discount obligations owned by a Fund may not be deductible to the issuer. If a portion of the interest paid or accrued on certain high-yield discount obligations is not deductible, that portion will be treated as a dividend for purposes of the corporate dividends-received deduction if certain requirements are met. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends-received deduction to the extent of the dividend portion of such interest.

**<u>Foreign Shareholders</u>**

Under an exemption, distributions reported by a Fund as "interest-related dividends" (defined below) generally will be exempt from federal income tax withholding, provided the Fund obtains a properly completed and signed certificate of foreign status from such foreign shareholder. Interest-related dividends are generally attributable to the Fund's net interest income earned on certain U.S. debt obligations and paid to a nonresident alien individual, a foreign trust (i.e., a trust other than a trust which a U.S. court is able to exercise primary supervision over administration of that trust and one or more U.S. persons have authority to control substantial decisions of that trust), a foreign estate (i.e., the income of which is not subject to U.S. tax regardless of source) or a foreign corporation (each, a "foreign shareholder"). In order to qualify as an interest-related dividend, the Fund must report a distribution as such in a written statement mailed to its shareholders. Distributions made to foreign shareholders attributable to net investment income from other sources, such as dividends received by a Fund, generally will be subject to non-refundable federal income tax withholding at a 30% rate (or such lower rate provided under an applicable income tax treaty). However, this tax generally will not apply to exempt-interest dividends from a Fund. Notwithstanding the foregoing, if a distribution described above is "effectively connected" with a U.S. trade or business (or, if an income tax treaty applies, is attributable to a permanent establishment) of the recipient foreign shareholder, federal income tax withholding and exemptions attributable to foreign persons will not apply and the distribution will be subject to the tax, reporting and withholding requirements generally applicable to U.S. persons and an additional branch profits tax may apply if the foreign shareholder is a foreign corporation.

In general, a foreign shareholder's capital gains realized on the disposition of Fund shares, capital gain distributions and "short-term capital gain distributions" (defined below) are not subject to federal income or withholding tax, provided that the Fund obtains a properly completed and signed certificate of foreign status, unless: (i) such gains or distributions are effectively connected with a U.S. trade or business (or, if an income tax treaty applies, are attributable to a permanent establishment) of the foreign shareholder; (ii) in the case of an individual foreign shareholder, the shareholder is present in the U.S. for a period or periods aggregating 183 days or more during the year of the disposition of Fund shares or the receipt of capital gain distributions or short-term capital gain distributions and certain other conditions are met; or (iii) such gains or, in certain cases, distributions are attributable to gain from the sale or exchange of a U.S. real property interest. If such gains or distributions are effectively connected with a U.S. trade or business (or are attributable to a U.S. permanent establishment of the foreign shareholder pursuant to an applicable income tax treaty), the tax, reporting and withholding requirements applicable to U.S. persons generally will apply to the foreign shareholder and an additional branch profits tax may apply if the foreign shareholder is a foreign corporation. If such gains or distributions are not effectively connected for this purpose, but the foreign shareholder meets the requirements of clause (ii) described above, such gains and distributions will be subject to U.S. federal income withholding tax at a 30% rate (or such lower rate provided under an applicable income tax treaty). If the requirements of clause (iii) are met, the foreign shareholder may be subject to certain tax, withholding, and/or reporting requirements, depending in part on whether the foreign shareholder holds (or has held in the prior 12 months) more than a 5% interest in the Fund. "Short-term capital gain distributions" are distributions attributable to a Fund's net short-term capital gain in excess of its net long-term capital loss and reported as such from a Fund in a written statement mailed by the Fund to its shareholders.

Even if permitted to do so, the Funds provide no assurance that they will report any distributions as interest-related distributions or short-term capital gain distributions. Even if a Fund reports any distributions as such, if you hold Fund shares through an intermediary, no assurance can be made that your intermediary will respect such reports.

Special rules apply to foreign partnerships and those holding Fund shares through foreign partnerships.

If a Fund qualifies and makes an election to pass through foreign taxes to its shareholders, foreign shareholders of the Fund generally will be subject to increased federal income taxation without a corresponding benefit for the pass-through of foreign taxes.

Foreign shareholders may also be subject to U.S. estate tax with respect to their Fund shares.

**<u>The Foreign Account Tax Compliance Act ("FATCA")</u>**

A 30% withholding tax on a Fund's distributions generally applies if paid to a foreign entity unless: (i) if the foreign entity is a "foreign financial institution," it undertakes certain due diligence, reporting, withholding and certification obligations, (ii) if the foreign entity is not a "foreign financial institution," it identifies certain of its U.S. investors or (iii) the foreign entity is otherwise exempted under FATCA. If applicable, and subject to any intergovernmental agreement, withholding under FATCA is required generally with respect to distributions from the Funds. If withholding is required under FATCA on a payment related to your shares, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) on such payment generally will be required to seek a refund or credit from the IRS to obtain the benefits of such exemption or reduction. The Funds will not pay any additional amounts in respect to amounts withheld under FATCA. You should consult your tax advisor regarding the effect of FATCA based on your individual circumstances.

**<u>Additional Considerations for the Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund</u>**

If at least 50% of the value of a regulated investment company's total assets at the close of each quarter of its taxable years consists of obligations the interest on which is exempt from federal income tax, it will qualify under the Code to pay "exempt-interest dividends." The Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund (collectively, the "Muni Bond Funds") each intend to so qualify and are designed to provide shareholders with a high level of income exempt from federal income tax in the form of exempt-interest distributions.

Distributions of capital gains or income not attributable to interest on each Muni Bond Fund's tax-exempt obligations will not constitute exempt-interest dividends and will be taxable to its shareholders. The exemption of interest income derived from investments in tax-exempt obligations for federal income tax purposes may not result in a similar exemption under the laws of a particular state or local taxing authority. Thus, exempt interest may be subject to state and local taxes.

Each Muni Bond Fund will report to its shareholders in a written statement the portion of the distributions for the taxable year which constitutes exempt-interest dividends. The reported portion cannot exceed the excess of the amount of interest excludable from gross income under Section 103 of the Code received by a Muni Bond Fund during the taxable year over any amounts disallowed as deductions under Sections 265 and 171(a)(2) of the Code. Interest on indebtedness incurred to purchase or carry shares of each Muni Bond Fund will not be deductible to the extent that the Fund's distributions are exempt from federal income tax.

In addition, certain deductions and exemptions have been designated "tax preference items" which must be added back to taxable income for purposes of calculating federal AMT. Tax preference items include tax-exempt interest on certain "private activity bonds." To the extent that each Muni Bond Fund invests in certain private activity bonds, its shareholders will be required to report that portion of the Fund's distributions attributable to income from the bonds as a tax preference item in determining their federal AMT, if any. Shareholders will be notified of the tax status of distributions made by a Muni Bond Fund. Persons who may be "substantial users" (or "related persons" of substantial users) of facilities financed by private activity bonds should consult their tax advisors before purchasing shares in the Muni Bond Funds. Further, tax-exempt income will be included in determining the taxability of social security payments and railroad retirement benefits. As of the date of this SAI, individuals are subject to the federal AMT at a maximum rate of 28%. Shareholders with questions or concerns about the federal AMT should consult their own tax advisors. A significant portion of exempt-interest dividends from each Muni Bond Fund may be treated as a "tax preference item," as discussed above.

The IRS is paying increased attention to whether obligations intended to produce interest exempt from federal income taxation in fact meet the requirements for such exemption. Ordinarily, each Muni Bond Fund relies on an opinion from the issuer's bond counsel that interest on the issuer's obligation will be exempt from federal income taxation. However, no assurance can be given that the IRS will not successfully challenge such exemption, which could cause interest on the obligation to be taxable and could jeopardize each Muni Bond Fund's ability to pay exempt-interest dividends.

**<u>California Tax Considerations</u>**

To the extent that dividends of the California Municipal Bond Fund are derived from interest on California tax-exempt securities and on certain U.S Government securities, such dividends will also be exempt from California personal income taxes. Under California law, a fund which qualifies as a regulated investment company for federal income tax purposes must have at least 50% of its total assets invested in California state and local government obligations or in U.S. Government obligations which pay interest excludable from income or in a combination of such obligations at the end of each quarter of its taxable year in order to be eligible to pay dividends which will be exempt from California personal income taxes.

The portion of dividends constituting exempt-interest dividends is that portion (i) derived from interest on obligations that would be exempt from California tax if held by an individual and (ii) reported by a Fund as exempt-interest dividends in written statements furnished to shareholders. However, the total amount of dividends paid by a Fund to all of its shareholders with respect to any taxable year that can be treated as exempt-interest dividends for California tax purposes cannot exceed the difference between (i) the amount of interest received by the Fund during such year on obligations which pay interest excludable from California personal income under California law and (ii) the expenses of the Fund that would be disallowed under California personal income tax law as allocable to tax exempt interest if the Fund were an individual. If the aggregate dividends designated by a Fund as exempt-interest dividends for a taxable year exceed the amount that may be treated as exempt-interest dividends for California tax purposes, only that percentage of each dividend distribution equal to the ratio of aggregate exempt-interest dividends to aggregate dividends so designated will be treated as an exempt-interest dividend for California tax purposes.

Unlike federal law, California law provides that no portion of the exempt-interest dividends will constitute an item of tax preference for California personal alternative minimum tax purposes. Because, unlike federal law, California law does not impose personal income tax on an individual's Social Security benefits, the receipt of California exempt-interest dividends will have no effect on an individual's California personal income tax.

Individual shareholders will normally be subject to federal and California personal income tax on dividends paid from interest income derived from taxable securities and distributions of net capital gains. In addition, distributions other than exempt-interest dividends to such shareholders are includable in income subject to the California alternative minimum tax. For federal income tax and California personal income tax purposes, distributions of long-term capital gains, if any, are taxable to shareholders as long-term capital gains, regardless of how long a shareholder has held shares of a Fund and regardless of whether the distribution is received in additional shares or in cash. In addition, unlike under federal law, the shareholders of a Fund will not be subject to California personal income tax, or receive a credit for tax paid by the Fund, on undistributed capital gains, if any.

Interest on indebtedness incurred by shareholders or related parties to purchase or carry shares of an investment company paying exempt-interest dividends, such as the California Municipal Bond Fund, generally will not be deductible by the investor for federal or state personal income tax purposes. In addition, as a result of California's incorporation of certain provisions of the Code, a loss realized by a shareholder upon the sale of shares held for six months or less may, depending on the frequency of a Fund's distributions, be disallowed to the extent of any exempt-interest dividends received with respect to such shares. Moreover, any loss realized upon the redemption of shares within six months from the date of purchase of such shares and following receipt of a long-term capital gains distribution will be treated as long-term capital loss to the extent of such long-term capital gains distribution. Finally, any loss realized upon the redemption of shares within 30 days before or after the acquisition of other shares of a Fund may be disallowed under the "wash sale" rules.

The foregoing relates to federal income taxation and to California personal income taxation as in effect as of the date of this SAI. These provisions are subject to change by legislative, judicial or administrative action and any such change may be either prospective or retroactive with respect to Fund transactions. Distributions from investment income and capital gains, including exempt interest dividends, may be subject to California franchise tax for corporate shareholders. In addition, distributions from investment income and capital gains may be subject to state taxes in states other than California, and to local taxes. Shareholders are urged to consult with their own tax advisers for more detailed information concerning California tax matters.

**<u>New York Tax Considerations</u>**

Individual shareholders of the New York Municipal Bond Fund will not be required to include in their adjusted gross income for New York State and New York City personal income tax purposes any portion of distributions received from the Fund that are derived from or attributable to (i) interest income on obligations of New York State or any political subdivision thereof (including New York City) or of a possession or territory of the United States or any political subdivision thereof, provided that at least 50 percent of the value of the Fund's total assets at the close of each quarter of its taxable year consists of obligations the interest on which is tax-exempt for federal income tax purposes and such income is not otherwise properly includible in the shareholder's federal adjusted gross income, (ii) interest income on obligations of the United States and its possessions even if includible in the shareholder's federal adjusted gross income, provided that at least 50 percent of the value of the Fund's total assets at the close of each quarter of its taxable year consists of

Shareholders of a Fund that are subject to the New York State corporation franchise tax or the New York City general corporation tax will be required to include exempt-interest dividends paid by the Fund in their "entire net income" for purposes of such taxes and will be required to include their investment in shares of the Fund in their investment capital or business capital, but not both, for purposes of such taxes. Interest income earned by a Fund that is distributed to its shareholders generally will not be taxable to the Fund for purposes of the New York State corporation franchise tax or the New York City general corporation tax.

If a shareholder is subject to unincorporated business taxation by New York City, income and gains distributed by the New York Municipal Bond Fund generally will be exempted from such taxation to the extent such distributions are derived exclusively from interest income on obligations of New York State or any political subdivision thereof (including New York City) and are not properly includible in the shareholder's federal adjusted gross income.

Gain from the sale, exchange or other disposition of shares of a Fund will be subject to the New York State personal income and franchise taxes and the New York City personal income, unincorporated business and general corporation taxes if the shareholder is subject to such taxes.

Interest on indebtedness incurred or continued to purchase or to carry shares of the New York Municipal Bond Fund generally will not be deductible for New York State and New York City personal income tax purposes.

The foregoing relates to certain applicable New York tax law as in effect as of the date of this SAI. These provisions are subject to change by legislative, judicial or administrative action and any such change may be either prospective or retroactive with respect to Fund transactions. In addition, distributions from investment income and capital gains may be subject to state taxes in states other than New York, and to local taxes. Shareholders are urged to consult with their own tax advisers for more detailed information concerning New York tax matters.

**<u>Tax-Exempt Shareholders</u>**

Under current law, the Funds serve to "block" (that is, prevent the attribution to shareholders of) UBTI from being realized by tax-exempt shareholders. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code.

It is possible that a tax-exempt shareholder will also recognize UBTI if the Fund recognizes "excess inclusion income" (as described above) derived from direct or indirect investments in REMIC residual interests or TMPs. Furthermore, any investment in residual interests of a CMO that has elected to be treated as a REMIC can create complex tax consequences, especially if the Fund has state or local governments or other tax-exempt organizations as shareholders.

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in regulated investment companies that invest directly or indirectly in residual interests in REMICs or in TMPs. Under legislation enacted in December 2006, a CRT, as defined in Section 664 of the Code, that realizes UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes "excess inclusion income," then the Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which the IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under applicable law (including the 1940 Act), each Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. The Funds have not yet determined whether such an election will be made. CRTs are urged to consult their tax advisors concerning the consequences of investing in a Fund.

**<u>Tax Shelter Reporting Regulations</u>**

Under Treasury Regulations, if an individual shareholder recognizes a loss of $2 million or more or if a corporate shareholder recognizes a loss of $10 million or more, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct owners of portfolio securities are in many cases exempt from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not exempt. Future guidance may extend the current exemption from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**FINANCIAL INFORMATION**

The financial statements of Old Westbury Funds, Inc. for its fiscal year ended October 31, 2025 have been audited by Ernst & Young LLP, independent registered public accounting firm. These audited financial statements of Old Westbury Funds, Inc. and the report of Ernst & Young LLP thereon are incorporated herein by reference to the Corporation's report on [Form N-CSR](http://www.sec.gov/ix?doc=/Archives/edgar/data/909994/000093041326000050/c114514_ncsr.htm) for its fiscal year ended October 31, 2025. Such financial statements and the report thereon of Ernst & Young LLP are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS NOT CONTAINED IN THE PROSPECTUS, INCORPORATED HEREIN BY REFERENCE IN THIS STATEMENT OF ADDITIONAL INFORMATION, IN CONNECTION WITH THE OFFERING MADE BY THE PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION OR PRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUNDS. THIS STATEMENT OF ADDITIONAL INFORMATION DOES NOT CONSTITUTE AN OFFERING BY THE FUNDS IN ANY JURISDICTION IN WHICH SUCH AN OFFERING MAY NOT LAWFULLY BE MADE.

**APPENDIX A – RATINGS**

**STANDARD AND POOR'S LONG-TERM CREDIT RATING DEFINITIONS<sup>\*</sup>**

**AAA --** An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA --** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A --** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB --** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

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

**BB --** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B --** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC --** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC --** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but Standard & Poor's Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C --** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D --** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's Global Ratings 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.

"NR" -- This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard and Poor's does not rate a particular obligation as a matter of policy.

Local Currency and Foreign Currency Risks -- Standard and Poor's issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. An issuer's foreign currency rating will differ from its local currency rating when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.

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

**MOODY'S INVESTORS SERVICE, INC. LONG-TERM BOND RATING DEFINITIONS**

**Aaa --** Obligations rated Aaa are judged to be of the highest quality, with minimal risk.

**Aa --** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A --** Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa --** Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess speculative characteristics.

**Ba --** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B --** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa --** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca --** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery in principal and interest.

**C --** Obligations rated C are the lowest-rated class of bonds and are typically in default, with little prospect for recovery of principal and interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**FITCH IBCA, INC. LONG-TERM CREDIT RATING DEFINITIONS**

**AAA: Highest credit quality** -- 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA: Very high credit quality** -- 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A: High credit quality** -- 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB: Good credit quality --** 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**BB: Speculative** -- 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B: Highly speculative** -- 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC: Substantial credit risk –** Very low margin for safety. Default is a real possibility.

**CC: Very high levels of credit risk** -- Default of some kind appears probable.

**C: Near default --** A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.

**RD: Restricted default** -- 'RD' ratings indicate an issuer that in Fitch's opinion has experienced an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and has not otherwise ceased operating.

**D: Default** -- 'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership,

liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

**Notes:** 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' Long-Term IDR category, or to Long-Term IDR categories below 'B'.

**MOODY'S INVESTORS SERVICE, INC. COMMERCIAL PAPER RATINGS**

**P-1--**Issuers (or supporting institutions) rated Prime -1 have a superior ability to repay short-term debt obligations.

**P-2--**Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

**P-3 --** Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP** -- Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**STANDARD AND POOR'S COMMERCIAL PAPER RATINGS**

**A-1** -- A short-term obligation rated 'A-1' is rated in the highest category by Standard and Poor's. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** -- A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3 --** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

**B** -- A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** -- A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** -- A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard and Poor's 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. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**FITCH IBCA, INC. COMMERCIAL PAPER RATING DEFINITIONS**

**F1: Highest short-term credit quality -- I**ndicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country or monetary union. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

**F2: Good short-term credit quality --** Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.

**F3: Fair short-term credit quality** -- Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**B: Speculative short-term credit quality** -- Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**C: High short-term default risk** -- Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary union.

**RD: Restricted default** -- Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable to entity ratings only.

**D: Default** -- Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX B – PROXY VOTING POLICY AND GUIDELINES**

**Bessemer Trust Company, N.A. Bessemer Investment Management LLC**

**Proxy Voting Policy and Guidelines**

An important component of the investment discipline of Bessemer Trust Company, N.A. and Bessemer Investment Management LLC (together, "Bessemer") is making appropriate proxy voting decisions. In an effort to support proposals that maximize the value of our clients' investments over the long term, Bessemer has developed this Proxy Voting Policy and Guidelines ("Guidelines"), which set forth principles that guide our voting decisions. While Bessemer's voting will generally follow these Guidelines, specific voting decisions may differ in any instance where Bessemer believes it to be in the best interest of shareholders.

The Bessemer Proxy Committee ("Proxy Committee") oversees the proxy voting process. The Proxy Committee reviews the Guidelines annually, or more frequently as needed, and approves amendments to the Guidelines as it deems appropriate. The Proxy Committee, in its judgment, may consult with Bessemer's portfolio managers and research analysts as needed for further context in particular voting matters (e.g., contested board elections and merger and acquisition activity) prior to making a voting decision. The Proxy Committee is comprised of representatives from the Investment and Custody areas and other areas as appropriate. Representatives of Legal and/or Compliance will attend Proxy Committee meetings.

Bessemer has contracted with Institutional Shareholder Services ("ISS"), a professional proxy voting and corporate governance service, to provide research on proxy issues and to vote proxies in accordance with Bessemer's Guidelines. As part of the proxy voting process, Bessemer's portfolio managers and analysts will be consulted on a limited number of issues (generally on matters that are designated as case-by-case votes). The Proxy Committee will periodically review the services provided by ISS in seeking to ensure that Bessemer casts votes in the best interest of its client shareholders.

Bessemer may refrain from voting in certain cases where it deems appropriate, if, for example, the cost of voting appears to exceed the expected benefits, or when voting could result in the imposition of trading or other restrictions that may restrict liquidity or otherwise impair investment returns. These conditions are most likely to exist with respect to non-U.S. securities.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Board of Directors** 

**Voting on Director Nominees in Uncontested Elections**

Votes on uncontested director nominees of <u>U.S. companies</u> generally will be cast as recommended by ISS based on their research and analysis, except that votes will be WITHHELD from director nominees who own no company stock and have served on the board for more than one year. In accordance with ISS's policy, votes will also be WITHHELD from director nominees who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have poor attendance history at board and committee meetings as determined by ISS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are inside directors or affiliated outside directors and the full board is less than majority independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are inside directors or affiliated outside directors and sit on the audit, compensation, or nominating committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are compensation committee members and the company has poor compensation practices as determined
by ISS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are compensation committee members and the company has a pay for performance disconnect as determined
by ISS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are compensation committee members and the board exhibits a significant
level of poor communication and responsiveness to shareholders surrounding compensation issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve on an excessive number of boards as determined by ISS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have ignored a proposal that was approved by the majority of votes cast in the last year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are incumbent board members and the board implements an advisory vote on executive compensation
on a less frequent basis than the frequency that received the majority of votes cast at the most recent shareholder meeting at
which shareholders voted on the say-on-pay frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have adopted a long-term poison pill without shareholder approval, where there is no commitment
or policy to put the pill to shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have made a material adverse change to an existing poison pill without shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have kept in place a dead-hand or modified dead-hand poison pill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are incumbent board members and the board had material failures of governance, stewardship,
risk oversight, or fiduciary responsibilities at the company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have taken egregious actions or failed to replace management as appropriate, as determined by
ISS.

Votes on uncontested director nominees of non-<u>U.S. companies</u> generally will be cast as recommended by ISS based on their research and analysis. Generally vote FOR nominees for directors of <u>non-U.S. companies</u> in uncontested elections unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific practices have been identified that were adverse to shareholder interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adequate disclosure has not been provided in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are clear concerns over questionable finances or restatements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board fails to meet minimum corporate governance standards.

In all markets, vote CASE-BY-CASE on director nominees who have been associated with a pattern of egregious actions on other boards or in the role of executive management that raises substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company. This includes where there have been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Questionable transactions with conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any records of abuses against minority shareholder interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific concerns about the individual, such as criminal wrongdoing or breach of fiduciary responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material failures of governance, stewardship, risk oversight, or fiduciary responsibilities
at the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to replace management as appropriate.

Notwithstanding the foregoing, with respect to the securities of any issuer held in any quantitative sleeve of any Bessemer portfolio, cast votes on director nominees who have been associated with a pattern of egregious actions as described above in accordance with ISS's recommendation based on their research and analysis.

**Classification/Declassification of the Board**

Vote AGAINST proposals to classify the board. Vote FOR proposals to repeal classified boards and to elect all directors annually.

**Independent Chairman (Separate Chairman/CEO)**

Vote FOR proposals requiring that the positions of chairman and CEO be held separately.

**Majority of Independent Directors/Establishment of Committees**

Vote FOR proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold under ISS' definition of independence.

Vote FOR proposals asking that a majority or more of directors on the board, audit, compensation, and/or nominating committees be independent, unless the committee composition already meets this standard.

**Majority Vote Proposals**

Vote FOR reasonably crafted proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors (including binding resolutions requesting that the board amend the company's bylaws), provided the proposal includes a carve-out for a plurality voting standard when there are more director nominees than board seats (e.g. contested elections).

**Stock Ownership Requirements**

Vote FOR proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the board. Stock ownership on the part of directors is desirable.

**Statutory Auditors**

In non-U.S. markets, vote FOR the appointment or re-election of statutory auditors, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are serious concerns about the statutory reports presented or the audit procedures used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Questions exist concerning any of the statutory auditors being appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The auditors have previously served the company in an executive capacity or can otherwise be
considered affiliated with the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company fails to provide adequate information, based on typical market standards, for shareholders
to make an informed voting decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The outside statutory nominee attended less than 75 percent of meetings of the board of directors
or board of statutory auditors during the year under review (in markets where attendance information is consistently provided);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The statutory auditor is judged to be responsible for clear mismanagement or shareholder-unfriendly
behavior; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Egregious actions related to a director's or statutory auditor's service on other
boards that raise substantial doubt about his or her ability to effectively oversee management and serve in the best interests
of shareholders at any company.

In cases where the number of nominees exceeds the number of seats available, vote FOR incumbent candidates as long as no other concerns are identified.

**Discharge of Board and Management**

Vote FOR discharge of the board and management, but vote CASE-BY-CASE if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are serious questions about actions of the board or management for the year in question,
including reservations from auditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material legal or regulatory action is being taken against the company or the board by shareholders
or regulators.

Notwithstanding the foregoing, with respect to the securities of any issuer held in any quantitative sleeve of any Bessemer portfolio, cast votes on the discharge of the board and management in the two categories described above in accordance with ISS's recommendation based on their research and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Shareholder Rights** 

**Shareholder Ability to Act by Written Consent**

Vote AGAINST proposals to restrict or prohibit shareholder ability to take action by written consent. Vote FOR proposals to allow or make easier shareholder action by written consent.

**Shareholder Ability to Call Special Meetings**

Vote AGAINST proposals to restrict or prohibit shareholder ability to call special meetings. Vote FOR proposals that remove restrictions on the right of shareholders to act independently of management.

**Supermajority Vote Requirements**

Vote AGAINST proposals to require a supermajority shareholder vote. Generally vote FOR proposals to lower supermajority vote, taking into consideration the presence of any significant ownership levels at the company.

**Cumulative Voting**

Vote FOR proposals to eliminate cumulative voting. Vote AGAINST proposals to restore or permit cumulative voting.

**Proxy Access**

Vote in accordance with ISS's policy on management and shareholder proposals to enact proxy access, which will take into account, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company-specific factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposal-specific factors, including: (1) The ownership thresholds proposed in the resolution
(i.e., percentage and duration); (2) The maximum proportion of directors that shareholders may nominate each year; and (3) The
method of determining which nominations should appear on the ballot if multiple shareholders submit nominations.

**Confidential Voting**

Vote FOR proposals requesting that corporations adopt confidential voting, use independent vote tabulators and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents will not agree, the confidential voting policy is waived. Vote FOR management proposals to adopt confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Auditors** 

Vote FOR proposals to ratify auditors, unless any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An auditor has a financial interest in or association with the company, and is therefore not
independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is reason to believe that the independent auditor has rendered
an opinion which is neither accurate nor indicative of the company's financial position.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Proxy Contests** 

**Voting for Director Nominees in Contested Elections**

Votes in a contested election of directors will be evaluated on a CASE-BY-CASE basis, taking into consideration the company's long-term financial performance, management's track record, the qualifications of each slate of director nominees and the actions being recommended by each.

Notwithstanding the foregoing, with respect to the securities of any issuer held in any quantitative sleeve of any Bessemer portfolio, cast votes on the contested election of directors in accordance with ISS's recommendation based on their research and analysis.

**Reimbursing Proxy Solicitation Expenses**

If the vote is in favor of the dissidents, vote FOR reimbursing proxy solicitation expenses. If the vote is against the dissidents, vote AGAINST reimbursing proxy solicitation expenses.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Capital Structure Common** 

**Stock Authorization**

Vote FOR proposals to increase the number of shares of common stock authorized for issuance unless ISS's research and analysis indicate that the resulting authorized but unissued shares are excessive. Vote AGAINST proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights. Vote FOR proposals to approve increases beyond the allowable increase when a company's shares are in danger of being delisted or if a company's ability to continue to operate as a going concern is uncertain.

**Dual-class Stock**

Vote AGAINST proposals to create a new class of common stock with superior voting rights. Vote AGAINST proposals to create a new class of nonvoting or subvoting common stock.

**Share Repurchase Program Authorization**

Vote FOR well-structured share repurchase programs that comply with typical market standards, taking into consideration: (1) the volume of the shares that will be repurchased; (2) the duration of the authority; (3) the amount of shares that will be held in treasury; (4) the price at which shares will be repurchased; and (5) any other relevant considerations.

**Share Issuance Authorization**

Vote FOR general issuance requests with preemptive rights to a maximum of 100% over currently issued capital, and vote FOR general issuance requests without preemptive rights to a maximum of 20% of currently issued capital; provided, however, that in markets where there is a best practice recommendation on the volume of shares to be issued and the best practice recommends a lower threshold (e.g. France, UK, Hong Kong), that lower threshold will be applied, and a lower threshold will also be applied where a company's past practice necessitates it.

Specific issuances that will fund a legitimate business purpose will be evaluated by ISS taking into consideration: (1) the potential dilution; (2) the pricing of the shares; (3) the strategic rationale; (4) potential conflicts of interest; and (5) potential consequences of failing to support the issuance.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Executive/Director Compensation and Employee Stock Plans** 

**Equity-Based Compensation Proposals**

Vote FOR reasonably crafted proposals requiring senior management to own a specified amount of company stock.

Votes with respect to compensation plans will be cast based on the cost of the plan compared to its peers (in the U.S. and markets where disclosure is comparable to that of U.S. companies) as well as other important qualitative features, including the company's three-year average burn rate relative to peers. The cost will be determined based on the number and types of awards granted by companies, using the expanded compensation data disclosed under the various regulatory requirements. If the cost is deemed to be reasonable, vote FOR the proposal. However, vote AGAINST equity incentive plan proposals, even if the plans' cost is deemed reasonable, if any of the following factors apply: (1) the ability to reprice stock options without prior shareholder approval, (2) excessive CEO compensation relative to company performance (pay-for-performance disconnect), (3) whether the plan contains a liberal definition of "change-in-control", or (4) the plan is a vehicle for poor pay practices, such as egregious compensation practices.

Plans proposed by non-US (excluding Canada) companies will be evaluated using the data available to analyze dilution issues and other plan terms, including plan administration. Vote AGAINST the equity plan if any of the following factors apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dilution of the plan is excessive considering the company's size and industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plan lacks challenging performance conditions without adequate justification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plan lacks stringent vesting provisions without adequate justification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The pricing of options deviates from typical market standards without adequate justification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plan's administration deviates from typical market standards without adequate justification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The plan participants deviate from typical market standards without adequate justification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are concerns about poor company performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are concerns about controversial issues at the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company fails to provide adequate information to allow shareholders to make an informed voting
decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are other serious concerns with the plan.

**Management Proposals Seeking Approval to Reprice Options**

Vote AGAINST management proposals seeking approval to reprice options.

**Employee Stock Purchase Plans – Qualified Plans**

For U.S. companies, vote AGAINST qualified employee stock purchase plans where any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase price is less than 85% of fair market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering period is greater than 27 months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares allocated to the plan is more than 10% of the outstanding shares.

For non-U.S. companies, vote AGAINST qualified employee stock purchase plans where any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase price deviates from typical market standards without adequate explanation or is less
than 75% of fair market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering period deviates from typical market standards without adequate explanation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares allocated to the plan is more than 10% of the outstanding share.

**Employee Stock Purchase Plans – Non-Qualified Plans**

Vote FOR nonqualified employee stock purchase plans with all the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broad-based participation (i.e., all employees of the company with the exclusion of individuals
with 5% or more of beneficial ownership of the company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent
of base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company matching contribution up to 25% of employee's contribution, which is effectively
a discount of 20% from market value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No discount on the stock price on the date of purchase if there is a company matching contribution.

Vote AGAINST nonqualified employee stock purchase plans when any of the plan features do not meet the above criteria. If the company matching contribution exceeds 25% of employees' contribution, evaluate the cost of the plan against its allowable cap as calculated by ISS.

**Employee Stock Ownership Plans (ESOPs)**

Vote FOR proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the ESOP is excessive (more than 5% of outstanding shares).

**Incentive Bonus Plans and Tax Deductibility Proposals (OBRA-Related Compensation Proposals)**

Vote FOR proposals that simply amend shareholder-approved compensation plans to include administrative features or place a cap on the annual grants any one participant may receive to comply with the provisions of Section 162(m).

Vote FOR proposals to add performance goals to existing compensation plans to comply with the provisions of Section 162(m) unless they are clearly inappropriate.

Amendments to existing plans to increase shares reserved and to qualify for favorable tax treatment under the provisions of Section 162(m) will be voted as recommended by ISS based on their research and analysis, which will evaluate whether the plan exceeds its allowable cap as calculated by ISS.

Generally vote FOR cash or cash and stock bonus plans that are submitted to shareholders for the purpose of exempting compensation from taxes under the provisions of Section 162(m) if no increase in shares is requested.

**Proposals on Compensation**

***Disclosure/Setting Levels or Types of Compensation for Executives and Directors:*** Generally, vote FOR proposals seeking additional disclosure of executive and director pay information, provided the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry, and is not unduly burdensome to the company. Vote AGAINST proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation. Vote AGAINST proposals requiring director fees be paid in stock only.

***Performance-Based Awards:*** Generally vote FOR proposals advocating the use of performance-based equity awards like indexed, premium-priced, and performance contingent options or performance-based shares, unless: (1) The proposal is overly restrictive (e.g., it mandates that awards to all employees must be performance-based or all awards to top executives must be a particular type, such as indexed options); or (2) The company demonstrates that it is using a substantial portion of performance-based awards for its top executives, where substantial portion would constitute 50% of the shares awarded to those executives for that fiscal year.

***Pay-for-Superior-Performance:*** Generally vote FOR shareholder proposals requesting that the board establish a pay-for-superior performance standard in the company's executive compensation plan for senior executives, unless ISS determines that such a proposal would not be in shareholders' interest. In evaluating these shareholder proposals, ISS will consider the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What aspects of the company's annual and long-term equity incentive programs are performance
driven?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the annual and long-term equity incentive programs are performance driven, are the performance
criteria and hurdle rates disclosed to shareholders or are they benchmarked against a disclosed peer group?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Can shareholders assess the correlation between pay and performance based on the current disclosure?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What type of industry and stage of business cycle does the company belong to?

***Compensation Consultants - Disclosure of Board or Company's Utilization:*** Generally vote FOR shareholder proposals seeking disclosure regarding the Company, Board, or Board committee's use of compensation consultants, such as company name, business relationship(s) and fees paid.

***Option Repricing:*** Vote FOR shareholder proposals to put option repricings to a shareholder vote.

***Severance Agreements for Executives/Golden Parachutes:*** Vote FOR proposals to require golden parachutes or executive severance agreements to be submitted for shareholder ratification, unless the proposal requires shareholder approval prior to entering into employment contracts. Proposals to ratify golden parachutes are voted FOR if they include the following: (1) The triggering mechanism should be beyond the control of management; (2) The amount should not exceed three times base amount (defined as the average annual taxable W-2 compensation during the five years prior to the year in which the change of control occurs); and (3) Change-in-control payments should be double-triggered, i.e., after (a) a change in control has taken place, and (b) termination of the executive has occurred as a result of the change in control. Change in control is defined as a change in the company ownership structure.

Vote in accordance with ISS's recommendation on proposals to approve a company's golden parachute compensation. Features that may lead to a recommendation AGAINST include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recently adopted or amended agreements that include excise tax
gross-up provisions (since prior annual meeting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recently adopted or amended agreements that include modified single
trigger agreements (since prior annual meeting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single trigger payments that will happen immediately upon a change
in control, including cash payment and such items as the acceleration of performance-based equity despite the failure to achieve
performance measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-trigger vesting of equity based on a definition of change
in control that requires only shareholder approval of the transaction (rather than consummation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potentially excessive severance payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent amendments or other changes that may make packages so attractive
as to influence merger agreements that may not be in the best interests of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of a substantial gross-up from pre-existing/grandfathered
contract: what triggered the gross-up (e.g., very large option grants at low point in stock price, or unusual or outsized payments
in cash or equity made or negotiated prior to the merger); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's assertion that a proposed transaction is conditioned
on shareholder approval of the golden parachute advisory vote.

***Supplemental Executive Retirement Plans (SERPs):*** Generally vote FOR proposals requiring companies to draft reports detailing their SERP programs as well as proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

***Holding Periods:*** Vote in accordance with ISS's recommendations on proposals asking companies to adopt holding periods or retention ratios for their executives. ISS's recommendations generally take into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the company has any holding period, retention ratio or
officer ownership requirements in place. These should consist of:

⮚ Rigorous stock ownership guidelines, or

⮚ A short-term holding period requirement (six months to one year) coupled with a significant long-term

ownership requirement, or

⮚ A meaningful retention ratio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Officer stock ownership and the degree to which it meets or exceeds
the proponent's suggested holding period/retention ratio or the company's own stock ownership or retention requirements.

***Advisory Vote on Executive Compensation - Shareholder Proposals:*** Generally, vote FOR shareholder proposals that call for non-binding shareholder ratification of the compensation of the named Executive Officers as set forth in the company's Summary Compensation Table and the accompanying narrative disclosure.

***Advisory Votes on Executive Compensation - Management Proposals (Management Say- on-Pay or "MSOP"):***

 ****

*U.S. and Canada*

 

Vote in accordance with ISS's recommendation on management proposals related to the compensation of executives and outside directors. In accordance with ISS's policy, vote

AGAINST MSOP proposals, AGAINST/WITHHOLD on compensation committee members (or, in rare cases where the full board is deemed responsible, all directors including the CEO), and AGAINST an equity-based incentive plan proposal if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a misalignment between CEO pay and company performance
(pay for performance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company maintains problematic pay practices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board exhibits poor communication and responsiveness to shareholders.

*Non-U.S. markets (excluding Canada)*

 

Vote AGAINST such proposals (remuneration reports or remuneration policies) in cases where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company does not provide shareholders with clear, comprehensive
compensation disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company does not maintain an appropriate pay-for-performance
alignment and there is not an emphasis on long-term shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The arrangement creates the risk of a "pay for failure" scenario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company does not maintain an independent and effective compensation
committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company provides inappropriate pay to non-executive directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company maintains other problematic practices.

***Management Say on Pay Frequency Proposals:*** Vote FOR proposals to establish annual MSOP proposals. Vote AGAINST proposals to establish bi- or triennial MSOP proposals.

All other proposals regarding executive and director pay will be voted taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

***Retirement Bonuses for Directors:*** The expectation of receiving a retirement bonus can serve as a disincentive for outside directors or statutory auditors to speak out against management.

Accordingly, generally vote AGAINST the payment of retirement bonuses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to outsiders (non-employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if neither the individual payments nor the aggregate amount of
the payments is disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if recipients include those who are judged to be responsible for
clear mismanagement or shareholder-unfriendly behavior.

***Limit/Prohibit Accelerated Vesting of Awards:*** Bessemer supports double triggered treatment of equity in change-of-control situations. Bessemer also supports the elimination of potential poor pay practices (e.g. gross-ups) embedded in current employee agreements. In the absence of these provisions, vote FOR shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating accelerated vesting of unvested equity.

Vote FOR proposals seeking a policy that prohibits acceleration of the vesting of equity awards to senior executives in the event of a change in control (except for pro rata vesting considering the time elapsed and attainment of any related performance goals between the award date and the change in control).

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Poison Pills** 

Vote FOR proposals that ask a company to submit its poison pill for shareholder ratification. Vote FOR proposals to redeem a company's poison pill and vote AGAINST management proposals to ratify a poison pill.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Mergers, Acquisitions and Corporate Restructurings** 

Vote CASE-BY-CASE on mergers, acquisitions and corporate restructuring based on such factors as pricing and strategic rationale.

Notwithstanding the foregoing, with respect to the securities of any issuer held in any quantitative sleeve of any Bessemer portfolio, cast votes on mergers, acquisitions and corporate restructurings in accordance with ISS's recommendation based on their research and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Reincorporation Proposals** 

Proposals to change a company's jurisdiction of incorporation will be evaluated by giving consideration to both financial and corporate governance concerns, including the reasons for reincorporating, a comparison of the governance provisions, and a comparison of the jurisdictional laws. Vote FOR reincorporation when recommended by company management.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Bylaw Provisions Affecting Litigation Rights** 

Proposals seeking the adoption or amendment of bylaw provisions impacting shareholders' rights to initiate litigation against the company, including limiting shareholder litigation to the company's jurisdiction of incorporation or fee-shifting provisions, will be voted in accordance with ISS's policy, which will take into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's rationale for adopting such provision(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The breadth of application or extent of limitation on shareholder litigation rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the company has been materially harmed by shareholder litigation outside its jurisdiction
of incorporation, based on disclosure in the company's proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the company has the following good governance features:

⮚ An annually elected board;

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|:---|:---|
| ⮚ | Shareholder ability to repeal such provision(s) in the future, including the vote standard for shareholder approval to amend bylaws; |

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|:---|:---|
| ⮚ | A majority vote standard in uncontested director elections; and |

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⮚ The absence of a poison pill, unless the pill was approved by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Political Contributions** 

Vote FOR reasonable proposals that seek additional disclosure surrounding the internal processes and oversight mechanisms governing the company's political contributions and lobbying expenses.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Social and Environmental Issues** 

These issues cover a wide range of topics, including consumer and public safety, environment and energy, general corporate issues, labor standards and human rights, military business, and workplace diversity, and will be evaluated as to whether the proposal will enhance the economic value of the company.

Other than as identified above for shareholder proposals regarding political contributions, vote in accordance with ISS's recommendation on shareholder proposals related to social and environmental issues. ISS's research will consider the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether adoption of the proposal is likely to enhance or protect shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the underlying issues are more appropriately and effectively dealt with through governmental
or regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the company's analysis and voting recommendation to shareholders are persuasive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the proposal itself is well framed and the cost of implementation is reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether providing this information would reveal proprietary or confidential information that
would place the company at a competitive disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Transact Other Business** 

Vote AGAINST proposals to approve other business when it appears as voting item.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Mirror Voting** 

When required by Rule 12d1-4 under the Investment Company Act of 1940, Bessemer will vote securities held by clients in another investment company in the same proportion as the vote of all other holders of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Issues in Countries with Share Blocking** 

Share blocking (the practice in some countries of prohibiting a shareholder from selling its shares for a specified period once it has cast its vote on an upcoming proxy) imposes a significant burden on shareholders in terms of reduced liquidity. Even in countries that permit unblocking, a lengthy delay is involved before a shareholder can execute a desired sale of securities. As a result of the potential inability to sell shares when needed, Bessemer will NOT VOTE proxies in companies located in countries that practice share blocking.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Other Issues** 

All other issues are voted in accordance with the presumption that Bessemer will vote in accordance with ISS's recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Conflicts of Interest** 

Bessemer recognizes that there may be a potential conflict of interest, or the appearance of a conflict of interest, when Bessemer votes a proxy solicited by an issuer with whom Bessemer is affiliated or Bessemer, or one of our affiliates, has a business relationship, or when Bessemer or one of our affiliates has a business relationship with a senior executive or director of such an issuer or with a shareholder who has sponsored a proposal contained in the proxy. Bessemer has implemented these Guidelines, which provide for uniform voting of proxy issues and oversight by the Proxy Committee, to minimize conflicts of interest and to seek to ensure that proxies are voted solely in shareholders' interests.

The Proxy Committee will delegate to one of its members the duty to periodically remind all employees involved in the proxy voting process as well as all portfolio managers and members of senior management that it is their responsibility to bring to the Proxy Committee's attention matters that may create a conflict of interest for Bessemer when voting proxies. In addition, before an investment professional gives his or her opinion on any ballot issue, he or she must consider whether he or she has a potential conflict of interest with respect to the issue and if so, must disclose it to the Proxy Committee.

In those situations where the Proxy Committee determines that there is a material conflict of interest (i.e., a conflict that is likely to influence, or appear to influence, Bessemer's decision making on the issue based on an assessment of the particular facts and circumstances), the Proxy Committee will determine an appropriate method to resolve such conflict of interest before the affected proxy is voted. Such methods may include (1) instructing ISS to vote the affected proxy in accordance with its own recommendations, (2) referring the proxy to the governing board of the relevant investment company or the client institution, (3) disclosing the conflict of interest and sending the proxy to individual shareholders for them to vote individually, or (4) such other method as is deemed appropriate given the particular facts and circumstances.

**ADDRESSES**

**OLD WESTBURY FUNDS, INC.**

103 Bellevue Parkway

Wilmington, DE 19809

**Underwriter**

FORESIDE FUNDS DISTRIBUTORS LLC

190 Middle Street, Suite 301

Portland, ME 04101

**Adviser**

BESSEMER INVESTMENT MANAGEMENT LLC

1271 Avenue of the Americas

New York, NY 10020

**Sub-Advisers**

BLACKROCK FINANCIAL MANAGEMENT, INC.

(SUB-ADVISER TO THE CREDIT INCOME FUND)

50 Hudson Yards

New York, NY 10001

SANDS CAPITAL MANAGEMENT, LLC

(SUB-ADVISER TO THE LARGE CAP STRATEGIES FUND)

(SUB-ADVISER TO TOTAL EQUITY FUND)

1000 Wilson Boulevard, Suite 3000

Arlington, VA 22209

MUZINICH & CO., INC.

(SUB-ADVISER TO THE CREDIT INCOME FUND)

450 Park Avenue

New York, NY 10022

POLUNIN CAPITAL PARTNERS LIMITED

(SUB-ADVISER TO THE SMALL & MID CAP STRATEGIES FUND AND THE TOTAL EQUITY FUND)

10 Cavalry Square

London, SW3 4RB, UK

ACADIAN ASSET MANAGEMENT LLC

(SUB-ADVISER TO THE SMALL & MID CAP STRATEGIES FUND)

260 Franklin Street

Boston, MA, 02110

AIKYA INVESTMENT MANAGEMENT LIMITED

(SUB-ADVISER TO THE LARGE CAP STRATEGIES FUND)

(SUB-ADVISER TO TOTAL EQUITY FUND)

Octagon Point, 5 Cheapside

London, EC2V 6AA, UK

**Custodians**

BESSEMER TRUST COMPANY

100 Woodbridge Center Drive

Woodbridge, NJ 07095

CITIBANK, N.A.

388 Greenwich Street

New York, NY 10013

**Fund Administrator & Accountant**

THE BANK OF NEW YORK MELLON

103 Bellevue Parkway

Wilmington, DE 19809

**Transfer Agent**

BNY MELLON INVESTMENT SERVICING (US) INC.

118 Flanders Road

Westborough, MA 01581

**Independent Registered Public Accounting Firm**

ERNST & YOUNG LLP

One Manhattan West

New York, NY 10001

**Fund Counsel**

DECHERT LLP

1900 K Street NW

Washington, DC 20006

**Counsel to the Independent Directors**

SULLIVAN & WORCESTER LLP

1251 Avenue of the Americas

New York, NY 10020

**PART C**

**OTHER INFORMATION**

**OLD WESTBURY FUNDS, INC.**

**ITEM 28. EXHIBITS**

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|:---|:---|
| (a)(i) | [Articles of Restatement of the Registrant dated July 24, 2012 are incorporated by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/909994/000093041312004578/c70655_ex99-28a.htm) [Amendment No. 49 to Registrant's Registration Statement filed on August 14, 2012 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041312004578/c70655_ex99-28a.htm) |

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|:---|:---|
| (a)(ii) | [Articles of Amendment of the Registrant dated December 19, 2013 are incorporated by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28aii.htm) [Amendment No. 54 to Registrant's Registration Statement filed on February 27, 2014 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28aii.htm) |

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|:---|:---|
| (a)(iii) | [Articles of Amendment of the Registrant (changing the name of Old Westbury Large Cap Core Fund to Old](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28aiii.htm) [Westbury All Cap Core Fund ("All Cap Core Fund")), dated December 27, 2016 are incorporated by reference to](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28aiii.htm) [Post-Effective Amendment No. 64 to the Registrant's Registration Statement filed on December 30, 2016 (File No.](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28aiii.htm) [33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28aiii.htm) |

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|:---|:---|
| (a)(iv) | [Articles of Amendment of the Registrant (adding Old Westbury All Cap ESG Fund ("All Cap ESG Fund")), dated](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28aiv.htm) [November 14, 2017 are incorporated by reference to Post-Effective Amendment No. 68 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28aiv.htm) [Registration Statement filed on December 15, 2017 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28aiv.htm) |

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|:---|:---|
| (a)(v) | [Articles of Amendment of the Registrant (adding the Old Westbury California Municipal Bond Fund ("California](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28av.htm) [Municipal Bond Fund") and the Old Westbury New York Municipal Bond Fund ("New York Municipal Bond](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28av.htm) [Fund")), dated July 23, 2018 are incorporated by reference to Post-Effective Amendment No. 72 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28av.htm) [Registration Statement filed on September 14, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28av.htm) |

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|:---|:---|
| (a)(vi) | [Articles of Amendment of the Registrant (adding the Old Westbury Credit Income Fund ("Credit Income Fund")),](http://www.sec.gov/Archives/edgar/data/909994/000093041320001772/c100078_ex99-28avii.htm) [dated July 1, 2020 are incorporated by reference to Post-Effective Amendment No. 79 to Registrant's Registration](http://www.sec.gov/Archives/edgar/data/909994/000093041320001772/c100078_ex99-28avii.htm)[Statement filed on July 7, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320001772/c100078_ex99-28avii.htm) |

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|:---|:---|
| (a)(vii) | [Articles of Amendment of the Registrant (removing the Old Westbury Multi-Asset Opportunities Fund ("Multi-](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28avii.htm)[Asset Opportunities Fund") and All Cap ESG Fund), dated May 13, 2021 are incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28avii.htm) |

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|:---|:---|
| (a)(viii) | [Articles of Amendment of the Registrant (adding the Old Westbury Short-Term Bond Fund ("Short-Term Bond](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28aviii.htm) [Fund")), dated October 18, 2023 are incorporated by reference to Post-Effective Amendment No. 85 to](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28aviii.htm) [Registrant's Registration Statement filed on November 17, 2023 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28aviii.htm) |

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| | |
|:---|:---|
| (a)(ix) | [Articles of Supplementary of the Registrant (adding the Old Westbury Total Equity Fund ("Total Equity Fund") dated December 18, 2024 are incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28aix.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amended and Restated By-Laws of the Registrant dated February 10, 2026 are filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

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|:---|:---|
| (d)(i) | [Investment Advisory Agreement dated September 1, 2010 between the Registrant and Bessemer Investment](http://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28di.htm) [Management LLC ("BIM") is incorporated by reference to Post-Effective Amendment No. 39 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28di.htm) [Registration Statement filed on August 31, 2010 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28di.htm) |

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| | |
|:---|:---|
| (d)(ii) | [Amendment No. 1 to Investment Advisory Agreement between the Registrant and BIM is incorporated by reference to Post-Effective Amendment No. 44 to Registrant's Registration Statement filed on November 15, 2011 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041311007407/c67560_ex99-28dii.htm) |

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|:---|:---|
| (d)(iii) | [Amendment No. 2 to Investment Advisory Agreement dated June 25, 2014 between the Registrant and BIM is](http://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28diii.htm) [incorporated by reference to Post-Effective Amendment No. 56 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28diii.htm) [January 30, 2015 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28diii.htm) |

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| | |
|:---|:---|
| (d)(iv) | [Amendment No. 3 to Investment Advisory Agreement dated July 22, 2015 between the Registrant and BIM is](http://www.sec.gov/Archives/edgar/data/909994/000093041316005717/c84102_ex99-28div.htm) [incorporated by reference to Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041316005717/c84102_ex99-28div.htm) [February 26, 2016 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041316005717/c84102_ex99-28div.htm) |

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| | |
|:---|:---|
| (d)(v) | [Amendment No. 4 to Investment Advisory Agreement dated December 22, 2016 between the Registrant and BIM](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28dv.htm) [is incorporated by reference to Post-Effective Amendment No. 64 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28dv.htm) [December 30, 2016 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041316009090/c86929_ex99-28dv.htm) |

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| | |
|:---|:---|
| (d)(vi) | [Sub-Advisory Agreement dated November 16, 2011 among the Registrant, BIM and Sands Capital Management, LLC ("Sands") with respect to the Old Westbury Large Cap Strategies Fund ("Large Cap Strategies Fund") is incorporated by reference to Post-Effective Amendment No. 44 to Registrant's Registration Statement filed on November 15, 2011 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041311007407/c67560_ex99-28dx.htm) |

---

---

| | |
|:---|:---|
| (d)(vii) | [First Amendment to Sub-Advisory Agreement dated June 25, 2014 among the Registrant, BIM and Sands with](https://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28dxix.htm) [respect to the Large Cap Strategies Fund is incorporated by reference to Post-Effective Amendment No. 56 to](https://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28dxix.htm) [Registrant's Registration Statement filed on January 30, 2015 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28dxix.htm) |

---

---

| | |
|:---|:---|
| (d)(viii) | [Sub-Advisory Agreement dated July 27, 2017 among the Registrant, BIM and Polunin Capital Partners Limited ("Polunin") with respect to the Small & Mid Cap Strategies Fund is incorporated by reference to Post-Effective Amendment No. 68 to Registrant's Registration Statement filed on December 15, 2017 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28dxxvi.htm) |

---

---

| | |
|:---|:---|
| (d)(ix) | [Sub-Advisory Agreement dated July 19, 2018 among the Registrant, BIM and Acadian Asset Management LLC ("Acadian") with respect to the Small & Mid Cap Strategies Fund is incorporated by reference to Post-Effective Amendment No. 72 to Registrant's Registration Statement filed on September 14, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28dxxv.htm) |

---

---

| | |
|:---|:---|
| (d)(x) | [Amendment No. 6 to Investment Advisory Agreement dated October 24, 2018 between the Registrant and BIM with respect to the California Municipal Bond Fund and the New York Municipal Bond Fund is incorporated by reference to Post-Effective Amendment No. 73 to Registrant's Registration Statement filed on November 28, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318003459/c92013_ex99-28dxxvii.htm) |

---

---

| | |
|:---|:---|
| (d)(xi) | [Amendment No. 7 to the Investment Advisory Agreement dated August 3, 2020 between the Registrant and BIM](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28dxxvii.htm) [with respect to the Credit Income Fund is incorporated by reference to Post-Effective Amendment No. 81 to](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28dxxvii.htm) [Registrant's Registration Statement filed on September 25, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28dxxvii.htm) |

---

---

| | |
|:---|:---|
| (d)(xii) | [Sub-Advisory dated August 3, 2020 among the Registrant, BIM and BlackRock Financial](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28dxxviii.htm) [Management, Inc. ("BlackRock") with respect to the Credit Income Fund is incorporated by reference to Post-Effective Amendment No. 81 to Registrant's Registration Statement filed on September 25, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28dxxviii.htm) |

---

---

| | |
|:---|:---|
| (d)(xiii) | [Sub-Advisory Agreement dated August 3, 2020 among the Registrant, BIM and Muzinich & Co., Inc. ("Muzinich") with respect to the Credit Income Fund is incorporated by reference to Post-Effective Amendment No. 81 to Registrant's Registration Statement filed on September 25, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28dxxix.htm) |

---

---

| | |
|:---|:---|
| (d)(xiv) | [Amendment No. 8 to the Investment Advisory Agreement dated October 18, 2023 between the Registrant and BIM](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28dxx.htm) [with respect to the Short-Term Bond Fund is incorporated by reference to Post-Effective Amendment No. 85 to](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28dxx.htm) [Registrant's Registration Statement filed on November 17, 2023 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28dxx.htm) |

---

(d)(xv) [Sub-Advisory Agreement dated January 23, 2024 among the Registrant, BIM and Aikya Investment Management Limited with respect to the Large Cap Strategies Fund is filed herewith.](c115377_ex99-28dxv.htm)

---

| | |
|:---|:---|
| (d)(xvi) | [Amendment No. 9 to Investment Advisory Agreement dated January 15, 2025 between the Registrant and BIM with respect to the Total Equity Fund is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28dxxii.htm) |

---

---

| | |
|:---|:---|
| (d)(xvii) | [Sub-Advisory Agreement dated January 15, 2025 among the Registrant, BIM and Aikya Investment Management Limited with respect to the Total Equity Fund is filed herewith.](c115377_ex99-28dxvii.htm) |

---

---

| | |
|:---|:---|
| (d)(xviii) | [Sub-Advisory Agreement dated January 15 2025 among the Registrant, BIM and Polunin Capital Partners Limited with respect to the Total Equity Fund is filed herewith.](c115377_ex99-28dxviii.htm) |

---

---

| | |
|:---|:---|
| (d)(xix) | [Sub-Advisory Agreement dated January 15, 2025 among the Registrant, BIM and Sands Capital Management, LLC with respect to the Total Equity Fund is filed herewith.](c115377_ex99-28dxix.htm) |

---

(d)(xx) [Amendment No. 1 to the Sub-Advisory Agreement dated February 20, 2025 among the Registrant, BIM and Polunin Capital Partners Limited ("Polunin") with respect to the Small & Mid Cap Strategies Fund is filed herewith.](c115377_ex99-28dxx.htm)

(d)(xxi) [Amendment to the Sub-Advisory Agreement dated July 23, 2025 among the Registrant, BIM and Muzinich & Co., Inc. ("Muzinich") with respect to the Credit Income Fund filed is herewith.](c115377_ex99-28dxxi.htm)

---

| | |
|:---|:---|
| (e)(i) | [Underwriting Agreement dated May 31, 2017 between the Registrant and Foreside Funds Distributors LLC is](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28ei.htm) [incorporated by reference to Post-Effective Amendment No. 68 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28ei.htm) [December 15, 2017 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041317004046/c89917_ex99-28ei.htm) |

---

---

| | |
|:---|:---|
| (e)(ii) | [Form of Selling Agreement is incorporated by reference to Post-Effective Amendment No. 27 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923ei.htm) [Registration Statement filed on December 14, 2006 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923ei.htm) |

---

---

| | |
|:---|:---|
| (e)(iii) | [Networking Undertaking and Indemnity Agreement dated February 3, 2017 between the Registrant and Foreside](http://www.sec.gov/Archives/edgar/data/909994/000093041317000742/c87244_ex99-28ev.htm) [Funds Distributors LLC is incorporated by reference to Post-Effective Amendment No. 66 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000093041317000742/c87244_ex99-28ev.htm) [Registration Statement filed on February 27, 2017 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041317000742/c87244_ex99-28ev.htm) |

---

---

| | |
|:---|:---|
| (e)(iv) | [Second Amendment dated October 24, 2018 to Underwriting Agreement between the Registrant and Foreside](http://www.sec.gov/Archives/edgar/data/909994/000093041318003459/c92013_ex99-28ev.htm) [Funds Distributors LLC with respect to the California Municipal Bond Fund and New York Municipal Bond Fund](http://www.sec.gov/Archives/edgar/data/909994/000093041318003459/c92013_ex99-28ev.htm) [is incorporated by reference to Post-Effective Amendment No. 73 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041318003459/c92013_ex99-28ev.htm) [November 28, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318003459/c92013_ex99-28ev.htm) |

---

---

| | |
|:---|:---|
| (e)(v) | [Third Amendment dated August 3, 2020 to Underwriting Agreement between the Registrant and Foreside Funds](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28evi.htm) [Distributors LLC with respect to the Credit Income Fund is incorporated by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28evi.htm) [Amendment No. 81 to Registrant's Registration Statement filed on September 25, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28evi.htm) |

---

---

| | |
|:---|:---|
| (e)(vi) | [Form of Underwriting Agreement dated July 26, 2021 between the Registrant and Foreside Funds Distributors](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28evi.htm) [LLC is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28evi.htm) [on February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28evi.htm) |

---

---

| | |
|:---|:---|
| (e)(vii) | [First Amendment dated October 15, 2021 to Underwriting Agreement between the Registrant and Foreside Funds Distributors LLC (removing the Multi-Asset Opportunities Fund and All Cap ESG Fund) is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28evii.htm) |

---

---

| | |
|:---|:---|
| (e)(viii) | [Second Amendment dated October 18, 2023 to Underwriting Agreement between the Registrant and Foreside](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28eviii.htm) [Funds Distributors LLC (adding the Short-Term Bond Fund) is incorporated by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28eviii.htm) [Amendment No. 85 to Registrant's Registration Statement filed on November 17, 2023 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28eviii.htm) |

---

---

| | |
|:---|:---|
| (e)(ix) | [Third Amendment to Underwriting Agreement between the Registrant and Foreside Funds Distributors LLC (adding the Total Equity Fund) dated January 15, 2025 is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28eix.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

---

| | |
|:---|:---|
| (g)(i) | [Custody Agreement between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 81 to Registrant's Registration Statement filed on September 25, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gi.htm) |

---

---

| | |
|:---|:---|
| (g)(ii) | [Amendment to Custodian Agreement dated May 2, 2001 between the Registrant and Bessemer Trust Company is](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923gii.htm) [incorporated by reference to Post-Effective Amendment No. 27 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923gii.htm) [December 14, 2006 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923gii.htm) |

---

---

| | |
|:---|:---|
| (g)(iii) | [Second Amendment to Custodian Agreement dated September 1, 2004 between Registrant and Bessemer Trust](http://www.sec.gov/Archives/edgar/data/909994/000119312505015322/dex99gii.htm) [Company is incorporated by reference to Post-Effective Amendment No. 24 to Registrant's Registration Statement](http://www.sec.gov/Archives/edgar/data/909994/000119312505015322/dex99gii.htm) [filed on January 31, 2005 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312505015322/dex99gii.htm) |

---

---

| | |
|:---|:---|
| (g)(iv) | [Third Amendment to Custodian Agreement dated September 1, 2005 between Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 26 to Registrant's Registration Statement filed on February 28, 2006 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312506040180/dex99giii.htm) |

---

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| | |
|:---|:---|
| (g)(v) | [Fourth Amendment to Custodian Agreement dated December 6, 2006 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 30 to Registrant's Registration Statement filed on September 26, 2007 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312507207866/dex9923gv.htm) |

---

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| | |
|:---|:---|
| (g)(vi) | [Fifth Amendment to Custodian Agreement dated July 31, 2008 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 34 to Registrant's Registration Statement filed on August 20, 2008 (File No. 33-66528)](https://www.sec.gov/Archives/edgar/data/909994/000093041308005032/c54694_ex99-23gvi.htm) |

---

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| | |
|:---|:---|
| (g)(vii) | [Sixth Amendment to Custodian Agreement dated September 1, 2010 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 39 to Registrant's Registration Statement filed on August 31, 2010 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28gvii.htm) |

---

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| | |
|:---|:---|
| (g)(viii) | [Seventh Amendment to Custodian Agreement dated April 27, 2011 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 42 to Registrant's Registration Statement filed on June 8, 2011 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28gviii.htm) |

---

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| | |
|:---|:---|
| (g)(ix) | [Eighth Amendment to Custodian Agreement dated November 16, 2011 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 44 to Registrant's Registration Statement filed on November 15, 2011 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041311007407/c67560_ex99-28gix.htm) |

---

---

| | |
|:---|:---|
| (g)(x) | [Ninth Amendment to Custodian Agreement dated June 25, 2014 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 56 to Registrant's Registration Statement filed on January 30, 2015 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041315000321/c79748_ex99-28gx.htm) |

---

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| | |
|:---|:---|
| (g)(xi) | [Tenth Amendment to Custodian Agreement dated July 22, 2015 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 61 to Registrant's Registration Statement filed on February 26, 2016 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041316005717/c84102_ex99-28gxi.htm) |

---

---

| | |
|:---|:---|
| (g)(xii) | [Global Custodial Services Agreement dated March 16, 2005 between Registrant and Citibank, N.A. is incorporated](http://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923gvi.htm) [by reference to Post-Effective Amendment No. 28 to Registrant's Registration Statement filed on March 1, 2007 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923gvi.htm) |

---

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| | |
|:---|:---|
| (g)(xiii) | [Amended Schedule to Global Custodial Services Agreement dated November 7, 2007 between Registrant and](https://www.sec.gov/Archives/edgar/data/909994/000119312507242629/dex9923gii.htm) [Citibank, N.A. is incorporated by reference to Post-Effective Amendment No. 32 to Registrant's Registration](https://www.sec.gov/Archives/edgar/data/909994/000119312507242629/dex9923gii.htm) [Statement filed on November 9, 2007 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000119312507242629/dex9923gii.htm) |

---

---

| | |
|:---|:---|
| (g)(xiv) | [First Amendment to Custodian Agreement dated December 6, 2006 between the Registrant and Citibank, N.A. is](http://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923gvii.htm) [incorporated by reference to Post-Effective Amendment No. 28 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923gvii.htm) [March 1, 2007 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923gvii.htm) |

---

---

| | |
|:---|:---|
| (g)(xv) | [Third Amendment to Custodian Agreement dated July 31, 2008 between the Registrant and Citibank, N.A. is](http://www.sec.gov/Archives/edgar/data/909994/000093041308006088/c54694_ex99-23gx.htm) [incorporated by reference to Post-Effective Amendment No. 35 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041308006088/c54694_ex99-23gx.htm) [October 20, 2008 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041308006088/c54694_ex99-23gx.htm) |

---

---

| | |
|:---|:---|
| (g)(xvi) | [Fourth Amendment to Custodian Agreement dated April 27, 2011 between the Registrant and Citibank, N.A. is](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28gxiii.htm) [incorporated by reference to Post-Effective Amendment No. 42 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28gxiii.htm) [June 8, 2011 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28gxiii.htm) |

---

---

| | |
|:---|:---|
| (g)(xvii) | [Updated Schedule to Global Custodial Services Agreement dated July 9, 2019 between the Registrant and](http://www.sec.gov/Archives/edgar/data/909994/000093041320000607/c95338_ex99-28gxvii.htm) [Citibank, N.A. is incorporated by reference to Post-Effective Amendment No. 78 to Registrant's Registration](http://www.sec.gov/Archives/edgar/data/909994/000093041320000607/c95338_ex99-28gxvii.htm) [Statement filed on February 27, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320000607/c95338_ex99-28gxvii.htm) |

---

---

| | |
|:---|:---|
| (g)(xviii) | [Loan Participation Addendum dated July 27, 2017 to Global Custodial Services Agreement between the Registrant](http://www.sec.gov/Archives/edgar/data/909994/000093041318000645/c89917_ex99-28gxviii.htm) [and Citibank, N.A. is incorporated by reference to Post-Effective Amendment No. 70 to Registrant's Registration](http://www.sec.gov/Archives/edgar/data/909994/000093041318000645/c89917_ex99-28gxviii.htm) [Statement filed on February 27, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318000645/c89917_ex99-28gxviii.htm) |

---

---

| | |
|:---|:---|
| (g)(xix) | [Citibank Custody CLS](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28gxix.htm)<sup>®</sup> [Supplement dated April 25, 2018 to Global Custodial Services Agreement between the](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28gxix.htm) [Registrant and Citibank, N.A. is incorporated by reference to Post-Effective Amendment No. 72 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28gxix.htm)[Registration Statement filed on September 14, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318002863/c92013_ex99-28gxix.htm) |

---

---

| | |
|:---|:---|
| (g)(xx) | [Amended and Restated Twelfth Amendment to Custodian Agreement dated February 21, 2020 between the](http://www.sec.gov/Archives/edgar/data/909994/000093041320000607/c95338_ex99-28gxxi.htm) [Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 78 to](http://www.sec.gov/Archives/edgar/data/909994/000093041320000607/c95338_ex99-28gxxi.htm) [Registrant's Registration Statement filed on February 27, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320000607/c95338_ex99-28gxxi.htm) |

---

---

| | |
|:---|:---|
| (g)(xxi) | [Updated Schedule to Global Custodial Services Agreement dated August 18, 2020 between the Registrant and](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxii.htm) [Citibank, N.A. is incorporated by reference to Post-Effective Amendment No. 81 to Registrant's Registration](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxii.htm) [Statement filed on September 25, 2020 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxii.htm) |

---

---

| | |
|:---|:---|
| (g)(xxii) | [Citibank Custody CLS](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxiii.htm)<sup>®</sup> [Supplement dated August 18, 2020 to Global Custodial Services Agreement between the](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxiii.htm) [Registrant and Citibank, N.A. is incorporated by reference to Post-Effective Amendment No. 81 to Registrant's](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxiii.htm)[Registration Statement filed on September 25, 2020 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28gxxiii.htm) |

---

---

| | |
|:---|:---|
| (g)(xxiii) | [Amendment to Global Custodial Services Agreement dated June 8, 2021 between the Registrant and Citibank, N.A. with respect to the Large Cap Strategies Fund is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28gxxiii.htm) |

---

---

| | |
|:---|:---|
| (g)(xxiv) | [Thirteenth Amendment to Custodian Agreement dated October 18, 2023 between the](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28gxxi.htm) [Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 85 to](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28gxxi.htm) [Registrant's Registration Statement filed on November 17, 2023 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28gxxi.htm) |

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| | |
|:---|:---|
| (g)(xxv) | [Fourteenth Amendment to Custodian Agreement dated January 15, 2025 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28gxxv.htm) |

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| | |
|:---|:---|
| (h)(i) | [Administrative Oversight, Supervision and Coordination Services Agreement dated September 1, 2010 between](http://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28hi.htm) [the Registrant and Bessemer Trust Company , N.A. is incorporated by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28hi.htm) [39 to Registrant's Registration Statement filed on August 31, 2010 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28hi.htm) |

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| | |
|:---|:---|
| (h)(ii) | [Administration and Accounting Services Agreement dated April 3, 2006 between the Registrant and BNY Mellon](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hi.htm) [Investment Servicing (US) Inc. (formerly , PNC Global Investment Servicing (U.S.) Inc.) ("BNY Mellon") is](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hi.htm) [incorporated by reference to Post-Effective Amendment No. 27 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hi.htm) [December 14, 2006 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hi.htm) |

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| | |
|:---|:---|
| (h)(iii) | [Amended and Restated Exhibits A, C and D dated as of November 14, 2018 to Administration and Accounting](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hvi.htm) [Services Agreement between the Registrant and BNY Mellon with respect to the California Municipal Bond Fund](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hvi.htm) [and the New York Municipal Bond Fund are incorporated by reference to Post-Effective Amendment No. 74 to](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hvi.htm) [Registrant's Registration Statement filed on December 4, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hvi.htm) |

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| | |
|:---|:---|
| (h)(iv) | [Financial Statement Typesetting Services Amendment to Administration and Accounting Services Agreement](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28hiv.htm) [dated January 27, 2011 between the Registrant and BNY Mellon is incorporated by reference to Post-Effective](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28hiv.htm) [Amendment No. 42 to Registrant's Registration Statement filed on June 8, 2011 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041311004305/c65918_ex99-28hiv.htm) |

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| | |
|:---|:---|
| (h)(v) | [Investment Company Reporting Modernization Services Amendment to Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hviii.htm) [Agreement dated July 20, 2018 between the Registrant and BNY Mellon is incorporated by reference to Post-Effective Amendment No. 74 to Registrant's Registration Statement filed on December 4, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hviii.htm) |

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| | |
|:---|:---|
| (h)(vi) | [Transfer Agency Services Agreement dated April 3, 2006 between the Registrant and BNY Mellon is incorporated](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hii.htm) [by reference to Post-Effective Amendment No. 27 to Registrant's Registration Statement filed on December 14,](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hii.htm) [2006 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000119312506253519/dex9923hii.htm) |

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| | |
|:---|:---|
| (h)(vii) | [Amended and Restated Exhibit A dated June 25, 2014 to Transfer Agency Services Agreement between the](http://www.sec.gov/Archives/edgar/data/909994/000093041315001613/c80064_ex99-28hiv.htm) [Registrant and BNY Mellon dated April 3, 2006 is incorporated by reference to Post-Effective Amendment No. 59](http://www.sec.gov/Archives/edgar/data/909994/000093041315001613/c80064_ex99-28hiv.htm) [to Registrant's Registration Statement filed on April 2, 2015 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041315001613/c80064_ex99-28hiv.htm) |

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| | |
|:---|:---|
| (h)(viii) | [Amendment dated November 14, 2018 to Transfer Agency Services Agreement between the Registrant and BNY](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hxii.htm) [Mellon dated April 3, 2006 is incorporated by reference to Post-Effective Amendment No. 74 to Registrant's](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hxii.htm) [Registration Statement filed on December 4, 2018 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041318003513/c92437_ex99-28hxii.htm) |

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| | |
|:---|:---|
| (h)(ix) | [Red Flags Amendment dated as of November 15, 2013 to Transfer Agency Services Agreement between the](https://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hix.htm) [Registrant and BNY Mellon dated April 3, 2006 is incorporated by reference to Post-Effective Amendment No. 54](https://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hix.htm) [to Registrant's Registration Statement filed on February 27, 2014 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hix.htm) |

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| | |
|:---|:---|
| (h)(x) | [NextGen Amendment dated as of February 21, 2014 to Transfer Agency Services Agreement between the](http://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hx.htm) [Registrant and BNY Mellon dated April 3, 2006 is incorporated by reference to Post-Effective Amendment No. 54](http://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hx.htm) [to Registrant's Registration Statement filed on February 27, 2014 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hx.htm) |

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| | |
|:---|:---|
| (h)(xi) | [Fee Reimbursement Commitment Letter of Bessemer Trust Company , N.A. dated February 21, 2014 (related to internet account management fees) is incorporated by reference to Post-Effective Amendment No. 54 to Registrant's Registration Statement filed on February 27, 2014 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041314000963/c75959_ex99-28hxi.htm) |

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| | |
|:---|:---|
| (h)(xii) | [Fund of Funds Investment Agreement dated January 19, 2022 among the Registrant, BlackRock ETF Trust,](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvi.htm) [BlackRock ETF Trust II, iShares Trust, iShares, Inc. and iShares US ETF Trust is incorporated by reference to](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvi.htm) [Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvi.htm) |

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| | |
|:---|:---|
| (h)(xiii) | [Fund of Funds Investment Agreement dated January 19, 2022 among the Registrant, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxii.htm) |

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| | |
|:---|:---|
| (h)(xiv) | [Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and VanEck ETF Trust is](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxiv.htm) [incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxiv.htm) [February 25, 2022 (File No. 33-66528).](http://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxiv.htm) |

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| | |
|:---|:---|
| (h)(xv) | [Amendment dated as of January 28, 2025 to Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and VanEck ETF Trust (adding the Short-Term Bond Fund and Total Equity Fund) is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28hxv.htm) |

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| | |
|:---|:---|
| (h)(xvi) | [Fund of Funds Investment Agreement dated January 19, 2022 among the Registrant, Vanguard Admiral Funds, Vanguard Bond Index Funds, Vanguard Charlotte Funds, Vanguard Index Funds, Vanguard International Equity Funds, Vanguard Malvern Funds, Vanguard Municipal Bond Funds, Vanguard Scottsdale Funds, Vanguard Specialized Funds, Vanguard STAR Funds, Vanguard Tax-Managed Funds, Vanguard Wellington Fund, Vanguard Whitehall Funds and Vanguard World Funds is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxv.htm) |

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| | |
|:---|:---|
| (h)(xvii) | [Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and WisdomTree Trust is](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvi.htm) [incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvi.htm) [February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvi.htm) |

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| | |
|:---|:---|
| (h)(xviii) | [Amendment dated as of February 6, 2025 to Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and WisdomTree Trust (adding the Short-Term Bond Fund and Total Equity Fund) is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28hxviii.htm) |

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| | |
|:---|:---|
| (h)(xix) | [Fund of Funds Investment Agreement dated January 19, 2022 between the Registrant and The Select Sector SPDR](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvii.htm) [Trust is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvii.htm) [filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxvii.htm) |

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| | |
|:---|:---|
| (h)(xx) | [<u>Fund of Funds Investment Agreement dated Januar</u>y <u>19</u>, <u>2022 among the Registrant</u>, <u>SPDR Series Trust</u>, <u>SPDR</u>](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxviii.htm) [Index Shares Funds and SSGA Active Trust is incorporated by reference to Post-Effective Amendment No. 83 to](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxviii.htm) [Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxviii.htm) |

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| | |
|:---|:---|
| (h)(xxi) | [Fund of Funds Investment Agreement dated January 19, 2022 among the Registrant, SPDR S&P 500 ETF Trust](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxix.htm) [and SPDR Dow Jones Industrial Average ETF Trust is incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxix.htm) [83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxix.htm) |

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| | |
|:---|:---|
| (h)(xxii) | [Amendment dated August 18, 2020 to Transfer Agency Services Agreement between the Registrant and BNY](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28hxxiv.htm) [Mellon with respect to the Credit Income Fund is incorporated by reference to Post-Effective Amendment No. 81](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28hxxiv.htm) [to Registrant's Registration Statement filed on September 25, 2020 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041320002318/c100078_ex99-28hxxiv.htm) |

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| | |
|:---|:---|
| (h)(xxiii) | [Amended and Restated Schedule A dated as of February 14, 2022 to Administrative Oversight, Supervision and Coordination Services Agreement dated September 1, 2010 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxi.htm) |

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| | |
|:---|:---|
| (h)(xxiv) | [Amended and Restated Exhibits A and C dated as of January 25, 2022 to the Administration and Accounting](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxii.htm) [Services Agreement between the Registrant and BNY Mellon are incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxii.htm) [Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxii.htm) |

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| | |
|:---|:---|
| (h)(xxv) | [Amendment dated January 19, 2022 to the Transfer Agency Services Agreement between the Registrant and BNY](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxiii.htm) [Mellon is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxiii.htm) [filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxiii.htm) |

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| | |
|:---|:---|
| (h)(xxvi) | [Amended and Restated Exhibit 1, amended and restated as of February 15, 2022 to the Investment Company Reporting Modernization Services Amendment](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxiv.htm) [dated July 20, 2018 between the Registrant and BNY Mellon is incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxiv.htm) [Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28hxxiv.htm) |

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| | |
|:---|:---|
| (h)(xxvii) | [Amended and Restated Exhibit D dated as of April 6, 2022 to the Administration and Accounting Services](https://www.sec.gov/Archives/edgar/data/909994/000093041323000743/c105648_ex99-28hxxv.htm) [Agreement between the Registrant and BNY Mellon is incorporated by reference to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/909994/000093041323000743/c105648_ex99-28hxxv.htm) [No. 84 to Registrant's Registration Statement filed on February 28, 2023 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041323000743/c105648_ex99-28hxxv.htm) |

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| | |
|:---|:---|
| (h)(xxviii) | [Rule 18f-4 Services Amendment dated July 20, 2022 to the Administration and Accounting Services Agreement](https://www.sec.gov/Archives/edgar/data/909994/000093041323000743/c105648_ex99-28hxxvi.htm) [between the Registrant and BNY Mellon is incorporated by reference to Post-Effective Amendment No. 84 to](https://www.sec.gov/Archives/edgar/data/909994/000093041323000743/c105648_ex99-28hxxvi.htm) [Registrant's Registration Statement filed on February 28, 2023 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041323000743/c105648_ex99-28hxxvi.htm) |

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| | |
|:---|:---|
| (h)(xxix) | [Amended and Restated Exhibit 1, amended and restated as of October 17, 2023 to the Investment Company Reporting Modernization Services Amendment](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxvii.htm) [dated July 20, 2018 between the Registrant and BNY Mellon is incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxvii.htm) [Amendment No. 86 to Registrant's Registration Statement filed on January 31, 2024 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxvii.htm) |

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| | |
|:---|:---|
| (h)(xxx) | [Amendment dated October 17, 2023 to the Transfer Agency Services Agreement between the Registrant and BNY](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxviii.htm) [Mellon is incorporated by reference to Post-Effective Amendment No. 86 to Registrant's Registration Statement](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxviii.htm) [filed on January 31, 2024 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxviii.htm) |

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| | |
|:---|:---|
| (h)(xxxi) | [Amended and Restated Exhibits A and C dated as of October 17, 2023 to the Administration and Accounting](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxix.htm) [Services Agreement between the Registrant and BNY Mellon are incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxix.htm) [Amendment No. 86 to Registrant's Registration Statement filed on January 31, 2024 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041324000459/c107276_ex99-28hxxix.htm) |

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| | |
|:---|:---|
| (h)(xxxii) | [Amended and Restated Schedule A dated as of October 18, 2023 to Administrative Oversight, Supervision andCoordination Services Agreement dated September 1, 2010 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 85 to Registrant's Registration Statement filed on November 17, 2023](https://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28hxxx.htm) (File No. 33-66528). |

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| | |
|:---|:---|
| (h)(xxxiii) | [Amended and Restated Exhibit 1 to the Investment Company Reporting Modernization Services Amendment dated January 15, 2025 between the Registrant and BNY Mellon is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28hxxxiii.htm) |

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| | |
|:---|:---|
| (h)(xxxiv) | [Amendment dated January 15, 2025 to the Transfer Agency Services Agreement between the Registrant and BNY Mellon is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28hxxxiv.htm) |

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| | |
|:---|:---|
| (h)(xxxv) | [Amended and Restated Exhibits A and C dated as of January 15, 2025 to the Administration and Accounting Services Agreement between the Registrant and BNY Mellon incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28hxxxv.htm) |

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| | |
|:---|:---|
| (h)(xxxvi) | [Amended and Restated Schedule A dated as of January 15, 2025 to the Administrative Oversight, Supervision and Coordination Services Agreement dated September 1, 2010 between the Registrant and Bessemer Trust Company is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28hxxxvi.htm) |

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(h)(xxxvii) [Fund of Funds Investment Agreement dated February 11, 2026 between the Registrant and Global X Funds is filed herewith.](c115377_ex99-28hxxxvii.htm)

(h)(xxxviii) [Amendment to the Administration and Accounting Services Agreement dated July 24, 2025 between the Registrant and The Bank of New York Mellon is filed herewith.](c115377_ex99-28hxxxviii.htm)

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|:---|:---|
| (h)(xxxix) | [Fee Waiver Commitment Letter of BIM dated October 15, 2025 relating to the Total Equity Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, All Cap Core Fund, Credit Income Fund, Short-Term Bond Fund, Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund is filed herewith.](c115377_ex99-28hxxxix.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion and Consent of Dechert LLP is filed herewith.](c115377_ex99-28i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Consent of Ernst & Young LLP is filed herewith.](c115377_ex99-28j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not Applicable.

---

| | |
|:---|:---|
| (m)(i) | [Shareholder Servicing Plan on behalf of the Funds (including Form of Shareholder Servicing Agreement between](https://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923m.htm) [the Registrant and Bessemer Trust Company , N.A. and Form of Shareholder Sub-Servicing Agreement) is](https://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923m.htm) [incorporated by reference to Post-Effective Amendment No. 28 to Registrant's Registration Statement filed on](https://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923m.htm) [March 1, 2007 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000119312507044461/dex9923m.htm) |

---

---

| | |
|:---|:---|
| (m)(ii) | [First Amendment to Shareholder Servicing Agreement dated September 1, 2010 between the Registrant and](https://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28miii.htm) [Bessemer Trust Company , N.A. is incorporated by reference to Post-Effective Amendment No. 39 to Registrant's](https://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28miii.htm) [Registration Statement filed on August 31, 2010 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041310004680/c62665_ex99-28miii.htm) |

---

---

| | |
|:---|:---|
| (m)(iii) | [Amended and Restated Schedule A as of February 14, 2022 to Shareholder Servicing Agreement by and between](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28miii.htm) [the Registrant and Bessemer Trust Company , N.A. is incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28miii.htm) [83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28miii.htm) |

---

---

| | |
|:---|:---|
| (m)(iv) | [Amended Appendix A dated February 14, 2022 to Shareholder Servicing Plan is incorporated by reference to Post-Effective Amendment No. 83 to Registrant's Registration Statement filed on February 25, 2022 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041322000343/c103015_ex99-28miv.htm) |

---

---

| | |
|:---|:---|
| (m)(v) | [Amended Appendix A dated October 18, 2023 to Shareholder Servicing Plan is incorporated by reference to Post-Effective Amendment No. 85 to Registrant's Registration Statement filed on November 17, 2023 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28mv.htm) |

---

---

| | |
|:---|:---|
| (m)(vi) | [Amended and Restated Schedule A as of October 18, 2023 to Shareholder Servicing Agreement by and between](https://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28mvi.htm) [the Registrant and Bessemer Trust Company , N.A. is incorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28mvi.htm) [85 to Registrant's Registration Statement filed on November 17, 2023 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041323002463/c107276_ex99-28mvi.htm) |

---

---

| | |
|:---|:---|
| (m)(vii) | [Amended Appendix A dated January 15, 2025 to Shareholder Servicing Plan is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28mvii.htm) |

---

---

| | |
|:---|:---|
| (m)(viii) | [Amended and Restated Schedule A dated as of January 15, 2025 to Shareholder Servicing Agreement by and between the Registrant and Bessemer Trust Company, N.A. is incorporated by reference to Post-Effective Amendment No. 89 to the Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28mviii.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

---

| | |
|:---|:---|
| (p)(i) | [Code of Ethics of the Registrant as amended May 14, 2007 is incorporated by reference to Post-Effective Amendment No. 32 to Registrant's Registration Statement filed on November 9, 2007 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000119312507242629/dex9923pi.htm) |

---

(p)(ii) [Code of Ethics of BIM and its affiliates as amended November 2025 is filed herewith.](c115377_ex99-28pii.htm)

---

| | |
|:---|:---|
| (p)(iii) | [Code of Business Conduct and Ethics dated December 7, 2021of BlackRock is incorporated by reference to Post-Effective Amendment No. 89 to Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28piv.htm) |

---

(p)(iv) [Code of Ethics of Sands Capital as amended October 2025 is filed herewith.](c115377_ex99-28piv.htm)

(p)(v) [Code of Ethics of Muzinich as amended December 2025 is filed herewith.](c115377_ex99-28pv.htm)

(p)(vi) [Code of Ethics of Polunin as amended February 2025 is filed herewith.](c115377_ex99-28pvi.htm)

(p)(vii) [Code of Ethics of Acadian as amended January 2026 is filed herewith.](c115377_ex99-28pvii.htm)

---

| | |
|:---|:---|
| (p)(viii) | [Code of Ethics of Aikya Investment Management Limited is incorporated by reference to Post- Effective Amendment No. 89 to Registrant's Registration Statement filed on February 14, 2025 (File No. 33-66528).](https://www.sec.gov/Archives/edgar/data/909994/000093041325000593/c110603_ex99-28px.htm) |

---

(q)(i) [Power of Attorney of Diane Durnin is filed herewith.](c115377_ex99-28qi.htm)

(q)(ii) [Power of Attorney of Alexander Ellis III is filed herewith.](c115377_ex99-28qii.htm)

(q)(iii) [Power of Attorney of Daphne H. Foster is filed herewith.](c115377_ex99-28qiii.htm)

(q)(iv) [Power of Attorney of R. Keith Walton is filed herewith.](c115377_ex99-28qiv.htm)

(q)(v) [Power of Attorney of Patrick Darcy is filed herewith.](c115377_ex99-28qv.htm)

(q)(vi) [Power of Attorney of Michael A. Marquez is filed herewith.](c115377_ex99-28qvi.htm)

(q)(vii) [Power of Attorney of Matthew A. Rizzi is filed herewith.](c115377_ex99-28qvii.htm)

(q)(viii) [Power of Attorney of David W. Rossmiller is filed herewith.](c115377_ex99-28qviii.htm)

(q)(ix) [Certification pursuant to Rule 483(b) under the Securities Act of 1933 is filed herewith.](c115377_ex99-28qix.htm)

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT

Not applicable.

ITEM 30. INDEMNIFICATION

Response is incorporated by reference to Registrant's Post-Effective Amendment No. 7 to Registrant's Registration Statement filed on February 26, 1997.

ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

BIM (the "Adviser") manages the Funds' assets, including buying and selling portfolio securities. The Adviser's address is 1271 Avenue of the Americas New York, New York 10020.

The Adviser is an affiliate of Bessemer Trust Company and a subsidiary of Bessemer Trust Company, N.A. which is a subsidiary of The Bessemer Group, Incorporated.

Information regarding the directors and officers of the Adviser is included in the Adviser's Form ADV (SEC Number 801-60185) on file with the Securities and Exchange Commission ("SEC") and is incorporated by reference.

BlackRock is a sub-adviser to the Credit Income Fund. Information regarding the directors and officers of BlackRock is included in BlackRock's Form ADV on file with the SEC and is incorporated by reference.

Sands is a sub-adviser to the Large Cap Strategies Fund and the Total Equity Fund. Information regarding the directors and officers of Sands is included in Sand's Form ADV on file with the SEC and incorporated by reference.

Muzinich is a sub-adviser to the Credit Income Fund. Information regarding the directors and officers of Muzinich is included in Muzinich's Form ADV on file with the SEC and incorporated by reference.

Polunin is a sub-adviser to the Small & Mid Cap Strategies Fund and the Total Equity Fund. Information regarding the directors and officers of Polunin is included in Polunin's Form ADV on file with the SEC and incorporated by reference.

Acadian is a sub-adviser to the Small & Mid Cap Strategies Fund. Information regarding the directors and officers of Acadian is included in Acadian's Form ADV on file with the SEC and incorporated by reference.

Aikya Investment Management Limited is a sub-adviser to the Large Cap Strategies Fund and the Total Equity Fund. Information regarding the directors and officers of Artisan is included in Artisan's Form ADV on file with the SEC and incorporated by reference.

ITEM 32. PRINCIPAL UNDERWRITER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside Funds Distributors LLC (the "Distributor") serves as principal underwriter
for the following investment companies registered under the Investment Company Act of 1940, as amended:

&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. Fairholme Funds, Inc.

&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. FundVantage Trust

&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. GuideStone Funds

&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. Harrison Street Infrastructure Income Fund

&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. Harrison Street Real Assets Fund LLC

&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. Harrison Street Real Estate Fund LLC

&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. Matthews International Funds *(d/b/a Matthews Asia Funds)* 

&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. New Alternatives Fund

&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. Old Westbury Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Polen Credit Opportunities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter.
The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with<br> Underwriter | Position with<br> Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President and Chief<br> Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Financial and Operations<br> Principal and Chief<br> Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

ITEM 33. LOCATION OF ACCOUNTS OR RECORDS

All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 promulgated thereunder are maintained at the following locations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bank of New York Mellon, Bellevue Corporate Center, 301 Bellevue Parkway,
Wilmington, Delaware 19809 (records relating to its functions as administrative agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNY Mellon Investment Servicing (US) Inc., 103 Bellevue Parkway, Wilmington,
Delaware 19809 and 118 Flanders Road, Westborough, MA 01581 (records relating to its functions as accounting, administrative, transfer
agent and dividend disbursing agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Foreside Funds Distributors LLC, 190 Middle Street, Suite 301, Portland,
ME 04101 (records relating to its functions as underwriter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Bessemer Trust Company, 100 Woodbridge Center, Woodbridge, New Jersey 07095 (records relating
to its functions as custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Citibank,
 N.A., 388 Greenwich Street, 14 <sup>th</sup> Floor, New York, New York 10013 (records relating to its
 function as custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Bessemer Investment Management LLC, 1271 Avenue of the Americas New York, New York 10020 (records
relating to its functions as investment adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Champlain Investment Partners, LLC, 180 Battery Street, Burlington, Vermont 05401 (records relating
to its function as a former sub-adviser to the Small & Mid Cap Strategies Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) BlackRock
 Financial Management, Inc., 55 East 52 <sup>nd</sup> Street, New York, New York 10022 (records relating to its
 function as sub-adviser to the Credit Income Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Sands Capital Management, LLC, 1000 Wilson Blvd., Suite 3000, Arlington, Virginia 22209 (records
relating to its function as sub-adviser to the Large Cap Strategies Fund and Total Equity Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Muzinich & Co., Inc., 450 Park Avenue, New York, New York 10022 (records relating to its
functions as sub-adviser to the Credit Income Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Polunin Capital Partners Limited, 10 Cavalry Square, London, SW3 4RB, United Kingdom (records
relating to its functions as sub-adviser to the Small & Mid Cap Strategies Fund and Total Equity Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Acadian Asset Management LLC, 260 Franklin Street, Boston, MA, 02110 (records relating to its
functions as sub-adviser to the Small & Mid Cap Strategies Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Artisan Partners Limited Partnership, 875 East Wisconsin Avenue, Suite 800, Milwaukee, WI 532020
(records relating to its functions as a former sub-adviser to the Small & Mid Cap Strategies Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Aikya Investment Management Limited, Octagon Point, 5 Cheapside, London, EC2V 6AA, United Kingdom
(records relating to its functions as sub-adviser to the Large Cap Strategies Fund and Total Equity Fund).

ITEM 34. MANAGEMENT SERVICES

Not Applicable.

ITEM 35. UNDERTAKINGS

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "1933 Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 90 to the Registration Statement under Rule 485(b) under the 1933 Act and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, State of New York, on the 27th day of February, 2026.

---

| | |
|:---|:---|
| OLD WESTBURY FUNDS, INC. | OLD WESTBURY FUNDS, INC. |
| By: |  |
|  | David W. Rossmiller, President, Chief Executive Officer\* |

---

Pursuant to the requirements of the 1933 Act, this amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on the 27th day of February, 2026.

---

| | | |
|:---|:---|:---|
| Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Executive Officer\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| David W. Rossmiller |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| Daphne H. Foster |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| Diane Durnin |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| Patrick Darcy |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| Alexander Ellis III |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| R. Keith Walton |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| Michael A. Marquez |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer, Principal Financial Officer\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |
| Matthew A. Rizzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Nicola R. Knight |
|  | Nicola R. Knight |
|  | As Attorney-in-Fact |
|  | February 27, 2026 |

---

**EXHIBIT INDEX**

Exhibit No. Description

---

| | |
|:---|:---|
| &nbsp;&nbsp;99.28 (b) | &nbsp;&nbsp;[Amended and Restated By-Laws of the Registrant (February 10, 2026)](c115377_ex99-28b.htm) |
| &nbsp;&nbsp;99.28 (d)(xv) | &nbsp;&nbsp;[Sub-Advisory Agreement dated January 23, 2024 among the Registrant, BIM and Aikya.](c115377_ex99-28dxv.htm) |
| &nbsp;&nbsp;99.28 (d)(xvii) | &nbsp;&nbsp; [Sub-Advisory Agreement among the Registrant, BIM and Aikya Investment Management Limited with respect to the Total Equity Fund](c115377_ex99-28dxvii.htm) |
| &nbsp;&nbsp;99.28 (d)(xviii) | &nbsp;&nbsp; [Sub-Advisory Agreement among the Registrant, BIM and Polunin Capital Partners Limited with respect to the Total Equity Fund](c115377_ex99-28hxxxviii.htm) |
| &nbsp;&nbsp;99.28 (d)(xix) | &nbsp;&nbsp; [Sub-Advisory Agreement among the Registrant, BIM and Sands Capital Management, LLC with respect to the Total Equity Fund](c115377_ex99-28dxix.htm) |
| &nbsp;&nbsp;99.28 (d)(xx) | &nbsp;&nbsp;[Amendment No. 1 to Polunin Sub-Advisory Agreement dated February 20, 2025](c115377_ex99-28dxx.htm) |
| &nbsp;&nbsp;99.28 (d)(xxi) | &nbsp;&nbsp;[Amendment to Muzinich Sub-Advisory Agreement dated July 23, 2025](c115377_ex99-28dxxi.htm) |
| &nbsp;&nbsp;99.28 (h)(xxxvii) | &nbsp;&nbsp; [Fund of Funds Investment Agreement dated February 11, 2026 between the Registrant and Global X Funds](c115377_ex99-28hxxxvii.htm) |
| &nbsp;&nbsp;99.28 (h)(xxxviii) | &nbsp;&nbsp; [Amendment to the Administration and Accounting Services Agreement dated July 24, 2025 between the Registrant and The Bank of New York Mellon](c115377_ex99-28hxxxviii.htm) |
| &nbsp;&nbsp;99.28 (h)(xxxix) | &nbsp;&nbsp;[Fee Waiver Commitment Letter of BIM dated October 15, 2025](c115377_ex99-28hxxxix.htm) |
| &nbsp;&nbsp;99.28 (i) | &nbsp;&nbsp;[Opinion and Consent of Dechert LLP](c115377_ex99-28i.htm) |
| &nbsp;&nbsp;99.28 (j) | &nbsp;&nbsp;[Consent of Ernst & Young LLP](c115377_ex99-28j.htm) |
| &nbsp;&nbsp;99.28 (p)(ii) | &nbsp;&nbsp;[Code of Ethics of BIM](c115377_ex99-28pii.htm) |
| &nbsp;&nbsp;99.28 (p)(iv) | &nbsp;&nbsp;[Code of Ethics of Sands Capital](c115377_ex99-28piv.htm) |
| &nbsp;&nbsp;99.28 (p)(v) | &nbsp;&nbsp;[Code of Ethics of Muzinich](c115377_ex99-28pv.htm) |
| &nbsp;&nbsp;99.28 (p)(vi) | &nbsp;&nbsp;[Code of Ethics of Polunin](c115377_ex99-28pvi.htm) |
| &nbsp;&nbsp;99.28 (p)(vii) | &nbsp;&nbsp;[Code of Ethics of Acadian](c115377_ex99-28pvii.htm) |
| &nbsp;&nbsp;99.28 (q)(i) | &nbsp;&nbsp;[Power of Attorney Diane Durnin](c115377_ex99-28qi.htm) |
| &nbsp;&nbsp;99.28 (q)(ii) | &nbsp;&nbsp;[Power of Attorney Alexander Ellis III](c115377_ex99-28qii.htm) |
| &nbsp;&nbsp;99.28 (q)(iii) | &nbsp;&nbsp;[Power of Attorney Daphne H. Foster](c115377_ex99-28qiii.htm) |
| &nbsp;&nbsp;99.28 (q)(iv) | &nbsp;&nbsp;[Power of Attorney R. Keith Walton](c115377_ex99-28qiv.htm) |
| &nbsp;&nbsp;99.28 (q)(v) | &nbsp;&nbsp;[Power of Attorney Patrick Darcy](c115377_ex99-28qv.htm) |
| &nbsp;&nbsp;99.28 (q)(vi) | &nbsp;&nbsp;[Power of Attorney Michael A. Marquez](c115377_ex99-28qvi.htm) |
| &nbsp;&nbsp;99.28 (q)(vii) | &nbsp;&nbsp;[Power of Attorney Matthew A Rizzi](c115377_ex99-28qii.htm) |
| &nbsp;&nbsp;99.28 (q)(viii) | &nbsp;&nbsp;[Power of Attorney David W. Rossmiller](c115377_ex99-28qiii.htm) |
| &nbsp;&nbsp;99.28 (q)(ix) | &nbsp;&nbsp;[Certification pursuant to Rule 483(b)](c115377_ex99-28qix.htm) |

---

## Exhibit 99.28

**Exhibit 99.28 (b)**

**AMENDED AND RESTATED BYLAWS**

**OF**

**OLD WESTBURY FUNDS, INC.**

**a Maryland corporation<br> February 10, 2026**

**ARTICLE I.** **<br> Offices**

Section 1. <u>Principal Office</u>. The principal office of the Corporation in the State of Maryland shall be located at such place as the Board of Directors of the Corporation (the "Board of Directors") may from time to time designate.

Section 2. <u>Other Offices</u>. The Corporation may have additional offices, including a principal executive office, at such other places within and without the State of Maryland as the Board of Directors may from time to time determine or as the business of the Corporation may require.

**ARTICLE II.** **<br> Meetings of Stockholders**

Section 1. <u>Place of Meeting</u>. All meetings of stockholders shall be held at the principal executive office of the Corporation or at such other place as shall be set in accordance with these Bylaws and stated in the notice of the meeting. The Board of Directors may determine that a meeting not be held at any place, but instead may be held partially or solely by means of remote communication. In accordance with these Bylaws and subject to any guidelines and procedures adopted by the Board of Directors, stockholders and proxy holders may participate in any meeting of stockholders held by means of remote communication and may vote at such meeting as permitted by Maryland law. Participation in a meeting by these means constitutes presence in person at the meeting.

Section 2. <u>Annual Meetings</u>. The Corporation shall not be required to hold an annual meeting of stockholders in any year in which the election of Directors is not required to be acted upon under the Investment Company Act of 1940, as amended (including rules or orders of the Securities and Exchange Commission or any successor thereto, the "Investment Company Act"). In the event that the Corporation shall be required to hold a meeting of stockholders to elect Directors under the Investment Company Act, such meeting shall be designated the annual meeting of stockholders for that year and shall be held on a date and at the time and place set by the Board of Directors in accordance with the Maryland General Corporation Law (the "MGCL"). An annual meeting of stockholders called for any other reason shall be held on a date and at the time and place set by the Board of Directors.

**Exhibit 99.28 (b)**

Section 3. <u>Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each of the chair of the Board of Directors, the president or the Board of Directors may call a special meeting of stockholders. A special meeting of stockholders shall be held on the date and at the time and place set by the chair of the Board of Directors, the president or the Board of Directors, whoever has called the meeting. Subject to subsection (b) of this Section 3, a special meeting of stockholders shall also be called by the secretary of the Corporation to act on any matter that may properly be considered at a meeting of stockholders upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at such meeting or as otherwise required by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stockholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any stockholder of record seeking to have stockholders request a special meeting shall, by sending written notice to the secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board of Directors to fix a record date to determine the stockholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more stockholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such stockholder (or such agent) and shall set forth all information relating to each such stockholder and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election of directors in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "Exchange Act"). Upon receiving the Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which a Record Date Request Notice is received by the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any stockholder to request a special meeting to act on any matter that may properly be considered at a meeting of stockholders, one or more written requests for a special meeting (collectively, the "Special Meeting Request") signed by stockholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority of all of the votes entitled to be cast on such matter at such meeting (or as otherwise required by the Investment Company Act) (the "Special Meeting Percentage") shall be delivered to the secretary. In addition, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the secretary), (b) bear the date of signature of each such stockholder (or such agent) signing the Special Meeting Request, (c) set forth (i) the name and address, as they appear in the Corporation's

**Exhibit 99.28 (b)**

books, of each stockholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of stock of the Corporation which are owned (beneficially or of record) by each such stockholder and (iii) the nominee holder for, and number of, shares of stock of the Corporation owned beneficially but not of record by such stockholder, (d) be sent to the secretary by registered mail, return receipt requested, and (e) be received by the secretary within 60 days after the Request Record Date. Any requesting stockholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting. The secretary shall not be required to call a special meeting upon stockholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the president or Board of Directors, whoever has called the meeting. In the case of any special meeting called by the secretary upon the request of stockholders (a "Stockholder Requested Meeting"), such meeting shall be held at such place, date and time as may be designated by the Board of Directors; provided, however, that the date of any Stockholder Requested Meeting shall be not more than 90 days after the record date for such meeting (the "Meeting Record Date"); and provided further that if the Board of Directors fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the secretary (the "Delivery Date"), a date and time for a Stockholder Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Directors fails to designate a place for a Stockholder Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Corporation. In the case of any Stockholder Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board of Directors may revoke the notice for any Stockholder Requested Meeting in the event that the requesting stockholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of the Special Meeting Request have been delivered to the secretary and the result is that stockholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting on the matter to the secretary: (i) if the notice of meeting has not already been delivered, the secretary shall refrain from delivering the notice of the meeting and send to all requesting stockholders who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the secretary first sends to all requesting stockholders who have not revoked requests for a special meeting on the matter written notice of any revocation of

**Exhibit 99.28 (b)**

a request for the special meeting and written notice of the Corporation's intention to revoke the notice of the meeting or for the chairman of the meeting to adjourn the meeting without action on the matter, (A) the secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B) the chairman of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The president or Board of Directors may appoint inspectors of elections to act as the agent of the Corporation for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been received by the secretary until the earlier of (i) five Business Days after actual receipt by the secretary of such purported request and (ii) such date as the inspectors certify to the Corporation that the valid requests received by the secretary represent, as of the Request Record Date, stockholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Corporation or any stockholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4. <u>Notice</u>. Not less than ten nor more than 90 days before each meeting of stockholders, the secretary shall give to each stockholder entitled to vote at such meeting and to each stockholder not entitled to vote who is entitled to notice of the meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, by mail, by presenting it to such stockholder personally, by leaving it at the stockholder's residence or usual place of business, by electronic transmission or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the stockholder at the stockholder's address as it appears on the records of the Corporation, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives electronic transmissions. The Corporation may give a single notice to all stockholders who share an address, which single notice shall be effective as to any stockholder at such address, unless such stockholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more stockholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting.

**Exhibit 99.28 (b)**

Subject to Section 11(a) of this Article II, any business of the Corporation may be transacted at an annual meeting of stockholders without being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of stockholders except as specifically designated in the notice. The Corporation may postpone or cancel a meeting of stockholders by making a public announcement (as defined in Section 11(c)(2) of this Article II) of such postponement or cancellation prior to the meeting or by providing stockholders with notice of such postponement or cancellation. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in this section.

Section 5. <u>Organization and Conduct</u>. Every meeting of stockholders shall be conducted by an individual appointed by the Board of Directors to be chair of the meeting, or, in the absence of such appointment or appointed individual, by the chair of the Board of Directors or, in the case of a vacancy in the office or absence of the chair of the Board of Directors, by one of the following individuals present at the meeting in the following order: any lead independent director, the chief executive officer, the president, the vice presidents in their order of rank and, within each rank, in their order of seniority, the secretary, or, in the absence of such officers, a chair chosen by the stockholders by the vote of a majority of the votes cast by stockholders present in person or by proxy. The secretary, an assistant secretary, an individual appointed by the Board of Directors or an individual appointed by the chair of the meeting shall act as secretary. In the event that the secretary presides at a meeting of stockholders, an assistant secretary or an individual appointed by the Board of Directors or the chair of the meeting, shall record the minutes of the meeting. Even if present at the meeting, the person holding the office named herein may delegate to another person the power to act as chair or secretary of the meeting. The order of business and all other matters of procedure at any meeting of stockholders shall be determined by the chair of the meeting. The chair of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of the chair and without any action by the stockholders, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies and such other individuals as the chair of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies and other such individuals as the chair of the meeting may determine; (d) limiting the time allotted to questions or comments; (e) determining when and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place either (i) announced at the meeting or (ii) provided at a future time through means announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chair of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6. <u>Quorum</u>. At any meeting of stockholders, the presence in person or by proxy of the holders of one-third of all the votes entitled to be cast without regard to series or class at the meeting shall constitute a quorum for the transaction of business at the meeting, except that where

**Exhibit 99.28 (b)**

any provision of law or the charter of the Corporation (the "Charter") require or permit that the holders of any series or class of shares shall vote as a series or class, then one-third of the aggregate number of shares of such series or class, as the case may be, at the time outstanding shall be necessary to constitute a quorum for the transaction of such business. This section shall not affect any requirement under any statute or the Charter for the vote necessary for the approval of any matter.

If such quorum is not established at any meeting of the stockholders, the chair of the meeting may adjourn the meeting *sine die* or from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified. The date, time and place of the meeting, as reconvened, shall be either (a) announced at the meeting or (b) provided at a future time through means announced at the meeting.

The stockholders present either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough stockholders to leave fewer than would be required to establish a quorum.

Section 7. <u>Voting</u>. A plurality of all the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to elect a director. Each share may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless a different vote is required by statute, by the Charter or by these Bylaws. Unless otherwise provided by statute or by the Charter, each outstanding share of stock, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders. Voting on any question or in any election may be by voice vote unless the chair of the meeting shall order that voting be by ballot or otherwise.

Section 8. <u>Proxies</u>. A holder of record of shares of stock of the Corporation may cast votes in person or by proxy that is (a) executed by the stockholder or by the stockholder's duly authorized agent in any manner permitted by applicable law, (b) compliant with Maryland law and these Bylaws and (c) filed in accordance with the procedures established by the Corporation. Such proxy or evidence of authorization of such proxy shall be filed with the record of the proceedings of the meeting. No proxy shall be voted after eleven months from its date, unless otherwise provided in the proxy.

Section 9. <u>Inspectors of Election</u>. The Board of Directors or the chair of the meeting may, but need not, appoint one or more inspectors to act at the meeting or any postponement or adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board of Directors or the chair of the meeting in advance of the meeting or at the meeting by the chair of the meeting. Each inspector, if any, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best

**Exhibit 99.28 (b)**

of his or her ability. Except as otherwise provided by the chair of the meeting, the inspectors, if any, shall (i) determine the number of shares of stock represented at the meeting, in person, electronically, or by proxy, and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chair of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote, and (v) do such acts as are proper to fairly conduct the election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be *prima facie* evidence thereof.

Section 10. <u>Voting of Stock by Certain Holders</u>. Stock of the Corporation registered in the name of a corporation, limited liability company, partnership, joint venture, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, managing member, manager, general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such stock. Any trustee or fiduciary, in such capacity, may vote stock registered in such trustee's or fiduciary's name, either in person or by proxy.

Shares of stock of the Corporation directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board of Directors may adopt by resolution a procedure by which a stockholder may certify in writing to the Corporation that any shares of stock registered in the name of the stockholder are held for the account of a specified person other than the stockholder. The resolution shall set forth the class of stockholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Corporation; and any other provisions with respect to the procedure which the Board of Directors considers necessary or appropriate. On receipt by the secretary of the Corporation of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the holder of record of the specified stock in place of the stockholder who makes the certification.

Section 11. <u>Advance Notice of Stockholder Nominees for Director and Other Stockholder Proposals</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) <u>Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the stockholders may be made at an annual

**Exhibit 99.28 (b)**

meeting of stockholders (i) pursuant to the Corporation's notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any stockholder of the Corporation who was a stockholder of record both at the time of giving of notice by the stockholder as provided for in this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with this Section 11(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;(2) For any nomination or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 11, the stockholder must have given timely notice thereof in writing to the secretary of the Corporation and any such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder's notice shall set forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of the Corporation not earlier than the 120<sup>th</sup> day prior to such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90<sup>th</sup> day prior to such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Such stockholder's notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) as to each individual whom the stockholder proposes to nominate for election or reelection as a director (each, a "Proposed Nominee"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Proposed Nominee and such Proposed Nominee's principal occupation(s) during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether such stockholder believes any such Proposed Nominee is, or is not, an "interested person" of the Corporation, as defined in the Investment Company Act; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a statement, based on the stockholder's reasonable belief at the time, as to the qualifications and attributes that make the Proposed Nominee an appropriate candidate for election to the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to any other business that the stockholder proposes to bring before the meeting, a description of such business, the stockholder's reasons for proposing such business at the meeting and any material interest in such business of such stockholder, individually or in the aggregate, including any anticipated benefit to the stockholder therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) as to the stockholder giving the notice and any Proposed Nominee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 class, series and number of all shares of stock or other securities of the Corporation or any affiliate thereof (collectively, the "Company Securities"), if any, which are owned (beneficially or of record) by such stockholder or Proposed Nominee, the

**Exhibit 99.28 (b)**

date on which each such Company Security was acquired and the investment intent of such acquisition; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such stockholder or Proposed Nominee; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as to the stockholder giving the notice and any Proposed Nominee, the name and address of such stockholder, as they appear on the Corporation's stock ledger, and the current name and business address, if different, of any Proposed Nominee.

&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>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. Nominations of individuals for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected only (i) by or at the direction of the Board of Directors, (ii) by a stockholder that has requested that a special meeting be called for the purpose of electing directors in compliance with Section 3 of this Article II and that has supplied the information required by Section 3 of this Article II about each individual whom the stockholder proposes to nominate for election of directors or (iii) provided that the special meeting has been called in accordance with Section 3(a) of this Article II for the purpose of electing directors, by any stockholder of the Corporation who is a stockholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 11. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more individuals to the Board of Directors, any stockholder may nominate an individual or individuals (as the case may be) for election as a director as specified in the Corporation's notice of meeting, if the stockholder's notice, containing the information required by paragraphs (a)(3) and (4) of this Section 11, is delivered to the secretary at the principal executive office of the Corporation not earlier than the 120<sup>th</sup> day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90<sup>th</sup> day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a stockholder's notice as described above.

**Exhibit 99.28 (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;(c) <u>General.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) At an annual or special (other than a Stockholder Requested Special Meeting) meeting of stockholders, only such individuals who are nominated in accordance with this Section 11 shall be eligible for election by stockholders as directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 purposes of this Section 11, "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding the foregoing provisions of this Section 11, a stockholder shall also comply with all applicable legal requirements.

Section 12. <u>Informal Action Without a Meeting of Stockholders</u>. Except to the extent prohibited by the Investment Company Act or rules or orders of the Securities and Exchange Commission or any successor thereto, any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting if a consent in writing, setting forth such action, is signed by all the stockholders entitled to vote on the subject matter thereof and any other stockholders entitled to notice of a meeting of stockholders (but not to vote thereat) have waived in writing any rights which they may have to dissent from such action, and such consent and waiver are filed with the records of the Corporation. Such written consents shall be filed with the records of stockholders' meetings. Such written consent shall be treated for all purposes as a vote at a meeting of the stockholders.

**ARTICLE III.** **<br> Board of Directors**

Section 1. <u>Number, Tenure and Resignation of Directors</u>. A majority of the entire Board of Directors may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than one, nor more than 20, and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors. Each director shall hold office until his successor is duly elected and qualifies, except as provided below;

&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) each director who was first elected to the Board prior to January 1, 2016, shall retire from the Board of Directors at or before the conclusion of the second regular meeting of the Board of Directors of the year in which that director turns age 77.

&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) each director who was first elected to the Board after January 1, 2016 shall retire from the Board of Directors at the earlier of: (i) on or before December 31 of the year in which that director turns age 75, or (ii) on or before December 31 of the year in which such director's term of service on the Board of Directors reaches 12 years.

**Exhibit 99.28 (b)**

Any director of the Corporation may resign at any time by delivering his or her resignation to the Board of Directors, the chair of the Board of Directors or the secretary. Any resignation need not be in writing and shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.

Section 3. <u>Powers</u>. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors which shall exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Charter or by these Bylaws conferred upon or reserved to the stockholders. The Board of Directors may authorize the Corporation to enter into an agreement or agreements with any person, corporation, association, partnership or other organization, subject to the Board of Directors' supervision and control, for the purpose of providing managerial, investment advisory and related services to the Corporation which may include management or supervision of the investment portfolio of the Corporation.

Section 4. <u>Annual Meeting</u>. An annual meeting of the Board of Directors may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors. The Board of Directors may provide, by resolution, the time and place of regular meetings of the Board of Directors without other notice than such resolution.

Section 5. <u>Other Meetings</u>. Special meetings of the Board of Directors may be called by or at the request of the chair of the Board of Directors, the chief executive officer, the president or a majority of the directors then in office. The person or persons authorized to call special meetings of the Board of Directors may fix the time and place of any special meeting of the Board of Directors called by them. The Board of Directors may provide, by resolution, the time and place of special meetings of the Board of Directors without other notice than such resolution.

Section 6. <u>Quorum and Voting</u>. A majority of the directors in office at the time shall constitute a quorum for the transaction of business at any meeting of the Board of Directors. When required pursuant to the Investment Company Act a quorum shall also require the presence of a majority of directors who are not parties to a contract or agreement to be voted upon or interested persons of any such party. The action of a majority of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by applicable law, the Charter or these Bylaws. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat

**Exhibit 99.28 (b)**

may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

The directors present at a meeting which has been duly called and at which a quorum has been established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough directors to leave fewer than required to establish a quorum.

Section 7. <u>Notice</u>. Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile transmission, courier or United States mail to each director at his or her business or residence address. Notice by personal delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by United States mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least two days prior to the meeting. Telephone notice shall be deemed to be given when the director or his or her agent is personally given such notice in a telephone call to which the director or his or her agent is a party. Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Corporation by the director. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Corporation by the director. Notice by United States mail shall be deemed to be given when deposited in the United States mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute or these Bylaws.

Section 8. <u>Organization</u>. At each meeting of the Board of Directors, the chair of the Board of Directors shall act as chair of the meeting. In the absence of the chair of the Board of Directors, the president or, in the absence of the president, a director chosen by a majority of the directors present, shall act as chair of the meeting. The secretary or an assistant secretary of the Corporation, or, in the absence of the secretary and all assistant secretaries, an individual appointed by the chair of the meeting, shall act as secretary of the meeting.

Section 9. <u>Committees</u>. The Board of Directors may, by resolution passed by a majority of the entire Board of Directors, appoint from among its members an executive committee and other committees of the Board of Directors, each committee to be composed of one or more of the directors of the Corporation. The Board of Directors may, to the extent provided in the resolution, delegate to such committees, in the intervals between meetings of the Board of Directors, any or all of the powers of the Board of Directors in the management of the business and affairs of the Corporation, except as may be prohibited by law. Such committee or committees shall have the name or names as may be determined from time to time by resolution adopted by the Board of Directors. Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee, to fill any vacancy, to designate an alternate member to replace any absent or disqualified member or to dissolve any such committee.

Section 10. <u>Committee Meetings</u>. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Directors. At meetings of any such

**Exhibit 99.28 (b)**

committee, a majority of the members or alternate members of such committee shall constitute a quorum for the transaction of business. The act of a majority of the committee members at a meeting at which a quorum is present shall be the act of such committee. The Board of Directors may designate a chair of any committee, and such chair or, in the absence of a chair, any two members of any committee (if there are at least two members of the committee) may fix the time and place of its meeting unless the Board of Directors shall otherwise provide. Unless the Board of Directors designates one or more directors as alternate members of any committee, who may replace an absent or disqualified member at any meeting of the committee, the members of any such committee present at any meeting and not disqualified from voting may, whether or not they constitute a quorum, unanimously appoint another member of the Board of Directors to act at the meeting in the place of any absent or disqualified member of such committee.

Section 11. <u>Minutes of Committee Meetings</u>. The committees shall keep regular minutes of their proceedings.

Section 12. <u>Action by Board of Directors and Committees Without a Meeting</u>. Subject to the provisions of the Investment Company Act, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if a unanimous consent which sets forth the action is given in writing or by electronic transmission by each member of the Board of Directors or of such committee, as the case may be, and filed in paper or electronic form with the minutes of proceedings of the Board of Directors or committee. Such consents shall be treated for all purposes as a vote taken at a meeting of the Board of Directors or such committee.

Section 13. <u>Meetings by Remote Communications</u>. Except to the extent prohibited by the Investment Company Act, the members of the Board of Directors or any committee thereof may participate in a meeting of the Board of Directors or committee by means of a videoconference, telephone conference or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time and such participation shall constitute presence in person at such meeting.

Section 14. <u>Compensation and Expenses</u>. Directors shall not receive any stated salary for their service as directors but, by resolution of the Board of Directors, may receive compensation per year and/or per meeting (including meetings by remote communications) and for any other service or activity they perform or engage in as directors. Directors may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Board of Directors or of any committee thereof and for their expenses, if any, in connection with any other service or activity they perform or engage in as directors; but nothing herein contained shall be construed to preclude any directors from serving the Corporation in any other capacity and receiving compensation therefor.

Section 15. <u>Appointment of Chair of the Board of Directors</u>. The Board of Directors may appoint the chair of the Board of Directors from among its members. The chair shall not, solely by reason of such designation, be deemed to be an officer of the Corporation.

**Exhibit 99.28 (b)**

Section 16. <u>Chair of the Board of Directors</u>. The chair of the Board of Directors shall preside at all meetings of the stockholders and of the Board of Directors and have such other powers and duties as determined by the Board of Directors from time to time.

Section 17. <u>Reliance</u>. Each director and officer of the Corporation shall, in the performance of his or her duties with respect to the Corporation, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Corporation whom the director or officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the director or officer reasonably believes to be within the person's professional or expert competence, or, with respect to a director, by a committee of the Board of Directors on which the director does not serve, as to a matter within its designated authority, if the director reasonably believes the committee to merit confidence.

Section 18. <u>Ratification</u>. The Board of Directors or the stockholders may ratify and make binding on the Corporation any action or inaction by the Corporation or its officers to the extent that the Board of Directors or the stockholders could have originally authorized the matter. Moreover, any action or inaction questioned in any stockholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the stockholders, and if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

Section 19. <u>Emergency Provisions</u>. Notwithstanding any other provision in the Charter or these Bylaws, this Section 19 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Directors under Article III of these Bylaws cannot readily be obtained (an "Emergency"). During any Emergency, unless otherwise provided by the Board of Directors, (i) a meeting of the Board of Directors or a committee thereof may be called by any director or officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to as many directors and by such means as may be feasible at the time, including publication, television, electronic media or radio; and (iii) the number of directors necessary to constitute a quorum shall be one-third of the entire Board of Directors.

Section 20. <u>Delegation by the Board of Directors</u>. Subject only to any limitations under the MGCL or federal law, including the Investment Company Act, the directors may delegate any and all powers and authority hereunder as they consider desirable to any officer of the Corporation, to any committee of the directors, any committee composed of directors and other persons and any committee composed only of persons other than directors and to any agent, independent contractor or employee of the Corporation or to any custodian, administrator, transfer or shareholder servicing agent, investment adviser or sub-adviser, principal underwriter or other service provider, provided that such delegation of power or authority by the directors shall not cause any director to cease to

**Exhibit 99.28 (b)**

be a director of the Corporation or cause such person, officer, agent, employee, custodian, transfer or shareholder servicing agent, investment adviser, principal underwriter or other service provider to whom any power or authority has been delegated to be a director of the Corporation. The reference in these Bylaws to the right of the directors to, or circumstances under which they may, delegate any power or authority, or the reference in these Bylaws to the authorized agents of the directors or any other person to whom any power or authority has been or may be delegated pursuant to any specific provision of these Bylaws, shall not limit the authority of the directors to delegate any other power or authority under these Bylaws to any person, subject only to any limitations under the MGCL or federal law, including the Investment Company Act.

**ARTICLE IV.** **<br> Officers**

Section 1. <u>General</u>. The officers of the Corporation shall be elected by the Board of Directors and shall, at minimum, be a president, a secretary and a treasurer. The Board of Directors may also choose such vice presidents and additional officers or assistant officers as it may deem appropriate. The president may from time to time appoint one or more vice presidents, assistant secretaries and assistant treasurers or other officers, subject to ratification by the Board of Directors at the next regularly scheduled meeting of the Board of Directors. Any number of offices, except the office of chair and the offices of president and vice president, may be held by the same person. No officer shall execute, acknowledge or verify any instrument in more than one capacity if such instrument is required by law to be executed, acknowledged or verified by two or more officers.

Section 2. <u>Other Officers and Agents</u>. The Board of Directors may appoint such other officers and agents as it desires who shall hold their offices for such terms and shall exercise such power and perform such duties as shall be determined from time to time by the Board of Directors.

Section 3. <u>Tenure of Officers</u>. The officers of the Corporation shall hold office at the pleasure of the Board of Directors. Each officer shall hold his or her office until his or her successor is elected and qualified or until his or her earlier resignation or removal. Any officer elected or appointed by the Board of Directors may be removed at any time, with or without cause, by the Board of Directors if in its judgment the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Corporation may resign at any time by delivering his or her resignation to the Board of Directors, the chair of the Board of Directors, the president or the secretary. Any resignation need not be in writing and shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Corporation. Any vacancy occurring in any office of the Corporation by death, resignation, removal or otherwise shall be filled by the Board of Directors.

Section 4. <u>President</u>. The president shall, in the absence of the chair of the Board of Directors, preside at all meetings of the stockholders or of the Board of Directors. The president shall be the chief executive officer of the Corporation, shall have general and active management of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. The president shall execute, on behalf of the Corporation, and

**Exhibit 99.28 (b)**

may affix the seal or cause the seal to be affixed to, all instruments requiring such execution, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation.

Section 5. <u>Chief Compliance Officer</u>. The Board of Directors may designate a chief compliance officer. The chief compliance officer shall have the responsibilities and duties as set forth by the Board of Directors or the chief executive officer.

Section 6. <u>Vice Presidents</u>. The vice presidents shall act under the direction of the president and as delegated or directed by the president or in the absence or disability of the president shall perform the duties and exercise the power of the president. They shall perform such other duties and have such other powers as the president or the Board of Directors may from time to time prescribe. The Board of Directors may designate one or more executive vice presidents or may otherwise specify the order of seniority of the vice presidents and, in that event, the duties and powers of the president shall descend to the vice presidents in the specified order of seniority.

Section 7. <u>Secretary</u>. The secretary shall act under the direction of the president. Subject to the direction of the president, the secretary shall attend all meetings of the Board of Directors and all meetings of stockholders and record or cause to be recorded the proceedings in a book to be kept for that purpose and shall perform like duties for the committees designated by the Board of Directors when required. The secretary shall give, or cause to be given, notice of all meetings of stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the president or the Board of Directors. The secretary shall keep in safe custody the seal of the Corporation and shall affix the seal or cause it to be affixed to any instrument requiring it.

Section 8. <u>Assistant Secretaries</u>. The assistant secretaries in the order of their seniority, unless otherwise determined by the president or the Board of Directors, shall, as delegated or directed by the secretary or in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary. They shall perform such other duties and have such other powers as the president or the Board of Directors may from time to time prescribe.

Section 9. <u>Treasurer</u>. The treasurer shall act under the direction of the president. Subject to the direction of the president, the treasurer shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all monies and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The treasurer shall disburse the funds of the Corporation as may be ordered by the president or the Board of Directors, taking proper vouchers for such disbursements, and shall render to the president and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, at its regular meetings, or when the Board of Directors so requires, an account of all his or her transactions as treasurer and of the financial condition of the Corporation.

Section 10. <u>Assistant Treasurers</u>. The assistant treasurers in the order of their seniority, unless otherwise determined by the president or the Board of Directors, shall, as delegated or

**Exhibit 99.28 (b)**

directed by the treasurer or in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer. They shall perform such other duties and have such other powers as the president or the Board of Directors may from time to time prescribe.

Section 11. <u>Powers</u>. The officers of the Corporation shall have such powers and duties as generally pertain to their respective offices, as well as such powers and duties as may be assigned to them from time to time by the Board of Directors or committee thereof.

**ARTICLE V.** **<br> Stock**

Section 1. <u>Certificates</u>. Except as may be otherwise provided by the Board of Directors, stockholders of the Corporation are not entitled to certificates representing the shares of stock held by them. In the event that the Corporation issues shares of stock represented by certificates, such certificates shall be in such form as prescribed by the Board of Directors or a duly authorized officer, shall contain the statements and information required by the MGCL and shall be signed by the officers of the Corporation in the manner permitted by the MGCL. In the event that the Corporation issues shares of stock without certificates, to the extent then required by the MGCL, the Corporation shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. There shall be no differences in the rights and obligations of stockholders based on whether or not their shares are represented by certificates.

Section 2. <u>Fractional Share Interests or Scrip</u>. The Corporation may, but shall not be obliged to, issue fractions of a share of stock, arrange for the disposition of fractional interests by those entitled thereto, pay in cash the fair value of fractions of a share of stock as of the time when those entitled to receive such fractions are determined, or issue scrip or other evidence of ownership which shall entitle the holder to receive a certificate for a full share of stock upon the surrender of such scrip or other evidence of ownership aggregating a full share. Fractional shares of stock shall have proportionately to the respective fractions represented thereby all the rights of whole shares, including the right to vote, the right to receive dividends and distributions and the right to participate upon liquidation of the Corporation, excluding, however, the right to receive a stock certificate representing such fractional shares. The Board of Directors may cause such scrip or evidence of ownership to be issued subject to the condition that it shall become void if not exchanged for certificates representing full shares of stock before a specified date or subject to the condition that the shares of stock for which such scrip or evidence of ownership is exchangeable may be sold by the Corporation and the proceeds thereof distributed to the holders of such scrip or evidence of ownership, or subject to any other reasonable conditions which the Board of Directors shall deem advisable, including provision for forfeiture of such proceeds to the Corporation if not claimed within a period of not less than three years after the date of the original issuance of scrip certificates.

Section 3. <u>Lost, Stolen or Destroyed Certificates</u>. Any officer of the Corporation may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the certificate or certificates to be lost,

**Exhibit 99.28 (b)**

destroyed, stolen or mutilated; provided, however, if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such stockholder and the Board of Directors has determined that such certificates may be issued. Unless otherwise determined by an officer of the Corporation, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Corporation a bond in such sums as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, destroyed, stolen or mutilated.

Section 4. <u>Transfer of Shares</u>. All transfers of shares of stock shall be made on the books of the Corporation, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Directors or any officer of the Corporation may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board of Directors that such shares shall no longer be represented by certificates. Upon the transfer of any uncertificated shares, to the extent then required by the MGCL, the Corporation shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates.

Notwithstanding the foregoing, transfers of shares of any class or series of stock will be subject in all respects to the Charter and all of the terms and conditions contained therein.

Section 5. <u>Registered Owners</u>. The Corporation shall be entitled to treat the holder of record of any share of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland.

Section 6. <u>Fixing of Record Date</u>. The Board of Directors may set, in advance, a record date for the purpose of determining stockholders entitled to notice of or to vote at any meeting of stockholders or determining stockholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of stockholders for any other proper purpose. Such record date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of stockholders, not less than ten days, before the date on which the meeting or particular action requiring such determination of stockholders of record is to be held or taken.

When a record date for the determination of stockholders entitled to notice of or to vote at any meeting of stockholders has been set as provided in this section, such record date shall continue to apply to the meeting if postponed or adjourned, except if the meeting is postponed or adjourned to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting shall be determined as set forth herein.

**Exhibit 99.28 (b)**

**ARTICLE VI.** **<br> Indemnification and Advance of Expenses**

To the maximum extent permitted by Maryland law in effect from time to time, the Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former director or officer of the Corporation and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity or (b) any individual who, while a director or officer of the Corporation and at the request of the Corporation, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity. The rights to indemnification and advance of expenses provided by the Charter and these Bylaws shall vest immediately upon election of a director or officer. The Corporation may, with the approval of its Board of Directors or any duly authorized committee thereof, provide such indemnification and advance for expenses to an individual who served a predecessor of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise. Any indemnification or payment or reimbursement of expenses made pursuant to this Article VI shall be subject to applicable requirements of the Investment Company Act.

Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Charter or these Bylaws inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

**ARTICLE VII.** **<br> Miscellaneous**

Section 1. <u>Contingencies</u>. Before payment of any dividend or other distribution, there may be set aside out of any assets of the Corporation available for dividends or other distributions such sum or sums as the Board of Directors may from time to time, in its sole discretion, think proper as a reserve fund for contingencies, for equalizing dividends, or other distributions, or for such other purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish any such reserve.

Section 2. <u>Distributions</u>. Dividends and other distributions upon the stock of the Corporation may, subject to the provisions of the Charter and of the provisions of applicable law, be authorized by the Board of Directors at any time. Dividends and other distributions may be paid in cash, in property or in shares of the Corporation's stock, subject to the provisions of the Charter and of applicable law.

**Exhibit 99.28 (b)**

Section 3. <u>Checks</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by such officer or agent of the Corporation in such manner as shall from time to time be determined by the Board of Directors.

Section 4. <u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

Section 5. <u>Seal.</u> The Board of Directors may authorize the adoption of a seal by the Corporation. The seal shall contain the name of the Corporation and the year of its incorporation and the words "Incorporated Maryland" or such other form as may be approved by the Board of Directors. The Board of Directors may authorize one or more duplicate seals and provide for the custody thereof.

Section 6. <u>Stock Ledger</u>. The Corporation shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate stock ledger containing the name and address of each stockholder and the number of shares of each class held by such stockholder.

Section 7. <u>Contracts</u>. The Board of Directors or any manager or adviser of the Corporation approved by the Board of Directors and acting within the scope of its authority pursuant to a management or advisory agreement with the Corporation may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Corporation and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Corporation when duly authorized or ratified by action of the Board of Directors or a manager or adviser acting within the scope of its authority pursuant to a management or advisory agreement and executed by the chief executive officer, the president or any other person authorized by the Board of Directors or such a manager or adviser.

Section 8. <u>Waiver of Notice</u>. Whenever any notice is required to be given under the provisions of the statutes, of the Charter or of these Bylaws, a waiver thereof in writing or by electronic transmission, given by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed the equivalent of notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

**ARTICLE VIII.** **<br> Inspection of Records**

A stockholder that is otherwise eligible under applicable law to inspect the Corporation's books of account, stock ledger, or other specified documents of the Corporation shall have no right

**Exhibit 99.28 (b)**

to make such inspection if the Board of Directors determines that such stockholder has an improper purpose for requesting such inspection.

**ARTICLE IX.** **<br> Exclusive Forum for Certain Litigation**

Unless the Corporation consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division, shall be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined in the MGCL, or any successor provision thereof, (b) any derivative action or proceeding brought by or on behalf of the Corporation, (c) any action asserting a claim of breach of any duty owed by any director, officer, employee or other agent of the Corporation to the Corporation or to the stockholders of the Corporation, (d) any action asserting a claim against the Corporation or any director, officer, employee or other agent of the Corporation arising pursuant to any provision of the MGCL or the Charter or these Bylaws, (e) any other action asserting a claim against the Corporation or any director, officer, employee or other agent of the Corporation that is governed by the internal affairs doctrine, or (f) any action brought by or in the right of any stockholder or any person claiming any interest in any shares of stock issued by the Corporation ("Shares") seeking to enforce or invalidate any provision of, or based on any matter arising out of, or in connection with, the Charter or these Bylaws, any series or class or any Shares, including any claim of any nature against the Corporation, or any director, officer, employee or other agent of the Corporation; and any record or beneficial stockholder of the Corporation who commences such an action shall cooperate in a request that the action be assigned to the Court's Business and Technology Case Management Program. None of the foregoing actions, claims or proceedings may be brought in any court sitting outside the State of Maryland unless the Corporation consents in writing to such court. Unless the Corporation consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under any federal securities law, including, but not limited to, the Securities Act of 1933, the Exchange Act, and the Investment Company Act.

**ARTICLE X.** **<br> Amendments**

The Board of Directors shall have the exclusive power, by a majority vote of the entire Board of Directors at any meeting thereof, to amend or repeal the Bylaws of the Corporation and to make new Bylaws.

## Exhibit 99.28

Exhibit 99.28(d)(xv)

OLD WESTBURY FUNDS, INC.

Old Westbury Large Cap Strategies Fund

SUB-ADVISORY AGREEMENT

This SUB-ADVISORY AGREEMENT ("Agreement") executed as of January 23, 2024, by and among OLD WESTBURY FUNDS, INC. (the "Corporation"), on behalf of Old Westbury Large Cap Strategies Fund (the "Fund"), BESSEMER INVESTMENT MANAGEMENT LLC (the "Adviser"), and AIKYA INVESTMENT MANAGEMENT LIMITED (the "Sub-Adviser"),

W I T N E S S E T H:

WHEREAS, the Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and offers seven series of portfolios, one of which is the Fund; and

WHEREAS, the Adviser and the Sub-Adviser are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

WHEREAS, the Adviser and the Corporation have entered into an investment advisory agreement (the "Investment Advisory Agreement"), pursuant to which the Adviser serves as investment manager of the Fund and may delegate certain investment management duties to one or more sub-adviser(s); and

WHEREAS, the Adviser, with the approval of the Board of Directors of the Corporation (the "Board"), including a majority of the Directors who are not "interested persons" (defined herein) of any party to this Agreement, desires to delegate to the Sub-Adviser the duty to manage a portion of the assets of the Fund as designated by the Adviser from time to time (the "Segment");

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed among the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Appointment of Sub-Adviser</u>.** The Adviser hereby appoints the Sub-Adviser and the Sub-Adviser hereby agrees to provide the services described in Section 2 below for investment and reinvestment of the securities and other assets of the Segment for the period and on the terms hereinafter set forth, subject to the terms of this Agreement and subject to the direction, control and supervision of the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services of Sub-Adviser</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) The Sub-Adviser shall perform the following services on behalf of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide investment advisory services, including but not limited to portfolio securities selection,
research, advice and supervision for the Segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) manage the investment and reinvestment of all assets, now or hereafter a part of the Segment, including
placing orders for the purchase and sale of securities and other assets in its discretion and without prior consultation with the
Adviser, subject, in all cases, to (A) the Fund's investment objective, strategies, and restrictions as stated in the Fund's
prospectus and statement of additional information, as both may be amended from time to time, hereinafter referred to as the "Approved
Investment Program," and (B) the provisions of the 1940 Act and rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instruct the Fund's custodian to deliver for cash received securities or other cash and/or
securities instruments sold, exchanged, redeemed or otherwise disposed of from the Segment, and to pay cash for securities or other
cash and/or securities instruments delivered to the custodian and/or credited to the Segment upon acquisition of the same for the
Segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) report on the activities in the performance of its duties and obligations under this Agreement
to the Board at such times and in such detail as the Board may reasonably request, and keep the Board and the Adviser informed
of important developments affecting the Segment, and on its own initiative furnish the Adviser and the Board from time-to-time
with such information as the Sub-Adviser may believe appropriate, whether concerning the individual companies whose securities
are held in the Segment, the industries in which they engage, or the economic, social or political conditions prevailing in each
country in which the Segment maintains investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) furnish, at its own expense, (A) all necessary investment and management facilities, including
compensation of personnel required for it to execute its duties hereunder, and (B) administrative facilities, including bookkeeping,
clerical personnel and equipment necessary for the efficient conduct of the investment management and administration of the Segment;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide upon reasonable request assistance and recommendations for the determination of the fair
value of certain securities held as part of the Segment when reliable market quotations are not readily available for purposes
of calculating net asset value in accordance with procedures and methods established by the Board.

&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) In connection with the performance of its services hereunder, the Sub-Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) open accounts with broker-dealers (collectively, "Broker-Dealers"), select Broker-Dealers
to effect all transactions for the Segment, place all necessary orders with Broker-Dealers or issuers, and negotiate commissions,
if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) aggregate purchase or sell orders for the Segment with contemporaneous purchase or sell orders
of its other clients to the extent consistent with

applicable law and the Approved Investment Program; provided that in such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable, and consistent with applicable law and regulations and its fiduciary obligations to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtain best execution of transactions for the Segment at prices which are advantageous to the Segment
and at commission rates that are reasonable in relation to the benefits received.

To the extent consistent with Section 28(e) of the Securities Exchange Act of 1934, the Sub-Adviser may pay a Broker-Dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another Broker-Dealer would have charged for effecting such transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such Broker-Dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser has with respect to the Segment, as well as to other accounts over which the Sub-Adviser exercises investment discretion.

&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 any investments for the Fund that are permitted to be made by the Sub-Adviser in accordance with this Agreement and the Approved Investment Program, the Sub-Adviser shall do and perform every act and thing it deems to be necessary or incidental in performing its duties and obligations under this Agreement including, but not limited to, executing as agent on behalf of the Fund, as the case may be, such agreements and other documentation as may be required for the purchase or sale, assignment, transfer and ownership of any investment permitted pursuant to the Approved Investment Program, including, but not limited to, limited partnership agreements, future and option contracts, repurchase and derivatives agreements, including any schedules and annexes to such agreements, releases, consents, elections and confirmations. The Corporation will provide the Sub-Adviser with tax information, governing documents, legal opinions and other information concerning the Corporation necessary to complete trading account agreements and other documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Responsibilities of Sub-Adviser</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) In carrying out its obligations under this Agreement, the Sub-Adviser agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comply with (A) the Approved Investment Program; (B) all applicable provisions of the 1940 Act
and the Advisers Act, and the rules, regulations and interpretive positions adopted or issued thereunder; (C) provisions of the
Corporation's Articles of Incorporation, as they may be amended from time-to-time (the "Charter"); (D) provisions
of the Corporation's Bylaws, as they may be amended from time-to-time, and resolutions of the Board as may be adopted from
time-to-time; (E) provisions of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the Corporation
or the Fund; and (F) any other applicable provisions of federal or state law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) furnish the Corporation and the Adviser with such periodic and special reports as the Corporation
or Adviser may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain all accounts, books and records with respect to the Segment as are required pursuant to
the 1940 Act and Advisers Act, and the rules thereunder; provided that in compliance with the requirements of Rule 31a-3 under
the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains with respect to the Segment are the property of
the Corporation, agrees to preserve for the periods set forth in Rule 31a-2 under the 1940 Act any records that it maintains
for the Segment and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly
to the Corporation any records that it maintains for the Segment upon request by the Corporation or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Adviser's Code of
Ethics adopted pursuant to such Rule 17j-1 and Rule 204A-1 under the Advisers Act as the same may be amended from time
to time, promptly forward to the Adviser a copy the Sub-Adviser's Code of Ethics and any material amendment thereto along
with certifications that the Sub-Adviser has implemented procedures for administering the Sub-Adviser's Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) promptly provide a current copy of the Sub-Adviser's Form ADV and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) supply reports, evaluations, analyses, statistical data and information within its possession or
control to the Adviser, the Board or to the Corporation's officers and other service providers as the Adviser or the Board
may reasonably request from time to time or as may be necessary or appropriate for the operation of the Corporation as an open-end
investment company or as necessary to comply with Section 3(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make available, upon the reasonable request of the Adviser or the Corporation's officers,
its appropriate officers and employees to meet with the Adviser at the Adviser's principal place of business on reasonable
notice to review the investments of the Segment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) furnish any and all other services, subject to review by the Board, that the Adviser from time
to time reasonably determines to be necessary to perform its obligations under the Investment Advisory Agreement or as the Board
may reasonably request from time-to-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;(b) The Fund may engage in transactions with certain sub-advisers to the Corporation's funds (and their affiliated persons) in reliance on exemptions under Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act. Accordingly, the Sub-Adviser agrees that it will not consult with the Adviser or any other sub-adviser of the Fund or any other fund of the Corporation concerning transactions for other segments of the Fund and for other funds of the Corporation in securities or other investments, other than for purposes of

complying with the conditions of Rule 12d3-1(a) and (b). For purposes of the foregoing, the Sub-Adviser shall be limited to providing investment advice only with respect to the Segment.

&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 Sub-Adviser is not responsible to act for the Fund in any legal proceedings, including the filing of claims relating to investments held as part of the Segment in bankruptcies or class actions, involving securities held or previously held as part of the Segment or the issuers of such securities; provided that the Sub-Adviser shall advise and consult with the Adviser with respect to any such proceedings of which the Sub-Adviser becomes aware. The Adviser and the Corporation agree and understand that the Sub-Adviser is not responsible to vote or give any advice about how to vote proxies for securities held as part of the Segment; however, the Sub-Adviser shall be responsible for advising, in a timely manner, on corporate actions, such as mergers and tender offers, involving portfolio securities held in the Segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Receipt</u>**<u>**of Documents**</u>**.** The Sub-Adviser hereby acknowledges receipt of each of (i) the Corporation's Charter and Bylaws; (ii) the Fund's most recent prospectus and statement of additional information (such prospectus together with the related statement of additional information, as presently in effect and all amendments and supplements thereto, are herein called the "Registration Statement"); and (iii) policies, procedures, guidelines or instructions regarding the Fund that relate to obligations and services to be provided by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidentiality of Information</u>.** (a) None of the Adviser, the Fund, or the Sub-Adviser shall disclose information of a confidential nature acquired in connection with this Agreement, including any non-public information about shareholders of the Fund or the Fund, except for information that they may be entitled or bound to disclose by law, regulation or court order, or which is disclosed to their advisers where reasonably necessary for the performance of their professional services. The Sub-Adviser shall also comply with the Fund's policies with respect to disclosure of portfolio holdings.

&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) Notwithstanding the provisions of Section 5(a), to the extent that any Broker-Dealer or counterparty with whom the Sub-Adviser deals on behalf of the Segment requires information relating to the Fund or Segment (including, but not limited to, the identity of the Adviser or the Fund and market value of the Fund or Segment), the Sub-Adviser shall be permitted to disclose such information to the extent necessary to effect transactions on behalf of the Segment in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Compensation</u>.** As full compensation for all services rendered and obligations assumed by the Sub-Adviser hereunder with respect to the Segment, the Adviser shall pay the compensation specified in **<u>Appendix A</u>** to this Agreement. The Sub-Adviser acknowledges and agrees that the Adviser shall be solely responsible for the fees of the Sub-Adviser for its services hereunder, and the Sub-Adviser shall have no claim against the Corporation or the Fund with respect to its compensation under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Standard of Care and Liability of Sub-Adviser</u>.** (a) The Sub-Adviser shall exercise its best judgment and efforts in rendering the services under this Agreement. The Sub-Adviser shall not be liable for any losses suffered by the Fund resulting from any error of judgment or mistake of law in connection with the performance of its duties under this Agreement, except for losses resulting from a breach of fiduciary duty or from willful misfeasance, bad faith, negligence or reckless disregard of obligations and duties hereunder of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates, or

from any violations of securities or any other applicable laws, rules, regulations, statues and codes, whether federal or state, by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates.

&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) In no event will the Sub-Adviser have any responsibility for any portion of the Fund other than the Segment, or for the acts or omissions of the Adviser or any other sub-adviser to the Fund. In particular, the Sub-Adviser shall have no responsibility for the Fund's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Fund as a whole or for the Fund's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the Segment managed by the Sub-Adviser are such that the Segment would not be in such violation or fail to so qualify if the Segment were deemed a separate series of the Corporation or a separate "regulated investment company" under the Code. The Sub-Adviser shall take all necessary steps to ensure the Fund's ongoing compliance with the Code, any applicable law or regulation or investment policy or restriction applicable to the Fund. Nothing in this Section 7 shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. The Sub-Adviser shall indemnify and hold harmless the Fund, the Corporation, and the Adviser from and against any and all direct or indirect claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) resulting from a breach of fiduciary duty, from willful misfeasance, bad faith or negligence on the part of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates in connection with the performance of their duties under this Agreement, from reckless disregard by it or its officers, directors, members, employees, agents or affiliates of any of their obligations and duties under this Agreement, or from any violations of securities laws, rules, regulations, statues and codes, whether federal or state, by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates; provided, however, that the Sub-Adviser shall not be required to indemnify or otherwise hold the Fund or the Adviser harmless under this Section 8 where the claim against, or the loss, liability, or damage experienced by the Fund or the Adviser, is caused by or is otherwise directly related to the Fund's or the Adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard by the Fund or the Adviser of their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Regulation</u>.** The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material that any such body may request or require pursuant to applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Duration and Termination</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) This Agreement shall become effective on the later of (i) the date of its execution, (ii) the date of its approval by a majority of the Board, including approval by the vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund, cast in person at a meeting called for the purpose of voting on such approval or (iii) if required by the 1940 Act, the date of its approval by a majority of the outstanding voting securities of the Fund. It shall continue in effect for an initial term of two years and thereafter from year to year provided that the continuance is specifically approved at least annually either by the Board or by a vote of a majority of the outstanding voting securities of the Fund and in either event by a vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser or the Fund, cast in person at a meeting called for the purpose of voting on such approval.

&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) If the shareholders of the Fund fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Adviser will continue to act as Sub-Adviser with respect to the Fund or Segment pending the required approval of the Agreement or its continuance or of any contract with the Sub-Adviser or a different manager or sub-adviser or other definitive action; provided, that the compensation received by the Sub-Adviser in respect to the Fund or Segment during such period is in compliance with Rule 15a-4 under the 1940 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) This Agreement may be terminated at any time without the payment of any penalty by the Board, or by the Sub-Adviser, or the Adviser or by vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 10, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment" and "voting security") shall be applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Trade Settlement At Termination</u>.** Termination will be without prejudice to the completion of any transaction already initiated. On, or after, the effective date of termination, the Sub-Adviser shall be entitled, without prior notice to the Adviser or the Fund, to direct the Custodian to retain and/or realize any assets of the Fund as may be required to settle transactions already initiated. Following the date of effective termination, any new transactions will only be executed by mutual agreement between the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Representations and Warranties</u>.** Each party to this Agreement represents and warrants that the execution, delivery and performance of its obligations under this Agreement are within its powers, have been duly authorized by all necessary actions and that this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms. The Sub-Adviser further represents and warrants that it is duly registered as an investment adviser under the Advisers Act and is qualified to do business in every jurisdiction required for the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Amendment of this Agreement</u>.** No provision of this Agreement may be changed, waived, discharged or terminated orally, and may only be so changed, waived, discharged or terminated by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of

the outstanding voting securities of the Fund and by vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Services Not Exclusive</u>.** The services furnished by the Sub-Adviser hereunder are deemed not to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others so long as its provision of services under this Agreement is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Notices</u>.** (a) Any notice required under this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy (which is confirmed), by registered or certified mail (postage prepaid, return receipt requested), or by reputable overnight courier to the addresses set forth herein, or to such other addresses as any party may hereafter specify in writing to the other. Until further notice to the other party, it is agreed that the address of the Adviser for this purpose shall be Bessemer Investment Management LLC, 630 Fifth Avenue, New York, New York 10111, Attention: General Counsel, and the address of the Sub-Adviser shall be C/O Norose Company Secretarial Services Ltd, 3 More London Riverside, London, United Kingdom, SE1 2AQ, Attention: Directors. The address of the Corporation shall be: c/o The Bank of New York Mellon, Attention: Asst. Secretary, Heather Crowley, 103 Bellevue Parkway, Wilmington, Delaware 19809.

&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 Sub-Adviser shall notify the Adviser and the Corporation promptly in writing of the occurrence of any event which could have a material impact on the performance of its duties under this Agreement, including but not limited to (i) the occurrence of any event which could disqualify the Sub-Adviser from serving as an investment adviser pursuant to Section 9 of the 1940 Act; (ii) any material change in the Sub-Adviser's business activities; (iii) any material amendments to the Sub-Adviser's registration on Form ADV; (iv) any change in the Sub-Adviser's status as an investment adviser registered under the Advisers Act; (v) any event that would constitute a change in control of the Sub-Adviser; (vi) any change in the portfolio manager(s) of the Segment; (vii) the existence of any pending or threatened audit, investigation, examination, complaint or other inquiry (other than routine audits or regulatory examinations or inspections) relating to the Fund; and (viii) any material violation of the Sub-Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Use of the Name "Old Westbury Funds"</u>.** The Sub-Adviser agrees that it will not use the name "Old Westbury Funds", any derivative thereof, or the name of the Adviser, the Corporation or the Fund except in accordance with such policies and procedures as may be mutually agreed to in writing. The Sub-Adviser further agrees that all marketing, advertising, promotional material or other client information or communication that makes reference to the Corporation, the Fund, the Adviser or the services being provided pursuant to this Agreement shall be expressly subject to the prior review and written approval of the Adviser. Without limiting the generality of the foregoing, no reference to "Old Westbury Funds", the Fund, or the Adviser shall be included in any such marketing, advertising or promotional material, as

well as other client information or communication, without the Adviser's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Miscellaneous</u>.** This Agreement contains the entire understanding of the parties hereto. Each provision of this Agreement is intended to be severable. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Governing Law</u>.** This Agreement shall be governed by, and construed in accordance with, New York law and the federal securities laws, including the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Counterparts</u>.** This Agreement may be executed by any physical or electronic means permissible under applicable law and in any number of counterparts, each of which shall be deemed an original.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

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|:---|:---|
| OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund | OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund |
| By: | <u><u>/s/ David W. Rossmiller</u></u> |
| Name: | David W. Rossmiller |
| Title: | President & CEO |
| BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC |
| By: | <u><u>/s/ Holly H. MacDonald</u></u> |
|  | Name: Holly H. MacDonald |
|  | Title: President |
| AIKYA INVESTMENT MANAGEMENT LIMITED | AIKYA INVESTMENT MANAGEMENT LIMITED |
| By: | <u><u>/s/ Ashish Swarup</u></u> |
|  | Name: Ashish Swarup |
|  | Title: Managing Director |

---

## Exhibit 99.28

**<u>Exhibit 99.28 (d)(xvii)</u>**

OLD WESTBURY FUNDS, INC.

Old Westbury Total Equity Fund

SUB-ADVISORY AGREEMENT

This SUB-ADVISORY AGREEMENT ("Agreement") executed as of January 15, 2025, by and among OLD WESTBURY FUNDS, INC. (the "Corporation"), on behalf of Old Westbury Total Equity Fund (the "Fund"), BESSEMER INVESTMENT MANAGEMENT LLC (the "Adviser"), and AIKYA INVESTMENT MANAGEMENT LIMITED (the "Sub-Adviser"),

W I T N E S S E T H:

WHEREAS, the Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and offers ten series of portfolios, one of which is the Fund; and

WHEREAS, the Adviser and the Sub-Adviser are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

WHEREAS, the Adviser and the Corporation have entered into an investment advisory agreement (the "Investment Advisory Agreement"), pursuant to which the Adviser serves as investment manager of the Fund and may delegate certain investment management duties to one or more sub-adviser(s); and

WHEREAS, the Adviser, with the approval of the Board of Directors of the Corporation (the "Board"), including a majority of the Directors who are not "interested persons" (defined herein) of any party to this Agreement, desires to appoint the Sub-Adviser to provide the non-discretionary investment advisory services specified herein with respect to a portion of the assets of the Fund as designated by the Adviser from time to time (the "Segment");

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed among the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Appointment of Sub-Adviser</u>.** The Adviser hereby appoints the Sub-Adviser and the Sub-Adviser hereby agrees to provide the services described in Section 2 below for the period and on the terms hereinafter set forth, subject to the terms of this Agreement and subject to the direction, control and supervision of the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services of Sub-Adviser</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) The Sub-Adviser shall perform the following services on behalf of the Fund:

&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) provide investment advisory services, including but not limited to portfolio securities selection, research,
advice and supervision for the Segment, subject to the terms of this Agreement;

&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) construct and maintain on a continuous basis a model portfolio representing the Sub-Adviser's recommendation
as to the securities or other investments to be purchased, sold or retained by the Fund with respect to the Segment and recommended weightings
of such securities or other investments (the "Model Portfolio"), which Model Portfolio will be in accordance with the Sub-Adviser's
strategy as agreed to by the Adviser and will be used by the Adviser in the investment of the assets of the Segment, subject, in all cases,
to (A) the Fund's investment objective, strategies, and restrictions as stated in the Fund's prospectus and statement of additional
information, as both may be amended from time to time, hereinafter referred to as the "Approved Investment Program," and (B)
the provisions of the 1940 Act and rules and regulations thereunder; the Sub-Adviser will be responsible for updating or changing the
Model Portfolio's investment recommendations as may be necessary or advisable, which may consist of additions, removals or adjustments
of the constituent securities or other investments or the weightings of the constituent securities or other investments comprising the
Model Portfolio (each, a "Model Portfolio Update"). The Sub-Adviser shall ensure that the Model Portfolio is maintained and
updated accurately as necessary or advisable and operates as intended with respect to the Segment;

&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) the Sub-Adviser will provide the Model Portfolio and each Model Portfolio Update to the Adviser using
the communication or transmission interface or methodology designated by the Adviser. In connection with the foregoing, the Sub-Adviser
will provide such information concerning the Model Portfolio and/or the Model Portfolio Update in such manner as the Adviser may reasonably
request. The Sub-Adviser shall provide each Model Portfolio Update to the Adviser as soon as reasonably practicable on at least a daily
basis or with such frequency as otherwise determined by the Adviser to be necessary or appropriate and at the reasonable request of the
Adviser or as otherwise directed by the Adviser;

&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) the Sub-Adviser is responsible for verifying the accuracy and completeness of the Model Portfolio and
each Model Portfolio Update and, prior to delivery of the Model Portfolio and each

delivery of a Model Portfolio Update to the Adviser, for monitoring the Model Portfolio's and each Model Portfolio Update's compliance with the Approved Investment Program and any applicable laws and regulations. The Sub-Adviser is responsible for confirming that the Model Portfolio and each Model Portfolio Update has been timely and accurately provided to the Adviser, and the Sub-Adviser shall promptly report to the Adviser any other matters with respect to the Model Portfolio or any Model Portfolio Update;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Sub-Adviser acknowledges that the Sub-Adviser shall not have investment discretion with respect to
any of the securities or other investments that are purchased or sold on behalf of the Segment and shall have no authority or responsibility
to place orders for the execution of purchase and sale transactions on behalf of the Segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to the Segment, the Sub-Adviser will not exercise "investment discretion" of
the securities held in the Fund within the meaning of Section 13(f) of the Securities and Exchange Act of 1934 (the "Exchange Act")
and shall not be responsible for filing any required reports pursuant to Sections 13(f), 13(d) and 13(g) of the Exchange Act and the rules
thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Sub-Adviser is responsible to the extent that any losses (including transaction costs) or compliance
violations incurred by the Fund and/or the Adviser are solely the result of the Sub-Adviser's failure to properly maintain or update
the Model Portfolio or any Model Portfolio Update or failure to properly provide the Model Portfolio or any Model Portfolio Update to
the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) report on the activities in the performance of its duties and obligations under this Agreement to the
Board at such times and in such detail as the Board may reasonably request, and keep the Board and the Adviser informed of important developments
affecting the Segment, the Model Portfolio or any Model Portfolio Update, and on its own initiative furnish the Adviser and the Board
from time-to-time with such information as the Sub-Adviser may believe appropriate, whether concerning the individual companies or issuers
whose securities or other investments are held in the Segment, the industries in which they engage, or the economic, social or political
conditions prevailing in each country in which the Segment maintains investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) furnish, at its own expense, (A) all necessary investment and management facilities, including compensation
of personnel required for it to execute its duties hereunder, and (B) administrative facilities,

including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the services provided hereunder; 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;(x) provide upon reasonable request assistance and recommendations for the determination of the fair value
of certain securities or other assets held as part of the Segment when reliable market quotations are not readily available for purposes
of calculating net asset value in accordance with procedures and methods approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Responsibilities of Sub-Adviser</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) In carrying out its obligations under this Agreement, the Sub-Adviser agrees 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;(i) comply with (A) the Approved Investment Program; (B) all applicable provisions of the 1940 Act and the
Advisers Act, and the rules, regulations and interpretive positions adopted or issued thereunder; (C) provisions of the Corporation's
Articles of Incorporation, as they may be amended from time-to-time (the "Charter"); (D) provisions of the Corporation's
Bylaws, as they may be amended from time-to-time, and resolutions of the Board as may be adopted from time-to-time; (E) provisions of
the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the Corporation or the Fund; and (F) any other applicable
provisions of federal or state 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;(ii) furnish the Corporation and the Adviser with such periodic and special reports as the Corporation or Adviser
may reasonably request;

&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) maintain all accounts, books and records with respect to the Sub-Adviser's services hereunder, including
records of all recommendations made during the performance of its services pursuant to this Agreement, as are required pursuant to the
1940 Act and Advisers Act, and the rules thereunder; provided that in compliance with the requirements of Rule 31a-3 under the 1940 Act,
the Sub-Adviser hereby agrees that all records that it maintains with respect to the Segment are the property of the Corporation, agrees
to preserve for the periods set forth in Rule 31a-2 under the 1940 Act any records that it maintains for the Segment and that are required
to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Corporation any records that it maintains
for the Segment upon request by the Corporation or the Adviser;

&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) observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Adviser's Code of Ethics adopted
pursuant to such Rule 17j-1 and

Rule 204A-1 under the Advisers Act as the same may be amended from time to time, promptly forward to the Adviser a copy the Sub-Adviser's Code of Ethics and any material amendment thereto along with certifications that the Sub-Adviser has implemented procedures for administering the Sub-Adviser's 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;(v) promptly provide a current copy of the Sub-Adviser's Form ADV and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) supply reports, evaluations, analyses, statistical data and information within its possession or control
to the Adviser, the Board or to the Corporation's officers and other service providers as the Adviser or the Board may reasonably
request from time to time or as may be necessary or appropriate for the operation of the Corporation as an open-end investment company
or as necessary to comply with Section 3(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make available, upon the reasonable request of the Adviser or the Corporation's officers, its appropriate
officers and employees to meet with the Adviser at the Adviser's principal place of business on reasonable notice to review the
Model Portfolio or any Model Portfolio Updates; 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;(viii) furnish any and all other services, subject to review by the Board, that the Adviser from time to time
reasonably determines to be necessary to perform its obligations under the Investment Advisory Agreement or as the Board may reasonably
request from time-to-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;(b) The Fund may engage in transactions with certain sub-advisers to the Corporation's funds (and their affiliated persons) in reliance on exemptions under Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act. Accordingly, the Sub-Adviser agrees that it will not consult with the Adviser or any other sub-adviser of the Fund or any other fund of the Corporation concerning transactions for other segments of the Fund and for other funds of the Corporation in securities or other investments, other than for purposes of complying with the conditions of Rule 12d3-1(a) and (b). For purposes of the foregoing, the Sub-Adviser shall be limited to providing investment advice only with respect to the Segment.

&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 Sub-Adviser is not responsible to act for the Fund in any legal proceedings, including the filing of claims relating to investments held as part of the Segment in bankruptcies or class actions, involving securities held or previously held as part of the Segment or the issuers of such securities; provided that the Sub-Adviser shall advise and consult with the Adviser with respect to any such proceedings of which the Sub-Adviser becomes aware. The Adviser and the Corporation agree and understand that the

Sub-Adviser is not responsible to vote or give any advice about how to vote proxies for securities held as part of the Segment; however, the Sub-Adviser shall be responsible for advising, in a timely manner, on corporate actions, such as mergers and tender offers, involving portfolio securities held in the Segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Receipt of Documents</u>.** The Sub-Adviser hereby acknowledges receipt of each of (i) the Corporation's Charter and Bylaws; (ii) the Fund's most recent prospectus and statement of additional information (such prospectus together with the related statement of additional information, as presently in effect and all amendments and supplements thereto, are herein called the "Registration Statement"); and (iii) policies, procedures, guidelines or instructions regarding the Fund that relate to obligations and services to be provided by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidentiality of Information</u>.** None of the Adviser, the Fund, or the Sub-Adviser shall disclose information of a confidential nature acquired in connection with this Agreement, including any non-public information about shareholders of the Fund or the Fund, except for information that they may be entitled or bound to disclose by law, regulation or court order, or which is disclosed to their advisers where reasonably necessary for the performance of their professional services. The Sub-Adviser shall also comply with the Fund's policies with respect to disclosure of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Compensation</u>.** As full compensation for all services rendered and obligations assumed by the Sub-Adviser hereunder with respect to the Segment, the Adviser shall pay the compensation specified in **<u>Appendix A</u>** to this Agreement. The Sub-Adviser acknowledges and agrees that the Adviser shall be solely responsible for the fees of the Sub-Adviser for its services hereunder, and the Sub-Adviser shall have no claim against the Corporation or the Fund with respect to its compensation under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Standard of Care and Liability of Sub-Adviser</u>.** (a) The Sub-Adviser shall exercise its best judgment and efforts in rendering the services under this Agreement. The Sub-Adviser shall not be liable for any losses suffered by the Fund resulting from any error of judgment or mistake of law in connection with the performance of its duties under this Agreement, except for losses resulting from a breach of fiduciary duty or from willful misfeasance, bad faith, negligence or reckless disregard of obligations and duties hereunder of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates, or from any violations of securities or any other applicable laws, rules, regulations, statutes and codes, whether federal or state, by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Adviser or the Fund may have under any federal securities laws, including the 1940 Act and 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;(b) In no event will the Sub-Adviser have any responsibility for any portion of the Fund other than the Segment, or for the acts or omissions of the Adviser or any other sub-adviser to the Fund. In particular, the Sub-Adviser shall have no responsibility for the Fund's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Fund as a whole or for the Fund's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the Segment are such that the Segment would not be in such violation or fail to so qualify if the Segment were deemed a separate series of the Corporation or a separate "regulated investment company" under the Code. The Sub-Adviser shall take all necessary steps to ensure the Fund's ongoing compliance with the Code, any applicable law or regulation or investment policy or restriction applicable to the Fund. Nothing in this Section 7 shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. The Sub-Adviser shall indemnify and hold harmless the Fund, the Corporation, and the Adviser from and against any and all direct or indirect claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) resulting from a breach of fiduciary duty, from willful misfeasance, bad faith or negligence on the part of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates in connection with the performance of their duties under this Agreement, from reckless disregard by it or its officers, directors, members, employees, agents or affiliates of any of their obligations and duties under this Agreement, or from any violations of securities laws, rules, regulations, statutes and codes, whether federal or state, by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates; provided, however, that the Sub-Adviser shall not be required to indemnify or otherwise hold the Fund or the Adviser harmless under this Section 8 where the claim against, or the loss, liability, or damage experienced by the Fund or the Adviser, is caused by or is otherwise directly related to the Fund's or the Adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard by the Fund or the Adviser of their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Regulation</u>.** The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material that any such body may request or require pursuant to applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Duration and Termination</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) This Agreement shall become effective on the later of (i) the date of its execution, (ii) the date of its approval by a majority of the Board, including approval by the vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund, in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance, or (iii) if required by the 1940 Act, the date of its approval by a majority of the outstanding voting securities of the Fund. It shall continue in effect for an initial term of two years and thereafter from year to year provided that the continuance is specifically approved at least annually either by the Board or by a vote of a majority of the outstanding voting securities of the Fund and in either event by a vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser or the Fund, in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance.

&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) If the shareholders of the Fund fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Adviser will continue to act as Sub-Adviser with respect to the Fund or Segment pending the required approval of the Agreement or its continuance or of any contract with the Sub-Adviser or a different manager or sub-adviser or other definitive action; provided, that the compensation received by the Sub-Adviser in respect to the Fund or Segment during such period is in compliance with Rule 15a-4 under the 1940 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) This Agreement may be terminated at any time without the payment of any penalty by the Board, or by the Sub-Adviser, or the Adviser or by vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 10, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment" and "voting security") shall be applied.

&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) In the event of a termination, the Sub-Adviser shall cooperate with the orderly transfer or preservation of the Fund's affairs and at the request of the Board or the Adviser, transfer or preserve (in accordance with applicable provisions of the 1940 Act and Advisers Act and rules or regulations thereunder or as otherwise so requested) any and all books and records of the Fund maintained by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>[Reserved]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Representations and Warranties</u>.** Each party to this Agreement represents and warrants that the execution, delivery and performance of its obligations under this Agreement are within its powers, have been duly authorized by all necessary actions and that this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms. The Sub-Adviser further represents and warrants that it is duly

registered as an investment adviser under the Advisers Act and is qualified to do business in every jurisdiction required for the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Amendment of this Agreement</u>.** No provision of this Agreement may be changed, waived, discharged or terminated orally, and may only be so changed, waived, discharged or terminated by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Fund and by vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Services Not Exclusive</u>.** The services furnished by the Sub-Adviser hereunder are deemed not to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others so long as its provision of services under this Agreement is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Notices</u>.** (a) Any notice required under this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy (which is confirmed), by registered or certified mail (postage prepaid, return receipt requested), or by reputable overnight courier to the addresses set forth herein, or to such other addresses as any party may hereafter specify in writing to the other. Until further notice to the other party, it is agreed that the address of the Adviser for this purpose shall be Bessemer Investment Management LLC, 1271 Avenue of the Americas, New York, New York 10020, Attention: General Counsel, and the address of the Sub-Adviser shall be C/O Norose Company Secretarial Services Ltd, 3 More London Riverside, London, United Kingdom, SE1 2AQ, Attention: Directors. The address of the Corporation shall be: c/o Bessemer Investment Management LLC, Attention: Nicola Knight, Secretary of Old Westbury Funds, Inc., 1271 Avenue of the Americas, New York, New York 10020.

&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 Sub-Adviser shall notify the Adviser and the Corporation promptly in writing of the occurrence of any event which could have a material impact on the performance of its duties under this Agreement, including but not limited to (i) the occurrence of any event which could disqualify the Sub-Adviser from serving as an investment adviser pursuant to Section 9 of the 1940 Act; (ii) any material change in the Sub-Adviser's business activities; (iii) any material amendments to the Sub-Adviser's registration on Form ADV; (iv) any change in the Sub-Adviser's status as an investment adviser registered under the Advisers Act; (v) any event that would constitute a change in control of the Sub-Adviser; (vi) any change in the portfolio manager(s) of the Model Portfolio; (vii) the existence of any pending or threatened audit, investigation, examination, complaint or other inquiry (other than routine audits or regulatory examinations or

inspections) relating to the Fund; and (viii) any material violation of the Sub-Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Use of the Name "Old Westbury Funds"</u>.** The Sub-Adviser agrees that it will not use the name "Old Westbury Funds", any derivative thereof, or the name of the Adviser, the Corporation or the Fund except in accordance with such policies and procedures as may be mutually agreed to in writing. The Sub-Adviser further agrees that all marketing, advertising, promotional material or other client information or communication that makes reference to the Corporation, the Fund, the Adviser or the services being provided pursuant to this Agreement shall be expressly subject to the prior review and written approval of the Adviser. Without limiting the generality of the foregoing, no reference to "Old Westbury Funds", the Fund, or the Adviser shall be included in any such marketing, advertising or promotional material, as well as other client information or communication, without the Adviser's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Miscellaneous</u>.** This Agreement contains the entire understanding of the parties hereto. Each provision of this Agreement is intended to be severable. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Governing Law</u>.** This Agreement shall be governed by, and construed in accordance with, New York law and the federal securities laws, including the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Counterparts</u>.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

---

| | |
|:---|:---|
| OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund | OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund |
| By: | /s/ David W. Rossmiller |
| Name: | David W. Rossmiller |
| Title: | President & CEO |
| BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC |
| By: | <u>/s/ Holly H. MacDonald</u> |
| Name: | Holly H. MacDonald |
| Title: | President |
| AIKYA INVESTMENT MANAGEMENT LIMITED | AIKYA INVESTMENT MANAGEMENT LIMITED |
| By: | <u>/s/ Ashish Swarup</u> |
| Name: | Ashish Swarup |
| Title: | Managing Director |

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## Exhibit 99.28

**<u>Exhibit 99.28 (d)(xviii)</u>**

OLD WESTBURY FUNDS, INC.

Old Westbury Total Equity Fund

SUB-ADVISORY AGREEMENT

This SUB-ADVISORY AGREEMENT ("Agreement") executed as of January 15, 2025, by and among OLD WESTBURY FUNDS, INC. (the "Corporation"), on behalf of Old Westbury Total Equity Fund (the "Fund"), BESSEMER INVESTMENT MANAGEMENT LLC (the "Adviser"), and POLUNIN CAPITAL PARTNERS LIMITED (the "Sub-Adviser"),

W I T N E S S E T H:

WHEREAS, the Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and offers ten series of portfolios, one of which is the Fund; and

WHEREAS, the Adviser and the Sub-Adviser are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

WHEREAS, the Adviser and the Corporation have entered into an investment advisory agreement (the "Investment Advisory Agreement"), pursuant to which the Adviser serves as investment manager of the Fund and may delegate certain investment management duties to one or more sub-adviser(s); and

WHEREAS, the Adviser, with the approval of the Board of Directors of the Corporation (the "Board"), including a majority of the Directors who are not "interested persons" (defined herein) of any party to this Agreement, desires to appoint the Sub-Adviser to provide the non-discretionary investment advisory services specified herein with respect to a portion of the assets of the Fund as designated by the Adviser from time to time (the "Segment");

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed among the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Appointment of Sub-Adviser</u>.** The Adviser hereby appoints the Sub-Adviser and the Sub-Adviser hereby agrees to provide the services described in Section 2 below for the period and on the terms hereinafter set forth, subject to the terms of this Agreement and subject to the direction, control and supervision of the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services of Sub-Adviser</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) The Sub-Adviser shall
perform the following services on behalf of the Fund:

&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) provide investment advisory services,
 including but not limited to portfolio securities selection, research, advice and supervision
 for the Segment, subject to the terms of this Agreement;

&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) construct and maintain on a continuous basis a model portfolio representing the Sub-Adviser's
recommendation as to the securities or other investments to be purchased, sold or retained by the Fund with respect to the Segment
and recommended weightings of such securities or other investments (the "Model Portfolio"), which Model Portfolio will
be in accordance with the Sub-Adviser's strategy as agreed to by the Adviser and will be used by the Adviser in the investment
of the assets of the Segment, subject, in all cases, to (A) the Fund's investment objective, strategies, and restrictions
as stated in the Fund's prospectus and statement of additional information, as both may be amended from time to time, hereinafter
referred to as the "Approved Investment Program," and (B) the provisions of the 1940 Act and rules and regulations
thereunder; the Sub-Adviser will be responsible for updating or changing the Model Portfolio's investment recommendations
as may be necessary or advisable, which may consist of additions, removals or adjustments of the constituent securities or other
investments or the weightings of the constituent securities or other investments comprising the Model Portfolio (each, a "Model
Portfolio Update"). The Sub-Adviser shall ensure that the Model Portfolio is maintained and updated accurately as necessary
or advisable and operates as intended with respect to the Segment;

&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) the Sub-Adviser will provide the Model Portfolio and each Model Portfolio Update to the Adviser
using the communication or transmission interface or methodology designated by the Adviser. In connection with the foregoing, the
Sub-Adviser will provide such information concerning the Model Portfolio and/or the Model Portfolio Update in such manner as the
Adviser may reasonably request. The Sub-Adviser shall provide each Model Portfolio Update to the Adviser as soon as reasonably
practicable on at least a daily basis or with such frequency as otherwise determined by the Adviser to be necessary or appropriate
and at the reasonable request of the Adviser or as otherwise directed or agreed to by the Adviser;

&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) the Sub-Adviser is responsible for verifying the accuracy and completeness of the Model Portfolio
and each Model Portfolio Update and, prior to delivery of the Model Portfolio and each delivery of a Model Portfolio Update to
the Adviser, for monitoring the Model Portfolio's and each Model Portfolio Update's compliance with the Approved Investment
Program and any applicable laws and regulations. The Sub-Adviser is responsible for confirming that the

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| | |
|:---|:---|
|  | Model Portfolio and each Model Portfolio Update has been timely and accurately provided to the Adviser, and the Sub-Adviser shall promptly report to the Adviser any other matters with respect to the Model Portfolio or any Model Portfolio Update; |
| (v) | the Sub-Adviser acknowledges that the Sub-Adviser shall not have investment discretion with respect to any of the securities or other investments that are purchased or sold on behalf of the Segment and shall have no authority or responsibility to place orders for the execution of purchase and sale transactions on behalf of the Segment; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to the Segment, the Sub-Adviser will not exercise "investment discretion"
of the securities held in the Fund within the meaning of Section 13(f) of the Securities and Exchange Act of 1934 (the "Exchange
Act") and shall not be responsible for filing any required reports pursuant to Sections 13(f), 13(d) and 13(g) of the Exchange
Act and the rules thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Sub-Adviser is responsible to the extent that any losses (including transaction costs) or compliance
violations incurred by the Fund and/or the Adviser are solely the result of the Sub-Adviser's failure to properly maintain
or update the Model Portfolio or any Model Portfolio Update or failure to properly provide the Model Portfolio or any Model Portfolio
Update to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) report on the activities in the performance of its duties and obligations under this Agreement
to the Board at such times and in such detail as the Board may reasonably request, and keep the Board and the Adviser informed
of important developments affecting the Segment, the Model Portfolio or any Model Portfolio Update, and on its own initiative furnish
the Adviser and the Board from time-to-time with such information as the Sub-Adviser may believe appropriate, whether concerning
the individual companies or issuers whose securities or other investments are held in the Segment, the industries in which they
engage, or the economic, social or political conditions prevailing in each country in which the Segment maintains investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) furnish, at its own expense, (A) all necessary investment and management facilities, including
compensation of personnel required for it to execute its duties hereunder, and (B) administrative facilities, including bookkeeping,
clerical personnel and equipment necessary for the efficient conduct of the services provided hereunder; 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;(x) provide upon reasonable request assistance and recommendations for the determination of the fair
value of certain securities or other assets

held as part of the Segment when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Responsibilities of Sub-Adviser</u>**.

(a) In carrying out its
obligations under this Agreement, the Sub-Adviser agrees 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;(i) comply with (A) the Approved Investment Program; (B) all applicable provisions of the 1940 Act
and the Advisers Act, and the rules, regulations and interpretive positions adopted or issued thereunder; (C) provisions of the
Corporation's Articles of Incorporation, as they may be amended from time-to-time (the "Charter"); (D) provisions
of the Corporation's Bylaws, as they may be amended from time-to-time, and resolutions of the Board as may be adopted from
time-to-time; (E) provisions of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the Corporation
or the Fund; and (F) any other applicable provisions of federal or state law. **  Sub-Adviser shall not be responsible for compliance
with any changes made to the Approved Investment Program, Corporation's Articles of Incorporation or Corporation's
Bylaws which are not publicly available or, if not publicly available, as to which a copy has not been provided to Sub-Adviser.

&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) furnish the Corporation and the Adviser with such periodic and special reports as the Corporation
or Adviser may reasonably request;

&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) maintain all accounts, books and records with respect to the Sub-Adviser's services hereunder,
including records of all recommendations made during the performance of its services pursuant to this Agreement, as are required
pursuant to the 1940 Act and Advisers Act, and the rules thereunder; provided that in compliance with the requirements of Rule 31a-3
under the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains with respect to the Segment are the property
of the Corporation, agrees to preserve for the periods set forth in Rule 31a-2 under the 1940 Act any records that it maintains
for the Segment and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly
to the Corporation any records that it maintains for the Segment upon request by the Corporation or the Adviser Notwithstanding
the foregoing, Sub-Adviser may keep a copy of such records for Sub-Adviser's own compliance purposes;

&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) observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Adviser's Code of
Ethics adopted pursuant to such Rule 17j-1 and Rule 204A-1 under the Advisers Act as the same may be amended from time
to time, promptly forward to the Adviser a copy the Sub-Adviser's Code of Ethics and any material amendment thereto along
with certifications that the Sub-Adviser has implemented procedures for administering the Sub-Adviser's 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;(v) promptly provide a current copy of the Sub-Adviser's Form ADV and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) supply reports, evaluations, analyses, statistical data and information within its possession or
control to the Adviser, the Board or to the Corporation's officers and other service providers as the Adviser or the Board
may reasonably request from time to time or as may be necessary or appropriate for the operation of the Corporation as an open-end
investment company or as necessary to comply with Section 3(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make available, upon the reasonable request of the Adviser or the Corporation's officers,
its appropriate officers and employees to meet with the Adviser at the Adviser's principal place of business on reasonable
notice to review the Model Portfolio or any Model Portfolio Updates; 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;(viii) furnish any and all other services, subject to review by the Board, that the Adviser from time
to time reasonably determines to be necessary to perform its obligations under the Investment Advisory Agreement or as the Board
may reasonably request from time-to-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;(b) The Fund may engage in transactions with certain sub-advisers to the Corporation's funds (and their affiliated persons) in reliance on exemptions under Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act. Accordingly, the Sub-Adviser agrees that it will not consult with the Adviser or any other sub-adviser of the Fund or any other fund of the Corporation concerning transactions for other segments of the Fund and for other funds of the Corporation in securities or other investments, other than for purposes of complying with the conditions of Rule 12d3-1(a) and (b). For purposes of the foregoing, the Sub-Adviser shall be limited to providing investment advice only with respect to the Segment.

&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 Sub-Adviser is not responsible to act for the Fund in any legal proceedings, including the filing of claims relating to investments held as part of the Segment in bankruptcies or class actions, involving securities held or previously held as part of the Segment or the issuers of such securities; provided that the Sub-Adviser shall advise and consult with the Adviser with respect to any such proceedings of which the Sub-Adviser

becomes aware. The Adviser and the Corporation agree and understand that the Sub-Adviser is not responsible to vote or give any advice about how to vote proxies for securities held as part of the Segment; however, the Sub-Adviser shall be responsible for advising, in a timely manner, on corporate actions, such as mergers and tender offers, involving portfolio securities held in the Segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Receipt</u>**<u>**of Documents**</u>**.** The Sub-Adviser hereby acknowledges receipt of each of (i) the Corporation's Charter and Bylaws; (ii) the Fund's most recent prospectus and statement of additional information (such prospectus together with the related statement of additional information, as presently in effect and all amendments and supplements thereto, are herein called the "Registration Statement"); and (iii) policies, procedures, guidelines or instructions regarding the Fund that relate to obligations and services to be provided by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidentiality of Information</u>.** None of the Adviser, the Fund, or the Sub-Adviser shall disclose information of a confidential nature acquired in connection with this Agreement, including any non-public information about shareholders of the Fund or the Fund, except for information that they may be entitled or bound to disclose by law, regulation or court order, or which is disclosed to their advisers where reasonably necessary for the performance of their professional services. The Sub-Adviser shall also comply with the Fund's policies with respect to disclosure of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Compensation</u>.** As full compensation for all services rendered and obligations assumed by the Sub-Adviser hereunder with respect to the Segment, the Adviser shall pay the compensation specified in **<u>Appendix A</u>** to this Agreement. The Sub-Adviser acknowledges and agrees that the Adviser shall be solely responsible for the fees of the Sub-Adviser for its services hereunder, and the Sub-Adviser shall have no claim against the Corporation or the Fund with respect to its compensation under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Standard of Care and Liability of Sub-Adviser</u>.** (a) The Sub-Adviser shall exercise its best judgment and efforts in rendering the services under this Agreement. The Sub-Adviser shall not be liable for any losses suffered by the Fund resulting from any error of judgment or mistake of law in connection with the performance of its duties under this Agreement, except for losses resulting from a breach of fiduciary duty or from willful misfeasance, bad faith, gross negligence or reckless disregard of obligations and duties hereunder of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates, or from any violations of securities or any other applicable laws, rules, regulations, statutes and codes, whether federal or state, by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates. In addition, the Sub-Adviser shall be liable for any losses suffered by the Fund resulting from any breach of the terms of this Agreement by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Adviser or the Fund may have under any federal securities laws, including the 1940 Act and 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;(b) In no event will the Sub-Adviser have any responsibility for any portion of the Fund other than the Segment, or for the acts or omissions of the Adviser or any other sub-adviser to the Fund. In particular, the Sub-Adviser shall have no responsibility for the Fund's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Fund as a whole or for the Fund's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the Segment are such that the Segment would not be in such violation or fail to so qualify if the Segment were deemed a separate series of the Corporation or a separate "regulated investment company" under the Code. The Sub-Adviser shall take all necessary steps to ensure the Fund's ongoing compliance with the Code, any applicable law or regulation or investment policy or restriction applicable to the Fund. Nothing in this Section 7 shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. (a) The Sub-Adviser shall indemnify and hold harmless the Fund, the Corporation, and the Adviser and its affiliates or any of their respective officers, directors, employees, or agents from and against any and all direct or indirect claims, losses, liabilities or damages (including reasonable attorneys' fees and other reasonable related expenses) resulting from a breach of fiduciary duty, from willful misfeasance, bad faith or gross negligence on the part of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates in connection with the performance of their duties under this Agreement, from reckless disregard by it or its officers, directors, members, employees, agents or affiliates of any of their obligations and duties under this Agreement, or from any violations of securities laws, rules, regulations, statutes and codes, whether federal or state, or any breach of the terms of this Agreement by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates; provided, however, that the Sub-Adviser shall not be required to indemnify or otherwise hold the Fund or the Adviser harmless under this Section 8(a) where the claim against, or the loss, liability, or damage experienced by the Fund or the Adviser, is caused by or is otherwise directly related to the Fund's or the Adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard by the Fund or the Adviser of their duties under this Agreement.

&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 Adviser and the Corporation, severally and not jointly, shall indemnify and hold harmless the Sub-Adviser, its affiliates or any of their respective officers, directors, employees, or agents (the "Sub-Adviser Indemnitees") from and against any and all direct or indirect claims, losses, liabilities or damages (including reasonable attorneys' fees and other reasonable related expenses) resulting from a breach of fiduciary duty, from willful misfeasance, bad faith or gross negligence on the part of the Adviser, the Corporation, or any of their officers, directors, members, employees, agents or affiliates in connection with the performance of their duties under this Agreement, from reckless disregard by it or its officers, directors, members, employees, agents or affiliates of any of their obligations and duties under this Agreement, or from any violations of securities laws, rules, regulations, statutes and codes, whether federal or state, by the Adviser, the Corporation, or any of their officers, directors, members, employees, agents or affiliates; provided, however, that the Adviser and Corporation shall not be required to indemnify or otherwise hold the Sub-

Adviser Indemnitees harmless under this Section 8(b) where the claim against, or the loss, liability, or damage experienced by Sub-Adviser Indemnitee, is caused by or is otherwise directly related to a Sub-Adviser Indemnitee's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard by the Sub-Adviser Indemnitee of their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Regulation</u>.** The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material that any such body may request or require pursuant to applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Duration and Termination</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) This Agreement shall become effective on the later of (i) the date of its execution, (ii) the date of its approval by a majority of the Board, including approval by the vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund, in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance, or (iii) if required by the 1940 Act, the date of its approval by a majority of the outstanding voting securities of the Fund. It shall continue in effect for an initial term of two years and thereafter from year to year provided that the continuance is specifically approved at least annually either by the Board or by a vote of a majority of the outstanding voting securities of the Fund and in either event by a vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser or the Fund, in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance.

&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) If the shareholders of the Fund fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Adviser will continue to act as Sub-Adviser with respect to the Fund or Segment pending the required approval of the Agreement or its continuance or of any contract with the Sub-Adviser or a different manager or sub-adviser or other definitive action; provided, that the compensation received by the Sub-Adviser in respect to the Fund or Segment during such period is in compliance with Rule 15a-4 under the 1940 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) This Agreement may be terminated at any time without the payment of any penalty by the Board, or by the Sub-Adviser, or by the Adviser or by vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 10, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment" and "voting security") shall be applied.

&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) In the event of a termination, the Sub-Adviser shall cooperate with the orderly transfer or preservation of the Fund's affairs and at the request of the Board or the Adviser, transfer or preserve (in accordance with applicable provisions of the 1940 Act and

Advisers Act and rules or regulations thereunder or as otherwise so requested) any and all books and records of the Fund maintained by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Representations and Warranties</u>.** Each party to this Agreement represents and warrants that the execution, delivery and performance of its obligations under this Agreement are within its powers, have been duly authorized by all necessary actions and that this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms. The Sub-Adviser further represents and warrants that it is duly registered as an investment adviser under the Advisers Act and is qualified to do business in every jurisdiction required for the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Amendment of this Agreement</u>.** No provision of this Agreement may be changed, waived, discharged or terminated orally, and may only be so changed, waived, discharged or terminated by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Fund and by vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Services Not Exclusive</u>.** The services furnished by the Sub-Adviser hereunder are deemed not to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others so long as its provision of services under this Agreement is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Notices</u>.** (a) Any notice required under this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy (which is confirmed), by registered or certified mail (postage prepaid, return receipt requested), or by reputable overnight courier to the addresses set forth herein, or to such other addresses as any party may hereafter specify in writing to the other. Until further notice to the other party, it is agreed that the address of the Adviser for this purpose shall be Bessemer Investment Management LLC, 1271 Avenue of the Americas, New York, New York 10020, Attention: General Counsel, and the address of the Sub-Adviser shall be Polunin Capital Partners Limited, 10 Cavalry Square, London, SW3 4RB, Attention: Mr. Julian Garel-Jones and Mrs. Alexandra Silver. The address of the Corporation shall be: c/o Bessemer Investment Management LLC, Attention: Nicola Knight, Secretary of Old Westbury Funds, Inc., 1271 Avenue of the Americas, New York, New York 10020.

&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 Sub-Adviser shall notify the Adviser and the Corporation promptly in writing of the occurrence of any event which could have a material impact on the performance of its duties under this Agreement, including but not limited to (i) the occurrence of any event which could disqualify the Sub-Adviser from serving as an investment adviser pursuant to Section 9 of the 1940 Act; (ii) any material change in the Sub-Adviser's business activities; (iii) any material amendments to the Sub-Adviser's registration on Form ADV; (iv)

any change in the Sub-Adviser's status as an investment adviser registered under the Advisers Act; (v) any event that would constitute a change in control of the Sub-Adviser; (vi) any change in the portfolio manager(s) of the Model Portfolio; (vii) the existence of any pending or threatened audit, investigation, examination, complaint or other inquiry (other than routine audits or regulatory examinations or inspections) relating to the Fund; and (viii) any material violation of the Sub-Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Use of the Name "Old Westbury Funds"</u>.** The Sub-Adviser agrees that it will not use the name "Old Westbury Funds", any derivative thereof, or the name of the Adviser, the Corporation or the Fund except in accordance with such policies and procedures as may be mutually agreed to in writing. The Sub-Adviser further agrees that all marketing, advertising, promotional material or other client information or communication that makes reference to the Corporation, the Fund, the Adviser or the services being provided pursuant to this Agreement shall be expressly subject to the prior review and written approval of the Adviser. Without limiting the generality of the foregoing, no reference to "Old Westbury Funds", the Fund, or the Adviser shall be included in any such marketing, advertising or promotional material, as well as other client information or communication, without the Adviser's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Miscellaneous</u>.** This Agreement contains the entire understanding of the parties hereto. Each provision of this Agreement is intended to be severable. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Governing Law</u>.** This Agreement shall be governed by, and construed in accordance with, New York law and the federal securities laws, including the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Counterparts</u>.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

---

| | |
|:---|:---|
| OLD WESTBURY FUNDS, INC. | OLD WESTBURY FUNDS, INC. |
| on behalf of the Fund | on behalf of the Fund |
| By: | <u>/s/ David W.Rossmiller</u> |
| Name: | &nbsp;&nbsp;David W. Rossmiller |
| Title: | &nbsp;&nbsp;President & CEO |
| BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC |
| By: | <u><u>/s/ Holly H. MacDonald</u></u> |
| Name: | &nbsp;&nbsp;Holly H. MacDonald |
| Title: | &nbsp;&nbsp;President |
| POLUNIN CAPITAL PARTNERS LIMITED | POLUNIN CAPITAL PARTNERS LIMITED |
| By: | <u><u>/s/ Alexandra Silver</u></u> |
| Name: | &nbsp;&nbsp;Alexandra Silver |
| Title: | &nbsp;&nbsp;Director CFO |

---

## Exhibit 99.28

**Exhibit 99.28 (d)(xix)**

OLD WESTBURY FUNDS, INC.

Old Westbury Total Equity Fund

SUB-ADVISORY AGREEMENT

This SUB-ADVISORY AGREEMENT ("Agreement") executed as of January 15, 2025, by and among OLD WESTBURY FUNDS, INC. (the "Corporation"), on behalf of Old Westbury Total Equity Fund (the "Fund"), BESSEMER INVESTMENT MANAGEMENT LLC (the "Adviser"), and SANDS CAPITAL MANAGEMENT, LLC (the "Sub- Adviser"),

W I T N E S S E T H:

WHEREAS, the Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and offers ten series of portfolios, one of which is the Fund; and WHEREAS, the Adviser and the Sub-Adviser are registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and WHEREAS, the Adviser and the Corporation have entered into an investment advisory agreement (the "Investment Advisory Agreement"), pursuant to which the Adviser serves as investment manager of the Fund and may delegate certain investment management duties to one or more sub-adviser(s); and

WHEREAS, the Adviser, with the approval of the Board of Directors of the Corporation (the "Board"), including a majority of the Directors who are not "interested persons" (defined herein) of any party to this Agreement, desires to appoint the Sub-Adviser to provide the non-discretionary investment advisory services specified herein with respect to a portion of the assets of the Fund as designated by the Adviser from time to time (the "Segment");

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed among the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Appointment of Sub-Adviser</u>** **.** The Adviser hereby appoints the Sub-Adviser and the Sub-Adviser hereby agrees to provide the services described in Section 2 below for the period and on the terms hereinafter set forth, subject to the terms of this Agreement and subject to the direction, control and supervision of the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services of Sub-Adviser</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) The Sub-Adviser shall perform the following services on behalf of the Fund:

&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) provide investment advisory services pursuant to the terms of this Agreement;

&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) construct and maintain on a continuous basis a model portfolio representing the Sub-Adviser's recommendation
as to the securities or other investments to be purchased, sold or retained by the Fund with respect to the Segment and recommended weightings
of such securities or other investments (the "Model Portfolio"), which Model Portfolio shall be in accordance with the

**Exhibit 99.28 (d)(xix)**

Sub-Adviser's strategy as agreed to by the Adviser and will be used by the Adviser in the investment of the assets of the Segment, subject, in all cases, to (A) the Fund's investment objective, strategies, and restrictions as stated in the Fund's prospectus and statement of additional information, as both may be amended from time to time, hereinafter referred to as the "Approved Investment Program," and (B) the provisions of the 1940 Act and rules and regulations thereunder; the Sub-Adviser will be responsible for updating or changing the Model Portfolio's investment recommendations as may be necessary or advisable, which may consist of additions, removals or adjustments of the constituent securities or other investments or the weightings of the constituent securities or other investments comprising the Model Portfolio (each, a "Model Portfolio Update"). The Sub-Adviser shall ensure that the Model Portfolio is maintained and updated accurately as necessary or advisable and operates as intended with respect to the Segment;

&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) the Sub-Adviser will provide the Model Portfolio and each Model Portfolio Update to the Adviser using
the communication or transmission interface or methodology reasonably designated by the Adviser. In connection with the foregoing, the
Sub-Adviser will provide such information concerning the Model Portfolio and/or the Model Portfolio Update in such manner as the Adviser
may reasonably request. The Sub-Adviser shall provide each Model Portfolio Update to the Adviser as soon as reasonably practicable on
at least a daily basis or with such frequency as otherwise agreed between the Adviser and the Sub-Adviser or otherwise at the reasonable
request of the Adviser. Notwithstanding anything herein to the contrary, the Adviser understands and agrees that the Sub-Adviser may be
prohibited under applicable law, including applicable insider trading laws, from making changes in the Model Portfolio in certain instances,
including circumstances where the Sub-Adviser is possession of material, non-public information or price sensitive information regarding
issuers or their securities represented in the Model Portfolio;

&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) the Sub-Adviser is responsible for verifying the accuracy and completeness of the Model Portfolio and
each Model Portfolio Update and, prior to delivery to the Adviser of the initial Model Portfolio and each delivery to the Adviser of a
Model Portfolio Update consisting of any additions, removals or adjustments of the constituent securities or other investments or the
weightings of the constituent securities or other investments comprising the Model Portfolio, for monitoring the Model Portfolio's
and Model Portfolio Update's compliance with the Approved Investment Program and any applicable laws and regulations and notifying
the Adviser of any active breaches to the Approved Investment Program or any applicable laws and regulations on a post-delivery basis
(with such notification to be provided to the Adviser immediately after such delivery); provided, however, the Sub-Adviser shall not be
responsible for providing a Model Portfolio Update to correct for any active or passive breaches, but in such event Sub-Adviser will provide
reasonable assistance to the Adviser

**Exhibit 99.28 (d)(xix)**

with respect to the investments comprising the Segment as requested. The Sub-Adviser is responsible for confirming that the Model Portfolio and each Model Portfolio Update has been timely and accurately provided to the Adviser, and the Sub-Adviser shall promptly report to the Adviser any other matters with respect to the Model Portfolio or any Model Portfolio Update;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Sub-Adviser acknowledges that the Sub-Adviser shall not have investment discretion with respect to
any of the securities or other investments that are purchased or sold on behalf of the Segment and shall have no authority or responsibility
to place orders for the execution of purchase and sale transactions on behalf of the Segment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to the Segment, the Sub-Adviser will not exercise "investment discretion" of
the securities held in the Fund within the meaning of Section 13(f) of the Securities and Exchange Act of 1934 (the "Exchange Act")
and shall not be responsible for filing any required reports pursuant to Sections 13(f), 13(d) and 13(g) of the Exchange Act and the rules
thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) report on the activities in the performance of its duties and obligations under this Agreement to the
Board at such times and in such detail as the Board may reasonably request, and keep the Board and the Adviser informed of important developments
affecting the Segment, the Model Portfolio or any Model Portfolio Update, and on its own initiative furnish the Adviser and the Board
from time-to-time with such information as the Sub-Adviser may believe appropriate, whether concerning the individual companies or issuers
whose securities or other investments are held in the Segment, the industries in which they engage, or the economic, social or political
conditions prevailing in each country in which the Segment maintains investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) furnish, at its own expense, (A) all necessary investment and management facilities, including compensation
of personnel required for it to execute its duties hereunder, and (B) administrative facilities, including bookkeeping, clerical personnel
and equipment necessary for the efficient conduct of the services provided hereunder; 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;(ix) provide upon reasonable request assistance and recommendations for the determination of the fair value
of certain securities or other assets held as part of the Segment when reliable market quotations are not readily available for purposes
of calculating net asset value in accordance with procedures and methods approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Responsibilities of Sub-Adviser</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) In carrying out its obligations under this Agreement, the Sub-Adviser agrees 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;(i) comply with (A) the Approved Investment Program; (B) all applicable provisions of the 1940 Act and the
Advisers Act, and the rules, regulations

**Exhibit 99.28 (d)(xix)**

and interpretive positions adopted or issued thereunder; (C) provisions of the Corporation's Articles of Incorporation, as they may be amended from time-to-time (the "Charter"); (D) provisions of the Corporation's Bylaws, as they may be amended from time-to-time, and resolutions of the Board as may be adopted from time-to-time; (E) provisions of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to the Corporation or the Fund; and (F) any other applicable provisions of federal or state 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;(ii) furnish the Corporation and the Adviser with such periodic and special reports as the Corporation or Adviser
may reasonably request;

&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) maintain all accounts, books and records with respect to the Sub- Adviser's services hereunder,
including records of all recommendations made during the performance of its services pursuant to this Agreement, as are required pursuant
to the 1940 Act and Advisers Act, and the rules thereunder; provided that in compliance with the requirements of Rule 31a-3 under the
1940 Act, the Sub-Adviser hereby agrees that all records that it maintains with respect to the Segment are the property of the Corporation,
agrees to preserve for the periods set forth in Rule 31a-2 under the 1940 Act any records that it maintains for the Segment and that are
required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Corporation any records that
it maintains for the Segment upon request by the Corporation or the Adviser;

&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) observe and comply with Rule 17j-1 under the 1940 Act and the Sub- Adviser's Code of Ethics adopted
pursuant to such Rule 17j-1 and Rule 204A-1 under the Advisers Act as the same may be amended from time to time, promptly forward to the
Adviser a copy the Sub- Adviser's Code of Ethics and any material amendment thereto along with certifications that the Sub-Adviser
has implemented procedures for administering the Sub-Adviser's 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;(v) promptly provide a current copy of the Sub-Adviser's Form ADV and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) supply reports, evaluations, analyses, statistical data and information within its possession or control
to the Adviser, the Board or to the Corporation's officers and other service providers as the Adviser or the Board may reasonably
request from time to time or as may be necessary or appropriate for the operation of the Corporation as an open-end investment company
or as necessary to comply with Section 3(a) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make available, upon the reasonable request of the Adviser or the Corporation's officers, its appropriate
officers and employees to meet with the Adviser at the Adviser's principal place of business on reasonable notice to review the
Model Portfolio or any Model Portfolio Updates; and

**Exhibit 99.28 (d)(xix)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) furnish any and all other services, subject to review by the Board, that the Adviser from time to time
reasonably determines to be necessary to perform its obligations under the Investment Advisory Agreement or as the Board may reasonably
request from time-to-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;(b) The Fund may engage in transactions with certain sub-advisers to the Corporation's funds (and their affiliated persons) in reliance on exemptions under Rule 10f- 3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act. Accordingly, the Sub- Adviser agrees that it will not consult with the Adviser or any other sub-adviser of the Fund or any other fund of the Corporation concerning transactions for other segments of the Fund and for other funds of the Corporation in securities or other investments, other than for purposes of complying with the conditions of Rule 12d3-1(a) and (b). For purposes of the foregoing, the Sub-Adviser shall be limited to providing investment advice only with respect to the Segment.

&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 Sub-Adviser is not responsible to act for the Fund in any legal proceedings, including the filing of claims relating to investments held as part of the Segment in bankruptcies or class actions, involving securities held or previously held as part of the Segment or the issuers of such securities; provided that upon the Adviser's request the Sub-Adviser shall advise and consult with the Adviser with respect to any such proceedings. The Adviser and the Corporation agree and understand that the Sub-Adviser is not responsible to vote or give any advice about how to vote proxies for securities held as part of the Segment; however, the Sub-Adviser shall be responsible for advising, upon the Adviser's request in a timely manner, on corporate actions, such as mergers and tender offers, involving portfolio securities held in the Segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Receipt of Documents</u>** **.** The Sub-Adviser hereby acknowledges receipt of each of (i) the Corporation's Charter and Bylaws; (ii) the Fund's most recent prospectus and statement of additional information (such prospectus together with the related statement of additional information, as presently in effect and all amendments and supplements thereto, are herein called the "Registration Statement"); and (iii) policies, procedures, guidelines or instructions regarding the Fund that relate to obligations and services to be provided by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidentiality of Information</u>** **.** None of the Adviser, the Fund, or the Sub-Adviser shall disclose information of a confidential nature acquired in connection with this Agreement, including any non-public information about shareholders of the Fund or the Fund, except for information that they may be entitled or bound to disclose by law, regulation or court order, or which is disclosed to their advisers where reasonably necessary for the performance of their professional services. The Sub-Adviser shall also comply with the Fund's policies with respect to disclosure of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Compensation</u>** **.** As full compensation for all services rendered and obligations assumed by the Sub-Adviser hereunder with respect to the Segment, the Adviser shall pay the compensation specified in **<u>Appendix A</u>** to this Agreement. The Sub- Adviser acknowledges and agrees that the Adviser shall be solely responsible for the fees of the Sub-Adviser for its services hereunder, and the Sub-Adviser shall have no claim against the Corporation or the Fund with respect to its compensation under this Agreement.

**Exhibit 99.28 (d)(xix)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Standard of Care and Liability of Sub-Adviser</u>** **.** (a) The Sub-Adviser shall exercise its best judgment and efforts in rendering the services under this Agreement. The Sub-Adviser shall not be liable for any losses suffered by the Fund resulting from any error of judgment or mistake of law in connection with the performance of its duties under this Agreement, except for losses (which, for the avoidance of doubt, includes, but are not limited to, transaction costs) resulting from a breach of fiduciary duty or from willful misfeasance, bad faith, negligence or reckless disregard of obligations and duties hereunder of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates, or from any violations of securities or any other applicable laws, rules, regulations, statutes and codes, whether federal or state, by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates. In addition, the Sub-Adviser shall be liable for any losses suffered by the Fund resulting from any breach of the terms of this Agreement by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Adviser or the Fund may have under any federal securities laws, including the 1940 Act and 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;(b) In no event will the Sub-Adviser have any responsibility for any portion of the Fund other than the Segment, or for the acts or omissions of the Adviser or any other sub-adviser to the Fund. In particular, the Sub-Adviser shall have no responsibility for the Fund's being in violation of any applicable law or regulation or investment policy or restriction applicable to the Fund as a whole or for the Fund's failing to qualify as a regulated investment company under the Code, if the securities and other holdings of the Segment are such that the Segment would not be in such violation or fail to so qualify if the Segment were deemed a separate series of the Corporation or a separate "regulated investment company" under the Code. Nothing in this Section 7 shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. The Sub-Adviser shall indemnify and hold harmless the Fund, the Corporation, and the Adviser from and against any and all direct or indirect claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) resulting from a breach of fiduciary duty, from willful misfeasance, bad faith or gross negligence on the part of the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates in connection with the performance of their duties under this Agreement, from reckless disregard by it or its officers, directors, members, employees, agents or affiliates of any of their obligations and duties under this Agreement, or from any violations of securities laws, rules, regulations, statutes and codes, whether federal or state, or any breach of the terms of this Agreement by the Sub-Adviser or any of its officers, directors, members, employees, agents or affiliates; provided, however, that the Sub-Adviser shall not be required to indemnify or otherwise hold the Fund or the Adviser harmless under this Section 8 where the claim against, or the loss, liability, or damage experienced by the Fund or the Adviser, is caused by or is otherwise directly related to the Fund's or the Adviser's own willful misfeasance, bad faith or gross negligence, or to the reckless disregard by the Fund or the Adviser of their duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Regulation</u>** **.** The Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information,

**Exhibit 99.28 (d)(xix)**

reports or other material that any such body may request or require pursuant to applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Duration and Termination</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) This Agreement shall become effective on the later of (i) the date of its execution, (ii) the date of its approval by a majority of the Board, including approval by the vote of a majority of the Board who are not interested persons of the Adviser, the Sub- Adviser, or the Fund, in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance, or (iii) if required by the 1940 Act, the date of its approval by a majority of the outstanding voting securities of the Fund. It shall continue in effect for an initial term of two years and thereafter from year to year provided that the continuance is specifically approved at least annually either by the Board or by a vote of a majority of the outstanding voting securities of the Fund and in either event by a vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser or the Fund, in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance.

&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) If the shareholders of the Fund fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub- Adviser will continue to act as Sub-Adviser with respect to the Fund or Segment pending the required approval of the Agreement or its continuance or of any contract with the Sub- Adviser or a different manager or sub-adviser or other definitive action; provided, that the compensation received by the Sub-Adviser in respect to the Fund or Segment during such period is in compliance with Rule 15a-4 under the 1940 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) This Agreement may be terminated at any time without the payment of any penalty by the Board, or by the Sub-Adviser, or the Adviser or by vote of a majority of the outstanding voting securities of the Fund, on 60 days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 10, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment" and "voting security") shall be applied.

&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) In the event of a termination, the Sub-Adviser shall cooperate with the orderly transfer or preservation of the Fund's affairs and at the request of the Board or the Adviser, transfer or preserve (in accordance with applicable provisions of the 1940 Act and Advisers Act and rules or regulations thereunder or as otherwise so requested) any and all books and records of the Fund maintained by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>[Reserved]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Representations and Warranties</u>** **.** Each party to this Agreement represents and warrants that the execution, delivery and performance of its obligations under this Agreement are within its powers, have been duly authorized by all necessary actions and that this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms. The Sub-Adviser further represents and warrants that it is duly registered as an investment adviser

**Exhibit 99.28 (d)(xix)**

under the Advisers Act and is qualified to do business in every jurisdiction required for the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Amendment of this Agreement</u>** **.** No provision of this Agreement may be changed, waived, discharged or terminated orally, and may only be so changed, waived, discharged or terminated by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Fund and by vote of a majority of the Board who are not interested persons of the Adviser, the Sub-Adviser, or the Fund in accordance with the 1940 Act and the rules and regulations thereunder, and subject to any exceptions or exemptions therefrom, including pursuant to regulatory guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Services Not Exclusive</u>** **.** The services furnished by the Sub-Adviser hereunder are deemed not to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others so long as its provision of services under this Agreement is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Notices</u>** **.** (a) Any notice required under this Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy (which is confirmed), by registered or certified mail (postage prepaid, return receipt requested), or by reputable overnight courier to the addresses set forth herein, or to such other addresses as any party may hereafter specify in writing to the other. Until further notice to the other party, it is agreed that the address of the Adviser for this purpose shall be Bessemer Investment Management LLC, 1271 Avenue of the Americas, New York, New York 10020, Attention: General Counsel, and the address of the Sub-Adviser shall be 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia, 22209 Attention: Jeff Lockhart. The address of the Corporation shall be: c/o Bessemer Investment Management LLC, Attention: Nicola Knight, Secretary of Old Westbury Funds, Inc., 1271 Avenue of the Americas, New York, New York 10020.

&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 Sub-Adviser shall notify the Adviser and the Corporation promptly in writing of the occurrence of any event which could have a material impact on the performance of its duties under this Agreement, including but not limited to (i) the occurrence of any event which could disqualify the Sub-Adviser from serving as an investment adviser pursuant to Section 9 of the 1940 Act; (ii) any material change in the Sub-Adviser's business activities; (iii) any material amendments to the Sub-Adviser's registration on Form ADV; (iv) any change in the Sub-Adviser's status as an investment adviser registered under the Advisers Act; (v) any event that would constitute a change in control of the Sub-Adviser; (vi) any change in the portfolio manager(s) of the Model Portfolio; (vii) the existence of any pending or threatened audit, investigation, examination, complaint or other inquiry (other than routine audits or regulatory examinations or inspections) relating to the Fund; and (viii) any material violation of the Sub-Adviser's Code of Ethics.

**Exhibit 99.28 (d)(xix)**

representatives or agents are made not individually, but in such capacities, and are not binding upon any of the Directors, shareholders, agents, or representatives personally, and bind only the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Use of the Name "Old Westbury Funds"</u>** **.** The Sub-Adviser agrees that it will not use the name "Old Westbury Funds", any derivative thereof, or the name of the Adviser, the Corporation or the Fund except in accordance with such policies and procedures as may be mutually agreed to in writing. The Sub-Adviser further agrees that all marketing, advertising, promotional material or other client information or communication that makes reference to the Corporation, the Fund, the Adviser or the services being provided pursuant to this Agreement shall be expressly subject to the prior review and written approval of the Adviser. Without limiting the generality of the foregoing, no reference to "Old Westbury Funds", the Fund, or the Adviser shall be included in any such marketing, advertising or promotional material, as well as other client information or communication, without the Adviser's express prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Miscellaneous</u>** **.** This Agreement contains the entire understanding of the parties hereto. Each provision of this Agreement is intended to be severable. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Governing Law</u>** **.** This Agreement shall be governed by, and construed in accordance with, New York law and the federal securities laws, including the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Counterparts</u>** **.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

[Signature page follows]

**Exhibit 99.28 (d)(xix)**

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

---

| |
|:---|
| OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund |
| By: <u>/s/ David W. Rossmiller</u><br> Name: David W. Rossmiller<br> Title: President & CEO |
| BESSEMER INVESTMENT MANAGEMENT LLC |
| By: <u>/s/ Holly H. MacDonald</u><br> Name: Holly H. MacDonald<br> Title: President |
| SANDS CAPITAL MANAGEMENT, LLC |
| By: <u>/s/ Dana McNamara</u><br> Name: Dana McNamara<br> Title: Executive Managing Director, <br> Chief Administrative Officer |

---

## Ex-99.(28)(D)(Xx)

Exhibit 99.28(d)(xx)

**<u>FIRST AMENDMENT TO SUB-ADVISORY AGREEMENT</u>**

This FIRST AMENDMENT to the Sub-Advisory Agreement (as defined below) is made and effective as of February 20, 2025 (the "Amendment"), by and among OLD WESTBURY FUNDS, INC. (the "Fund"), BESSEMER INVESTMENT MANAGEMENT LLC (the "Adviser"), and POLUNIN CAPITAL PARTNERS LIMITED (the "Sub-Adviser"). All capitalized terms used herein and not otherwise defined shall have the respective meanings provided in the Sub-Advisory Agreement.

**WHEREAS**, the Fund, the Adviser and the Sub-Adviser are parties to the Sub-Advisory Agreement, executed as of July 27, 2017 (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser provides certain investment advisory services, as described therein, for the Old Westbury Small & Mid Cap Strategies Fund (the "Fund") or a portion of the assets of the Fund as designated by the Adviser from time to time (such assets so designated exclusively to the Sub-Adviser from time to time are herein referred to as the "Segment"); and

**WHEREAS**, the Fund, the Adviser and the Sub-Adviser desire to amend the Sub-Advisory Agreement to revise the compensation specified in Appendix A of the Sub-Advisory Agreement.

**NOW, THEREFORE,** in consideration of the premises and the mutual agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix A to the Sub-Advisory Agreement is hereby deleted and replaced with Appendix A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Sub-Advisory Agreement, as expressly amended hereby, shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

[Remainder of page intentionally left blank.]

Exhibit 99.28(d)(xx)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers as of the date first written above.

---

| | | |
|:---|:---|:---|
| OLD WESTBURY FUNDS, INC. | OLD WESTBURY FUNDS, INC. | OLD WESTBURY FUNDS, INC. |
| By: | /s/David W. Rossmiller | /s/David W. Rossmiller |
| Name: | Name: | David W. Rossmiller |
| Title: | Title: | President & CEO |
| BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC |
| By: | /s/Holly H. MacDonald | /s/Holly H. MacDonald |
| Name: | Name: | Holly H. MacDonald |
| Title: | Title: | President |
| POLUNIN CAPITAL PARTNERS LIMITED | POLUNIN CAPITAL PARTNERS LIMITED | POLUNIN CAPITAL PARTNERS LIMITED |
| By: | /s/Alexandra Silver | /s/Alexandra Silver |
| Name: | Name: | Alexandra Silver |
| Title: | Title: | Director CFO |

---

## Exhibit 99.28

Exhibit 99.28 (d)(xxi)

 

**AMENDMENT TO<br> INVESTMENT SUB-ADVISORY AGREEMENT**

THE AMENDMENT, dated July 23, 2025 (the "**Amendment**"), to the Sub-Advisory Agreement, dated August 3, 2020 (as amended from time to time, the "**Agreement**"), is entered into between the OLD WESTBURY FUNDS, INC. (the "**Corporation**") on behalf of Old Westbury Credit Income Fund (the "**Fund**"), BESSEMER INVESTMENT MANAGEMENT LLC (the "**Adviser**") and Muzinich & Co., Inc. (the "**Sub-Adviser**"). Capitalized terms used herein not otherwise defined shall have the meaning set forth in the Agreement.

WHEREAS, pursuant to the Agreement, the Sub-Adviser provides certain investment sub-advisory services to the Adviser with respect to the Segment;

WHEREAS, the parties desire to amend and replace Appendix A of the Agreement (Sub-Advisory Fees) with the form of Appendix A attached hereto effective as of June 1, 2025;

WHEREAS, the parties wish to ensure that the Sub-Adviser is authorized to represent the Corporation on behalf of the Fund with respect to "liability management exercises" and substantially similar transactions (collectively, "**LMEs**") that affect or may affect the Fund's holdings; and

WHEREAS, Section 13 of the Agreement provides that the Agreement may be amended by a written instrument signed by both Parties.

NOW, THEREFORE, in consideration of the premises and mutual promises hereinafter set forth, the Parties hereto agree as follows:

**W I T N E S S E T H:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sub-Advisory Fees.

The parties hereby agree that Appendix A of the Agreement is deleted and replaced in its entirety with the Appendix A attached hereto, effective as of June 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Liability Management Exercises.

The parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Agreements.

As part of the authorities delegated to it in its role as Sub-Adviser, the Sub-Adviser has the authority to sign agreements on behalf of the Corporation with respect to the Fund and to perform obligations and exercise rights under such agreements, on behalf of the Corporation with respect to the Fund in connection with any investments for the Fund that are permitted to be made by the Sub-Adviser in accordance with the Agreement and the Approved Investment Program; and the Sub-Adviser is under no obligation to receive consent from any person in order to exercise such authority. For the avoidance of doubt, such agreements concern matters related to LMEs, such as tender or exchange offers, open-market purchases or sales, cooperation with other market participants, cooperation with issuers of securities, and/or

restructurings/workouts. The Sub-Adviser shall not be entitled to any additional compensation for such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Advisors

As part of the authorities delegated to it in its role as Sub-Adviser, the Sub-Adviser, in connection with any investments for the Fund that are permitted to be made by the Sub-Adviser in accordance with the Agreement and the Approved Investment Program, has the authority (a) to engage financial, legal and/or other advisors on behalf of the Corporation on behalf of the Fund (or an ad hoc group of which the Sub-Adviser and/or the Corporation on behalf of the Fund is/are a member), <u>provided</u> that no advisory, legal and/or other fees and expenses will be incurred or paid on behalf of the Fund; and (b) with prior notice to and consent of the Adviser, to engage financial, legal and/or other advisors and to incur and pay advisory, legal and/or other fees and expenses on behalf of the Corporation on behalf of the Fund (or an ad hoc group of which the Sub-Adviser and/or the Corporation on behalf of the Fund is/are a member) provided that such fees and expenses are deemed by the Sub-Adviser to be reasonable and appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Workouts

As part of the authorities delegated to it in its role as Sub-Adviser, the Sub-Adviser has the authority to cause the Corporation on behalf of the Fund to participate in, or undertake any other action with respect to, LMEs, debt restructurings or any similar arrangement in connection with any investments for the Fund that are permitted to be made by the Sub-Adviser in accordance with the Agreement and the Approved Investment Program; and the Sub-Adviser is under no obligation to receive consent from any person in order to exercise such authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Parties acknowledge that each of its representations and warranties
contained in the Agreement are true and correct as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except to the extent amended hereby, the Agreement shall remain unchanged
and in full force and effect. The Agreement, as amended by this Amendment, contains the entire understanding of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Amendment shall be governed by, and construed in accordance
with, New York law and the federal securities laws, including the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Amendment may be executed by any physical or electronic means
permissible under applicable law and in any number of counterparts, each of which shall be deemed an original.

*[Remainder Of Page Intentionally Blank - Signatures Appear On Following Page]*

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized signatories as of the date and year first written above.

---

| | |
|:---|:---|
| OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund | OLD WESTBURY FUNDS, INC.<br> on behalf of the Fund |
| By: | <u><u>/s/ David W. Rossmiller</u></u> |
| Name: | David W. Rossmiller |
| Title: | President & Chief Executive Officer |
| BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC |
| By: | <u><u>/s/ Holly MacDonald</u></u> |
| Name: | Holly MacDonald |
| Title: | President |
| MUZINICH & CO., INC. | MUZINICH & CO., INC. |
| By: | <u><u>/s/ Cheryl Rivkin</u></u> |
| Name: | Cheryl Rivkin |
| Title: | Chief Administrative Officer |

---

## Exhibit 99.28

Exhibit 99.28 (h)(xxxvii)

RULE 12d1-4 FUND OF FUNDS INVESTMENT AGREEMENT

THIS AGREEMENT is entered into as of February 11, 2026, between Old Westbury Funds, Inc., a corporation organized under the laws of the State of Maryland, on behalf of itself or its separate series listed on <u>Schedule A</u> and such additional series as shall be designated in the future, severally and not jointly (each, an "**Acquiring Fund**"), and Global X Funds, a statutory trust organized under the laws of the State of Delaware, on behalf of its respective series listed on <u>Schedule B</u> and such additional series as shall be designated in the future, severally and not jointly (each, an "**Acquired Fund**" and collectively, the "**Acquired Funds**").

WHEREAS, each Acquiring Fund and each Acquired Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company (other than a face-amount certificate company) or is a business development company under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered open-end investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") generally permits, subject to compliance with the conditions of the Rule: 1) registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act subject to compliance with the conditions of the Rule;

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) of the 1940 Act in reliance on the Rule; and

WHEREAS, the effectiveness of this Agreement shall be deemed to constitute the termination as of the date first written above of any and all prior agreements between an Acquiring Fund and an Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order, or other arrangement among the parties intended to achieve compliance with Section 12(d)(1) of the 1940 Act. The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such prior agreements.

NOW THEREFORE, in accordance with the Rule, the Acquiring Fund[s] and the Acquired Fund[s] desire to set forth the following terms pursuant to which the Acquiring Fund[s] may invest in the Acquired Fund[s] in reliance on the Rule as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Terms of Investment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring
Fund, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring
Fund and each Acquired Fund agrees as follows:

Exhibit 99.28 (h)(xxxvii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired
Fund's registration statement, as amended from time to time, the Acquired Fund may honor any redemption request partially
or wholly in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information
regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the
Acquired Fund. The Acquired Fund acknowledges and agrees that any such information provided pursuant to the foregoing constitutes
an estimate that may differ materially from the amount, timing and manner of an Acquiring Fund's investment in an Acquired
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Only upon the request of the Acquired Fund, the Acquiring Fund will use reasonable efforts to spread
orders given to an Authorized Participant that reasonably are expected to result in that Authorized Participant redeeming shares
from the Acquired Fund (greater than 5% of the Acquired Fund total outstanding shares) over multiple days or to provide advance
notification of such orders to the Acquired Fund whenever practicable and only if deemed by the Acquiring Fund's investment
adviser to be consistent with the Acquiring Fund's and its shareholders' best interests. The Acquired Fund acknowledges
and agrees that any notification provided pursuant to the foregoing is not a commitment to sell the Acquired Fund shares and constitutes
an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any. The
Acquiring Fund and Acquired Fund each acknowledge and agree that this voluntary notification provision does not apply to trades
placed by the Acquiring Fund in secondary markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In order to assist the Acquiring Fund's investment adviser with evaluating the complexity
of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each
Acquiring Fund with a list of the Acquired Funds and information on the fees and expenses of the Acquired Fund reasonably requested
by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly
available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations of the Acquiring Funds.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations
in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by
the SEC or its Staff from time to time, applicable to the Acquiring Fund; (ii) comply with its obligations under this Agreement;
and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to an investment
in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

Exhibit 99.28 (h)(xxxvii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Acquiring Fund and its Advisory Group (as such term is defined in the Rule) will not control
(individually or in the aggregate) an Acquired Fund within the meaning of Section 2(a)(9) of the 1940 Act. The members of an Acquiring
Fund's sub-advisory group (as contemplated in the Rule), if any, will not control (individually or in the aggregate) an Acquired
Fund within the meaning of Section 2(a)(9) of the 1940 Act.

If, as a result of a decrease in the outstanding voting securities of an Acquired Fund, an Acquiring Fund and it's Advisory Group or an Acquiring Fund's sub-advisory group, each in the aggregate, becomes a holder of more than 25% of the outstanding voting securities of an Acquired Fund, the Acquiring Fund and its Advisory Group and the Acquiring Fund's sub-advisory group will each vote its shares of the Acquired Fund in the same proportion as the vote of all other holders of the Acquired Fund's shares in accordance with the Rule. Notwithstanding the foregoing, and as contemplated by the Rule, none of the foregoing provisions of this paragraph (b) shall apply to an Acquiring Fund sub-advisory group with respect to an Acquired Fund for which the Acquiring Fund sub-adviser or a person controlling, controlled by or under common control with the Acquiring Fund sub-adviser acts as the investment adviser within the meaning of Section 2(a)(20)(A) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each Acquiring Fund acknowledges and understands that an Acquired Fund reserves the right to reject
any direct purchase of Creation Units by an Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations of the Acquired Funds.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations
in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by
the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement;
and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment
by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Acquiring Fund, severally and not jointly, agrees to hold harmless, indemnify and defend the
Acquired Funds, including any of their principals, directors or trustees, officers, employees and agents ()"**Acquired Fund Agents** "), against and from any and all losses, costs, expenses or liabilities incurred by or claims or actions ()"**Claims** ")
asserted against the Acquired Funds, including any Acquired Fund Agents, to the extent such Claims result from: (i) any untrue
statement or alleged untrue statement of a material fact contained in an Acquiring Fund's summary prospectus, prospectus,
statement of additional information or sales literature or any amendment thereof or supplement thereto (other than information
received from the Acquired Fund or Acquired Fund Agents) or the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading; or (ii) a material breach by such Acquiring Fund
of any provision of this Agreement. The

Exhibit 99.28 (h)(xxxvii)

indemnification provided for in this paragraph shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims, provided that no Acquiring Fund shall be liable for indemnifying, holding harmless, or defending any Acquired Fund or Acquired Fund Agent for any Claims resulting from violations that occur as a result of incomplete or inaccurate information provided by the Acquired Fund to such Acquiring Fund pursuant to the terms of this Agreement, or resulting from violations of Section 12(d)(1) of the 1940 Act resulting from the Acquired Fund, the Acquired Fund Agents or any Acquired Fund investment adviser failing to comply with the conditions of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each Acquired Fund, severally and not jointly, agree to hold harmless, indemnify and defend an
Acquiring Fund, including any of its principals, directors or trustees, officers, employees and agents ()"**Acquiring Fund Agents** "), against and from any Claims asserted against the Acquiring Fund, including any Acquiring Fund Agents, to the
extent such Claims result from: (i) any untrue statement or alleged untrue statement of a material fact contained in an Acquired
Fund's summary prospectus, prospectus, statement of additional information or sales literature or any amendment thereof or
supplement thereto (other than information received from the Acquiring Fund or Acquiring Fund Agents) or the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading;
or (ii) a material breach by such Acquired Fund of any provision of this Agreement. The indemnification provided for in this paragraph
shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending such Claims,
provided that no Acquired Fund shall be liable for indemnifying, holding harmless, or defending any Acquiring Fund or Acquiring
Fund Agent for any Claims resulting from violations that occur as a result of incomplete or inaccurate information provided by
the Acquiring Fund to such Acquired Fund pursuant to the terms of this Agreement, or resulting from violations of Section 12(d)(1)
of the 1940 Act resulting from the Acquiring Fund, the Acquiring Fund Agents or any Acquiring Fund investment adviser failing to
comply with the conditions of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** <u>Materials.</u> 

To the extent an Acquiring Fund refers to one or more Acquired Funds in any prospectus, statement of additional information or otherwise (but not in the financial statements or marketing materials of the Acquiring Fund when the Acquired Fund is listed as a holding), each Acquiring Fund agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Refer to such Acquired Funds with their full legal name as, for example, the "Global X [
] ETF"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Include, other than in the financial statements of the Acquiring Fund when the Acquired Fund is
listed as a holding, the following notice upon first reference to such Acquired Fund, and by its legal name or its ticker symbol
for subsequent references, within reasonable proximity to the reference to such Acquired Fund:

Exhibit 99.28 (h)(xxxvii)

None of Global X Management Company LLC, SEI Investments Distribution Company, Global X Funds or the Global X [ ] ETF make any representations regarding the advisability of investing in [Name of Acquiring Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Notices.</u> 

All notices, including all information that either party is required to provide under the terms of this Agreement and the terms of the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below (which address may be changed from time to time by notice to the other party). Either party may notify the other in writing of any changes to these notice provisions.

Notice to a Global X Fund must be provided to:

Global X Funds

Attn: Legal Department

605 Third Ave., 43rd Floor

New York, New York 10158

Telephone: (646) 757-5400

Facsimile: (646) 514-5968

Email: legalnotices@globalxetfs.com

Notice to the other party subject to this agreement may be provided to:

Head of Portfolio Management Operations Department

Bessemer Investment Management, Inc.

1271 Avenue of the Americas

New York, NY 10020

Email: PMOD-NY@bessemer.com

With a copy to:

General Counsel

Bessemer Investment Management, Inc.

1271 Avenue of the Americas

New York, NY 10020

Email: garciay@bessemer.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Addition of New Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Schedule B lists the Acquired Funds in existence as of the date of this Agreement. Additional Acquired
Funds may be created from time to time. Old Westbury Funds Inc. and Global X Funds agree that in the event an Acquiring Fund invests
in an Acquired Fund that is created after the date of this Agreement in reliance on the Rule, such investment shall be governed
by the terms of this Agreement and such Acquired Fund shall be deemed to be added to Schedule B as of the date of the initial investment
in such Acquired Fund.

Exhibit 99.28 (h)(xxxvii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Schedule A lists the Acquiring Funds in existence as of the date of this Agreement. Additional
Acquiring Funds may be created from time to time. Old Westbury Funds Inc. and Global X Funds agree that additional Acquiring Funds
may be added to this Agreement by notifying Global X Funds in accordance with Paragraph 6 of this Agreement of the additional Acquiring
Funds. Any such Acquiring Fund added pursuant to this provision shall be deemed to be added to Schedule A as of the date of the
receipt of such notice by Global X Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination; Governing Law; Amendment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring
Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of this
Agreement shall only be applicable to investments in Acquired Funds made in reliance on the Rule, as interpreted or modified by
the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 8(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement shall continue until terminated in writing by either party (either in its entirety
or with respect to one or more Acquired Funds or Acquiring Funds) upon 60 days' notice to the other party. Upon termination
of this Agreement (either in its entirety or with respect to specific funds), an Acquiring Fund may not purchase additional shares
of an Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Agreement may not be assigned by either
party without the prior written consent of the other and, unless
otherwise agreed to by the parties in writing, such third-party will be subject to and bound by the terms of this Agreement applicable
to the assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement will be governed by Delaware law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In any action involving an Acquired Fund under this Agreement, each Acquiring Fund agrees to look
solely to the individual Acquired Fund(s) that is/are involved in the matter in controversy and not to any other series of the
Global X Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. In any action involving an Acquiring Fund under this Agreement, each Acquired Fund agrees to look
solely to the individual Acquiring Fund(s) that is/are involved in the matter in controversy and not to any other series of the
Old Westbury Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement may be amended or modified by a written document signed by an authorized representative
of each party and delivered in accordance with Section 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law
or otherwise unenforceable, the remaining provisions hereof will be considered

Exhibit 99.28 (h)(xxxvii)

severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. An electronic copy of a signature received in Portable Document Format (PDF) or a copy of a signature received via a fax machine shall be deemed to be of the same force and effect as an original signature on an original executed document.

[*Remainder of page intentionally left blank*]

Exhibit 99.28 (h)(xxxvii)

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Old Westbury Funds, Inc.

on behalf of each of its series listed on Schedule A, severally and not jointly,

<u>/s/ David W. Rossmiller</u>

Name: David W. Rossmiller

Title: President & CEO

Global X Funds

on behalf of each of its series listed on Schedule B, severally and not jointly,

<u>/s/ Jasmin Ali</u>

Name: Jasmin Ali

Title: General Counsel

Exhibit 99.28 (h)(xxxvii)

SCHEDULE A

**List of Acquiring Funds**

Old Westbury All Cap Core Fund

Old Westbury Large Cap Strategies Fund

Old Westbury Small & Mid Cap Strategies Fund

Old Westbury Credit Income Fund

Old Westbury Fixed Income Fund

Old Westbury Municipal Bond Fund

Old Westbury California Municipal Bond Fund

Old Westbury New York Municipal Bond Fund

Old Westbury Short-Term Bond Fund

Old Westbury Total Equity Fund

Exhibit 99.28 (h)(xxxvii)

SCHEDULE B

**List of Acquired Funds**

---

| | |
|:---|:---|
| Global X MSCI China Consumer Discretionary ETF | Global X Robotics & Artificial Intelligence ETF |
| Global X Copper Miners ETF | Global X MSCI SuperDividend EAFE ETF |
| Global X MSCI Greece ETF | Global X U.S. Infrastructure Development ETF |
| Global X Gold Explorers ETF | Global X U.S. Preferred ETF |
| Global X Lithium & Battery Tech ETF | Global X Autonomous & Electric Vehicles ETF |
| Global X MLP & Energy Infrastructure ETF | Global X Artificial Intelligence & Technology ETF |
| Global X MLP ETF | Global X S&P 500 Quality Dividend ETF |
| Global X MSCI Argentina ETF | Global X Adaptive US Factor ETF |
| Global X MSCI Colombia ETF | Global X E-commerce ETF |
| Global X MSCI Norway ETF | Global X Nasdaq 100 Covered Call ETF |
| Global X Silver Miners ETF | Global X DAX Germany ETF |
| Global X Social Media ETF | Global X Genomics & Biotechnology ETF |
| Global X FTSE Southeast Asia ETF | Global X Cloud Computing ETF |
| Global X MSCI SuperDividend Emerging Markets ETF | Global X Cybersecurity ETF |
| Global X SuperDividend ETF | Global X Video Games & Esports ETF |
| Global X SuperDividend REIT ETF | Global X Emerging Markets Bond ETF |
| Global X SuperDividend U.S. ETF | Global X Variable Rate Preferred ETF |
| Global X SuperIncome Preferred ETF | Global X S&P Catholic Values Developed ex-U.S. ETF |
| Global X Uranium ETF | Global X HealthTech ETF |
| Global X Guru Index ETF | Global X NASDAQ 100 Covered Call & Growth ETF |
| Global X Renewable Energy Producers ETF | Global X CleanTech ETF |
| Global X S&P 500<sup>®</sup> Catholic Values ETF | Global X Clean Water ETF |
| Global X Millennial Consumer ETF | Global X Wind Energy ETF |
| Global X Aging Population ETF | Global X U.S. Cash Flow Kings 100 ETF |
| Global X Conscious Companies ETF | Global X India Active ETF |

---

Exhibit 99.28 (h)(xxxvii)

---

| | |
|:---|:---|
| Global X FinTech ETF | Global X Infrastructure Development ex-U.S. ETF |
| Global X Internet of Things ETF | Global X Intermediate-Term Treasury Ladder ETF |
| Global X AgTech & Food Innovation ETF | Global X U.S. Electrification ETF |
| Global X Blockchain ETF | Global X S&P 500 U.S. Market Leaders Top 50 ETF |
| Global X S&P 500 Risk Managed Income ETF | Global X AI Semiconductor & Quantum ETF |
| Global X MSCI Vietnam ETF | Global X U.S. 500 ETF |
| Global X Disruptive Materials ETF |  |
| Global X PropTech ETF |  |
| Global X 1-3 Month T-Bill ETF |  |
| Global X Dow 30<sup>®</sup> Covered Call & Growth ETF |  |
| Global X Brazil Active ETF |  |
| Global X Defense Tech ETF |  |
| Global X Russell 2000 ETF |  |
| Global X Short-Term Treasury Ladder ETF |  |
| Global X Long-Term Treasury Ladder ETF |  |
| Global X Hydrogen ETF |  |
| Global X NASDAQ 100 Tail Risk ETF |  |
| Global X Data Center & Digital Infrastructure ETF |  |

---

## Exhibit 99.28

Exhibit 99.28 (h)(xxxviii)

**AMENDMENT TO**

**ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT**

This Amendment ("Amendment") is dated the 24<sup>th</sup> day of July, 2025, by and between Old Westbury Funds, Inc. (the "Fund") and The Bank of New York Mellon ("BNY"). This Amendment is effective as of August 1, 2025 (the "Effective Date").

**BACKGROUND:**

**WHEREAS,** BNY and the Fund entered into an Administration and Accounting Services Agreement dated as of April 3, 2006, as amended to date (the "Agreement"), relating to BNY's provision of services to the Fund.

**WHEREAS**, the Fund and BNY wish to amend the Agreement as more particularly set forth herein.

**NOW, THEREFORE**, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. BNY will cease providing any and all
 ClearSky services under the Agreement as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 12(a) is hereby amended by
 deleting "and blue sky"; provided, however, that for the avoidance of doubt
 the Fund agrees that the indemnification provided by the Fund to BNY under Section 12(a)
 with respect to blue sky laws shall survive the Effective Date with respect to services
 provided by BNY prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 12(b) is hereby amended by
 deleting "and blue sky"; provided, however, that for the avoidance of doubt
 BNY agrees that the indemnification provided by BNY to the Fund under Section 12(b) with
 respect to blue sky laws shall survive the Effective Date with respect to services provided
 by BNY prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Section 12(d) is hereby added to the
 Agreement as follows: "The provisions of this Section 12 shall survive termination
 of this Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Section 15(a) is hereby amended by
 deleting the last paragraph following romanette (xx).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Capitalized terms not defined in this
 Amendment shall have the same meaning as set forth in the Agreement. In the event of
 a conflict between the terms hereof and the Agreement, this Amendment shall control.

Exhibit 99.28 (h)(xxxviii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. As specifically amended hereby, the
 Agreement remains in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Agreement, as amended hereby,
 constitutes the complete understanding and agreement of the parties with respect to the
 subject matter thereof and supersedes all prior communications with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Amendment may be executed in
 two or more counterparts, each of which shall be deemed an original, but all of which
 together shall constitute one and the same instrument. The facsimile signature of any
 party to this Amendment shall constitute the valid and binding execution hereof by such
 party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Amendment shall be governed
 by the laws of the State of New York, without regard to its principles of conflicts of
 laws.

[Signature page follows]

***EXECUTION VERSION***

**IN WITNESS WHEREOF,** each party represents and warrants to the other party that it has the full authority to enter into this Amendment to the Agreement upon the terms and conditions hereof and that the individual executing this Amendment on its behalf has the requisite authority to bind such party to the Amendment.

---

| | | | |
|:---|:---|:---|:---|
| **OLD WESTBURY FUNDS, INC.** | **OLD WESTBURY FUNDS, INC.** | **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | <u>/s/ David W. Rossmiller</u> | By: | /s/ Tim Hornbrook |
| Name: David W. Rossmiller | Name: David W. Rossmiller | Name: Tim Hornbrook | Name: Tim Hornbrook |
| Title: President & Chief Executive Officer | Title: President & Chief Executive Officer | Title: Senior Director, Asset Servicing | Title: Senior Director, Asset Servicing |
| Date: July 24, 2025 | Date: July 24, 2025 | Date: July 24, 2025 | Date: July 24, 2025 |

---

## Exhibit 99.28

Exhibit 99.28 (h)(xxxix)

Mr. David W. Rossmiller

Old Westbury Funds, Inc.

103 Bellevue Parkway

Wilmington, DE 19809

October 15, 2025

Re: <u>Waiver of Certain Investment Advisory Fees</u>

Dear Mr. Rossmiller:

As you are aware, Bessemer Investment Management LLC ("BIM") serves as the investment adviser to the Old Westbury All Cap Core Fund, Old Westbury Fixed Income Fund, Old Westbury Credit Income Fund, Old Westbury Municipal Bond Fund, Old Westbury California Municipal Bond Fund, Old Westbury New York Municipal Bond Fund, Old Westbury Short-Term Bond Fund, Old Westbury Total Equity Fund, Old Westbury Small & Mid Cap Strategies Fund and Old Westbury Large Cap Strategies Fund (the "Funds"), each a series of Old Westbury Funds, Inc., pursuant to an investment advisory agreement (the "Agreement"). Under the Agreement, the Funds have each agreed to pay BIM the following fees for providing investment advisory services to the Funds (the "Investment Advisory Fees"):

---

| | | | |
|:---|:---|:---|:---|
|  | **First**<br> **$500**<br> **million of**<br> **average**<br> **net assets** | **Second**<br> **$500**<br> **million to**<br> **$1 billion of**<br> **average**<br> **net assets** | **Average**<br> **net assets**<br> **exceeding**<br> **$1 billion** |
| All Cap Core Fund | 0.75% | 0.70% | 0.65% |
| Fixed Income Fund | 0.45% | 0.40% | 0.35% |
| Credit Income Fund | 0.65% | 0.60% | 0.55% |
| Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| California Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| New York Municipal Bond Fund | 0.45% | 0.40% | 0.35% |
| Total Equity Fund | 0.80% | 0.75% | 0.70% |
|  |  |  | **Average**<br> **net assets** |
| Small & Mid Cap Strategies Fund |  |  | 0.85% |
| Short-Term Bond Fund |  |  | 0.32% |
|  | **First $1.25**<br> **billion of**<br> **average**<br> **net assets** | **Second $1.25**<br> **billion to**<br> **$2.5**<br> **billion of**<br> **average**<br> **net assets** | **Average net**<br> **assets**<br> **exceeding**<br> **$2.5**<br> **billion** |
| Large Cap Strategies Fund | 0.90% | 0.85% | 0.80% |

---

BIM hereby commits to waive a portion of the Investment Advisory Fees it is entitled to receive from each Fund to the extent necessary to maintain the net operating expense ratio, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short, acquired fund fees and expenses and after the application of any other waivers of expenses of the All Cap Core Fund at 0.95%, Fixed Income Fund at 0.57%, Credit Income Fund at 0.85%, Municipal Bond Fund at 0.57%, California Municipal Bond Fund at 0.57%, New York Municipal Bond Fund at 0.57%, Short-Term Bond Fund at 0.37%, Total Equity Fund at 0.98%, Small & Mid

Exhibit 99.28 (h)(xxxix)

Cap Strategies Fund at 1.10% and Large Cap Strategies Fund at 1.10% (each an "Investment Advisory Fee Waiver").

This agreement will remain in effect until October 31, 2028.

This agreement supersedes and replaces all prior agreements and understandings, oral or written, between BIM and the Funds.

This letter may be executed by any physical or electronic means permissible under applicable law and in counterpart, each of which shall be an original but all of which, taken together, shall constitute one and the same document.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| BESSEMER INVESTMENT MANAGEMENT LLC | BESSEMER INVESTMENT MANAGEMENT LLC |
| By: | <u><u>/s/ Holly H. MacDonald</u></u> |
| Name: | Holly H. MacDonald |
| Title: | President |

---

---

| | |
|:---|:---|
| Accepted and agreed: | Accepted and agreed: |
| OLD WESTBURY FUNDS, INC. | OLD WESTBURY FUNDS, INC. |
| By: | <u><u>/s/ David W. Rossmiller</u></u> |
| Name: | David W. Rossmiller |
| Title: | President & CEO |

---

## Ex-99.(28)(I)

**Exhibit 99.28(i)**

---

| | |
|:---|:---|
| ![](x3_c115377x86x1.jpg) | 1900 K Street, N.W.<br> Washington, DC 20006-1110<br> +1 202 261 3300 Main<br> +1 202 261 3333 Fax<br> www.dechert.com |

---

February 27, 2026

Old Westbury Funds, Inc.

103 Bellevue Parkway

Wilmington, DE 19809

Re: Post-Effective Amendment to Registration Statement on Form N-1A File Nos. 033-66528 and 811-07912

Dear Ladies and Gentlemen:

We have acted as counsel for Old Westbury Funds, Inc. (the "Corporation"), a Maryland corporation, in connection with the filing of Post-Effective Amendment No. 90 to the Corporation's registration statement on Form N-1A under the Securities Act of 1933, as amended (the "1933 Act"), and Amendment No. 91 under the Investment Company Act of 1940, as amended (the "Registration Statement"), relating to the issuance and sale by the Corporation of its authorized shares of common stock, currently divided into ten series (each, a "Fund").

This opinion is limited to the laws of the State of Maryland, and, in particular, the Maryland General Corporation Law, and we express no opinion with respect to the laws of any other jurisdiction. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Maryland.

In connection with the opinions set forth herein, we have examined originals or copies of the following Corporation documents: the Corporation's Articles of Restatement, including any Articles of Amendment or Articles Supplementary, as filed with the State Department of Assessments and Taxation (the "SDAT"); the Corporation's Amended and Restated Bylaws; and such other Corporation records, certificates, resolutions and documents that we have deemed relevant in order to render the opinion expressed herein, including resolutions of the Board of Directors of the Corporation authorizing the filing of the Registration Statement with the Securities and Exchange Commission. In addition, we have reviewed and relied upon a Certificate of Status, dated as of a recent date, issued by SDAT verifying that the Corporation is in good standing (the "Certificate of Good Standing").

---

| | |
|:---|:---|
| ![](x3_c115377x86x1.jpg) | Old Westbury Funds, Inc.<br> February 27, 2026<br> Page 2 |

---

In rendering this opinion we have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided to us have been duly adopted by the Corporation's Board of Directors; (iv) that the facts contained in the instruments and certificates or statements of public officials or officers or representatives of the Corporation on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the Board of Directors, or in the Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.

Based upon the foregoing, we are of the opinion 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;i. The Corporation has authority to issue 2,500,000,000 shares of
 common stock for Old Westbury All Cap Core Fund, par value $.001 per share;

&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. The Corporation has authority to issue 3,000,000,000 shares of
 common stock for Old Westbury Large Cap Strategies Fund, par value $.001 per share;

&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. The Corporation has authority to issue 3,500,000,000 shares
 of common stock for Old Westbury Small & Mid Cap Strategies Fund, par value $.001
 per share;

&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. The Corporation has authority to issue 3,000,000,000 shares of common stock for Old Westbury Total Equity Fund, par value $.001
per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Corporation has authority to issue 3,500,000,000 shares of common stock for Old Westbury Credit Income Fund, par value
$.001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The Corporation has authority to issue 2,000,000,000 shares of common stock for Old Westbury Fixed Income Fund, par value $.001
per share;

---

| | |
|:---|:---|
| ![](x3_c115377x86x1.jpg) | Old Westbury Funds, Inc.<br> February 27, 2026<br> Page 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The Corporation has authority to issue 3,000,000,000 shares of common stock for Old Westbury Short Term Bond Fund, par value
$.001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. The Corporation has authority to issue 2,000,000,000 shares of common stock for Old Westbury Municipal Bond Fund, par value
$.001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. The Corporation has authority to issue 2,000,000,000 shares of common stock for Old Westbury California Municipal Bond Fund,
par value $.001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. The Corporation has authority to issue 2,000,000,000 shares of common stock for Old Westbury New York Municipal Bond Fund,
par value $.001 per share; 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;xi. Assuming that the Corporation or its agent receives consideration for the shares of each Fund in accordance with the terms
of the prospectus forming a part of the Corporation's Post-Effective Amendment No. 90 to its Registration Statement, the
shares of each Fund, when sold, will be legally issued, fully paid and non-assessable by the Corporation.

In rendering this opinion, insofar as it relates to the valid existence of the Corporation, we have relied solely on the Certificate of Good Standing, and such opinion is limited accordingly and is rendered as of the date of such Certificate.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the use of our name in the Registration Statement, unless and until we revoke such consent. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.

Very truly yours,

---

| |
|:---|
| /s/ Dechert LLP |
| Dechert LLP |

---

## Exhibit 99.28

Exhibit 99.28 (j)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Fund Counsel, Independent Directors' Counsel and Independent Registered Public Accounting Firm," and "Financial Information" in the Statement of Additional Information, each dated February 27, 2026, and each included in this Post-Effective Amendment No. 90 to the Registration Statement (Form N-1A, File No. 033-66528) of Old Westbury Funds, Inc. (the "Registration Statement").

We also consent to the incorporation by reference of our report dated December 23, 2025, with respect to the financial statements and financial highlights of Old Westbury Funds, Inc. (comprising Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury Total Equity Fund, Old Westbury Small & Mid Cap Strategies Fund, Old Westbury Credit Income Fund, Old Westbury Fixed Income Fund, Old Westbury Short-Term Bond Fund, Old Westbury Municipal Bond Fund, Old Westbury California Municipal Bond Fund and Old Westbury New York Municipal Bond Fund) included in the Annual Report to Shareholders (Form N-CSR) for the year ended October 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, New York

February 27, 2026

## Exhibit 99.28

**Exhibit 99.28 (p)(ii)**

**<u>THE BESSEMER GROUP, INCORPORATED</u>**

**<u>CODE OF ETHICS</u>**

November 2025

**Table of Contents**

Message from Incoming Chief Executive Officer Holly MacDonald and the Executive Committee 1

&nbsp;&nbsp;&nbsp;&nbsp;A. BUSINESS ETHICS AND CONFLICTS OF INTEREST POLICY 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Business Ethics 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Mandatory Compliance with Law and Bessemer Trust
 Policies 2

b. Requirement of Cooperation and Candor 2

c. Fair Dealing and Responsibilities 2

d. Personal Finances and Duty to Pre-Clear Securities
 Trades 2

e. Approval of Outside Activities 2

f. Duty to Protect Confidential Information 3

g. Accuracy of Financial Records and Periodic Reporting 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Conflicts Of Interest 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 General – Avoiding Self-Dealing and Personal Benefits 5

b. Gifts,
 Meals, and Entertainment Policy 6

&nbsp;&nbsp;&nbsp;&nbsp;B. OUTSIDE ACTIVITIES POLICY 9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Approval and Annual Disclosure of Outside Activities 9

2. Limits on Outside Employment 10

3. Limits on Compensation for Outside Activities 10

4. Limits on Serving in a Fiduciary Capacity 10

6. Investment Activity 11

7. Political Contributions and Activities 11

&nbsp;&nbsp;&nbsp;&nbsp;C. EXTERNAL COMMUNICATIONS 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Communicating with the Media, Speaking and Publishing,
 and Interacting with Regulators 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Responding
 to Media Inquiries 12

b. Speaking
 and Publishing 12

c. Interacting
 with Regulators 13

&nbsp;&nbsp;&nbsp;&nbsp;D. PERSONAL TRADING POLICY 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclosure of Securities Holdings and Trades 13

2. Duty to Use Only Approved Brokers 13

3. Trade Pre-Clearance Requirement for All Covered Accounts 14

&nbsp;&nbsp;&nbsp;&nbsp;E. INSIDER TRADING AND PROHIBITED TRADING PRACTICES POLICY 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prohibition on Insider Trading 14

2. Definition of Material Non-public Information 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting the Receipt of Material Non-public Information 15

4. Prohibition on Sharing Material Non-public Information 15

5. Other Prohibited Trading Practices 15

&nbsp;&nbsp;&nbsp;&nbsp;F. VIOLATIONS OF POLICY OR LAW AND PROTECTION FROM RETALIATION FOR REPORTING VIOLATIONS 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Violations of Bessemer Trust Policy or Law 16

3. Protection from Retaliation for Reporting Violations 16

&nbsp;&nbsp;&nbsp;&nbsp;G. CODE ADMINISTRATION 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annual Employee Affirmation 17

2. Overall Administration 17

***Message from Incoming CEO Holly MacDonald and the Executive Committee***

Dear Colleagues.

Our ownership by the Phipps Family, our singular focus on serving individuals and families, and our culture of integrity have helped us earn the trust of our clients and colleagues.

We cannot take any of this for granted. To sustain our position as a trusted advisor, we have a shared responsibility for conducting our business ethically and in compliance with the law. Our shared values guide our actions every single day. Assisting us in our decision making and actions is our Code of Ethics. No one should ever sacrifice integrity — or leave the impression that they have — even if they think it could help the firm's business.

In that spirit, we must all be familiar with the Code and the key ethical, legal, and reputational issues it addresses:

- The ethical conduct of the firm's business;<br> - Management and mitigation of potential conflicts of interest;<br> - Giving and receiving gifts, meals, and entertainment;<br> - Recordkeeping obligations<br> - Engaging in outside activities;<br> - Personal trading of securities;<br> - The handling of material non-public information; and<br> - The reporting of concerns and protection from retaliation.

Please use the Code to help guide your decisions, especially when you identify a potential concern and may not have all the answers. As always, we urge you to ask questions or speak up if you observe any behavior that appears to violate either the letter or spirit of the Code by contacting the General Counsel or Chief Compliance Officer, or by sending an email to <u>CodeofEthics@Bessemer.com</u>. All reports will be reviewed, appropriate action will be taken, and the reporting employee will be protected from retaliation. If you prefer to make an anonymous report, you may do so using the Bessemer Ethics Line by visiting <u>www.bessemer.ethicspoint.com</u> on any device or by calling (844) 268-8279.

We are fortunate to work in an ethical and collaborative environment with dedicated colleagues who strive to do the right thing even in moments when the right thing may feel hard to do. Working together, we serve as stewards of a firm that has built and retained a strong reputation for more than a century. Our shared commitment to Bessemer's culture of integrity is at the heart of who we are.

Thank you for your important role in sustaining our values.

Holly MacDonald

Executive Committee: Yvette Garcia, Allison Heilborn, Rita Kane, Jim Kronenberg, Deborah Lo Cascio, Michael Marquez, Jeff Mills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***<u>BUSINESS ETHICS AND CONFLICTS OF INTEREST POLICY</u>*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Business Ethics</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.** **Mandatory Compliance with Law and Bessemer Trust Policies** 

The values of Bessemer Trust are described in this Code of Ethics and implemented through its policies and procedures. It is the responsibility of every Bessemer Trust Employee ("Employee" or "You") to read, understand, and adhere to every policy and procedure that applies to you and your business unit. Each of us is expected to be familiar with and comply with the applicable laws, rules and regulations that govern our business, and the standards that apply to our activities.

The advice of the Legal Department and/or the Compliance Department should be sought when such laws, regulations, or policies are ambiguous or difficult to interpret, or if You have a question about whether contemplated conduct is legal or ethical.

&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.** **Requirement of Cooperation and Candor** 

Integrity and honesty are core Bessemer Trust values, and your work and communications must truthfully and fairly reflect the matters described. You must promptly and candidly inform Senior Management of all matters that are pertinent to Bessemer Trust's financial position or operations. Similarly, your complete cooperation and candor is essential and required in dealing with the Legal Department, the Compliance Department (or "Compliance"), Bessemer Trust's internal or independent auditors and regulators.

&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.** **Fair Dealing and Responsibilities** 

Bessemer Trust engages in vigorous, but fair and ethical competition in its business activities. Our commitment to doing the right thing and treating clients fairly means we do not seek competitive advantages through unethical or illegal practices or take advantage of anyone through manipulation, concealment, abuse of information, or misrepresentation. Anti-competitive or unethical practices are prohibited. Employees must avoid situations that create the potential for unlawful anti-competitive or collusive conduct; and immediately stop any conversation in which a competitor, client, or third party with whom Bessemer Trust does business tries to engage in anti-competitive or collusive conduct. Any suspected unlawful or unethical activity should be reported to the Legal Department and/or the Compliance Department promptly upon discovery.

&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.** **Personal Finances and Duty to Pre-Clear Securities Trades** 

Employees should manage their personal finances in a manner consistent with employment in a fiduciary institution and in compliance with regulatory requirements. Employees are also subject to certain restrictions on their investment activities as set forth in the Bessemer Trust Personal Trading Policy, summarized below. Pursuant to that policy, Bessemer Trust Employees must, among other things, (i) disclose Covered Accounts for which they have Beneficial Ownership, and (ii) report and pre-clear trades of Covered Securities in Discretionary 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;**e.** **Approval of Outside Activities** 

Outside Activities, such as serving as a board member or trustee, outside employment, seeking political office, writing or publishing, and public speaking engagements are subject to the Outside Activities Policy,

as set forth below. Pursuant to that policy, you must obtain pre-approval before participating in Outside Activities.

&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.** **Duty to Protect Confidential Information** 

Our business and our reputation depend on our safeguarding client, proprietary, or other confidential 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;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Requests for the Release of Confidential Information** 

It is our duty to protect our clients' and Bessemer Trust's privacy and information. Therefore, care must be taken before any Confidential Information is released. Employees may release Confidential Information to someone other than a client or their authorized representatives <u>only</u> as permitted by law and/or only after obtaining the consent of the client, the Legal Department or Fiduciary Counsel, and any other necessary parties whose Confidential Information is at issue. You are also urged to confirm that any party who requests Confidential Information related to a family member or related entity has in fact been granted access rights to such information. For example, the beneficiaries of a trust do not have automatic rights to access information concerning the settlor or other family members or entities.

As set forth in the Retention of Outside Counsel Policy and Litigation, Investigation, and Subpoena Policy, the receipt of legal documents or court filings seeking documents or information, such as a subpoena, court order, or Regulatory Inquiries, should be referred to the Legal Department as soon as possible, and no information should be released without the Legal Department's review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Prohibition on Personal Use of Confidential Information** 

You must not use Confidential Information to further any private interest or for any personal gain, including trading securities using inside information. Improper disclosure or use of Confidential Information can result in civil or criminal penalties, both for the individual concerned and for Bessemer Trust, and disciplinary action up to and including termination of employment.<sup>2</sup>

<sup>1</sup> These guidelines are in addition to the Non-Disclosure Agreement signed by Employees at the commencement of their employment.

<sup>2</sup> This prohibition is not intended to cover (i) any good faith report of a violation of this Code, any other Bessemer Trust policy or procedures, or any applicable law or regulation, (ii) information that an individual has a right to disclose as legally protected conduct, including without limitation, to the U.S. Securities and Exchange Commission, National Labor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Reporting Information Security Incidents** 

An information security incident is an event that may result in Confidential Information being lost, stolen or acquired by an unauthorized party. You must immediately report information security incidents, suspected or confirmed, including incidents involving our vendors to the Information Security Team, by notifying them via email at <u>InfoSec@bessemer.com</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;**g.** **Financial Records and Periodic Reporting** 

Officers and Employees must ensure that Bessemer Trust's books and records are maintained accurately and in accordance with policies, governing law, and accounting rules, including ensuring that Bessemer Trust's transaction and financial reporting systems and other procedures are maintained in a manner that makes certain (a) all of Bessemer Trust's business transactions are properly authorized and completely and accurately recorded in Bessemer Trust's books and records; (b) the retention or disposal of Bessemer Trust's books and records is in accordance with Bessemer Trust's Document Retention Policy and applicable legal and regulatory requirements; and (c) periodic financial reports will be delivered in a timely manner and in a way that demonstrates a high degree of clarity as to content and meaning in order to enable readers and users of the reports to accurately determine their significance and consequence.

Any Employee found to have knowingly submitted false information relating to Bessemer Trust's books or records will be subject to disciplinary action up to and including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Reporting Financial Irregularities** 

In the event you become aware of or suspect any irregularity with respect to Bessemer Trust's financial statements or internal accounting controls, Bessemer Trust has established a confidential reporting system to allow you to raise your concerns anonymously. Employees may report their concerns (i) by phone to the confidential Bessemer Ethics Line ((844) 268-8279), (ii) by visiting <u>www.bessemer.ethicspoint.com</u> on any device, or (iii) clicking the Bessemer Ethics Line <u>link</u> on the Bessemer Trust Intranet. Alternatively, Employees may detail their concerns in correspondence, with or without their name, to the Head of Internal Audit at this address:

Head of Internal Audit<br> The Bessemer Group, Incorporated<br> 100 Woodbridge Center Drive<br> Woodbridge, New Jersey 07095

Employees can also report their concerns <u>without</u> anonymity by sending a detailed e-mail to <u>Sarbox@bessemer.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Conflicts Of Interest</u>** 

Bessemer Trust and its Employees must avoid potential conflicts of interest. Potential conflicts of interest can arise when there are competing interests and the serving of one interest may be detrimental to the other. Conflicts, for example, may arise in a variety of relationships, including: (a) between a client and the firm or an employee; (b) between clients; and/or (c) between a 3<sup>rd</sup> party service provider and the firm or employee. Bessemer Trust Employees must avoid any investment, activity, or relationship that could,

Board, and the Equal Employment Opportunity Commission, or (iii) the disclosure of a trade secret as permitted under the Defend Trade Secrets Act of 2016.

or could appear to, impair your judgment, or interfere with your responsibilities on behalf of Bessemer Trust or our clients.

There are specific areas, whether required by law or due to the appearance of a conflict of interest, where certain limitations and/or requirements are placed on Employees:

---

| |
|:---|
| Avoiding Self-Dealing and Personal Benefits |
| Gifts, Meals and Entertainment |
| Political Contributions |
| Limits on Outside Activities |
| Personal 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;**a.** **In General – Avoiding Self-Dealing and Personal Benefits** 

Bessemer Trust Employees are prohibited from using their position for private gain, to advance personal interests, or to obtain favors, gifts, or other personal benefits for themselves, a Member of their Family, a Member of the Family of a Bessemer Trust Employee, or any other individuals or Organizations.<sup>3</sup> Instead, Employees are obligated to act in Bessemer Trust's best interests, and in the best interests of our clients and owners, without regard to your personal or financial interests or relationships. Accordingly, you are expected to recognize and avoid situations where your personal or financial interests or relationships might influence or appear to influence your judgment, or the judgment of others, on matters affecting the firm or its clients, prospects, or vendors. You may also be asked to make periodic disclosures of relationships that could give rise to a conflict of interest as outlined below.

Prohibited conflicts of interest can arise even when there is only a possibility or opportunity for an actual conflict to occur. Thus, although you may not intend to create a conflict of interest, you should manage your work and affairs to avoid even the appearance of such a conflict. If you have any doubt about a particular situation, you should contact your supervisor, the Legal Department, and\or Compliance to discuss the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Fiduciary Conflicts Management Policy** 

Bessemer Trust has adopted a separate <u>Fiduciary Conflicts Management Policy</u>, which is incorporated by reference into this Code of Ethics. Client-facing employees and members of any Special Investments and Discretionary Distributions ("SIDD") Committee should be guided by this Code of Ethics and the Fiduciary Conflicts Management Policy in carrying out their fiduciary responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Personal and Family Relationships** 

You must notify Compliance using <u>MyComplianceOffice</u> if You or a Member of Your Family is a director, officer, partner, or owner of a (i) Bessemer Trust vendor or professional adviser, (ii) broker dealer, futures commission merchant or bank that does or might seek to execute transactions for Bessemer Trust, (iii) sub-adviser to an Old Westbury or Fifth Avenue fund, or (iii) any other adviser or fund manager

<sup>3</sup> Employees who are Registered Representatives of Bessemer Investor Services, Inc. ("BIS") are also subject to the "Gifts and Gratuities" policy contained in the Bessemer Investor Services Written Supervisory Policies and Procedures Manual, if they give or accept gifts, meals, or entertainment while acting in a registered capacity. However, in the ordinary course of business BIS does not give gifts, meals, or entertainment, nor does any Registered Representative give or receive gifts, meals, or entertainment from any individual or entity while acting in that capacity.

that manages or might seek to manage Bessemer Trust client assets. You must also notify Compliance by email if a Member of Your Family or other Covered Person (as defined by the Personal Trading Policy) associated with you is a director, officer, or 10% or more voting equity owner of a publicly traded company.

If you believe or suspect that you have been inadvertently placed in a potentially conflicted or compromised position due to your personal or professional relationship with a Member of Your Family, a Member of the Family of another Bessemer Trust Employee, or a client, prospect, or vendor, you must (i) immediately report the circumstances to your manager or department head, the Compliance Department, and the Legal Department, and (ii) avoid or discontinue the activity until the matter has been reviewed and you are given further instructions.

&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.** **Prohibitions on Loans to or From Clients** 

Your personal lending and borrowing activities must not result in legal, ethical or business conflicts; violate applicable law, regulation, or Bessemer policies; or otherwise appear improper. Due to the significant conflicts presented, no loan to or from a client or trust beneficiary shall be requested or offered by, or be made to or from, any Bessemer Trust employee or Director absent extraordinary circumstances, and any such loans must be approved in advance by the General Counsel, the Chief Compliance Officer, and the Chief Executive Officer. Loans to or from a Bessemer Trust employee's or Director's own Bessemer Trust account to or from a Member of their Family, are excepted from this general prohibition.

&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, Meals, and Entertainment Policy** 

Gifts and entertainment can foster goodwill in business relationships, but they must be in compliance with applicable laws and regulations, and not create an inappropriate obligation, expectation or inducement, or be so frequent or lavish as to appear to be improper or create an actual or potential conflict of interest. Thus, accepting or giving gifts, meals, and entertainment requires reporting and approval by your immediate supervisor and by Compliance.

As used in this policy, a "gift" includes <u>any</u> type of personal benefit, including merchandise (e.g., an iPad or bottle of wine) or <u>any</u> type of payment or compensation, gratuity, discount, charitable donation or political contribution made on your or a client's behalf or at a third-party's request, service, loan, legacy, investment opportunity, or other item of monetary value.<sup>4</sup> A "meal" includes food or drinks at any location, including in a private home. "Entertainment" includes events and experiences such as sporting events, performances, galas, benefits, golf outings, boating or fishing trips, and other similar out-of-office experiences. However, tickets to an event or access to an experience are considered gifts – not entertainment – if the host simply provides the tickets or access to the experience (e.g., a complimentary round of golf) but does not also attend the event.

<sup>4</sup> Charitable contributions made to charities for which clients, prospects, or service providers serve as officers, directors, or trustees are considered gifts to the client, prospect, or service provider. Please note that under Bessemer Trust's Corporate Transaction Review and Approval Policy, charitable donations of $1,000 or more require the approval of Bessemer Trust's President and Chief Financial Officer before they can be reimbursed as part of an expense report.

Please also note that Bessemer Trust will not reimburse Employees for political contributions under any circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Business Entertainment** <sup>5</sup>

Business entertainment should provide an opportunity for substantial interaction to enhance an overall relationship with clients or a vendor. Therefore, when hosting business entertainment, you must be present; or when receiving entertainment, the host must be present. Otherwise, it is considered a gift subject to gift value limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Limits on Receipt of Gifts, Meals, and Entertainment** 

Although you must not solicit gifts for yourself, a Member of Your Family, or anyone else in connection with Bessemer Trust's business, you may accept a gift, meal, or entertainment if doing so has no potential to impact the performance of your duties to Bessemer Trust or its clients. Thus, whether a gift, meal, or entertainment can be accepted depends on: (i) Bessemer Trust's relationship to the party providing the gift, meal, or entertainment, (ii) the value of the gift, meal, or entertainment, and (iii) with respect to meals or entertainment provided by vendors or other service providers, how often meals or entertainment are offered.<sup>6</sup>

<sup>5</sup> You are responsible for reviewing your expenses to ensure they comply with Bessemer Trust's policies, are accurately reported, make appropriate business sense, and are properly approved and processed. You cannot approve your own expenses. Any false or fraudulent submission is grounds for disciplinary action up to and including termination of employment.

<sup>6</sup> Under federal bank bribery laws, gifts can never be accepted in connection with a specific transaction or discretionary act. Similarly, the receipt of gifts or entertainment by advisors to mutual funds, among others, may violate section 17(e) (1) of the Investment Company Act of 1940, as amended ("40 Act") and other laws if the gifts or entertainment are given by a vendor for the purpose of inducing the recipient or their firm to purchase or sell fund assets by or through the vendor. Instead, any entertainment or gifts accepted from vendors should be connected to a legitimate business or educational meeting.

Thus, you are required to report gifts, meals, or entertainment using the Gift Reporting form in <u>MyComplianceOffice</u> as follows:<sup>7</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Source and Type of Benefit**<br>| &nbsp;&nbsp;**Must it be Reported?** | &nbsp;&nbsp;**Must it be Approved?** |
| &nbsp;&nbsp; **<u>Brokers or Investment Managers</u>**:<sup>8</sup><br> · Gifts | &nbsp;&nbsp; Yes | &nbsp;&nbsp; Only if valued at $150 or more |
| &nbsp;&nbsp;· Branded marketing items | &nbsp;&nbsp;Yes, if valued at $150 or more | &nbsp;&nbsp;Only if valued at $150 or more |
| &nbsp;&nbsp;· Meals and entertainment | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Only if valued at $200 or more |
| &nbsp;&nbsp; **<u>All other vendors/service providers</u>**:<br> · Gifts | &nbsp;&nbsp; Yes | &nbsp;&nbsp; Only if valued at $150 or more |
| &nbsp;&nbsp;· Branded marketing items | &nbsp;&nbsp;Yes, if valued at $100 or more | &nbsp;&nbsp;Only if valued at $150 or more |
| &nbsp;&nbsp;· Meals and entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Only if:<br> ·  you attend an event with the same vendor more than once in the same calendar quarter; <br> <u>or</u><br> ·  valued at $500 or more per person | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Only if:<br> ·  you attend an event with the same vendor more than once in the same calendar quarter; <br> <u>or</u><br> ·  valued at $500 or more per person |
| &nbsp;&nbsp; **<u>Prospects or clients</u>**:<br> · Gifts | &nbsp;&nbsp; Yes, if valued at $100 or more | &nbsp;&nbsp; Only if valued at $100 or more |
| &nbsp;&nbsp;· Meals and entertainment | &nbsp;&nbsp;Yes, if valued at $500 or more per person | &nbsp;&nbsp;Only if valued at $1,000 or more person |
| &nbsp;&nbsp; **<u>Colleagues outside your department:</u>**<sup>9</sup><br> · Gifts, meals, or entertainment | &nbsp;&nbsp; Yes, if valued at $100 or more | &nbsp;&nbsp; Only if valued at $100 or more |

---

Both your supervisor and Compliance must approve of all gifts, meals, and entertainment if approval is required. You should seek prior approval <u>before</u> accepting gifts, meals, and entertainment whenever possible by using the Gift Reporting form in MyComplianceOffice, located under the Applications menu on the Bessemer Trust Intranet (and available <u>here</u>).

<sup>7</sup> Items received by a Member of Your Family who is also a Bessemer Trust client are not subject to these rules.

<sup>8</sup> Brokers refers to brokers who may be selected by Bessemer Trust for trading purposes and would also apply to other counterparties such as futures commission merchants or other intermediaries. Investment managers refers to investment managers who are or may be seeking to be included in a Bessemer Trust or Old Westbury fund, including seeking to serve as a sub-advisor for a mutual fund, soliciting an investment in a commingled private fund that they will manage, or seeking to be added to Bessemer Trust's External Manager Solutions platform, Alternative Investment Advisory platform or any similar platform.

<sup>9</sup> The Employee <u>receiving</u> the gift, meal, or entertainment, is responsible for the reporting and approval obligations noted above. Gifts, meals, or entertainment received from Employees <u>within your department</u> are not reportable or subject to approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** **Limits on Giving Gifts, Meals, and Entertainment** 

Because Bessemer Trust Officers and Employees generally must not use gifts as a means to solicit or maintain a business relationship, the giving of most gifts is also subject to limitations, reporting, and approval in most circumstances. Whether a gift can properly be given under this policy depends on (i) the purpose of the gift, and (ii) the value of the gift, as set forth below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Type of Benefit** | &nbsp;&nbsp;**Must it be Reported?** | &nbsp;&nbsp;**Must it be Approved?** |
| &nbsp;&nbsp; Gifts celebrating "life events"<br> (births, marriages, adoptions, etc.)<br>| &nbsp;&nbsp;Yes, if valued at $150 or more | &nbsp;&nbsp;Only if valued at $150 or more |
| &nbsp;&nbsp;Any other type of gift | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Only if valued at $150 or more |
| &nbsp;&nbsp;Meals or entertainment | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Bessemer Trust marketing items | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

---

You should obtain prior approval from your supervisor and Compliance prior to giving the gift. Please use the Gift Reporting form in MyComplianceOffice, located under the Applications menu on the Bessemer Trust Intranet (and available <u>here</u>).

Any request for an exception to the policy on the giving and receiving of gifts, meals, and entertainment is subject to review and approval by Compliance and management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Anti-Corruption - Restrictions on Giving Gifts** 

Bessemer Trust's activities must always be in full compliance with anti-bribery laws, including the Foreign Corrupt Practices Act, which prohibits making payments to foreign public officials to obtain business or a license. Accordingly, in addition to the restrictions noted above, no Bessemer Trust Employee shall give any gift or other personal benefit of any kind or amount to a local, state, national, or foreign government official (including any person employed by or representing a foreign government, their sovereign wealth funds and other related entities, officials of a foreign political party, officials of public international organizations, and candidates for foreign office) under any circumstances if Bessemer Trust is seeking to conduct business with the government agency or to receive any discretionary action, license, or authority to do business from a government official or agency. Similarly, no Bessemer Trust Employee shall seek to influence the outcome of the hiring of an investment adviser by any government entity by making a political contribution to any individual who is or may become directly or indirectly responsible for, or able to influence the outcome of, such hiring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***<u>OUTSIDE ACTIVITIES POLICY</u>*** 

This Outside Activities Policy places certain limitations on activities that are engaged in outside of an Employee's employment at Bessemer Trust. These limitations are necessary to help ensure that Employees' Outside Activities do not interfere, compete, or conflict with Bessemer Trust's duties or commitments to its clients or put Bessemer Trust's reputation at risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Required Approval and Annual Disclosure of Outside Activities</u>** 

All requests for approval of Outside Activities must be submitted using the Outside Activities reporting tool in MyComplianceOffice, located under the Applications menu on the Bessemer Trust Intranet (and

available <u>here</u>). Thereafter, you must confirm annually whether you (i) continue to participate in all previously approved activities and (ii) have disclosed and received approval for any outside activities that require approval under this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Limits on Outside Employment</u>** 

All outside employment requires the prior approval of your supervisor and Compliance through the MyComplianceOffice platform.

Officers holding the title of Principal or above and certain managers, supervisors, and professionals are expected to devote all their working energies to the performance of their duties at Bessemer Trust and, therefore, will generally not be permitted to engage in outside employment in most circumstances, subject to applicable law. When a request for the approval of outside employment is made by officers holding the title of Principal and above, Compliance may also deem it necessary to consult with the General Counsel, Chief Executive Officer or President of Bessemer Trust before addressing the request.

Outside Activities should not compete or conflict with, or have the potential to compete or conflict with, Bessemer Trust's duties to its clients or put Bessemer Trust's reputation at risk. For that reason, no outside employment or activity will be approved that might subject Bessemer Trust to criticism or that will encroach upon your working time, interfere with your regular duties, conflict with your work at or duties to Bessemer Trust or its clients, or necessitate such long hours as to affect your effectiveness at performing your work for Bessemer Trust or its clients. In addition, your outside employment must not be performed on Bessemer Trust's premises or using its property, systems, or Confidential Information. Further, you are prohibited from performing any services for clients in a personal capacity that normally are or could be performed by Bessemer Trust, such as preparing a tax return or bill payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Limits on Compensation for Outside Activities</u>** 

As a general matter, Bessemer Trust officers holding the title of Principal or above may not accept compensation, other than the reimbursement for reasonable expenses, for any outside activity, serving as a director, trustee, or fiduciary, speaking or publishing, or any other activity. Exceptions require the approval of your supervisor and Compliance, who may also consult with the General Counsel, Chief Executive Officer or President of Bessemer Trust before addressing the exception request. Any request to receive compensation for serving as a co-fiduciary with Bessemer Trust requires the approval of Bessemer Trust's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Limits on Serving in a Fiduciary Capacity</u>** 

You may not accept an appointment or receive compensation as an administrator, trustee, executor, guardian or any other fiduciary capacity, including serving as a co-fiduciary with any Bessemer Trust entity or holding a power of attorney, without the prior approval of your supervisor and Compliance, who may consult with the General Counsel, the Chief Executive Officer or President of Bessemer Trust before addressing the request. Generally, serving as a fiduciary or holding a power of attorney for a family member or dependent is excluded from this pre-approval requirement but it must still be reported as an Outside Activity. For further guidance, please contact Compliance and/or the Legal Department. Please refer to the Fiduciary Conflicts Management Policy for further guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Limits on Serving as a Director or Officer of an Outside Organization</u>** 

Serving as a director or officer of an outside Organization is generally permissible only in furtherance of legitimate charitable, academic, or professional interests or where such service may provide a benefit to Bessemer Trust. Serving as a director or officer of any public company or private operating company is generally not permitted. As a result, you may not accept an appointment as a director, officer, or member of a governing body of any outside Organization without the prior approval of your supervisor and Compliance, who may consult with the General Counsel, the Chief Executive Officer or President of Bessemer Trust before addressing the request.

Serving as a director or officer of an outside Organization in which a Bessemer Trust client has a significant financial interest is strongly discouraged because of the potential conflicts that may arise between your duties to both the firm and the Organization. If, however, serving in such a role is approved, you may not accept compensation for such a role unless approved in advance by the Chief Executive Officer and the General Counsel.

Participation in community organizations such as Parent Teacher Associations, condo and coop boards, religious organizations, and youth sports programs does not require prior approval, unless the role involves the handling or oversight of the organization's funds or accounts, in which case the activity must be submitted for approval as outlined above. For further guidance, please contact Compliance and\or the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Investment Activity</u>** 

Outside activities, whether compensated or done on a volunteer basis, that involve the management of any Organization's investment or brokerage accounts raise unique concerns. Such activities are also governed by the Personal Trading Policy and Procedures. As a result, your participation in such activities, if approved, will generally require you to (i) disclose any such account(s) as set forth in the Personal Trading Procedures, and (ii) obtain the entity's agreement to (a) provide Bessemer Trust with quarterly account statements, and (b) to refrain from trading any Covered Security until you seek and obtain preclearance from Bessemer Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Political Contributions and Activities</u>** 

Federal and state law generally prohibits Bessemer Trust or anyone acting on its behalf from making an expenditure or contribution of cash or anything else of value that is directly or indirectly in connection with any election for a political office. Employees are permitted to make political contributions in their personal capacity in their own name so long as no endorsement by Bessemer Trust is expressed or implied and no use is made of Bessemer Trust's name, systems or facilities in connection with political activity. From time to time, Employees may receive personal requests from clients and/or others doing business with the firm to contribute to a political fundraising event or to otherwise financially support a political campaign. Such political contributions are discouraged in light of the potential for the perceived endorsement by Bessemer Trust. If you are involved in political activities in a personal capacity, it is your responsibility to make sure that this is kept entirely separate from your duties as an employee and that Bessemer's name and resources are not used for political purposes. Employees must be mindful of and avoid any potential harm to Bessemer Trust and our client relationships as a result of any such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>EXTERNAL COMMUNICATIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Communicating with the Media, Speaking and Publishing, and Interacting with Regulators</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.**  **<u>Responding to Media Inquiries</u>** 

Bessemer Trust Employees must immediately refer all media inquiries concerning Bessemer Trust to the Head of Corporate Strategy and Communications and the Public Relations Manager, and refrain from communicating or speaking with a member of the media unless expressly authorized by Communications to do so. If a member of the media contacts you regarding Bessemer Trust, simply ask for their name and contact information and inform them that a company representative will be in touch<sup>10</sup>

&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>Speaking and Publishing</u> <sup>11</sup>** 

**Employees Speaking and/or Publishing on Behalf of Bessemer Trust or Identified as an Employee of Bessemer Trust**. In order to make sure that communications about Bessemer Trust and its business are accurate and made by employees who are authorized to speak or publish on the firm's behalf, as well as to ensure that we protect the reputation of the firm and the confidential information of our business and clients, all speeches, presentations, articles, or other forms of communication done in an Employee's capacity as a Bessemer Trust Employee or otherwise identifying an individual as a Bessemer Trust Employee must be approved in advance by (i) the Employee's manager, (ii) Communications, and (ii) the Legal Department as set forth in the Bessemer Trust Written Communications Policy and Procedure.

**Employees Speaking and/or Publishing in a Personal Capacity**. Bessemer Trust respects the desire of our employees to engage in personal communications in various mediums. However, writing or commenting on the firm's products or services, disclosing Confidential Information or providing investment or financial advice is prohibited. Doing so may conflate your personal and professional communications and negatively impact the firm. Employees must be alert to situations where they may be perceived as representing or speaking on behalf of Bessemer Trust. General concepts of truthfulness, good taste, and fair presentation apply to employees engaging in public appearances and personal communications, so you must use good judgment when making personal statements in public even in your personal capacity.

If an Employee seeks or intends to make a public appearance or publish in their individual capacity, prior notice should be given to the Employee's manager and to Communications.<sup>12</sup> "Publication" includes items created for traditional professional publications and industry journals, as well as blog posts or other social media platforms.<sup>13</sup> Such appearances or publications should normally not identify the Employee as a Bessemer Trust Employee or representative nor interfere, compete, or conflict with Bessemer Trust's duties or commitments to its clients or put Bessemer Trust's reputation or business at risk. If the Employee

<sup>10</sup> Please also refer to the <u>Media and Public Relations Policy</u> for more information.

<sup>11</sup> Please also refer to the Electronic Communications and Social Media Policy, which is incorporated as part of this Code.

<sup>12</sup> Appearances relating to community activities, such as youth sports programs, religious and school events are outside the scope of this policy unless the individual is identified as an employee of Bessemer Trust.

<sup>13</sup> For additional guidance, please also refer to Bessemer Trust's Electronic Communications and Social Media Policy, which is incorporated by reference in this Code of Ethics.

*will be* identified as a Bessemer Trust Employee or representative, they must seek prior approval as set forth above under "Employees Speaking and/or Publishing on Behalf of Bessemer Trust or Identified as an Employee of Bessemer Trust," and subject to approval any such presentation or appearance must include a statement, notice, or other indication to the effect that: "The opinions and materials contained herein or otherwise expressed do not reflect the opinions and beliefs of the author's employer."

&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>Interacting with Regulators</u>** 

Bessemer Trust's reputation also extends to its relationships with the government agencies that regulate us and our business. The firm's communications with its regulators must be accurate, complete and timely. It is the responsibility of Compliance to serve as the firm's primary point of contact with the firm's regulators. Any Bessemer Employee contacted by a regulator should immediately refer the inquiry to the Compliance Department and/or the Legal Department for appropriate handling and response. Employees should not provide comments on the firm's behalf or respond to authorities on a matter requiring a response from the firm without coordinating with Compliance and/or the Legal Department.

While the Code sets forth requirements for communicating with legal, regulatory or government authorities on Bessemer Trust's behalf, nothing in this Code restricts you from (i) initiating communications directly with, cooperating with, providing information to or otherwise assisting in an investigation by any governmental or regulatory body or official or self-regulatory organization (SRO) regarding a possible violation of any applicable law, rule or regulation, (ii) responding to any inquiry from any such governmental or regulatory body or official or SRO that is directed to you personally, does not seek a response on behalf of Bessemer Trust and is unrelated to any Bessemer Trust business, (iii) testifying, participating or otherwise assisting in any regulatory or governmental action or proceeding relating to a possible violation of a law, rule or regulation, or (iv) making any other disclosures that are protected by any applicable law or regulation. You do not have to notify Bessemer Trust of or obtain Bessemer Trust's prior authorization to engage in any such communications described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>PERSONAL TRADING POLICY</u>** 

Bessemer Trust's Personal Trading Policy and Personal Trading Procedures are incorporated by reference into this Code and are summarized below.<sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Disclosure of Securities Holdings and Trades</u>** 

Employees must disclose all Securities Holdings and Covered Accounts in which they have Beneficial Ownership within ten (10) days of the commencement of employment with Bessemer. Thereafter, Employees must disclose any new Covered Accounts and all Discretionary Trades (i.e., purchases, sales, or other dispositions, including gifts) and Securities Holdings of Covered Securities in Discretionary Accounts promptly. Employees must affirm this information (or disclose if not previously reported) within thirty days of the end of each quarter and year.

<sup>14</sup> This section is only a summary of the Bessemer Trust Personal Trading Policy and Personal Trading Procedures. Employees are required to read and comply with the full text of the Policy and Procedures. The Policy and Procedures also define certain of the terms used in this summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Duty to Use Only Approved Brokers</u>** 

All Covered Accounts must be maintained through an approved broker-dealer (unless, in limited circumstances, when an exception by Compliance has been granted), and Employees must promptly notify Compliance of the opening of any such account.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Trade Pre-Clearance Requirement for All Covered Accounts</u>** 

Employees must pre-clear with Compliance all purchases, sales, or other dispositions of Covered Securities (including gifts) in Discretionary Accounts. Employees must also obtain supervisor and Compliance approval before directly or indirectly acquiring Beneficial Ownership of any security in an Initial Public Offering, Initial Coin Offering, Limited Offering, or any private placement, special investment plan, or other private offering, including any investment in Bessemer Trust alternative funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>INSIDER TRADING AND PROHIBITED TRADING PRACTICES POLICY</u>** 

Bessemer Trust's Insider Trading and Prohibited Trading Practices Policy is incorporated by reference into this Policy and summarized below.<sup>16</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Prohibition on Insider Trading</u>** 

Buying, selling, or otherwise disposing of or recommending securities for yourself, by or for a Bessemer Trust Employee, a Member of Their Family, a Bessemer Trust client, a Bessemer Trust portfolio, or any other person or Organization while in possession of material non-public information is prohibited by law and this Policy. Violations of this prohibition can result in immediate termination of employment and a referral to regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Definition of Material Non-Public Information</u>** 

Information about an issuer of securities or the value of securities is considered "material" if a reasonable investor would view the information as significantly altering the "total mix" of information available about the issuer or a security. In other words, information is material if it would affect a reasonable investor's decision to buy or sell securities.<sup>17</sup>

Information about an issuer of securities or the value of securities is considered "non-public" if it has not been publicly disclosed by the issuer or is not otherwise in the public domain in accordance with applicable

<sup>15</sup> As noted in the Personal Trading Policy, in addition to accounts that Employees hold directly or indirectly, Employees are also presumed to have Beneficial Ownership of any accounts held by, or in the name of (i) any family member or domestic partner who shares an Employee's home, (ii) any person to whom an Employee provides primary financial support, and (iii) any other person or through any relationship that provides an Employee with any direct or indirect financial interest in, or with sole or shared voting or investment power over, Covered Securities.

<sup>16</sup> In order to facilitate the pre-clearance process for most securities traded on U.S. exchanges, Employees should use the <u>MyComplianceOffice</u> tool which can be found on the Applications menu of the Bessemer Trust Intranet. If the trade is not or cannot be pre-cleared through MyComplianceOffice, Employees must pre-clear the transaction by e-mailing complete transaction details to <u>PersonalTrading@Bessemer.com</u>.

regulations. Any questions about whether information meets these definitions should be referred to the Compliance Department or Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Reporting the Receipt of Material Non-public Information</u>** 

You must notify the Compliance Department immediately if you receive material non-public information or believe that another Bessemer Trust Employee or client is trading or attempting to trade while in possession of such information.<sup>18</sup> If the Compliance Department deems such information to be material and non-public, the impacted securities will be placed on a restricted list that prohibits trading in such securities by any Bessemer Trust Employee for any reason, whether for themselves, a client, a Bessemer Trust portfolio, or any other person.

Any doubt about whether a Bessemer Trust Employee or client is in possession of material non-public information should be resolved by reporting the information to the Compliance Department and ceasing all trading or recommendation of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Prohibition on Sharing Material Non-public Information</u>** 

Other than notifying Compliance as directed above, the communication or sharing of material non-public information to any other person or Organization for any reason is prohibited by law and this Policy. Doing so can result in immediate termination of employment and a referral to regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Other Prohibited Trading Practices</u>** 

As set forth more fully in the Insider Trading and Prohibited Trading Practices Policy, you must also avoid the following prohibited trading practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) High-risk trading activities using puts,
 calls, and other derivatives;<sup>19</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Front running or tailgating client or firm trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Trading based on information learned from investment advisers to Bessemer Trust, the Fifth Avenue
or other private Bessemer Trust funds, or the Old Westbury funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Selectively disclosing information about Bessemer Trust, the Fifth Avenue or other private Bessemer
Trust funds, or the Old Westbury funds' investment strategies or transactions, and fund or client account holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Spreading rumors about securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Market timing and late trading.

<sup>18</sup> Employees should promptly notify Compliance by submitting such notification to DList-IM_Compliance@bessemer.com.

<sup>19</sup> Although not strictly prohibited, trading activities involving puts, calls, or other derivatives may become impaired or lose value if trading in any of the underlying reference securities is restricted at the time performance is due under the derivative contract, potentially rendering you unable to meet your obligations under the derivative contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**  **<u>VIOLATIONS OF POLICY OR LAW AND PROTECTION FROM RETALIATION FOR REPORTING VIOLATIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Violations of Bessemer Trust Policy or Law</u>** 

Engaging in ethical and lawful conduct and maintaining and enhancing Bessemer Trust's reputation are shared responsibilities of all Employees. Violations of this Code of Ethics, any other Bessemer Trust policy, or any law or regulation can lead to disciplinary action which may include, without limitation, one or more of a warning or letter of reprimand, demotion, loss or reduction of merit compensation increases or discretionary incentive compensation awards (including bonuses), suspension without pay, or termination of employment. Bessemer Trust may also be obligated to report conduct by its Employees to governmental and regulatory agencies in certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Reporting Violations of Bessemer Trust Policy or Law</u>** 

It is the responsibility of every Bessemer Trust Employee to escalate potential legal, regulatory, and ethical breaches, including violations of this Code. In the event you become aware of or suspect any potential or actual violations of this Code, any other Bessemer Trust policy, or any law or regulation, including Bessemer Trust's employment and non-discrimination policies, you must promptly notify:

Any suspected or actual Code, policy, or legal violations to the Legal Department and/or Compliance (by phone or email to <u>CodeofEthics@Bessemer.com).</u> <u> Your Human Resource Advisor for any employment and\or non-discrimination policy violations. </u>

If there is <u>any</u> question concerning whether conduct or a circumstance violates policy or law, Employees should err on the side of reporting such circumstances. All reports will be promptly considered, and appropriate action will be taken. Reports of violations or suspected violations will be kept confidential to the extent possible, and, as set forth below, you will be protected from retaliation for making a good faith report. If you wish to report such circumstances anonymously you can do so by (i) calling the confidential Bessemer Ethics Line ((844) 268-8279), (ii) visiting <u>www.bessemer.ethicspoint.com</u> on any device, or (iii) clicking the Bessemer Ethics Line <u>link</u> on the Bessemer Trust Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Protection from Retaliation for Reporting Violations</u>** 

Bessemer Trust seeks to create an environment where Employees feel safe to raise concerns without fear of retaliation.

No Bessemer Trust Employee will suffer any form of retaliation or any adverse employment consequence as a result of making a good faith report of any potential or actual violation of the Code or any other Bessemer Trust policy, including Bessemer Trust's employment and non-discrimination policies, or any law or regulation. As a result, any Bessemer Trust Employee who retaliates against another Employee for making a good faith report is subject to discipline up to and including termination of employment.

This non-retaliation policy is intended to encourage and enable Employees to voice their concerns within Bessemer Trust. Employees who believe that they or any other Bessemer Trust Employee has been the

subject of retaliation should promptly report such circumstances to the Legal Department or to the Bessemer Ethics Line (available <u>here</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**  **<u>CODE ADMINISTRATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Annual Employee Affirmation</u>** 

You must affirm on an annual basis that you understand, have adhered to, and will adhere to the following Bessemer policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>The Code of Ethics</u>: That you have adhered to each of its mandates, prohibitions, and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Outside Activities Policy</u>: That you have reported and received approval for all covered Outside Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Personal Trading Policy and Insider Trading and Prohibited Trading Practices Policy</u>: That you have disclosed all Covered Accounts and Securities Holdings, have pre-cleared and reported all covered trades in Discretionary Accounts, and have not engaged in insider trading or other prohibited trading practices as defined in the Insider Trading and Prohibited Trading Practices Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Overall Administration</u>** 

The Compliance Department is responsible for administration of the Code and may provide interpretations of the Code in consultation with the Legal Department as appropriate. Investigations of possible Code violations are conducted by or at the direction of the appropriate party, including Compliance, the Legal Department, Human Resources, or Internal Audit.

**<u>GLOSSARY</u>**

**<u>Beneficial Ownership</u>**: Employees are considered to have "Beneficial Ownership" of any Covered Securities or Covered Account in which they have a direct or indirect financial interest. A "financial interest" is defined broadly and means any opportunity, directly or indirectly, to profit, or share in any profit derived from, a transaction in the subject securities.

For the avoidance of doubt, Employees have a "direct financial interest" in any securities that they hold in their own name, either individually or jointly. Employees have an "indirect financial interest" in any Covered Securities held by their family member or domestic partner (whether or not such legal status is recognized by local law), who shares an Employee's home, and any other person to whom the Employee provides primary financial support.

Employees also have an indirect financial interest in any Covered Securities held by an entity or person with whom they have a contractual or other relationship that provides them with any financial interest in, or with sole or shared voting or investment power over, Covered Securities. Such entities and relationships include, among other things, partnerships of which an Employee is a partner, limited liability companies of which an Employee is a member, revocable trusts of which an Employee is a grantor, trusts of which an Employee is a trustee, direction adviser or beneficiary, estates of which an Employee is an executor or beneficiary, UTMAs of which an Employee is the custodian, any investment club (or similar) in which an Employee is a member, and investment committees in which the Employee is a member or otherwise has responsibility for the management of the Organization's investment or brokerage accounts.

**<u>Bessemer Trust</u>**: The Bessemer Group, Incorporated and its subsidiaries, and each of them.

**<u>Chief Fiduciary Counsel</u>**: Bessemer Trust's Chief Fiduciary Counsel or external fiduciary counsel.

**<u>Commodities</u>**: Any commodity option, future, or similar agreement to purchase or sell a commodity for delivery in the future.

**<u>Covered Account</u>**: Any trust, brokerage, custodial or similar account that holds Covered Securities in which an Employee has a Beneficial Ownership, or in which an Employee can effect a transaction in Covered Securities in which they will have Beneficial Ownership.

As noted above, this definition includes any accounts held by, or in the name of, an Employee's spouse or domestic partner, minor children, or any relative or other person who shares the Employee's home, or other persons by reason of any contract, arrangement, understanding or relationship that provides an Employee with sole or shared voting or investment power.

**<u>Covered Security:</u>** "Covered Security" includes, among other security types, stocks, bonds, notes, debentures, Exchange Traded Funds ("ETFs") (collectively "Securities"), Commodities, any option to buy or sell Securities or Commodities, and any investments in Initial Public Offerings, Initial Coin Offerings, Affiliated Investment Companies, Limited Offerings, or any private placements, special investment plans, or other private offerings, including any investment in Bessemer Trust alternative funds.

A "Covered Security" <u>does not include</u>: (a) United States government securities, (b) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements, (c) shares issued by money market funds, and (d) shares issued by any unaffiliated

open-end investment companies registered under the Investment Company Act of 1940 Act, as amended, and (e) Unit Investment Trusts.

**<u>Discretionary Accounts</u>**: Accounts that hold Covered Securities over which an Employee has sole or shared voting or investment power, whether by virtue of a contractual or other relationship, or a corporate or other business entity role held by an Employee. Such relationships and business entity roles include, among other things, partnerships of which an Employee is a general partner, limited liability companies of which an Employee is a managing member, revocable trusts of which an Employee is a grantor, trusts of which an Employee is a grantor, trusts of which an Employee is a trustee or direction adviser, estates of which an Employee is an executor, UTMAs of which an Employee is the custodian. For clarity, Discretionary Accounts are a subset of Covered Accounts.

**<u>Discretionary Trades</u>**: All transactions in Covered Securities are considered "Discretionary Trades" unless the transaction is (i) non-volitional on your part (including, for example, additional securities purchases through a pre-cleared automatic investment plan or a purchase or sale effected by an independent investment manager for a pension, mutual fund, or retirement plan), or (ii) made in a Covered Account over which you have given investment discretion to an independent third party, or over which you do not exercise investment discretion, provided that you have certified in writing that you do not, and will not, exercise such discretion. Gifts of Covered Securities are not "Discretionary Trades" but still must be pre-cleared as provided in the Bessemer Trust Personal Trading Procedures.

**<u>Employee</u>**: Every officer and employee, whether full or part time, of any Bessemer Trust entity.

**<u>Fiduciary Account</u>**: Any account for which Bessemer Trust is a named fiduciary, such as a trust where Bessemer Trust is serving as trustee or an estate where Bessemer Trust is serving as personal representative.

**<u>Fiduciary Counsel</u>**: Bessemer Trust's Fiduciary Counsel.

**<u>Human Resources</u>**: The Human Resources Department of Bessemer Trust.

**<u>Initial Coin Offering</u>**: Initial Coin Offering is a method of raising capital in exchange for digital coins or tokens that entitle their holders to certain rights. The U.S. Securities and Exchange Commission ("SEC") has stated that most tokens sold in Initial Coin Offerings constitute securities, and accordingly, such offerings must either be registered with the SEC or exempt from registration under the Securities Act of 1933.

**<u>Initial Public Offering</u>**: Initial Public Offering means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

**<u>Limited Offering</u>**: Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2), Section 4(6), Rule 504, Rule 505 or Rule 506 (e.g., private placements).

**<u>Member of Their Family/ Member of Your Family/Member of the Family of a Bessemer Trust Employee</u>**: Any (i) near relative of a Bessemer Trust Employee, including their spouse, domestic partner, children, parents, siblings and dependents, (ii) individual or Organization that represents or acts as agent

or fiduciary for those named, (iii) and other individuals or Organizations through which those named may receive a personal benefit.

**<u>Organization</u>**: Any corporation, partnership, association, limited liability company, joint venture, club, or other society or entity, either formal or otherwise.

**<u>Regulatory Inquiries</u>**: A request for information or an inquiry from government, regulatory, or administrative agencies, whereby a request for information may take various forms, including: complaints, summonses, subpoenas, court orders, and notices from official entities.

**<u>Outside Activities</u>**: Any activity outside of an Employee's work at Bessemer Trust that involves (i) employment or consulting with another organization, (ii) serving as an employee, director, trustee, or fiduciary for any individual or organization, or (iii) any speaking, writing, or political activity that might suggest or imply a connection with or the endorsement of Bessemer Trust as further described in the Code.

**<u>Securities Holdings</u>**: All Covered Securities in which an Employee has Beneficial Ownership.

**<u>Senior Management</u>**: Any Bessemer Trust officer who holds the title of Managing Director or above.

**<u>Senior Financial Officer</u>**: Bessemer Trust's Chief Executive Officer, Chief Financial Officer, Treasurer, Controller, and Director of Corporate Tax.

**<u>SIDD Committee</u>**: The Special Investments and Discretionary Distributions committee of any Bessemer Trust entity that serves in a fiduciary capacity.

## Exhibit 99.28

**Exhibit 99.28 (p)(iv)**

**CODE OF ETHICS**

Most Recent Amendment: October 2025

Implementation Date: 2004

------

**Purpose**

Sands Capital Management, LLC (*"Sands Capital Management"*) and its investment advisory affiliates (*"Sands Capital"*) have adopted this Code of Ethics and its related policies (this "*Code*") pursuant to Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"), and Rule 17j-1 of the Investment Company Act of 1940, as amended (the "'*40 Act*").

The Advisers Act requires an investment adviser to adopt, maintain and enforce a written code of ethics regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The investment adviser's fiduciary duties to clients;

2. Compliance with applicable federal securities laws;

3. The reporting and review of personal securities transactions and holdings;

4. The pre-approval of certain investments;

5. The reporting of violations of the code of ethics; and

6. The delivery of the code of ethics and any amendments thereto to each supervised person of the
 investment adviser and a written acknowledgment of receipt.

The '40 Act requires the investment adviser to an investment company to adopt, maintain and enforce a written code of ethics reasonably necessary to prevent relevant persons from engaging in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by the investment company.

**Scope**

This Code applies to each Access Person (as defined below). The Chief Compliance Officer ("*CCO*") has the discretion to exempt any Supervised Person (as defined below) from provisions of this Code, provided doing so would not violate applicable law or regulation.

**Definitions**

"***Access Person***" means Sands Capital's directors, officers, partners, and Supervised Persons who (1) have access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or (2) are involved in making securities recommendations to clients, or who have access to such recommendations that are nonpublic. Sands Capital generally considers all Staff Members to be Access Persons.

"***Beneficial Owner***" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares a direct or indirect pecuniary interest in a security.

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"***Federal Securities Laws***" includes the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, and any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of those statutes, the Bank Secrecy Act as it applies to registered investment advisers and investment companies, and any rules adopted thereunder by the SEC or the Department of the Treasury.

"***Free Trading Securities***" means securities that are freely tradable without seeking preclearance and without regard to an open trading window. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-traded funds ()"*ETFs* "), except
 for highly concentrated ETFs\*;

· Mutual funds\*;

· Exchange-traded notes (*"ETNs"*)\*;

· Annuities;

· REITs;

· Systematic investment plans;

· Foreign currency contracts;

· Cryptocurrency on Coinbase's listed assets (<u>https://www.coinbase.com/browse</u>);
 and;

· Any securities that are not Reportable Securities.

\* ETFs and mutual funds advised or sub-advised by Sands Capital are Free Trading Securities. However, Staff Members should contact the Compliance team to obtain pre-clearance before trading in any ETF or ETN that holds few positions or is otherwise highly concentrated.

"***Immediate Family Member***" means the following persons sharing an Access Person's household: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

"***Outside Business Activity***" means any employment or other outside activity by a Supervised Person.

"***Reportable Security***" means any security, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions and holdings in direct obligations of the
 U.S. government (e.g., U.S. Treasury bills, notes and bonds).

2. Money market instruments — bankers' acceptances, U.S.
 bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments.

3. Shares of money market funds.

4. Transactions and holdings in shares of other types of open-end investment
 companies (i.e., mutual funds), unless the adviser or a control affiliate acts as the investment adviser or principal underwriter
 for the fund.

5. Transactions in units of a unit investment trust that are invested
 exclusively in unaffiliated mutual funds.

"***Staff Member***" means Sands Capital's directors, officers, partners, and employees. Any consultant, intern, or independent contractor hired or engaged by Sands Capital may also be considered a Staff Member for purposes of this Code at the discretion of the CCO.

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"***Supervised Person***" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Sands Capital, other person who provides investment advice on behalf of Sands Capital and is subject to the supervision and control of Sands Capital, or any individual the CCO deems a Supervised Person. Sands Capital considers all Staff Members to be Supervised Persons.

**Code of Conduct, Fiduciary standards, and compliance with Federal securities laws**

Each Staff Member is considered a Supervised Person and generally considered an Access Person of Sands Capital Management. Staff Members whose responsibility involves performing services with respect to an investment advisory affiliate are also Supervised Persons of Sands Capital Management. Staff Members must act ethically with integrity, competence, and dignity when dealing with the public, existing and prospective clients, third-party service providers, and colleagues. Staff Members must not engage in risky activity or improper behavior that would embarrass or harm Sands Capital's reputation. Staff Members must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Sands Capital's services, and engaging in other professional activities. In addition, Staff Members must comply with all applicable Federal Securities Laws and adhere to these general principals and the specific provisions of this Code at all times. All Staff Members shall certify in writing upon hire and at least annually that they have received, read and understand this Code, which should be read together with the Sands Capital Policies and Procedures Manual (the "*Manual*") and will comply with the requirements of this Code and the Manual.

Sands Capital owes fiduciary obligations to its clients. As a fiduciary, Sands Capital stands in a special relationship of trust, confidence, and responsibility to its clients. Accordingly, Sands Capital and its Staff Members must avoid activities, interests, and relationships that might interfere, or appear to interfere, with making decisions in clients' best interests. Staff Members must always seek to place clients' interests before their interests or the interests of Sands Capital. Staff Members may not cause a client to take any action, or not to take any action, for the personal benefit of the Staff Member, and must act for the sole benefit of Sands Capital's clients and investors.

**Violations of the Code**

Improper actions by Sands Capital or its Staff Members could have severe negative consequences for Sands Capital and its clients, investors, and Staff Members. Impropriety, or even the appearance of impropriety, could negatively impact all Staff Members, including those who were not involved in the inappropriate activity.

Staff Members must promptly report any improper or suspicious activities to the CCO, including any suspected violations of this Code or applicable laws. Issues can be reported to the CCO in person, by telephone, email, or anonymously through Navex Global, which is available through the Sands Capital intranet. The CCO will investigate any reports of potential problems.

Sands Capital's senior executives will view a Staff Member's identification of a material compliance issue favorably. Retaliation against any Staff Member who reports a violation of this Code in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If Staff Members believe

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they have been retaliated against, they should notify the Head of Human Resources or Sands Capital's other senior management.

Violations of this Code, or other policies and procedures outlined in the Manual, which should be read together with this Code, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Staff Member's supervisor, suspending personal trading rights, imposing a fine, taking misconduct into account when making compensation decisions, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and a combination of the preceding. Violations may also subject a Staff Member to civil, regulatory, or criminal sanctions. Sanctions and other actions will be in accordance with applicable employment laws and regulations. All violations of the Code will be recorded on the violations log.

If the CCO determines that a material violation of the Code has occurred, the CCO will promptly report the offense and any association action(s) to Sands Capital's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive, or manipulative act, Sands Capital will report its findings to the relevant registered investment company's Board of Directors or Trustees to the extent required under Rule 17j-1.

For the avoidance of doubt, nothing in this Code prohibits Staff Members from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Staff Members do not need prior authorization from their supervisor, the CCO, or any other person or entity affiliated with Sands Capital to make any such reports or disclosures and do not need to notify Sands Capital that they have made such reports or disclosures. Additionally, nothing in this Code prohibits Staff Members from recovering an award under a whistleblower program of a government agency or entity.

In certain circumstances, violations of the Code or Federal Securities Laws may warrant Sands Capital to disclose the misconduct to regulators or other governmental authorities. In such an instance, the CCO and General Counsel will determine whether self-disclosure is in the best interest of Sands Capital's clients and investors. Sands Capital is committed to fostering a strong culture of compliance at all levels of the firm.

**Ineligible Persons**

Under Section 9 of the '40 Act, persons who have committed various acts are prohibited from serving in certain capacities with respect to mutual funds. Under Section 9(a), an "ineligible person" generally cannot serve as an employee, officer, trustee, member of the advisory board, investment adviser, or principal underwriter of a fund. Ineligible persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons with convictions within the last ten years who
 are tied to securities transactions or employment in the securities field;

· persons with permanent or temporary injunctions from acting in certain
 capacities in the securities arena;

· persons who have an affiliate that is ineligible under clause (1)
 or (2) above; or

· persons subject to an SEC order declaring them ineligible under
 Section 9 of the '40 Act.

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A Staff Member who becomes an "ineligible person" (or who believes they may have hired or employed an "ineligible person") as described above must promptly notify Compliance.

**CONFLICTS OF INTEREST**

Conflicts of interest may exist between various individuals and entities, including Sands Capital, Staff Members, third-party service providers, and current or prospective clients and investors. Failure to identify or adequately address a conflict can have severe negative repercussions for Sands Capital and its Staff Members, clients, and investors. In some cases, the improper handling of a conflict could result in litigation and disciplinary action.

Sands Capital's policies and procedures have been designed to identify and adequately disclose, mitigate, and/or eliminate applicable conflicts of interest. However, written policies and procedures cannot address every potential conflict, so Staff Members must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve Sands Capital or Staff Members on the one hand, and clients or investors on the other, will generally be fully disclosed or resolved in a way that favors the interests of clients or investors over the interests of Sands Capital and its Staff Members. Staff Members must promptly report any actual or potential conflict of interest to Compliance.

In some instances, conflicts of interest may arise between clients or investors. Responding appropriately to these types of conflicts can be challenging and may require robust disclosures if there is any appearance that one or more clients or investors have been unfairly disadvantaged. Staff Members should notify a member of the Compliance team promptly if it appears that any actual or apparent conflict of interest between clients or investors has not been appropriately identified or addressed.

<u>Sands Capital Conflicts Board</u>. The Conflicts Board is responsible for providing oversight over actual, potential, or apparent material conflicts of interest on behalf of Sands Capital. The Conflicts Board reviews and resolves situations involving enterprise or investment risks escalated to it by Compliance or Legal.

**PERSONAL SECURITIES TRANSACTIONS**

Personal trades should be executed in a manner consistent with Sands Capital's fiduciary obligations to clients. Trades should avoid actual improprieties, as well as the appearance of impropriety. Personal trades must not be timed to precede orders placed for any client, nor should the trading activity be so excessive as to conflict with the Staff Member's ability to fulfill daily job responsibilities.

In the event of a material change to this section of this Code, the CCO shall notify each applicable registered investment company's board of directors or trustees of such modification and ensure that the change is approved by each no later than six months after the change is adopted.

<u>Reportable Accounts</u>. Sands Capital's policies and procedures apply to all personal accounts holding securities in which Staff Members or their Immediate Family Members have any beneficial ownership interest.

Non-discretionary accounts, also known as managed accounts, must be reported and require an attestation

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from the Staff Member and account manager stating that the Staff Member does not exercise direct or indirect influence or control the investment decisions for the account. Staff Members should contact Compliance to obtain the appropriate forms. Staff Members are required to confirm the attestations and must report managed account holdings upon hire and on an annual basis.

<u>Reportable Securities</u>. Sands Capital requires Staff Members to provide periodic reports regarding transactions and holdings in Reportable Securities, including investments in private investments, IPOs and/or ICOs (See *Required Reporting*, below). ETFs, and ETNs, are, or are somewhat similar to, open-end registered investment companies. However, both ETFs and ETNs are subject to the reporting requirements described in *Required Reporting* below.

<u>Pre-Clearance Requirements</u>. Staff Members and Immediate Family Members are required to pre-clear all personal securities transactions (for example, individual stocks and corporate bonds) except for personal securities transactions in Free Trading Securities, those pursuant to an automatic investment plan (including dividend reinvestment plans), and those made within a non-discretionary account. Staff Members must submit pre-clearance requests through Sands Capital's compliance management system and obtain written Compliance approval prior to engaging in relevant personal securities transactions.

Compliance has the discretion to approve or decline any pre-clearance request. Any Compliance pre- approval, if granted, is valid until the end of the day when the pre-clearance request is approved plus the following trading day, unless determined otherwise by the CCO. Pre-clearance requests may be denied for various reasons, including but not limited to, the existence of conflicts of interest or the appearance of conflicts of interest, the security being listed on the Sands Capital restricted list (a confidential list of securities for which personal trading is not permitted), and/or Sands Capital's possession of material, nonpublic information.

<u>Open Windows</u>. Sands Capital allows personal securities transactions during "Open Windows," which generally occur monthly, and permits Staff Members to buy and sell equities for the duration of the Open Window. Sands Capital may, in its discretion, establish Open Windows for specific securities between monthly Open Windows.

Compliance will communicate the dates of Open Windows to all Staff Members in advance.

<u>Private Investments, IPOs, and ICOs</u>. All investments and redemptions involving private or limited offerings, initial public offerings ("IPOs"), and initial coin offerings ("ICOs") require Staff Members to submit a pre-clearance request through Sands Capital's compliance management system. Pre-clearance requests should include relevant documentation, such as pitch decks, PPMs, LPAs, etc. Reviews of these requests require additional Compliance scrutiny and may take several days to complete. Compliance advises Staff Members to submit the pre-clearance request as early as possible so as not to delay the review.

Investments into Sands Capital's private funds do not require Staff Members to submit a preclearance request through Sands Capital's compliance management system, however, Staff Members will be required to submit subscription agreements to Sands Capital before an investment in such private fund can occur. Sales of distributions of stock from a Sands Capital private fund are subject to the same trading restrictions

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and reporting requirements as other individual equity securities, however, the 90-day holding requirement does not apply. Information on investing in any such private fund will be communicated to eligible Staff Members.

Investments by Staff Members in Sands Capital Management, LP do not require pre-approval or reporting through Sands Capital's compliance management system.

<u>Trading</u>. Staff Members seeking approval to transact during an Open Window are subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Sales**: Compliance will consider pre-clearance
 requests to sell any Reportable Security held by the Staff Member.

· **Purchases**: Compliance will only consider pre-clearance requests
 to purchase individual equity securities that are included in the portfolio of a Sands Capital strategy.

<u>Holding Periods</u>. Individual equity securities must be held for a minimum of 90 calendar days. All other securities must be held for a minimum of 30 calendar days unless the sale of the security would result in a loss.

<u>Options, Other Derivatives, and Short Sales</u>. Staff Members are strictly prohibited from engaging in personal trading activities involving options, derivatives, and short selling.

<u>Exceptions</u>. The CCO has the sole discretion to grant exceptions to this Personal Securities Transaction policy, for example, due to an unforeseen hardship (e.g., the purchase of a home or a significant medical expense). From time to time, an exception may be granted on a case-by-case basis after the consideration of all relevant facts and circumstances, if appropriate.

**Required Reporting**

<u>Initial and Annual Holdings Report(s)</u>. All Staff Members are required to disclose their Reportable Accounts, and holdings in Reportable Securities, including private investments, at the time of hire and at least once a year thereafter. The Initial Holdings Report must be submitted within 10 days of the individual becoming a Staff Member and on an annual basis thereafter (the Annual Holdings Report). The holdings report information contained in a Staff Member's Initial Holdings Report and Annual Holdings Report must be current as of a date no more than 45 days prior to the date of submission through Sands Capital's compliance management system.

<u>Quarterly Transactions Report</u>. Staff Members are required to submit a Quarterly Transactions Report of all personal transactions in Reportable Securities, including any investments in private investments, IPOs and/or ICOs, which is due no later than 30 days after the relevant calendar quarter-end. For purposes of clarity, personal securities transactions that are executed pursuant to an automatic investment plan or through a managed account do not need to be disclosed on the Quarterly Transactions Report (although any such holdings must be included on a Staff Member's Initial Holdings Report and Annual Holdings Report).

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Staff Members should connect their Reportable Accounts that hold Reportable Securities to Sands Capital's compliance management system to satisfy their reporting requirements. In the event this is not possible, Staff Members should notify the CCO or a Compliance team member. If approved by the CCO, monthly or quarterly account statements can be used to satisfy the disclosure requirements as an alternative to the compliance management system, provided the account statement(s) includes all transactions in Reportable Securities effected during the period and includes, at a minimum, all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of each transaction, the title, and as applicable,
 the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each
 security involved;

· the nature of the transaction (i.e., purchase, sale, or any other
 type of acquisition or disposition);

· the price of the security at which the transaction was effected;

· the name of the firm with or through which the transaction was effected;
 and

· the date the Staff Member submits the report.

Staff Members will receive an automated notification and periodic reminders that they must complete the Quarterly Transaction Report in Sands Capital's compliance management system. The Compliance team will review Quarterly Transaction Reports to ensure that Staff Members have followed the policies.

<u>Additional Reporting</u>. Staff members are also required to report and certify to any outside business activities, political contributions, and disciplinary history upon hire and annually thereafter. Compliance may also require Staff Members to seek approval for outside business activities and political contributions, as further described in this Code.

**Gifts and Entertainment**

Sands Capital holds its Staff Members to high ethical standards and prohibits giving or receiving things of value that are designed to improperly influence the recipient. Anti-bribery and anti-corruption statutes in the U.S. and globally are broadly written, so Staff Members should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

Under the U.S. Employee Retirement Income Security Act of 1974, as amended ("*ERISA*"), plan sponsors and fiduciaries of covered pension plans must exercise caution in accepting any gifts or gratuities from a service provider (including investment advisers), even those of reasonable value. Specifically, Section 406(b)(3) of ERISA makes it unlawful for a plan fiduciary to receive any consideration for its own personal account from any party dealing with the plan in connection with a transaction involving the assets of the plan.

While these requirements apply primarily to plan fiduciaries as the potential recipients of gifts or entertainment (rather than the giver), to prevent Sands Capital as a service provider from running afoul of ERISA and non-ERISA rules in these areas, Sands Capital requires that, with respect to ERISA and non- ERISA public pension plan clients, **no gifts be given** (other than immaterial token gifts, e.g., investor conference gift handouts) and no extravagant entertainment be provided without consulting with the CCO so they may be reviewed in advance for reasonableness and appropriateness. Certain clients or prospects

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maintain internal policies that prohibit Sands Capital and its Staff members from giving anything of value to their employees and/or representatives. In such cases, relevant Staff members will be notified by the Compliance team of such restrictions.

The Foreign Corrupt Practices Act of 1977 ("*FCPA*") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may apply the FCPA to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit giving gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances. Civil and criminal penalties for violating the FCPA can be severe. See Sands Capital's Foreign Corrupt Practices Act Policy for additional information.

Staff Members are prohibited from giving or receiving gifts or entertainment that may appear lavish or excessive and must obtain Compliance approval to give or receive gifts of more than $250 USD per year or entertainment of more than $500 USD per year (the "*de minimis amount*") per individual that Sands Capital does or seeks to do business with. These limitations are in addition to the FCPA-related restrictions and the restrictions regarding pension plans described herein. Gifts such as holiday baskets or lunches delivered to Sands Capital offices, which are received on behalf of Sands Capital, do not require reporting.

Staff Members must pre-clear and obtain Compliance approval for any gifts and/or entertainment requests above the relevant de minimis amounts through Sands Capital's compliance management system.

**Outside Business Activities**

Business activities outside of work may present a conflict of interest or risk that could harm Sands Capital, its clients, or its investors. For instance, work that is investment-related or involves a significant amount of time or provides substantial income may conflict with a Staff Member's work at Sands Capital. For Sands Capital to identify and manage conflicts and risks, Staff Members must disclose and request Compliance pre-approval through Sands Capital's compliance management system prior to participating in any outside business activity. Staff Members may not share confidential information obtained through their outside business activities with other Staff Members. Any outside business activity that involves service on the board of directors of a publicly traded company will generally not be permitted. At all times, the interests of Sands Capital's clients take priority over the outside business activities of Staff Members.

<u>Exceptions</u>. Staff Members are not required to disclose or seek pre-clearance for unpaid service as a volunteer for a non-profit entity, including civic organizations (e.g., a local homeowners or resident association) unless the Staff Member performs investment-related functions on its behalf. Staff Members

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may also serve on a Sands Capital portfolio company's board of directors without separate disclosure or pre-clearance under this Code; however, such participation on a board may be subject to other policies of Sands Capital.

**Political and Charitable Contributions**

Rule 206(4)-5 under the Advisers Act (the "*Pay-to-Play Rule*") was adopted by the SEC to combat "pay- to-play" arrangements in which investment advisers are chosen based on their campaign contributions to political officials rather than on merit. Such arrangements are viewed by the SEC as a breach of an investment adviser's fiduciary duties.

The Pay-to-Play Rule prohibits an investment adviser from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. receiving compensation from a government entity for
 advisory services for two years following contributions by the investment adviser (or non de minimis contributions by a covered
 associate) (as defined below) to any official of that government entity;

2. paying (or agreeing to pay) any person, directly or indirectly,
 to solicit a government entity for investment advisory services unless such person is a regulated person (such as certain
 investment advisers or brokers) or an employee of the investment adviser; or

3. coordinating, or soliciting any person or political action committee
 to make, (a) any contribution to an official of a government entity to which the adviser is providing or seeking to provide
 investment advisory services; or (b) payment to a political party of a State or locality where the adviser is providing or
 seeking to provide investment advisory services to a government entity.

A "*covered associate*" of an investment adviser means any: (1) general partner, managing member or executive officer, or other individuals with a similar status or function, of the adviser; (2) any employee of the adviser that solicits a government entity for the adviser, as well as any direct or indirect supervisor of that employee; and (3) political action committee controlled by the adviser or any person that meets the definition of a "covered associate".

"*Contributions*" means any gifts, loans, payment of debts, or provision of any other thing of value made for purposes of influencing a federal, state, or local election, including payments of campaign debts and transition or inaugural expense incurred by successful candidates for state or local (but not federal) office. The definition may also include contributions to political parties or political action committees if such contributions are attributed to a particular candidate. The definition does not include the provision of personal time (such as volunteering time to a political campaign outside of working hours).

To ensure compliance with the Pay-to-Play Rule, Sands Capital has adopted in this Code certain policies and procedures with respect to political and charitable contributions and solicitation arrangements.

<u>Political Contributions</u>. Staff Members and their Immediate Family Members are prohibited from soliciting from others, or coordinating, contributions to certain elected officials or candidates or payments to political parties where the adviser is providing or seeking government business. Further, Staff Members and their Immediate Family Members are prohibited from making any other political contributions unless they receive CCO approval.

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If a Staff Member or their Immediate Family Member intends to make any political contribution (whether to a state or local government entity, an official, a candidate, a political party, or political action committee) the Staff Member must seek pre-clearance using Sands Capital's compliance management system. If pre- clearance is granted, it is valid for seven days before and after the intended contribution date. Any contributions outside of this date range require re-approval. The CCO will consider whether the proposed contribution is consistent with restrictions imposed by the Pay-to-Play Rule, and to the extent practicable, the CCO will seek to protect the confidentiality of all information regarding each proposed contribution. Generally, pre-clearance requests will be approved if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Staff Member is entitled to vote at the time of
 the contribution and contributions in the aggregate do not exceed **$350** to any one official, per election; or

2. The Staff Member is not entitled to vote at the time of the contribution
 and contributions in the aggregate do not exceed **$150** to any one official, per election.

3. The contribution is requested to be made to a national political
 candidate or party and the recipient does not otherwise hold a state or local political office.

Sands Capital generally requires that a Staff Member donating to a political action committee or similar group obtain a certification from such committee or group that contributions will not be used to make or provide, directly or indirectly, (i) any gift, subscription, loan, advance or deposit of money or anything of value, to any official of, or candidate for, a U.S. state or local office or political subdivision, including any agency, authority or instrumentality of such U.S. state or political subdivision or any official of a U.S. state or local office or political subdivision seeking a federal elective office, or (ii) payment to a political party of a U.S. state or locality, including any election committee.

Any political contribution by Sands Capital must receive CCO approval, regardless of the proposed amount or recipient of the contribution. The CCO or his or her designee will maintain a chronological list of contributions in accordance with the requirements of the Pay-to-Play Rule and Rule 204-2(a)(18) under the Advisers Act, as well as a list of all clients and investors that meet the definition of a "government entity" for purposes of Rule 206(4)-5.

The restrictions imposed by the Pay-to-Play Rule can apply to the activities of Staff Members involved in soliciting clients or investors for the two years before they became covered associates of Sands Capital and the six months before they became covered associates for those not involved in soliciting clients or investors.

<u>Solicitation Arrangements</u>. Sands Capital will only compensate third parties for referrals of clients or investors that are affiliated with government entities if the solicitor is an eligible "regulated person," as defined by Rule 206(4)-5 and if the solicitor and its covered associates have not made any disqualifying contributions during the past two years.

The CCO is responsible for reviewing the eligibility of all solicitation arrangements that involve, or are expected to involve, government entities.

<u>Charitable Donations</u>. Donations by Sands Capital or Staff Members to charities with the intention of

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influencing such charities to become clients or investors are prohibited. Staff Members should notify the CCO about any actual or apparent conflict of interest in connection with any charitable contribution or any contribution that could give an appearance of impropriety.

**Books and Records**

Sands Capital will maintain records relating to this Code in the manner and as required by Rule 204-2(a)(12) and (13) under the Advisers Act and Rules 17j-1(f) and 31a-1(f) under the '40 Act.

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## Exhibit 99.28

**Exhibit 99.28(p)(v)**

**<u>Code of Ethics</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Muzinich & Co. Global Code of Ethics

Policy Summary

The Muzinich & Co. Global Code of Ethics (as amended, the "**Code**") is comprised of the following policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Securities
 Policy

B. Insider Trading
 Policy

C. Gifts and
 Entertainment Policy

D. Anti-Bribery
 and Corruption Policy

E. Outside Activities
 Policy

F. Conflicts
 of Interest Policy

G. Political
 Contributions and Political Activities Policy

The policies and procedures set out in the Code apply to Muzinich & Co., Inc., 1988 Asset Management, LLC and its relying adviser, 1988 CLO LP, Series M-1, Muzinich & Co. Limited and their affiliates (together, the "**Company**"). This Code and the Company's Compliance Manuals (and relevant supplements) may be accessed on the Company's intranet (<u>http://muz-ldn-sp1/sites/Home/default.aspx</u>) and in StarCompliance, as defined below.

Definitions

The definitions below are applicable to all policies that comprise the Code. Each policy may reference additional definitions.

**"40 Act"** – The U.S. Investment Company Act of 1940, as amended.

**"40 Act Boards"** – The U.S. board of directors that oversees the 40 Act Funds as defined below.

**"40 Act Funds"** – Includes pooled investment vehicles which are registered or regulated, respectively, under the 40 Act (as defined herein) by the SEC as "investment companies" or "business development companies" for which the Company (as defined herein) serves as investment adviser or principal underwriter.

**"Access Person"** – Includes all persons employed by Muzinich & Co., Inc., Muzinich & Co. Limited, 1988 Asset Management, LLC, 1988 CLO LP, Series M-1, any of their affiliates and/or any consultant, intern, or other third party deemed to be an "Access Person" as determined by Compliance. Compliance has the discretion to not consider and/or to no longer consider an individual to be an Access Person.

**"Advisers Act"** – The U.S. Investment Advisers Act of 1940, as amended.

**"Affiliated Fund"** – Any registered Investment Company and series of such company or portion thereof, or other collective investment scheme, for which the Company is the investment manager, investment adviser or sub-adviser.

**"Chief Legal Officer"** – The Company's Chief Legal Officer or his/her designees.

**"Clients"** – Any account for which the Company (as defined herein) acts as investment manager, investment adviser or sub-adviser.

**"Code"** – The Muzinich & Co. Global Code of Ethics.

**"Company"** – Muzinich & Co., Inc., 1988 Asset Management, LLC and its relying adviser, 1988 CLO LP, Series M-1, Muzinich & Co. Limited and their affiliates.

**"Compliance"** – The Co-Global Heads of Compliance and/or their designees.

**"Compliance Manuals"** – Together, the compliance manuals (and relevant supplements) of Muzinich & Co., Inc., 1988 Asset Management, LLC and its relying adviser, 1988 CLO LP, Series M-1, Muzinich & Co. Limited and their affiliates.

**"Executive Chairman"** – George Muzinich.

**"FCA"** – The U.K. Financial Conduct Authority.

**"Government Official"** – The term Government Official has been broadly interpreted to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any board member, officer or employee or person employed by or acting on behalf of a government
 department or agency;

2. Any officer or employee of a company or business owned in whole or part by a government or
 government agency (such as the Royal Bank of Scotland and Lloyds Banking Group);

3. Any officer or employee of a government international organization (such as the World Bank,
 European Central Bank or Asian Development Bank); and

4. Any officer or employee of a political party or any person acting in an official capacity
 on behalf of a political party.

**"Immediate Family"** – A member of an Access Person's family that shares the same household as the Access Person including his/her spouse, child, parent, or other family member. The term also includes any related or unrelated individual who (i) is financially dependent upon and/or (ii) whose investments are controlled by an Access Person.

**"Inc. Staff"** – Any Access Person that is an (i) employee of Muzinich & Co., Inc., 1988 Asset Management, LLC, and its relying adviser, 1988 CLO LP, Series M-1, and/or (ii) any consultant, intern, or other third party deemed to be "Inc. Staff" as determined by Compliance.

**"Ltd. Compliance Manual"** – The compliance manuals of Muzinich & Co. Limited and its relevant affiliates and their relevant supplements.

**"Ltd. Staff"** – Any Access Person that (i) is employed by Muzinich & Co. Limited or its affiliates, and/or (ii) any consultant, intern, or other third party deemed to be "Ltd. Staff" as determined by Compliance.

**"MiFID"** – European Union Markets in Financial Instruments Directive.

**"Restricted List"** – A list of issuers in which securities transactions of the Company and/or its Access Persons are prohibited when the Company is in possession of material non-public information or when the Company, in its discretion, has determined that personal trading in the securities of the issuer may present a conflict with its Clients.

**"SEC"** – The U.S. Securities and Exchange Commission.

**"StarCompliance"** – The Company's automated global code of ethics system <u>(https://muzinich.starcompliance.com)</u>.

**"U.S. Regulated Fund"<sup>18</sup>** – a registered open-end or closed-end company or a business development company, including any separate series thereof, but does not include a registered open-end company that is regulated as a money market fund under 270.2a-7.

Persons Subject to the Code

The Firm will distribute this Manual, which contains the Code to each Supervised Person upon the commencement of employment and upon any amendment to the Code. The Code applies to all Access Persons as defined herein. It should be noted, however, that certain policies or procedures of the Code may be applicable only to a subset of Access Persons as outlined in such policies. Additionally, whether a consultant, intern, or other third party will be designated an Access Person will be based on facts and circumstances determined by Compliance. In addition, when a consultant, intern, or other third party is not considered an Access Person, such person may still be expected to comply with the underlying principles of the Code and specific arrangements with such persons will vary depending on their relationship to the Company as determined by Compliance. Compliance will notify all Access Persons of their preapproval and reporting requirements under the Code. Compliance has the discretion to not consider and/or to no longer consider an individual to be an Access Person.

Code of Ethics Policy

The Company values its integrity, reputation and its adherence to the highest standard of business conduct. Each Access Person's conduct is integral to the Company's reputation. As a registered investment adviser, the Firm is subject to various federal securities laws, rules, and regulations. Access Persons are required to comply with applicable federal securities laws, rules, and regulations. Access Persons shall endeavor to protect the confidence and trust placed in the Company by its Clients. Each Access Person is responsible for his/her compliance with the Code. Furthermore, the Code is established to detect and prevent violations of applicable laws, rules and regulations and to serve as guidance for Access Persons in their day-to-day operations.

Certification Requirement

Each Access Person within 10 days of becoming an Access Person, and quarterly thereafter, shall file a certification indicating that he/she has received, read, understood and will comply and/or has complied with the Code. A consultant, intern, or other third party who is not deemed an Access Person may be required to sign a Non-Disclosure Agreement, which may be obtained from the Chief Legal Officer or Compliance.

Training

Each Access Person must attend a training session covering the policies and procedures outlined in the Code within a reasonable time period upon becoming an Access Person, and periodically thereafter, on relevant policies and procedures outlined in the Code.

<sup>18</sup> As defined under U.S. Rule 17j-1 of the 40 Act.

Recordkeeping

Compliance shall maintain or cause to be maintained in a readily accessible place the following records pursuant to Advisers Act Rule 204A-1, Rule 17j-1 under the 40 Act and/or MiFID<sup>19</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of each Code that has been in effect during the past seven years;

2. A record of any violation of the Code by an Access Person and any action that was taken as
 a result of such violation for a period of seven years;

3. A record of all compliance certifications for each person who is currently, or within the
 past seven years was, an Access Person acknowledging receipt of the Code and any amendments;

4. A list of all persons who are, or within the preceding seven years have been, an Access Person
 or who are or were responsible for reviewing reports submitted by Access Persons; and

5. A copy of each report furnished to the 40 Act Board, covering activities of Access Persons
 for a period of seven years after the fiscal year in which the report is made.

Code Administration

As required by sub-part (c)(2)(i) of Rule 17j-1, each 40 Act Fund and its respective affiliated investment adviser and/or principal underwriter will use reasonable diligence and institute procedures reasonably necessary to prevent violations of this Code of Ethics.

As required by sub-part (c)(2)(ii) of Rule 17j-1, no less frequently than annually each 40 Act Fund and its respective affiliated investment adviser and/or principal underwriter will furnish to the board of directors of such fund a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under the Code of Ethics or procedures since the last report
 to the board of directors, including, but not limited to, information about material violations of the Code or related procedures
 and sanctions imposed in response to the material violations; and

2. Certifies that the 40 Act Fund, investment adviser or principal underwriter, as applicable,
 has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

Violations

Access Persons should consult Compliance if they have any questions about the Code. Each Access Person shall promptly notify Compliance of any violation of the Code of which he or she becomes aware. Violations of the Code and/or failure to notify Compliance of a violation may lead to disciplinary action which may range from a verbal reminder to suspension or termination of employment. Material violations of the Code, as determined by Compliance, and/or repeat violations of the Code may be reported to senior management, who may impose such sanctions as deemed appropriate, including, among other things, a letter of censure, fine or suspension or termination of the employment.

Pursuant to U.S. Rule 38a-1 of the 40 Act, all known Code violations of Access Persons, unless otherwise instructed, are also reported to the 40 Act Boards promptly and no less frequently than annually. In addition, Compliance shall certify to the 40 Act Boards no less frequently than annually that the Company has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

<sup>19</sup> MiFID Org Regulation Commission Delegated Regulation (EU) 2017/565 of 25 April 2016.

Exceptions

Compliance may grant exceptions to provisions of the Code in circumstances that present special hardship or special situations determined not to present potential harm to Clients or conflict with the spirit and intent of the Code. Exceptions shall be structured to be as narrow as is reasonably practicable with appropriate safeguards designed to prevent abuse of the exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Securities Policy

Policy Summary

The Company has adopted the Personal Securities Policy to accomplish two primary goals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. First, to minimize conflicts and potential conflicts of interest between Access Persons and
 Clients; and

2. Second, to provide policies and procedures consistent with applicable laws (including Rule
 204A-1 under the Advisers Act, Rule 17j-1 under the 40 Act, the rules contained within the FCA Conduct of Business Sourcebook
 11.7A, and European Market Abuse Regulation) to prevent fraudulent or manipulative practices with respect to purchases or
 sales of securities held, or to be acquired by, Clients.

The Company is entrusted with the assets of its Clients for investment purposes. This fiduciary relationship requires Access Persons to place the interests of the Clients before their own and to avoid conflicts of interest. All Access Persons must adhere to this general overriding principle as well as comply with this Personal Securities Policy's specific provisions. This Personal Securities Policy should be read in conjunction with the Insider Trading Policy included in the Code which defines material non-public information ("MNPI"). Ltd. Staff shall refer to additional policies on market abuse in the Ltd. Compliance Manual.

The Company has developed and adopted the following general principles to guide its Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of Clients must be placed first at all times;

2. All personal securities transactions must be conducted consistent with this Personal Securities
 Policy and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position
 of trust and responsibility;

3. Access Persons should not take inappropriate advantage of their positions; and

4. Access Persons must comply with all applicable laws.

It shall be a violation of this Personal Securities Policy for any Access Person, in connection with the purchase or sale, directly or indirectly, of any security or other investment to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employ any device, scheme or artifice to defraud any person;

2. Make any untrue statement of a material fact or omit to state a material fact necessary in
 order to make the statements made in light of the circumstances under which they were made, not misleading;

3. Engage in any act, practice or course of business that operates or would operate as a fraud
 or deceit;

4. Engage in any manipulative practice;

5. Engage in late trading or market timing of 40 Act Funds shares; or

6. Engage in a personal securities transaction while in possession of MNPI about the issuer of
 that security.

This Personal Securities Policy does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield Access Persons from liability for personal trading or other conduct that violates a fiduciary duty to Clients.

Where an Access Person is uncertain whether a transaction or an account is within scope of this Personal Securities Policy, he/she should consult Compliance for clarity.

Definitions

For purposes of this Personal Securities Policy, the following definitions apply:

**"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 dividend reinvestment plans.

**"Beneficial Ownership"** – Shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is the beneficial owner of a security for purposes of the Securities Exchange Act of 1934 and the rules and regulations thereunder. A beneficial owner is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. A pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in those securities. A person is presumed to have an indirect pecuniary interest in securities held by members of a person's **"Immediate Family"**<sup>20</sup> who either reside with, or are financially dependent upon, or whose investments are controlled by, that person. A person also has a beneficial interest in securities held: (i) by a trust in which he/she is a Trustee, has a beneficial interest or is the settlor with a power to revoke the trust, (ii) by another person and he/she has a contract or an understanding with such person that the securities held in that person's name are for his/her benefit, (iii) in the form of a right to acquisition of such security through the exercise of warrants, options, rights, or conversion rights, (iv) by a partnership of which he/she is a member, (v) by a corporation that he/she uses as a personal trading medium, (vi) by a holding company that he/she controls, or (vii) by an investment club of which he/she is a member.

**"Covered Security"** – Any note, stock, exchange-traded fund ("ETF"), open and/or closed end mutual fund, treasury stock, security future, bond, municipal bond, debenture, evidence of indebtedness, certificate of interest or participation on any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, real estate investment trusts, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For these purposes, the purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security. A security held or to be acquired includes any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

<sup>20</sup> In relation to Ltd. Staff, the Company may apply a definition of "Immediate Family" that is broader than the definition under SEC Adviser Act Rule 17 CFR 240.16a-1(a)(2)(ii)(A), which includes Immediate Family as defined in the Code as well as any person with whom an Access Person has a family relationship or has close links as referenced in Article 28 of the MiFID Org Regulation – Commission Delegated Regulation (EU) 2017/565 of 25 April 2016.

A Covered Security may also include virtual currency or cryptocurrency coins or tokens that are being offered, or previously were offered, as part of certain types of initial coin offerings ("ICOs"). For the avoidance of doubt, virtual currency or cryptocurrency coins or tokens that were created outside the context of an ICO are not to be considered a Covered Security.

Any questions about whether an instrument is a Covered Security should be directed to Compliance.

**"Limited Offering"** – an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) [15 U.S.C. 77d(a)(2) or 77d(a)(5)] or pursuant to rule 504, or rule 506 [17 CFR 230.504 or 230.506] under the Securities Act of 1933.

**"Reportable Security"** – Any Covered Security as defined herein with the exception of securities listed in "Exempt Transactions – Exceptions to Reporting Requirements" as outlined in this Personal Securities Policy below.

**"Reportable Security Requiring Pre-Approval"** – Any Reportable Security that is not listed herein as "Exempt Transactions – Reportable Transactions That Do Not Require Pre-Approval".

**"Reportable Account"** – Any Self-Directed Account, Self-Directed No Reportable Securities Account and/or Third Party Managed Account which has the ability to transact in a Covered Security.

**"Self-Directed Account"** – Any personal brokerage account in which an Access Person has direct or indirect influence or control to transact in a Reportable Security that he/she (or his/her Immediate Family) has Beneficial Ownership.

**"Self-Directed No Reportable Securities Account"** – Any personal brokerage account in which an Access Person has direct or indirect influence or control to transact in a Covered Security that he/she (or his/her Immediate Family) has Beneficial Ownership and does not transact in Reportable Securities.

**"Third Party Managed Account"**<sup>21</sup> – Any personal brokerage account which has the ability to transact in a Covered Security and is managed on a discretionary basis by a trustee or third party (i.e. a person other than the Access Person or the Access Person's Immediate Family).

**Personal Securities Policy**

**Personal Investing Activities – Reporting Requirements**

Initial Accounts and Holdings Reporting

Within 10 calendar days of becoming an Access Person he/she shall submit to Compliance via StarCompliance a report (including the date the report is submitted) including the following:

<sup>21</sup> This definition is meant to specifically cover certain trusts and third party discretionary accounts under the Rule 204A-1 of the Advisers Act that Access Persons (i) have no direct or indirect influence or control over, (ii) cannot suggest or direct purchases or sales of investments in, and (iii) cannot consult with the trustee or third party manager about the particular allocation of investments in.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Reportable Accounts<sup>22</sup>:</u>** All currently open Reportable Accounts, as
 defined above.

2.  **<u>Holdings<sup>23</sup>:</u>** All Reportable Securities either (i) held in a Self-Directed
 Account, or (ii) not held in a personal brokerage account (e.g. physical holdings, private investments and/or investments
 in Affiliated Funds). The holdings information must be within 45 calendar days prior to the first date of becoming an Access
 Person. Refer to Exempt Transactions – Exceptions to Reporting Requirement in this Personal Securities Policy for a list of
 securities that are not Reportable Securities subject to this Personal Securities Policy.

Ongoing Account Reporting

Each Access Person must disclose to Compliance via StarCompliance all Reportable Accounts<sup>24</sup> within the earlier of (i) prior to transacting in a Reportable Security Requiring Pre-Approval, or (ii) 30 calendar days after quarter end (or at the time the Access Person's quarterly certification is submitted. Each Access Person is responsible for informing themselves of all Reportable Accounts of his/her Immediate Family and of any activity in those accounts. Access Persons who become aware of information relating to any Reportable Account which has not been reported in accordance with this Personal Securities Policy shall immediately inform Compliance.

If an Access Person decides to transact in a Reportable Security in a Self-Directed No Reportable Securities Account, he/she must first update the account designation to Self-Directed Account in StarCompliance and, unless an exception is granted, set up the electronic transmission of account data as outlined below.

Ongoing Transaction Reporting

Each Access Person must disclose to Compliance via StarCompliance transactions in any Reportable Security Requiring Pre-Approval promptly after it occurred. Each Access Person is responsible for informing themselves of all such transactions of his/her Immediate Family. Access Persons who become aware of information relating to any such transaction which has not been reported in accordance with this Personal Securities Policy shall immediately inform Compliance.

Quarterly Account and Transaction Reporting

Every Access Person shall file with Compliance via StarCompliance a report within 30 calendar days following the end of each calendar quarter reflecting:

**<u>Reportable Accounts:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A certification that they have reported all Reportable Accounts that were held or opened
 during the calendar quarter.

2. In connection to a third party Managed Account(s) a certification explaining that he/she and/or
 his/her Immediate Family have (i) no direct or indirect influence or control, (ii)

<sup>22</sup> When disclosing a Reportable Account in StarCompliance, the following information must be included: (i) account name, (ii) account number, where applicable, (iii) broker office, (iv) date opened, and (v) account type.

<sup>23</sup> Each holdings report must contain, at a minimum the: (i) title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership, (ii) name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit, and (iii) date the access person submits the report.

<sup>24</sup> When disclosing a Reportable Account in StarCompliance, the following information must be included: (i) account name, (ii) account number, where applicable, (iii) broker office, (iv) date opened, and (v) account type.

cannot, suggest or direct purchases or sales of investments, and (ii) cannot consult with the trustee or third party manager about the particular allocation of investments to be made in their Third Party Managed Account.

**<u>Reportable Transactions<sup>25</sup>:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A report (including the date the report is submitted) of (i) all transactions that occurred
 during the calendar quarter in a Self-Directed Account in any Reportable Security, (ii) all transactions that occurred during
 the calendar quarter in a Reportable Security that are held outside of a Reportable Account including but not limited to;
 (a) Affiliated Funds, (b) private investments, and/or (c) physically held securities. For the avoidance of doubt, transactions
 that occur in Reportable Securities that take place in Third Party Managed Accounts do not require reporting.

2. If no transactions occurred during the calendar quarter in a Reportable Security, Access Persons
 are required to submit a certification to Compliance stating that there were no such transactions in the applicable calendar
 quarter.

Annual Holdings Reporting

Annually, every Access Person shall submit to Compliance via StarCompliance a report (including the date the report is submitted) disclosing all holdings<sup>26</sup> information of Reportable Securities that is current as of a date no more than 45 calendar days prior to the date of the report.

For the avoidance of doubt this includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reportable Securities held in a Self-Directed Account; and

2. Reportable Securities not held in a Reportable Account including but not limited to: (i) Affiliated Funds, (ii) private
 investments, and/or (iii) physically held securities.

If an Access Person has no holdings in Reportable Securities, as of the above mentioned date, he/she is required to submit a certification stating that they have no such holdings during the period.

Electronic Transmission of Account Data

To help ensure that Access Persons timely report quarterly transactions in Reportable Securities and annual holdings in Reportable Securities to Compliance as outlined above, the Company requires that all Self-Directed Accounts are held with a broker, dealer or bank that will electronically transmit such data to StarCompliance. For the avoidance of doubt this requirement does not apply to Third Party Managed Accounts or Self-Directed Non Reportable Securities Accounts.

If Compliance provides an exception to this requirement for the electronic transmission of quarterly transaction and annual holdings data, it is the responsibility of the Access Person to ensure that they

<sup>25</sup> All transaction reports must include, the (A) date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved, (B) nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), (C) The price of the security at which the transaction was effected, (D) name of the broker, dealer or bank with or through which the transaction was effected, and (E) date the Access Person submits the report.

<sup>26</sup> Each holdings report must contain, at a minimum the: (A) title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership, (B) name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the access person's direct or indirect benefit, and (C) date the access person submits the report.

provide Compliance with all reportable information as outlined in this Personal Securities Policy. In most cases, this means that Access Persons must upload accounts statements in StarCompliance and manually enter quarterly transactions and annual account holdings information for all Reportable Securities in StarCompliance.

Exempt Transactions – Exceptions to Reporting Requirements

The following are Covered Securities. They are, however, not Reportable Securities for the purpose of this Personal Securities Policy and therefore do not need to be reported to Compliance:

● Direct obligations of the U.S. Government;

● Bankers' acceptances;

● Bank certificates of deposit;

● Commercial paper;

● High quality short-term debt instruments (including repurchase agreements);

● Shares of money market funds;

● Shares of open-end mutual funds that are not Affiliated Funds;

● Investments in UCITS that are not Affiliated Funds;

● Units in unit investment trusts if the unit investment trust is invested exclusively in one or more open-end funds, none of which are Affiliated Funds;

● Units of a unit investment trust if the unit investment trust is invested exclusively in one or more UCITS, none of which are Affiliated Funds;

● Interests in 529 Plans;

● Life policies;

● Secondary market crypto-currency transactions; and

● Currencies (however, options on currencies do need to be reported, see Exempt Transactions – Reportable Transactions That Do Not Require Pre-Approval)

**Personal Investing Activities – Restrictions and Monitoring**

Pre-Approval of Trades

Each Access Person shall submit a trade request using StarCompliance, before placing an order for any transaction in a Reportable Security, (subject to the "Exempt Transactions – Reportable Transactions That Do Not Require Pre-approval" listed below), in a Self-Directed Account or for any Reportable Security such as a private investment or physically held security.

For the avoidance of doubt pre-approval is required for, but is not limited to, the following:

● Initial Public Offerings (IPO's)\*;

● Limited Offering, including but not limited to, offerings that are exempt from registration under the Securities Act of 1933 including, but not limited to, private placement offerings;

● Crowd-funding activities; and

● Virtual currency or cryptocurrency coins or tokens that are being offered as part of an Initial Coin Offering (ICO).

\*Certain Access Persons may have further prohibitions from purchasing IPOs under the U.S. Financial Industry Regulatory Authority (FINRA) Rule 5130 and 5131.

Exempt Transactions – Reportable Transactions That Do Not Require Pre-Approval

The following transactions are reportable via StarCompliance, however, pre-approval is not required:

● Non-volitional in nature: e.g. stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, inheritances, and margin/maintenance calls (where the securities to be sold or purchased are not directed by the Access Person);

● Purchases under an Automatic Investment Plan (However, any transaction that overrides the preset schedule or allocations of the Automatic Investment Plan must be included in a quarterly transaction report);

● Direct obligations of any government (sovereign debt) with the exception of the U.S. Government (which is not reportable as outlined above);

● Municipal bonds;

● Broad-based ETFs;

● Exchange traded commodities (ETCs);

● Close end-mutual funds;

● Affiliated Funds;

● Index options or index futures;

● Fractional undivided interest in oil, gas, or other mineral rights;

● Put, call, straddle, option, privilege or future input on national securities exchange relating to foreign currency;

● Government-sponsored enterprises fixed income securities (e.g., FNMA); and

● Index-based contingent income notes.

**Review, Approval and Denial of Trade Requests**

Process

StarCompliance allows Compliance to review and either approve or deny a trade submitted for pre-approval. Upon submitting a trade pre-approval request, Access Persons will receive notification from StarCompliance whether the trade request was approved or denied by Compliance. No member of Compliance may approve his/her own trade request.

Approval is granted at the discretion of Compliance, and each request is considered against the Company's Restricted List and established policies and procedures and regulatory obligations.

Approved Trades

The pre-approval approval, unless denied or revoked, is valid until close of business the day the approval was granted. If the approved transaction is not executed during such period, a new request must be filed, and another authorization must be obtained. <u>Good-until-cancel limit orders are not permitted without daily requests for pre-approval.</u>

Access Persons must wait for approval before placing the order with their broker. If pre-approval for a transaction in a Reportable Security is not obtained, the Company reserves the right to require the Access Person to close out a position, disgorgement of profits, prohibition on trading, or take any other action as it deems appropriate.

In general, approvals will not be granted for the following transactions:

● Corporate bonds;

● Publicly traded BDCs; or

● Issuers reflected on the Restricted List.

Notwithstanding anything to the contrary, Compliance may decide not to grant approval for a transaction in a Covered Security at its sole discretion.

Investment Holding Period

All transactions requiring pre-approval are subject to a minimum holding period of 30 calendar days with the exception of charitable contributions. Compliance may grant exceptions to this should abnormal market conditions or personal circumstances warrant this. Exceptions will be decided on a case by case basis and will be recorded in StarCompliance.

Procuring or Disclosure to Others

Where Access Persons are prohibited from entering into a transaction in Reportable Securities as a result of this Personal Securities Policy, they must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Procure any other person to enter into such a transaction; or

2. Disclose any information to any other person which they know, or reasonably ought to know, will lead to that person entering
 into such a transaction.

Front Running and Scalping

Notwithstanding anything herein to the contrary, Access Persons may not purchase or sell a Reportable Security, if such purchase or sale is effected with a view to making a profit from a change in the price of such security resulting from anticipated transactions by or for a Client.

Recordkeeping

Compliance shall maintain or cause to be maintained in a readily accessible place the following records pursuant to the Advisers Act Rule 204A-1, Rule 17j-1 under the 40 Act and/or MiFID Org Regulation<sup>27</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of all personal trading reports made for a period of not less than seven years;

2. A copy of each personal trading report made by an Access Person as required by this Personal
 Securities Policy or any information provided in lieu of the reports, for a period of seven years;

3. A record of any decision and the reasons therefore, to permit investments in IPOs, ICOs or
 private placements for a period of seven years; and

4. A record of the personal transactions notified to the Company or identified by it, including
 any authorization or prohibition in connection with such a transaction for a period of seven years.

Penalties

If an Access Person fails to properly pre-clear a transaction or fails to observe the 30-Day Hold period the following penalties may be imposed:

<sup>27</sup> Commission Delegated Regulation (EU) 2017/565 of 25 April 2016.

1<sup>st</sup> Violation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance will speak with employee about circumstances surrounding the violation, how the
 action or inaction was a violation of the Personal Securities Policy, and seriousness of the violation;

2. Compliance will send an email to employee summarizing the violation and again stressing seriousness
 of the violation. Employee must confirm in writing that he/she understands the reason for the violation and understands the
 requirements of the COE; and

3. Up to 6 month ban on trading.

2<sup>nd</sup> Violation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance will speak with employee about circumstances surrounding the violation, how the
 action or inaction was a violation of the Personal Securities Policy, and seriousness of the violation;

2. Compliance will send an email to employee summarizing the violation and again stressing seriousness
 violation. The employee must confirm in writing that he/she understands the reason for the violation and understands the requirements
 of the COE;

3. Up to $5,000 penalty (at Muzinich's discretion) – with money going to charity of Muzinich's
 choice; and

4. Up to 24 month ban on trading.

3<sup>rd</sup> Violation

Termination – at the discretion of Muzinich

Exceptions to the imposition of penalties outlined herein may be made at the discretion of the CCO.

Monitoring

Compliance periodically conducts reviews with a view towards determining whether Access Persons have complied with all provisions of this Personal Securities Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Insider Trading Policy

Policy Summary

The Company prohibits Access Persons from (i) trading, either, for a Client, personally, or on behalf of another, a Security, as defined below, while in possession of material nonpublic information ("**MNPI**") about the issuer of that Security, also known as "insider trading" or (ii) communicating MNPI to anyone who might use it to buy or sell Securities, also known as "tipping". MNPI may not be communicated to others in violation of an agreement to keep such information confidential or in violation of law. When in doubt whether certain information constitutes MNPI, Access Persons should assume that the information is MNPI and immediately consult with Compliance.

The Company prohibits misuse of MNPI. This prohibition applies to every Access Person and extends to activities within and outside their duties of the Company.

These policies and procedures are adopted in accordance with Section 204A of the Advisers Act, the EU Market Abuse Regulation and the Securities and Futures Act of Singapore and/or any other applicable local laws as outlined in the Ltd. Compliance Manual, which require that the Company establish, maintain and enforce written policies and procedures reasonably designed to detect and prevent the misuse of MNPI. This Insider Trading Policy operates in conjunction with the Personal Securities Policy as outlined in the Code as well as the Market Abuse and Market Soundings Policies in the Ltd. Compliance Manual.

Definitions

**"Material Information"** – Includes any information, relating directly or indirectly to one or more issuers or to one or more Securities, whether originating externally or within the Company, that a reasonable investor would consider important in making an investment decision, or information that is reasonably certain to have a substantial effect on the price of a company's Securities.

Common examples of information that may be regarded as material include but are not limited to:

● Projections by the company of future earnings or losses different from market expectations;

● A pending or proposed merger, acquisition or tender offer;

● A significant sale of assets or the disposition of a subsidiary;

● Changes in dividend policies or the declaration of a stock split;

● Significant changes in senior management; or

● An impending upgrade or downgrade of a security by a rating agency or a securities firm.

"**Nonpublic Information**" or "**NPI**" – Information is nonpublic until it has been effectively communicated to the marketplace and is available to the general public. Information is generally regarded as non-public until it has been broadly disseminated, such as by means of a press release carried over a major news service, a major news publication, a research report or publication, a public filing made with a regulatory agency, materials sent to shareholders or potential investors such as a proxy statement or prospectus, or materials available from public disclosure services.

**"Security"** – The term security is defined as (i) "Covered Security" in the Personal Securities Policy of this Code and is meant to include any security defined as such pursuant to section 3(a)(10) of the Securities Exchange Act of 1934 and any financial instrument as defined as such pursuant to the European Market Abuse Regulation; and (ii) any derivative of the foregoing. If an Access Person has any questions regarding whether an asset (including any debt instrument) is considered a Security under this Insider Trading Policy, he/she shall consult Compliance.

**Insider Trading Policy**

Possession of MNPI

Access Persons may not buy or sell (or recommend, advise or solicit the purchase or sale), for any account (personal or Client), a Security of any company about which the Company or its Access Persons possess MNPI.

Receipt and Reporting of MNPI

Access Persons must notify Compliance immediately if they believe they have obtained any NPI so that Compliance can determine whether such NPI constitutes MNPI. Access Persons should conduct themselves as though NPI is MNPI until a determination as to materiality can be made by Compliance.

The Company and its Access Persons through various access points can come into possession of NPI. Based on the Company's investment activities, the following outlines access points of how an Access Person may obtain NPI:

●  **<u>Market Sounding Communications</u>:** From time-to-time issuers or agent banks or broker dealers may contact Compliance concerning an issuer-specific event that has not yet been made public. This information is usually market sensitive and constitutes MNPI. As such, this information is ring-fenced within Compliance as a control measure to keep the Firm on the public side of the issuer until such time as Compliance communicates with the investment team, without providing the name or other information that can be used to identify the issuer, to determine if the investment team wants to receive the MNPI. If it is determined that the investment team wants to receive the MNPI, Compliance will first place the issuer on the Restricted List and then release the information, including the issuer's name, to the investment team. The issuer will remain on the Restricted List until the information is made available to the public or becomes stale.

●  **<u>Data Rooms</u>:** Access Persons must notify Compliance before accessing NPI about issuers from data rooms and data room aggregators, such as Findox. Following such notification Compliance will determine whether the issuer should be added to the Restricted List.

●  **<u>Expert Networks</u>:** Before engaging with an expert network, even on a trial basis, Access Persons must obtain pre-approval from Compliance. Additionally, Access Persons must adhere to and follow the procedures set forth in the Expert Networks Policy in this Compliance Manual.

●  **<u>Meetings with Management</u>:** Access Persons who wish to communicate with the management of public companies (also known as public company insiders) must track such meetings on a log that includes the (i) name of the company, (ii) date of the meeting, (iii) names of the Access Persons that participated in the meeting, (iv) name and title, if available, of the public company

 insiders that participated in the meeting, and (v) a note regarding if NPI was discussed during the meeting. If NPI was received during the meeting, Access Persons shall immediately inform Compliance so a determination as to materiality can be made and whether the issuer should be added to the Restricted List.

●  **<u>Bank Loans</u>:** Market participants in bank loans may obtain information that is not available to Securities market participants, and this information may be considered NPI. If NPI is received, Access Persons are responsible for immediately informing Compliance so a determination as to materiality can be made and whether the issuer should be added to the Restricted List.

 Bank loans are not considered a Security as defined herein. Therefore, certain transactions in bank loans are permissible after opting to receive MNPI from the issuer. However, in certain situations, Access Persons may receive "superior information" that not all market participants in the syndicate bank loan receive. In these circumstances, Access Persons shall immediately inform Compliance so a determination can be made whether trading in bank loans should be restricted. In such situations, the Company may require the use of a detailed "big boy" letter to trade the bank loans or may be restricted from trading the bank loans.

●  **<u>Creditor Committees and Boards: Ad Hoc and/or Creditor and/or Steering Committee/Board Seats/Board Observer Rights</u>:** Access Persons may not sit on an ad hoc and/or creditor committee and/or steering committee of a portfolio company, sit on the board of a portfolio company and/or have board observer rights of a portfolio company without the pre-approval of Compliance.

---

| | |
|:---|:---|
| ⮚ | **Ad Hoc and/or Creditor and/or Steering Committee.** If approved, Access Persons may come into possession of NPI about the portfolio company. If NPI is received, Access Persons must immediately report such receipt to Compliance so a determination as to materiality can be made and whether the issuer should be added to the Restricted List. |
| ⮚ | **Board Seats and Board Observer Rights.** If approved, the issuer will be added to the Restricted List. |

---

 Compliance will conduct due diligence in coordination with the investment team where there is the potential for receipt of MNPI via advisors with respect to ad hoc and/or creditor and/or steering committees. Such due diligence may include, without limitation, reviewing the policies and procedures and overall control environment of the advisors regarding their handling of potential MNPI and obtaining representations from such advisors in respect of their MNPI policies and procedures.

●  **<u>Outside Activities</u>:** Subject to pre-approval from Compliance as outlined in the Code (see Outside Activities Policy), Access Persons may serve as a member or observer of the board of directors of a company (where such board seat or observer position is not held due to the request of Muzinich) or otherwise engage in an activity that presents a risk of receiving NPI about a public company. If NPI is received, Access Persons must immediately report such receipt to Compliance so a determination as to materiality can be made and whether the issuer should be added to the Restricted List.

●  **<u>Value-Added Investors</u>:** The Company may become aware that certain clients or private fund investors (sometimes referred to as "value-added investors") have access or potential access to

---

| |
|:---|
| sensitive confidential information, including by virtue of their current or former association with public companies. Compliance will maintain a list of value-added investors of which Muzinich has become aware and the public companies associated with such investors. Compliance will monitor, on a sample basis, (i) client and personal account trading in companies associated with identified value-added investors, and (ii) electronic communications with such value-added investors. |
| **<u>Information Barrier</u>:** See Information Barrier Policy in this Compliance Manual. |

---

Restricted List

A public issuer will be placed on the Restricted List if, at any time, it becomes known to the Company that it or its Access Persons have received MNPI. With regard to bank loans, a private issuer will be placed on the Restricted List if, at any time, the Company or its Access Persons have received "superior information" as discussed above. Furthermore, an issuer may be placed on the Restricted List at any time as determined by Compliance due to an actual or an appearance of a potential conflict. All Access Persons have an obligation to inform Compliance immediately when they become aware of such circumstances.

It is the responsibility of Compliance to place, remove, and review issuers on the Restricted List and review all personal transactions of Access Persons consistent with the procedures and requirements of the Code. Compliance may remove an issuer from the Restricted List when the Company is no longer in possession of the MNPI and/or it no longer presents an appearance of a potential conflict.

Transactions in Collateralized Loan Obligations ("**CLOs**")

CLOs are treated as securities, even though the loans underlying a CLO may not themselves be securities. Accordingly, before transacting, the Firm must assess whether it holds material nonpublic information ("MNPI") that could be considered important by a reasonable investor in making a trading decision regarding the CLO, including MNPI relating to any known obligors in the collateral pool.

The Firm maintains an issuer-level Restricted List that identifies issuers about which MNPI has been obtained. Compliance is responsible for maintaining risk-based controls, based on information available to the Firm, to identify and manage potential CLO exposures to Restricted issuers and to prevent trading activity inconsistent with MNPI restrictions.

CLO transactions are subject to pre-trade screening reasonably designed to identify potential exposure to Restricted issuers, calibrated to information available to the Firm at the time of trade. Any transaction flagged through these controls may not proceed unless Compliance determines and documents that the trade is permissible.

Confidentially of Non-Public Information and MNPI

Access Persons are required to safeguard the confidentiality of any nonpublic information that may be in his/her possession and to ensure that such information is not used improperly or in a manner inconsistent with the specific purpose for which it was created or obtained.

Access Persons may not disclose to any person outside the Company that an issuer has been placed on the Restricted List except in circumstances in which Compliance has provided written approval that such Access Person may disclose the identity of an entity on the Restricted List.

Monitoring and Training

Compliance has primary responsibility for implementing, maintaining and enforcing this Insider Trading Policy. Compliance will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide Access Persons with training on an annual basis and address any questions arising
 under this Insider Trading Policy; and

2. Resolve questions as to whether information received by an Access Person is MNPI.

Certification Requirement

On a periodic basis, no less than annually, each Access Person shall certify via StarCompliance that where they have become aware of MNPI, they have immediately notified Compliance and that they have followed the requirements of the Company's Insider Trading Policy.

Violations

Penalties for trading based on or communicating MNPI to others can be severe, both for individuals involved in such unlawful conduct and their employers, including jail time, loss of licenses to practice and material monetary penalties. In addition, a violation of this Insider Trading Policy may result in serious sanctions by the Company, including possible dismissal of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Gifts and Entertainment Policy

Policy Summary

The Company values its reputation for ethical behavior and is committed to maintaining the highest level of standards in the conduct of its business affairs. The actions and conduct of the Company's employees as well as others acting on the Company's behalf are key to maintaining these standards. Under no circumstances may an Access Person initiate or encourage the provision of a Gift or Entertainment from any person or organization. While Gifts and Entertainment are not prohibited from being given and received, they can create conflicts of interest. As such, Access Persons should be mindful of the value and frequency of Gifts and Entertainment given and received and shall comply with the pre-approval and reporting requirements herein.

Definitions

**"Entertainment"** – Refers to situations where the giver accompanies the recipient to an event including but not limited to, business meals, receptions, tickets<sup>28</sup> to social or sporting events, participation in sporting events, or accommodations, given to or received from, a person/company with whom the Company has or is likely to have business dealings.

**"Gift"** – Includes, but is not limited to, tickets to social or sporting events (where the giver does not accompany the recipient to the event), candy, baskets, flowers and promotional items<sup>29</sup>, given to or received from, a person/company with whom the Company has or is likely to have any business dealings.

Gift does not include cash or cash equivalents (such as gift cards) which may not be given or received by an Access Person.

**"Registered Representative"** – Refers to any Firm employee who is registered with FINRA through Muzinich Capital LLC, the Firm's affiliated broker-dealer.

Gifts and Entertainment Policy

Under no circumstances may an Access Person make charitable contributions in the name of the Company, herself or himself, or give any charitable contribution, Gift or Entertainment, to directly obtain or retain business or gain an improper business advantage. In addition, neither the Company nor its Access Persons may make a charitable contribution to any charity with the intention of influencing such charity to become a client. In addition to adhering to this Gifts and Entertainment Policy, and pre-approval requirements set forth herein, all Gifts or Entertainment (given or received) must be in compliance with the Anti-Bribery and Corruption Policy and Political Contributions and Political Activities Policy. Gifts and Entertainment generally fall into the category of acceptable non-monetary benefits provided they are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capable of enhancing the quality of service provided to clients;

2. Of an appropriate scale and nature so they could not be judged to impair the Company's
 duty to act honestly, fairly, and professionally in the best interest of its clients; and

3. Reasonable, proportionate and of a scale that they are unlikely to influence the Company's
 behavior in any way that is detrimental to the interest of its clients.

<sup>28</sup> For Ltd. Staff ticketed events are considered Gifts, not Entertainment.

<sup>29</sup> This does not include de minimis hospitality or branded merchandise (e.g. a pen/notebook).

Ltd. Staff shall review the Inducements Policy in the Ltd. Compliance Manual for more information.

Under no circumstances may an Access Person do indirectly what this Gifts and Entertainment Policy prohibits directly. Furthermore, Access Persons should notify Compliance about any actual or apparent conflict of interest in connection with any Gifts, Entertainment and/or charitable contribution, or about any contribution that could give an appearance of impropriety.

**Pre-Approval and Reporting Requirements**

Valuation

The currency involved with the thresholds outlined throughout this Gifts and Entertainment Policy is dependent upon whether the Access Person is an Inc. Staff or Ltd. Staff.<sup>30</sup> The threshold values do not differ, however, the currency will. For example, an Access Person that is an Inc. Staff member has a gift threshold of greater than or equal to $100 (USD) whereas an Access Person that is a Ltd. Staff member will have a gift threshold of greater than or equal to €100 (Euros) or GBP, depending on location.

Gifts are valued per item per head and Entertainment per head. Access Persons shall consult with Compliance when they are unsure of the value of a Gift or Entertainment.

When a recipient brings a spouse, family member, friend, etc. (**"Personal Guest"**) to Entertainment, the per head value attributed to the recipient's Personal Guest should be included as Entertainment for the recipient who brought the Personal Guest.

By way of example:

● Total cost of Entertainment in the below examples is 450. Total number of recipients is three.

○ An Access Person entertained an external recipient and also invited the recipient's Personal Guest. The reported value given to the Access Person is 150 and the value given to the external recipient is 300 (recipient and Personal Guest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Access Person must obtain pre-approval before giving this Entertainment as 300 is above
 the 250 threshold (thresholds discussed below in this Gifts and Entertainment Policy).

○ An Access Person is being entertained by an external recipient and their Personal Guest is invited. The estimated reported value given to the Access Person is 300 (Access Person and their Personal Guest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Access Person must obtain pre-approval before receiving this Entertainment as 300 for
 the external recipient is above the 250 threshold (thresholds discussed below in this Gifts and Entertainment Policy).

Gifts

**Pre-Approval**. Access Persons must obtain pre-approval for Gifts (given or received) of 100 or over (or cumulative 100 in a calendar year to/from an individual).

<sup>30</sup> For Access Persons who are dual employed by Muzinich & Co. Ltd. and Muzinich & Co., Inc. the currency is dependent on which entity they are representing when the Gift and/or Entertainment is being conducted.

All Access Persons must obtain preapproval before giving or receiving any Gift with a Government Official, regardless of value.

On a case-by-case basis, where customary business practices justify or where a particular Gift does not represent an inappropriate conflict of interest, Compliance may approve a Gift of 100 or more. It should be noted however, that such an exception is not related to Gifts given or received by Registered Representatives when related to broker-dealer activity.

**Reporting.** Within 30 calendar days after each quarter end, Access Persons must report all Gifts (given or received) during the calendar quarter, with the exception of de minimis hospitality or branded merchandise (e.g. a pen/notebook) which will not require reporting. This de minimis exception does not apply in connection to Gifts with Government Officials.

Entertainment

**Pre-Approval**. Access Persons must obtain pre-approval for Entertainment (given or received) of 250 or more. However, for Ltd. Staff, pre-approval is required for Entertainment for a ticketed event that is at or above 100.

Access Persons must obtain preapproval before giving or receiving any Entertainment with a Government Official, regardless of value.

On a case-by-case basis, where customary business practices justify or where a particular Entertainment does not represent an inappropriate conflict of interest, Compliance may approve Entertainment above the 100 or 250 thresholds outlined above.

**Reporting.** Within 30 calendar days after each quarter end, Registered Representatives and all Traders must report Entertainment (given or received) at or above 20 or cumulative at or above 50 in a calendar year to/from any individual. Inc. Staff (excluding Registered Representatives and Traders) and Ltd. Staff must report Entertainment (given or received) at or above 75 or cumulative at or above 75 during the calendar quarter. Access Persons must obtain preapproval and report all Entertainment (given or received) with Government Officials.

Gifts and Entertainment in Tabular Form

The below table restates the Gift and Entertainment thresholds in tabular form:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Per Event or Item<br> (Giving & Receiving) | &nbsp;&nbsp;Pre-Approval Required | &nbsp;&nbsp;Reporting Required | &nbsp;&nbsp;No Notification |
| &nbsp;&nbsp;Gifts<br> (For Ltd. Staff this also includes Entertainment that is a ticketed event only) | &nbsp;&nbsp;≥ 100\*\* <br> (or cumulative 100 in a calendar year to/from an individual) | &nbsp;&nbsp;All | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;Entertainment<br> Registered Representatives and all Traders | &nbsp;&nbsp;≥ 250\*\* | &nbsp;&nbsp;≥ 20\*\* (or cumulative total of 50 or above in a calendar year to/from any individual) | &nbsp;&nbsp;< 20\*\* (and cumulative total below 50 in a calendar year to/from any individual) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Entertainment<br> Inc. Staff (excluding Traders and Registered Representatives) and Ltd. Staff (excluding Traders) | &nbsp;&nbsp;≥ 250\*\* | &nbsp;&nbsp;≥ 75\*\* (or cumulative total of 75 or above in a calendar year to/from any individual) | &nbsp;&nbsp;< 75\*\* (and cumulative total below 75 in a calendar year to/from any individual) |

---

\*de minimis hospitality or branded merchandise (e.g. a pen/notebook) will not require reporting (with the exception of Government Officials).

\*\*Access Persons must obtain preapproval and report all Gifts and Entertainment (given or received) with Government Officials.

The giving of Gifts or Entertainment for a business purpose paid from an Access Person's own funds, rather than the Company's funds, may still be covered by this Gifts and Entertainment Policy and should be reported to Compliance.

Charitable Contributions

Charitable donations made in the name of the Company must be preapproved by Compliance. In addition, if an Access Person receives a request to donate to any charity at the behest of any client or prospect, he or she must request pre-approval from Compliance.

Recordkeeping

For any Gift or Entertainment that must be reported in accordance with this Gifts and Entertainment Policy, Access Persons shall report it no later than 30 calendar days following each calendar quarter end via StarCompliance.

Records of all Gifts and Entertainment (given or received) whether submitted for preapproval or reporting shall be maintained in StarCompliance. Compliance is responsible for maintaining records of pre-approval, reporting and Compliance approvals or denials outlined in this Gifts and Entertainment Policy.

Monitoring

Compliance will periodically review the volume of Gifts and/or Entertainment given or received and adherence with this Gifts and Entertainment Policy. Such findings may be periodically reported to senior management and/or relevant board of the Company to assist in the management of potential conflicts of interest.

Questions and Exceptions

Questions about the applicability of this Gifts and Entertainment Policy should be directed to Compliance. Only Compliance may approve any exceptions to this Gifts and Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Anti-Bribery and Corruption Policy

Policy Summary

The Company values its reputation for ethical behavior and is committed to maintaining the highest level of standards in the conduct of its business affairs. The actions and conduct of Access Persons as well as others acting on the Company's behalf are key to maintaining these standards. The Company has a zero tolerance policy towards bribery.

U.S. Foreign Corrupt Practices Act 1977 ("**FCPA**") and the UK Bribery Act 2010 outline offenses and penalties for bribery and corruption. These laws require the Company to implement 'adequate policies and procedures' to prevent bribery. This Anti-Bribery and Corruption Policy applies to all Access Persons.

Some activities that may not at first seem like bribery may be considered bribery for purposes of these laws and/or any other applicable local laws as outlined in the Ltd. Compliance Manual. It is therefore important that Access Persons take the time to read and comply with this Anti-Bribery and Corruption Policy and understand the many forms that bribery may take.

Understanding and Recognizing Bribery and Corruption

Acts of bribery or corruption are intended to influence an individual in the performance of his/her duty and incline him or her to act in a way that a reasonable person would consider to be improper in the circumstances. For the purposes of this Anti-Bribery and Corruption Policy, bribery occurs when one person offers, pays, seeks or accepts a payment, gift, favor, or a financial or other advantage from another to influence an outcome improperly, or to induce or reward improper conduct.

Bribery and corruption, whether involving Government Officials or commercial entities, can be direct or indirect through third parties like agents, brokers, third party marketers and joint venture partners. To make so-called "facilitation payments" can constitute bribery (even when the making of the payment in the particular jurisdiction is considered usual or even legal). Facilitation payments ('facilitating', 'speed', 'back-hander', or 'grease payments') are any payments (usually of small value and in cash) made to low-level officials to secure or expedite the performance of a routine or necessary action or level of service.

Bribes are not always made in cash. Gifts, corporate hospitality and entertainment can be considered bribes if they are intended to influence a decision.

Penalties

Because of the Company's corporate structure, both the UK Bribery Act and the FCPA and/or any other applicable local laws as outlined in the Ltd. Compliance Manual apply to the Company's activities. The laws provide for significant penalties for both giving and receiving bribes, which may include prison sentences and fines for individuals and unlimited fines for companies.

Note that penalties have been imposed on companies for not having sufficient policies and procedures to prevent bribery, even in the absence of any evidence that bribery in fact occurred.

Risk Assessment

The Company monitors its risks associated with exposure to bribery and corruption, taking into account the jurisdictions in which the Company undertakes business and any relationships with associated persons (i.e. those performing services on behalf of the Company).

The Company considers that its overall bribery and corruption risk is low. This is due to the fact the Company generally only deals with Clients that are (i) regulated (either within the financial services sector or other sectors), (ii) reputable and well-established, (iii) based in jurisdictions which have a low risk of bribery and corruption, and/or (iv) are generally themselves subject to anti-bribery legislation.

Nevertheless, Access Persons must remain alert to bribery and corruption risks and observe this Anti-Bribery and Corruption Policy at all times.

Anti-Bribery and Corruption Policy

The Company will not tolerate bribery or corruption in any form. The Company prohibits bribery of or by any person or company, in any jurisdiction, wherever they are situated and whether they are a Government Official, private person or company, or by any individual Access Person, agent or other person acting on the Company's behalf in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gain any commercial, contractual or regulatory advantage for the Company in a way which is unethical;
 or

2. Gain any personal advantage, pecuniary or otherwise, for the individual or anyone connected with the individual; or

3. Induce the improper performance of any function that is of a public nature, connected with a business, performed by a
 person in the course of their employment; or influence any act or decision of a foreign Government Official.

Government Official

Although this Anti-Bribery and Corruption Policy applies to both public and private sectors, dealing with Government Officials poses a particularly high risk in relation to bribery due to the strict anti-bribery and corruption rules and regulations in many countries. The provision of money or anything else of value, no matter how small, to any Government Official for the purpose of influencing them in their official capacity is prohibited.

Prior consultation with Compliance should be made in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any payment directly or indirectly to a Government Official (this does not include payments
 for governmental services that one is legally entitled to receive and as to which the Government Official has no discretion);

2. Gifts and hospitality/entertainment in connection with a Government Official; and

3. Making charitable contributions in connection with dealings with a Government Official.

Gifts

This Anti-Bribery and Corruption Policy does not prohibit the giving or receiving of gifts, if such gift complies with the Company's Political Contributions and Political Activities Policy, Gifts and Entertainment Policy, and local rules and regulations.

Third Party Agents

The Company may be held responsible for the actions of third parties acting on the Company's behalf with respect to bribery and corruption. Nothing that is prohibited by this Anti-Bribery and Corruption Policy may be done indirectly through a third party. Due diligence of service providers critical to the Company's

business is undertaken by the Company as outlined in the Oversight of Outsourced Providers Policy and the Oversight of Service Providers Policy in the Compliance Manuals.

Political Contribution and Charitable Donation

Neither the Company nor its Access Persons may make any form of political contribution or charitable donation/sponsorship where that contribution/donation/sponsorship is made or in any way may be interpreted as a way of obtaining an improper advantage for the Company in business transactions. A political contribution for these purposes would include any payment or donation to a political party or organization including a trade union or to any lobbyist or lobbying group or to any candidate for election to public office.

Charitable donations should not be made by or on behalf of the Company if the contribution is or may in any way be interpreted as a means of improperly influencing any situation which may have an impact on the Company's business. For example, this may be the case if a charity is supported by a high profile individual who is, or where the charity is, lobbying for a particular outcome which is relevant to the Company's business.

Where any political contributions are to be made by Access Persons they may only be made with the prior approval of Compliance and in accordance with the Political Contributions and Political Activities Policy, where relevant. Where any political contributions or charitable donations/sponsorships are to be made by or on behalf of the Company, they may only be made with the prior approval of Compliance and in accordance with the Gifts and Entertainment Policy and Political Contributions and Political Activities Policy in the Code.

Conferences and Similar Events

When sending invitations to events or entertainment, Access Persons should check to see whether invitees fall under the description of a Government Official. For those that do, Access Persons should first seek preapproval from Compliance via StarCompliance before proceeding with sending any invitations.

Access Person Awareness

The prevention, detection and reporting of any bribery or corruption in any form is the responsibility of all Access Persons. If an Access Person becomes aware or suspects that an activity or conduct that is proposed or has taken place is a bribe or is corrupt, then the Access Person has a duty to report this to the Executive Chairman, Chief Legal Officer, Compliance and/or his/her direct manager. Reports can be made confidentially to Compliance.

Recordkeeping

Records of the pre-approval, reporting and Compliance approvals or denials with regard to activities with Government Officials as outlined in this Anti-Bribery and Corruption Policy shall be maintained by Compliance. In addition, any reports of bribery or corruption and the investigations and resolutions of such reports shall be maintained by Compliance.

Training

Compliance is responsible for ensuring all Access Persons periodically undertake mandatory anti-bribery and corruption training, highlighting the specific sources of risk with respect to the Company's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Outside Activities Policy

Policy Summary

Although the Company encourages Access Persons to participate in and provide leadership to community, charitable, and professional activities, such activities may result in a conflict of interest with the Company's business from time to time. Personal interests must not affect the ability of an Access Person to make judgments or decisions in the best interests of the Company and its clients. Therefore, Access Persons shall seek to avoid situations in which he/she (or his/her Immediate Family) conducts activities that create actual, potential or perceived conflict of interest. It is the Company's policy that outside activities must be reported to and/or preapproved by Compliance as outlined herein.

Policy

Access Person Requirements

Regardless of whether the outside activity is a paid position, Access Persons are required to obtain prior approval from Compliance before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accepting employment of any type outside the Company;

2. Serving as an officer, director, partner of any business or other organization (including but not limited to, a charitable
 organization or a portfolio company);

3. Serving on an ad hoc and/or steering committee of a portfolio company;

4. Sitting on the board of directors of a portfolio company;

5. Having board observer rights of a portfolio company;

6. Having a substantial (1% or greater) financial interest in a public organization;

7. Having a material relationship with a supplier (service provider), competitor, client, investor of the Company or other
 entity with which the Access Person deals in the course of his/her duties at the Company; or

8. Becoming a candidate for any public (government) office.

Any Access Person who engages in an approved outside activity shall not conduct such activities on the Company's premises or behave in such manner that might imply that such activities are being conducted by or with the Company's endorsement. This does not apply to circumstances when the outside activity relates to an Access Person serving as an officer, director, partner of a portfolio company.

Certain Ltd. Staff shall certify to Compliance, at least annually, that they have reported the following paid or unpaid activities via StarCompliance covering the past ten years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directorships;

2. Partnership interests; and

3. Trusteeships.

Immediate Family Requirements

Activities of Access Persons' Immediate Family also have the capacity to create actual, potential or perceived conflicts of interest. Regardless of whether the activity is a paid position, Access Persons are required to pre-approve where possible and report the following immediately when they are aware of his/her Immediate Family:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Being employed by a broker dealer, investment adviser or other financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Having a material relationship with a supplier (service provider), competitor, client, investor of the Company, portfolio
 company, potential portfolio company, or other entity with which the Access Person deals in the course of his/her duties at
 the Company.

When considering what might create an actual, potential or perceived conflict of interest with the Company, Access Persons must take into consideration current and recent (approximately the last six months) activities that Access Persons or his/her Immediate Family have with the Company's (i) suppliers of goods and services, (ii) competitors, or (iii) other entities with which the Access Person deals in the course of his/her duties at the Company. Access Persons shall seek to avoid situations in which he/she or his/her family members directly profit from a relationship with a company or other entity with which the Access Person deals in the course of his/her duties at the Company. All such potential conflicts must be reported to Compliance, and Compliance shall determine and appropriately document their review of such reported activity.

Procedure

All pre-approval and reporting of outside activities must be made via StarCompliance and where applicable should specify whether the activity has an actual, potential or perceived conflict of interest with the Company and, if so, the nature and extent of that activity. All Access Persons are responsible for notifying Compliance of any changes to the information disclosed and for ensuring that his/her records in StarCompliance of outside activities are accurate and up to date.

Upon becoming an Access Person, and annually thereafter, all Access Persons shall certify that they have pre-approved and/or reported all outside activities required under this Outside Activities Policy to Compliance via StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Conflicts of Interest Policy

Background

The Company and its Access Persons occupy a position of trust and confidence with respect to its clients. Clients rely on the Company's integrity and objectivity to assist them in meeting their investment objectives. It is the Company's policy to act with integrity and not permit any potential conflicts of interest to compromise its reputation for high standards and ethical behavior in the conduct of its business affairs.

In addition, the Company is required to take all appropriate steps to identify and manage actual and potential conflicts (i) between the interests of the Company and its Access Persons and/or Clients, and (ii) between the Company's Clients.

When identifying conflicts of interest, the Company and its Access Persons consider whether they or the Company's Clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Are likely to make a financial gain, or avoid a loss, at the expense of a Client;

2. Have an interest in the outcome of service or activity provided to a Client, or of a transaction
 carried out on behalf of a Client, which is distinct from the Client's interest in that outcome;

3. Have a financial or other incentive to favor the interests of one Client over another;

4. Carry out the same business as the Client; or

5. Receive or may receive an inducement from a person other than the Client in relation to services
 provided to the Client in the form of monetary or non-monetary benefits or services.

The Company regularly identifies potential conflicts of interest and takes appropriate action to eliminate or manage these potential conflicts.

Policy

The protection of Client interests is the Company's first concern and therefore it is the Company's policy that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Where conflicts are identified, the Company will seek to organize its business activities
 in a manner that avoids such conflicts;

2. Where conflicts are unavoidable, the Company will take appropriate measures to seek to mitigate
 and manage such conflicts in a manner that seeks to ensure that the Company or its Access Persons are not advantaged, and
 that no Client is disadvantaged; and

3. Where the Company is not reasonably confident that it is able to manage a particular conflict
 to adequately protect the interest of a Client, the Company must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Clearly disclose in writing, the general nature and source of the conflict of interest to
 the Client before undertaking business for the client; and

ii. Provide sufficient detail to enable that particular Client to take an informed decision in
 relation to the conflict.

Disclosure may only be used as a way of managing conflicts of interest as a last resort.

Identification and Management of Conflicts of Interest

Conflicts of interest may exist among the Company, its Access Persons and its Clients or between more than one Client as a result of the intended or actual activities of the Company or its Access Persons. The

Company performs a conflicts of interest assessment on an annual basis, which is intended to identify conflicts that may occur at the Company or Access Person level, details of which are contained in its Conflicts of Interest Register.

Conflicts Training

All Access Persons receive a copy of this Conflicts of Interest Policy, and training in respect of conflicts of interest on an annual basis. In addition, all Access Persons are required to comply with the Company's compliance procedures, including the Code and Ltd. Staff shall also refer to the Inducements Policy in the Ltd. Compliance Manual.

Access Person Responsibility

Access Persons should be alert for potential conflicts of interest in their everyday duties. If the conflicts are not covered by existing policies or procedures, Access Persons should contact Compliance for further guidance on how to manage or eliminate the conflict. If Compliance is unable to resolve the potential conflict in a manner that he/she believes is fair and appropriate, he/she will escalate the matter to senior management and/or the boards of the Company to discuss an appropriate resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Political Contributions and Political Activities Policy

Important Notice

All Access Persons must obtain pre-approval from Compliance before (i) s/he or his/her Immediate Family makes any direct or indirect Political Contribution, or (ii) s/he or his/her Immediate Family engages in certain political activities.

Capitalized terms are defined below in the Defined Terms section.

Background

Political Contributions made directly or indirectly by investment advisers to U.S. Officials or candidates for U.S. office that are in a position to influence the selection of the investment adviser for its advisory services can potentially undermine the fairness of the selection process for such services.

The Pay-to-Play Rules prohibit an investment adviser from providing investment advisory services for compensation to a state or local government entity within two years after that investment adviser or any of its Access Persons has made a Political Contribution. The Pay-to-Play Rules also provide that advisers must maintain records concerning (i) Political Contributions, (ii) the business it does with U.S. Government Entities, and (iii) the identity of its Access Persons.<sup>31</sup>

Furthermore, some U.S. States or local governments have passed laws that similarly disqualify contractors, including member firms or investment advisers, from providing services for compensation for a period of time.

Accordingly, the Company acknowledges the critical importance of having a robust policy and procedures in place in relation to Political Contributions and political activities.

Political Contributions and Political Activities Policy

The combination of the Pay-to-Play Rules and U.S. State or local government rules create a risk for the Company in relation to current ongoing relationships with U.S. Officials or U.S. Government Entities, who may, for example, have segregated accounts with the Company or investments in funds advised by the Company. The Company has policies and procedures in place for the identification of U.S Officials and U.S. Government Entities who are the Company's clients or investors, new hire screening with regard to Political Contributions and screening of third party solicitors.

All Access Persons must obtain pre-approval from Compliance before (i) s/he or his/her Immediate Family makes any direct or indirect Political Contribution, or (ii) s/he or his/her Immediate Family engages in certain political activities.

<sup>31</sup> SEC rules state that the investment adviser must maintain books and records including the following: names, titles, business addresses and residential addresses of its Covered Associates which are defined as Access Persons for the purposes of this Political Contributions and Political Activities Policy.

"Indirect" Political Contributions include: (i) Political Contributions made by an Access Person's Immediate Family<sup>32</sup>, (ii) Political Contributions made via another member of the same household, (iii) Political Contributions made from an account controlled by the Access Person, (iv) agreeing to share the burden of a Political Contribution made by another person, (v) Political Contributions solicited from others by the Access Person, and (vi) allowing a third party marketer or solicitor to make a Political Contribution on behalf of the Company or an Access Person.

Activities that Require Pre-Approval from Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Making a Political Contribution, directly or indirectly;

2. Coordinating any political campaign;

3. Conducting any Fundraising;

4. Contributing to a charity controlled by a U.S. Official;

5. Assuming any role with an organization that regularly engages in Fundraising and endorses U.S. Officials for office;

6. Allowing one's name to be used in connection with any Fundraising event; and

7. Making any payment to any person in connection with solicitation of investment advisory business to be carried out for
 a U.S. Government Entity unless the recipient of the payment is a registered broker-dealer or a registered representative
 thereof or a registered investment adviser or affiliated person thereof.

Access Persons must not give and / or receive any gift or entertainment to any officer, employee or official representative of any U.S. Government Entity without pre-approval from Compliance. Please refer to the Gifts and Entertainment Policy for further information.

In addition to the above, each Access Person must adhere to the Company's Outside Activities Policy and Conflicts of Interest Policy for any political activities.

Pre-Approval Procedure

To request pre-approval under this Political Contributions and Political Activities Policy, Access Persons must complete a request form on StarCompliance. Compliance may request additional information before deciding whether to grant approval.

Any pre-approved Political Contributions and/or political activities are subject to on-going reviews made against business development or solicitation activity.

Access Persons who work in the Marketing Department must notify Compliance immediately of any proposed investment advisory services to a U.S. Government Entity. This includes situations where 40 Act Funds may become an option in a U.S. government-sponsored plan.

<sup>32</sup> An Access Person's Immediate Family is not considered an Access Person under the Pay-to-Play Rules; however, because the Pay-to-Play Rules prohibit Access Persons from doing anything indirectly that would be prohibited if done directly, the Company requires Access Persons to pre-approve all Political Contributions and political activities made by Immediate Family under this Political Contributions and Political Activities Policy.

Record Keeping

Compliance will maintain records setting forth in chronological order each Political Contribution and political activity made directly or indirectly by an Access Person and/or Immediate Family member for a period of seven years as well as required books and records on the Access Person as outlined herein. Compliance will also maintain a list of U.S. Government Entities that are clients of the Company or investors in a covered investment pool (as defined under the Pay-to-Play Rules) for which the Company is an adviser.

Access Person Screening

Access Persons must make certifications as to all Political Contributions made and political activities engaged in by the Access Person and/or his/her Immediate Family two years prior to becoming an Access Person and must thereafter certify on an annual basis that s/he has obtained pre-approval and has reported all Political Contributions and political activities required under this Political Contributions and Political Activities Policy to Compliance via StarCompliance.

Exceptions

Any exception(s) to this Political Contributions and Political Activities Policy may be approved solely at the discretion of Compliance. The rationale for any exception to this Political Contributions and Political Activities Policy shall be documented by Compliance.

Annual Review

This Political Contributions and Political Activities Policy is annually reviewed by Compliance.

Training and Support

Access Persons must receive compliance training at least on an annual basis, which shall include (among other matters) information in respect of matters pertaining to this Political Contributions and Political Activities Policy.

Please contact Compliance if you require any support or assistance in relation to this Political Contributions and Political Activities Policy (for example, to determine whether or not an activity is captured under this Political Contributions and Political Activities Policy).

Defined Terms

For the purposes of this Political Contributions and Political Activities Policy, the following definitions apply. For the avoidance of doubt, the definitions used for the purposes of this Political Contributions and Political Activities Policy may be broader than the definition contained in the Pay-to-Play Rules (as defined below):

**"Access Person"** – includes all persons employed by the Company and/or any consultant, intern, or other third party deemed to be a "Access Person" as determined by Compliance. To note, Compliance has the discretion to consider an individual <u>not</u> to be (or to no longer be) an Access Person.

**"Company"** – Muzinich & Co., Inc., 1988 Asset Management, LLC and its relying adviser, 1988 CLO LP, Series M-1, Muzinich & Co. Limited and their affiliates.

**"Fundraising"** – The act of soliciting or coordinating (i.e. collecting and forwarding) Political Contributions or payments to a U.S. (i) political party, (ii) incumbent, and/or (iii) candidate or a nominee of a political party.

**"Immediate Family"** – A member of an Access Person's family that shares the same household as the Access Person including his/her spouse, child, parent, or other family member. The term also includes any related or unrelated individual who (i) is financially dependent upon, and/or (ii) whose investments are controlled by an Access Person.

**"Pay-to-Play Rules"** – Rule 206(4)-5 under the Advisers Act and FINRA Rules 2030 and 4580.

**"Political Contribution"** – A gift, a subscription or loan, an advance, a deposit of money or anything of value made (i) for the purpose of influencing any election for U.S. Federal, State of local government, (ii) to pay debts incurred in connection with such an election, (iii) to pay any transition or inaugural expenses related to a successful candidate for U.S. Federal, State or local office, or (iv) anything of value, such as resources or facilities of the adviser or Access Person (such as the use of conference rooms, office facilities, equipment or personnel or personal residence) or hosting an event for the official or candidate in a public (e.g., restaurant) or private (e.g., personal residence) location (or providing such location for the purpose of hosting an event).

**"StarCompliance"** – the Company's automated personal trading and global code of ethics reporting system (<u>https://muzinich.starcompliance.com</u>)

**"U.S. Government Entity"** – means the government of the United States, any state, or any political subdivision thereof, including (i) its agencies, authorities or instrumentalities, (ii) a pool of assets sponsored or established by the United States, a state, or any political subdivision, agency, authority, or instrumentality thereof, (iii) a plan or program of the United States, a state, or any political subdivision, agency, authority, or instrumentality thereof, and (iv) officers, agents, or employees of the United States, a state, or any political subdivision, agency, authority, or instrumentality thereof who are acting in their official capacity.

**"U.S. Official"** – means any person (including any election committee for the person) who, at the time of a Political Contribution, is an incumbent, a candidate or successful candidate for elective office for a U.S. Government Entity.

## Exhibit 99.28

**Exhibit 99.28(p)(vi)**

Code of Ethics

Introduction

Polunin**,** in accordance with the requirements of Rule 204A-1 of the Advisers Act has approved and adopted this Code of Ethics (the "Code"). This Code further sets forth policies and procedures that are reasonably designed to prevent Supervised Persons (defined below) from engaging in conduct prohibited by the Advisers Act<sup>1</sup> and establishes reporting requirements for these Supervised Persons.

Rule 17j-1 under the IC Act requires each investment adviser of a registered investment company to adopt a written code of ethics reasonably designed to prevent Access Persons from engaging in unlawful actions.

Given the relatively small size of the Firm, and its open-plan office environment, the Compliance team has determined that all employees should be categorised as both 'Supervised Persons' and 'Access Persons'. These terms are therefore interchangeable with each other, as well as with the term 'Staff', throughout this policy.

It is the policy of Polunin to act in the best interest of its Clients and on the principles of full disclosure, good faith and fair dealing. Polunin recognises that it has a fiduciary duty to its Clients. Acting as a fiduciary requires that Polunin, consistent with its other statutory and regulatory obligations, acts <u>solely</u> in the Clients' best interests when providing investment advice and engaging in other activities on behalf of Clients. Polunin and its Staff must seek to avoid situations which may result in potential or actual conflicts of interest with these duties. To this end, the following principles apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff must always observe the highest standards
 of integrity and fair dealing and conduct their personal and business dealings in accordance with the letter, spirit and intent
 of all relevant laws and regulations;

• Polunin must have a reasonable basis for the investment advice
 and decisions it makes for its Clients;

• Polunin must ensure that its investment decisions are consistent
 with Client's investment objectives, policies and any disclosures made to Clients;

• All Staff must refrain from entering into transactions, including
 personal securities transactions, that are inconsistent with the interests of Clients;

• Staff members should not take inappropriate advantage of their
 positions and may not, directly or indirectly, use Client opportunities for personal gain; and

• Staff must be loyal to the Clients and place the interests of
 the Clients above their own.

• Polunin treats violations of this Code very seriously. If a Staff
 member violates this Code, Polunin may take disciplinary measures against them, including, without limitation, imposing penalties
 or fines, reducing their compensation, demoting them, requiring unwinding of the trade, requiring disgorgement of trading
 gains, suspending or terminating their employment, or any combination of the foregoing.

• Improper trading activity can constitute a violation of this
 Code. Staff can also violate this Code, however, by failing to file required reports, or by making inaccurate or misleading
 reports or statements concerning trading activity or securities accounts. A staff member's conduct can violate this
 Code even if no Clients are harmed by their conduct.

If Staff members have any doubt or uncertainty about what this Code requires or permits, they should ask the Compliance Officer.

*1* The SEC regulates investment advisers, primarily under the Investment Advisers Act of 1940.

For the avoidance of doubt, nothing in this Code or CPPM prohibits Staff from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Staff do not need prior authorization from their supervisor, senior management, the Compliance Officer, or any other person or entity affiliated with Polunin to make any such reports or disclosures and do not need to notify Polunin that they have made such reports or disclosures. Additionally, nothing in this CPPM prohibits Staff from recovering an award pursuant to a whistleblower program of a government agency or entity.

**Who is Covered by the Code?**

This Code applies to all Staff of Polunin (including Access Persons such as the senior officers and executive directors of the Firm) or other persons as determined by Polunin's Compliance Officer. It is the responsibility of each Staff member to immediately report to Polunin's Compliance Officer, any known or suspected violations of this Code, the Manual and the policies and procedures contained therein, or of any other activity of any Staff or consultant that could constitute a violation of law. If Staff are aware of any activity in this regard, they should contact the Compliance Officer immediately. Failure to report a potential violation could result in disciplinary action against the non-reporting Staff. Polunin will ensure that Staff are not subject to retaliation in their employment as a result of reporting a known or suspected violation.

**Things You Need to Know to Use this Code**

There are three reporting forms that members if Staff have to fill out under this Code; the initial and annual holdings reports and quarterly transactions reports. Copies of these forms are attached to this Code.

All members of Staff must complete the acknowledgement of having received, read and understood this Code using the *Quarterly Compliance Attestation* and renew that acknowledgment on a yearly basis (during Q4) and upon any change to the Code or any material change to another portion of the CPPM. This will need to be completed in addition to the quarterly compendium of attestations and declarations sent to all Staff by Compliance.

The Compliance Officer 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 Staff members file reports and obtain pre-approval of investments in IPOs and Limited Offerings.

The Compliance Officer 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 them.

For further information regarding the required reports and attestations of Staff members, please review the Personal Account Dealing Policy and Conflicts of Interest Policy in conjunction with this Code.

**RIC Record-keeping Requirements**

The Firm will maintain the following records in accordance with Rule 17j-1 of the IC Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the current Code and each Code that was
 in effect at any time within the past five years must be maintained in an easily accessible place.

• A record of any violation of the Code, and of any action taken
 as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the
 fiscal year in which the violation occurs.

• A copy of each report made by an Access Person pursuant to the
 Code must be maintained for at least five years after the end of the fiscal year in which the report is made, the first two
 years in an easily accessible place.

• A record of all Access Persons, currently or within the past
 five years, must be maintained in an easily accessible place.

• A copy of each report required by this Code 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.

• A record of any decision, and the reasons supporting the decision,
 to approve the acquisition by Access Persons of an IPO or other limited offering for at least five years after the end of
 the fiscal year in which the approval is granted.

## Ex-99.(28)(P)(Vii)

**Exhibit 99.28(p)(vii)**

![](x3_c115377x140x1.jpg)

**ACADIAN ASSET MANAGEMENT LLC**

**CODE OF ETHICS**

**January 2026**

&nbsp;&nbsp;**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Summary of Material Code Changes | 5.0 |
| &nbsp;&nbsp;Introduction | 5.0 |
| &nbsp;&nbsp;General Principles | 6.0 |
| &nbsp;&nbsp;Scope of the Code | 6.0 |
| &nbsp;&nbsp;Persons Covered by the Code | 6.0 |
| &nbsp;&nbsp;Reportable Investment Accounts | 7.0 |
| &nbsp;&nbsp;Securities Covered by the Code | 8.0 |
| &nbsp;&nbsp;Blackout Periods and Restrictions | 9.0 |
| &nbsp;&nbsp;Short-Term Trading | 9.0 |
| &nbsp;&nbsp;Acadian Asset Management Inc. (AAMI) Stock | 9.0 |
| &nbsp;&nbsp;Securities Transactions requiring Pre-clearance | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Public Offerings | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited or Private Offerings | 11.0 |
| &nbsp;&nbsp;Exceptions specific to Certain Accounts and Transaction Types | 11.0 |
| &nbsp;&nbsp;Standards of Business Conduct | 12.0 |
| &nbsp;&nbsp;Compliance with Laws and Regulations | 12.0 |
| &nbsp;&nbsp;Conflicts of Interest | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts among Client Interests | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competing with Client Trades | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Personal Interest | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Referrals/Brokerage | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendors and Suppliers | 13.0 |
| &nbsp;&nbsp;Market Manipulation | 13.0 |
| &nbsp;&nbsp;Insider Trading and Regulation FD | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Non-public Information | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAMI and Nonpublic Acadian Information | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD | 16.0 |
| &nbsp;&nbsp;Gifts and Entertainment | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Statement | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receipt | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA, Taft Hartley and Public Plan Clients and Prospects | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Act Mutual Fund Clients | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 18.0 |

---

Updated as of January 2026 2

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providing | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accepting | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA, Taft Hartley and Public Plan Clients and Prospects | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Act Mutual Fund Clients | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense Reports for Gifts and Entertainment | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conferences | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Gifts and Entertainment | 19.0 |
| &nbsp;&nbsp;Political Contributions and Compliance with the Pay-to-Play Rule Requirements | 20.0 |
| &nbsp;&nbsp;Anti-bribery and Corruption Policy | 21.0 |
| &nbsp;&nbsp;Charitable Contributions | 22.0 |
| &nbsp;&nbsp;Confidentiality | 22.0 |
| &nbsp;&nbsp;Service on a Board of Directors | 23.0 |
| &nbsp;&nbsp;Partnerships | 23.0 |
| &nbsp;&nbsp;Other Outside Activities | 23.0 |
| &nbsp;&nbsp;Marketing and Promotional Activities | 23.0 |
| &nbsp;&nbsp;Affiliated Broker-Dealers | 24.0 |
| &nbsp;&nbsp;Compliance Procedures | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting of Access Person Investment Accounts | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplicate Statements | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Securities Transactions Pre-clearance | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval of Political Contributions | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Transactions | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Gifts and Entertainment | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Private Investments | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Reporting of Political Contributions | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Acknowledgment | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNPI Acknowledgment | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Reporting | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hire Reporting | 27.0 |
| &nbsp;&nbsp;Review and Enforcement | 27.0 |
| &nbsp;&nbsp;Certification of Compliance | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Certification | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement of Amendments | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Certification | 28.0 |
| &nbsp;&nbsp;Access Person Disclosure and Reporting | 28.0 |

---

Updated as of January 2026 3

---

| | |
|:---|:---|
| &nbsp;&nbsp;Recordkeeping | 30.0 |
| &nbsp;&nbsp;Form ADV Disclosure | 30.0 |
| &nbsp;&nbsp;Administration and Enforcement of the Code | 31.0 |
| &nbsp;&nbsp;Responsibility to Know Rules | 31.0 |
| &nbsp;&nbsp;Excessive or Inappropriate Trading | 31.0 |
| &nbsp;&nbsp;Training and Education | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hires | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 31.0 |
| &nbsp;&nbsp;Compliance and Risk Committee Approval | 32.0 |
| &nbsp;&nbsp;Report to Fund CCOs and Boards | 32.0 |
| &nbsp;&nbsp;Report to Senior Management | 32.0 |
| &nbsp;&nbsp;Reporting Violations and Whistleblowing Protections | 32.0 |
| &nbsp;&nbsp;Fraud Policy | 32.0 |
| &nbsp;&nbsp;Sanctions | 35.0 |
| &nbsp;&nbsp;Further Information about the Code and Supplements | 35.0 |
| &nbsp;&nbsp;Persons Responsible for Enforcement and Training | 35.0 |

---

Appendices (in pdf only)

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2026 4

**Summary of Code Changes**

Administrative changes to replace the My Compliance Office ("MCO") system with StarCompliance as the third-party Code of Ethics system.

**Introduction**

Acadian Asset Management LLC ("Acadian") has adopted this Code of Ethics (the "Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), rule amendments under Section 204 of the Advisers Act, the business conduct rules of the National Futures Association ("NFA"), including Compliance Rule 2-9, and any other ethics requirements related to any of our other registrations. The Code sets forth standards of conduct expected of Acadian's employees, and certain consultants, and contractors. Acadian has also adopted the CFA Institute Asset Manager Code of Professional Conduct attached as Appendix A. Compliance with the Code is a condition of employment.

The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards. As a fiduciary, Acadian has the responsibility to render professional, continuous, and unbiased investment advice, owes our clients a duty of honesty, good faith and fair dealing, must act at all times in the best interests of our clients, and must avoid or disclose conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect Acadian's clients by deterring misconduct;

• Guard against violations of the securities laws;

• Educate all persons covered by the Code regarding Acadian's
 expectations and the laws governing their conduct;

• Remind all persons covered by the Code that they are in a position
 of trust and must act with complete propriety at all times;

• Protect the reputation of Acadian; and

• Establish policies and procedures for all persons covered by the
 Code to follow so that Acadian may determine compliance with our ethical principles and regulatory requirements.

This Code is based upon the principle that the members of our Board of Managers, Executive Management Team, Executive Committee, officers, and all other persons covered by the Code owe a fiduciary duty to, among others, our clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) materially serving their own personal interests ahead of clients; (ii) materially taking inappropriate advantage of their position with Acadian; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Acadian's Chief Compliance Officer to report violations of the Code to Acadian's Compliance and Risk Committee, the Executive Management Team, the Executive Committee, and if deemed necessary, to our Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

StarCompliance

StarCompliance is the primary system we utilize to facilitate all Code related communications and reporting.

Updated as of January 2026 5

**Part 1. General Principles**

Our principles and philosophy regarding ethics stress Acadian's overarching fiduciary duty to our clients and the obligation of all persons covered by the Code to uphold that fundamental duty. In recognition of the trust and confidence placed in Acadian by our clients and to give effect to the belief that Acadian's operations should be directed to benefit our clients, Acadian has adopted the following general principles to guide the actions of all persons covered by the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount.
 All persons covered by the Code must conduct themselves and their operations to give maximum effect to this belief by placing
 the interests of clients before their own.

2. All personal transactions in securities
 by all persons covered by the Code must be accomplished so as not to conflict materially with the interests of any client.

3. All persons covered by the Code
 must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with
 respect to a client, or that otherwise bring into question the person's independence or judgment.

4. Personal, financial, and other
 potentially sensitive information concerning the firm, our clients, our prospects, and our employees, consultants and contractors
 will be kept strictly confidential. All persons covered by the Code will only access this information if it is required to
 complete their jobs and will only disclose such information to others if it is required to complete their jobs and to deliver
 the services for which the client has contracted.

5. All persons covered by the Code
 will conduct themselves honestly, with integrity and in a professional manner to preserve and protect Acadian's reputation.

6. All persons covered by the Code
 will comply with all laws and regulations applicable to our business activities.

The U.S. Securities and Exchange Commission (the "SEC"), the NFA, the Commodity Futures Trading Commission ("CFTC") and U.S. federal law require that the Code not only be adopted but that it also is enforced with reasonable diligence.

The Compliance Team will keep records of any violation of the Code and of the actions taken as a result of such violations. Failure to comply with the Code may result in disciplinary action, including monetary penalties and the potential for the termination of employment. In addition, non-compliance with the Code can have severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits, and sanctions on your ability to remain employed in any capacity in the investment advisory business.

**Part 2. Scope of the Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Persons Covered by the Code** 

Each employee, consultant, or contractor will be designated as either an "Access Person" or "Supervised Person" under the Code when they join Acadian. The difference in designation is dependent upon various factors including job responsibilities, systems access, and if a

Updated as of January 2026 6

contractor, length and scope of engagement. Ultimate determination as to whether any individual or action is subject to or exempt from the Code, or if a Code exception should be granted, is left to the Chief Compliance Officer.

An "Access Person(s)" includes employees, consultants, and contractors, whose job responsibilities require him or her to access Acadian's research and/or trading databases to perform their job requirements. Any other employee, consultant or contractor not meeting that definition is a "Supervised Person."

Certain Code requirements applicable to an Access Person also apply to *immediate family members<sup>1</sup>* of that Access Person*,* and any other person subject to the financial support of the Access Person. For these individuals, along with the Access Person they must also report their covered investment accounts, pre-clear their personal securities transactions in covered securities in private investments and partnerships, ensure their personal securities transactions comply with blackout and sixty-day trading restrictions, and provide duplicate copies of their account statements upon request. Further, each Access Person must educate these individuals on these Code requirements and ensure ongoing compliance. Non-compliance will have the same ramifications on the Access Person as if it were the Access Person him or herself who did not comply. Each Access Person must inform a Compliance Officer when there is a change to either their immediate family members or someone subject to their financial support.

Members of Acadian's Board of Managers employed by our immediate parent company, Acadian Affiliate Holdings, LLC or our ultimate parent company, Acadian Asset Management Inc. ("AAMI"), along with any other non-resident officer, director, manager or immediate family member of an Access Person, who is subject to another Code of Ethics that complies with Rule 204A-1 under the Advisers Act and whose Code has been reviewed and approved by Acadian's Chief Compliance Officer, shall be exempt from the requirements imposed by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reportable Investment Accounts** 

Each Access Person must report any accounts in which he or she has a direct or indirect beneficial interest in which a covered security is eligible for purchase or sale. Examples of reportable accounts typically include:

• individual and joint
 accounts including accounts established through your employment with Acadian such as a 401K and/or deferred compensation account

• accounts in the name of an *immediate family member* as defined in the Code

• accounts in the name of any individual
 subject to your financial support

• trust accounts

• estate accounts

• accounts where you have power of
 attorney or trading authority

• other types of accounts in which
 you have a present or future interest in the income, principal or right to obtain title to securities.

**<u>Exception</u>**: 529 plans are not considered a reportable account under the Code. Further, any transactions within such plans do not require pre-clearance or reporting on a holdings report.

<sup>1</sup> An *immediate family member* is defined to include any relative by blood or marriage living in an Access Person's household who is subject to the Access Person's financial support or any other individual living in the household subject to the Access Person's financial support (spouse, minor children, a domestic partner etc.).

Updated as of January 2026 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Securities Covered by the Code** 

For purposes of the Code and our reporting requirements, the term "covered security" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any stock or corporate
 bond;

• ETFs comprised of less than 25
 covered securities as defined by the Code;

• Depositary Receipts (e.g., ADRs,
 EDRs and GDRs);

• municipal, Government Sponsored
 Entities (GSE) and agency bonds;

• investment in equity or commodity
 derivative instruments;

• commodity futures;

• options or warrants to purchase
 or sell securities;

• limited partnerships meeting the
 SEC's definition of a "security" (including limited liability and other companies that are treated as partnerships
 for U.S. federal income tax purposes);

• UITs, foreign (offshore) mutual
 funds, and closed-end investment companies;

• shares of open-end mutual funds,
 UCITS funds, and CITS that <u>are</u> advised or sub-advised by Acadian<sup>2</sup>; and

• private investment funds (including
 Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added at the discretion of the Compliance Team as new types of securities are offered and traded in the market and/or Acadian's business changes.

However, the following are excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations
 of the U.S. government;

• bankers' acceptances, bank
 certificates of deposit, commercial paper, and high-quality short-term debt obligations, including repurchase agreements;

• shares issued by money market funds
 (domiciled inside or outside the United States); and

• shares of open-end mutual funds
 that <u>are not</u> advised or sub-advised by Acadian;

• shares of ETFs that are comprised
 of 25 or more covered securities as defined by the Code;

• 529 plans;

• Options or warrants to purchase
 or sell securities on exempted securities (ex. options on ETFs with more than 25 underlying holdings).

Cryptocurrencies:

Initial coin offerings ("ICOs") **<u>are securities</u>** under current SEC rules. As such, you are required to seek pre-approval for investments in ICOs, report the accounts you open to hold ICOs, and report transactions in ICOs (e.g. same as if you were buying an equity IPO). ICOs are subject to the 60-day hold requirements. Bitcoin ETFs would be subject to the same requirements.

Bitcoin, bitcoin cash and bitcoin futures **<u>are NOT securities</u>** under current SEC regulations and therefore "trading" in such cryptocurrencies are not reportable under the Code at this time.

<sup>2</sup> A transaction in fund advised or sub-advised by Acadian is subject to pre-clearance requirements unless the transaction is occurring in Acadian's 401K or deferred compensation plans. However, all holdings in such funds, including those owned in your 401K and deferred compensation accounts, must be reported on your year-end holdings report.

Updated as of January 2026 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blackout Periods and Restrictions.** 

Access Persons will be permitted to trade subject to the following conditions:

---

| | |
|:---|:---|
| (1) | **No personal trades will be permitted in any individual security on the same day that Acadian trades that security or a similar line of the same security on behalf of any client.** |
|  | For purposes of clarity, this applies to any individual stock, bond, ETF comprised of less than 25 covered securities as defined by the Code, Depositary Receipt, and to any individual security underlying any Depositary Receipt or a different class of the security (option as an example) being traded. For example, the purchase of an ADR would not be permitted if we were trading in the underlying security and vice versa.<br>Acadian's Compliance Team may allow exceptions to this "blackout" policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running, conflicts of interest, or client detriment, are not present <u>and</u> the equity of the situation supports an exemption.<br>In addition, should preclearance be denied on three (3) consecutive trading days, the Compliance Team, upon request, will consider an exemption to Code restrictions if we deem, in our discretion, that our clients will not be harmed if such transaction is permitted. |
| (2) | **Short-Term Trading Restriction.** |
|  | Access Persons are reminded that they are specifically prohibited from engaging in any form of market timing or short-term trading in funds advised or sub-advised by Acadian or in any other covered security.<br>For any transaction requiring preclearance, Acadian has adopted a sixty (60) day hold requirement in an effort to avoid conflicts of interests and to ensure that the interests of our clients are placed first. This requirement is at the individual brokerage account level. This requirement is intended to deter front running, market manipulation and the potential misuse of Acadian internal resources.<br>Acadian's Compliance Team may allow exceptions to this short-term trading restriction on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present <u>and</u> the equity of the situation supports an exemption.<br>Unless an exception is granted by the Compliance Team, no Access Person may execute opposing trades (buy/sell, sell/buy) in a covered security within sixty (60) calendar days. Trades made in violation of this prohibition may be subject to being unwound or any profit realized may be subject to disgorgement to a charity or to a client if appropriate at the discretion of the Compliance Team.<br>An Access Person wishing to execute a short-term trade must request an exception when entering the pre-clearance request.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Acadian Asset Management Inc. Stock** 

<u>For Clients</u>:

Acadian is restricted from purchasing or recommending the purchase or sale of **Acadian Asset Management Inc.** stock ("AAMI") on behalf of our clients.

Updated as of January 2026 9

<u>For Access Persons</u>:

Acadian Access Persons, Supervised Persons, or their immediate family members or those subject to their financial support may invest in AAMI but with conditions. To reduce the risk that such investment might be found to have resulted from insider trading or another violation of securities laws, AAMI has established a policy setting forth when trading in AAMI is not permitted or appropriate.

**Mandatory Requirements/Prohibitions of AAMI's policy:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits trading in
 AAMI when in possession of material, nonpublic information ("MNPI").

• Prohibits communicating MNPI to
 any third-party unless for legitimate purposes.

• Prohibits engaging in any transaction
 involving AAMI during a blackout period. Blackout periods will be communicated to Acadian compliance.

• Prohibits engaging in short sales
 of AAMI or trading in naked options.

• Requires obtaining <u>pre-clearance from AAMI</u> prior to trading in any AAMI security.

Please send your pre-clearance request to Acadian compliance and we will facilitate on your behalf with AAMI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Securities Transactions requiring Pre-clearance** 

With limited exceptions noted in section G below, discretionary transactions executed by an Access Person in the following covered securities must be "pre-cleared" with the Compliance Team in accordance with the procedures outlined herein prior to execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any stock or corporate
 bond;

• ETFs comprised of less than 25
 covered securities as defined in the Code;

• Depositary Receipts (e.g. ADRs,
 EDRs and GDRs);

• investment or single stock futures
 contracts;

• options or warrants to purchase
 or sell a covered security as defined by the Code;

• limited partnerships meeting the
 SEC's definition of a "security" (including limited liability and other companies that are treated as partnerships
 for U.S. federal income tax purposes);

• UITs, foreign mutual funds, and
 closed-end investment companies;

• shares of open-end mutual funds,
 UCITS funds, and CITS that <u>are</u> advised or sub-advised by Acadian (unless in the Acadian 401K or deferred compensation
 plan),

• private investment funds (including
 Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added to the pre-clearance requirements at the discretion of the Compliance Team as new types of securities are offered and traded in the market and/or Acadian's business changes.

**Initial Public Offerings** Acadian as a firm typically does not participate in initial public offerings (IPO). Access Persons must pre-clear for their personal accounts purchases of any securities in an IPO. Such pre-clearance is <u>required</u> even if the purchase is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that:

Updated as of January 2026 10

(i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's participation in the IPO, and (iv) all investment decisions will be made solely on the best interests of clients. Acadian will maintain a written record of any decision, and the reasons supporting the decision, to approve the personal acquisition of an IPO for at least five years after the end of the fiscal year in which the approval was granted.

**Third-Party Limited or Private Offerings** In addition to pre-clearing private placements offered by Acadian, Access Persons must pre-clear for their personal accounts purchases or sales of any securities in third-party limited or private offerings. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment opportunity did not result from Acadian directing brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to Acadian eligible clients, (iii) investment decisions for Acadian clients will not be unduly influenced by the Access Person's investment, and (iv) all investment decisions will be based solely on the best interests of clients. Access Persons are permitted to invest in private offerings offered and/or managed by Acadian provided they meet the investment qualifications of the particular investment. Acadian will maintain a record of any decision, and the reasons supporting the decision to approve the personal acquisition of a private placement for at least five years after the end of the fiscal year in which the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** <u>**<u>Exceptions specific to certain account and transaction types</u>:**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>**<u>Other than transactions in Initial Public Offerings or Third-Party Limited or Private Offerings as described above</u>,** transactions occurring within investment accounts in which the Access Person had no direct or indirect influence or control over the transactions do not require pre-clearance, are not subject to blackout or holding period restrictions, and do not require reporting on holding reports provided the following conditions are met:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is disclosed
 to a compliance officer before trading commences and the compliance officer is provided with necessary documentation to confirm
 that the Access Person will not have direct or indirect influence over transactions in the account; and

• The Access Person and/or the investment
 manager for the account provides written confirmation periodically at the request of a compliance officer that the Access
 Person did not have any direct or indirect influence on any of the transactions executed in the account.

Examples of such accounts include accounts where the Access Person has granted to a broker, dealer, trust officer or other third-party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation or Access Person input or direction (an example would be Managed Accounts and the party directing the transaction has utilized such discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions occurring
 within a reported investment account that are part of an automatic dividend reinvestment plan, or a pre-established dollar
 cost averaging type contribution plan do not require pre-clearance, are not subject to blackout or holding period restrictions,
 and do not require reporting on holding reports.

Updated as of January 2026 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following transactions
 in covered securities within a reported investment account are exempt from the Code's pre-clearance, blackout and short-term
 trading requirements but must be disclosed on year-end holding reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales
 that are involuntary on the part of the Access Person

b. purchases or sales within Acadian's
 401k or deferred compensation plans

c. purchases or sales effected upon
 the exercise of rights issued by an issuer pro rata to all holders of a class of our securities, to the extent such rights
 were acquired from such issuer, and sales of such rights so acquired

d. purchases or sales of equity or
 commodity derivative instruments or futures or options on them

e. purchases or sales of municipal,
 Government Sponsored Entities (GSE) and agency bond

f. purchases or sales of commodity
 futures or commodity future ETFs or options on them

**Part 3. Standards of Business Conduct**

The Code sets forth standards of business conduct that we require of our Access Persons. Access Persons should maintain the highest ethical standards in carrying out Acadian's business activities. Acadian's reputation is one of our most important assets. Maintaining the trust and confidence of clients is a vital responsibility. This section sets forth Acadian's business conduct standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

Each Access Person must comply with all laws and regulations applicable to our business, including all securities laws, and all firm policies and procedures including, but not limited to, those found in this Code of Ethics, the Compliance Manual, the IT Security Policy, and the Employee Handbook. Access Persons are not permitted 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;a. engage in any act,
 practice, or course of conduct that operates or would operate as a fraud, deceit, or manipulative practice upon any person;

b. make false or misleading statements,
 spread rumors, or fail to disclose material facts;

c. engage in any manipulative practice
 with respect to securities, including price or market manipulation; or

d. utilize or transmit to others "inside"
 information as more fully described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest** 

As a fiduciary, Acadian has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interests of our clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest, including those between personal and Acadian related activities, and by

Updated as of January 2026 12

fully disclosing all material facts concerning any conflict that does arise with respect to any client. Client specific conflicts are reviewed and addressed directly with the individual client. We conduct an ongoing review for actual and potential conflicts that may be systemic to Acadian and our processes. We disclose these conflicts as part of our Compliance Manual, which is typically updated annually, as well as in Form ADV, Part 2A, which is updated and delivered annually to each client. Examples of certain conflicts related to the Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Conflicts among Client Interests.** Conflicts of interest may arise where Acadian or our Access Persons have reason to favor the interests
 of one client over another client (e.g., larger accounts over smaller accounts, accounts compensated by performance fees over
 accounts not so compensated, accounts in which Access Persons have made material personal investments, or accounts of close
 friends or relatives of Access Persons, etc.). Access Persons are prohibited from engaging in inappropriate favoritism of
 one client over another client.

**2.** **Competing with Client Trades.** As referenced in the section on Personal Transactions, an Access Person are generally prohibited from engaging in any
 securities transactions on the day Acadian trades in the security on behalf of a client and any other transaction that would
 result in a material negative impact to a client.

**3.** **Disclosure of Personal Interest**.
 Access Persons are prohibited from recommending, implementing, or considering any securities transaction for a client without
 having first disclosed to the Compliance Team any material beneficial ownership, business or personal relationship, Board
 membership, or other material interest in the issuer. A member of the Compliance Team will analyze the conflict and determine
 the appropriate course of action including potential recusal of the Access Person from the decision of the placement of the
 security at issue on a no-buy list.

**4.** **Referrals/Brokerage.** Access
 Persons are required to act in the best interests of our clients regarding execution and other costs paid by clients for brokerage
 services. As part of this principle, Access Persons will strictly adhere to Acadian's policies and procedures regarding
 brokerage allocation, best execution, soft dollars, and other related policies. Access Persons should refrain from undertaking
 personal investment transactions with the same individual employee at a broker-dealer firm with whom Acadian conducts business
 for our clients.

**5.** **Vendors and Suppliers.** Each
 Access Person is required to disclose any personal investments or other interests in vendors or suppliers with respect to
 which that person negotiates or makes decisions on behalf of Acadian. Access Persons with such interests are prohibited from
 negotiating or making decisions regarding Acadian's business with those companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Market Manipulation** 

Access Persons are prohibited from making any statements or taking any action intended to manipulate the price of a security or the market for a security. Manipulative conduct includes the creation or spreading of false rumors or other information intended to influence the price of a security. Access Persons are advised to ensure any statement that they may make in a public forum is true, accurate, and not misleading. This includes any statements that you may make independent of your employment with Acadian or beyond your authority as an Access Person, including via any personal blogs, websites, or chat rooms.

Acadian only permits employees to use Acadian approved electronic communication systems to send and receive external correspondence related to your role at Acadian. This includes, but it not limited to, sales and investment related correspondence. Acadian employees shall have no expectation of privacy in the content or attachments of any electronic communication sent or received through any approved electronic communication systems including, but not limited to, the

Updated as of January 2026 13

Acadian email system, Bloomberg Email and Instant Messaging systems, Teams, and for those who have been pre-approved by the Compliance team, LinkedIn.

The use of personal address email, text, instant messaging other than Bloomberg, or the use of personal social media sites such as Facebook, Twitter, Whats App, and LinkedIn to conduct Acadian related business or to solicit prospects or clients is prohibited unless preapproved in writing by a compliance officer. Unless you have worked with the Compliance Team to record keep your LinkedIn pages, you may not reshare Acadian content. You may not write commentary on Acadian unless it is pre-approved by a compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Insider Trading and Regulation FD** 

As a general rule, it is against the law to buy or sell any securities while in possession of material, non-public information relevant to that security (sometimes called "inside information"), or to communicate such information to others who trade on the basis of such information (commonly known as "tipping"). Information is "material" as to a security if a reasonable investor would consider the information significant in deciding whether to buy, hold or sell the security, i.e., any information that might affect the price of the security. Material information can be positive or negative and can relate to virtually any aspect of the Company's business.

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material non-public information and from communicating material non-public information to others in violation of the law. This specifically includes personally trading or informing others of the securities held in a client portfolio or transactions contemplated on behalf of any client.

**Insider Trading - Material Non-Public Information.**

The term "material non-public information" relates not only to issuers but may also include Acadian's AUM, internal information, securities recommendations and client securities holdings and transactions. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this is information the disclosure of which will have a substantial effect on the price of a company's securities. Examples of events or developments that should be presumed to be "material" with respect to Acadian's activities that should not be discussed outside Acadian and should only be discussed internally with those with a need to know include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowledge of a trend in revenues, earnings,
 or assets under management not yet fully disclosed to the public;

• acquisition, material loss, or regulatory action;

• material change in the number of clients;

• significant legal exposure due to actual, pending or threatened
 litigation;

• a purchase or sale of substantial assets;

• changes in senior management or other major personnel changes;
 and

• changes in our auditors or a notification from its auditors that
 we may no longer rely on the auditor's audit report.

These examples are illustrative only; many other types of information may be considered "material," depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. Information is "non-public" as to a security until it has been effectively communicated to the marketplace through a press release or other appropriate news media and enough time has elapsed to permit the investment market to absorb and evaluate the information. In many cases, this process may require the passage of several trading days after any initial disclosure. If there can be any doubt whatsoever as to whether information has been effectively communicated to the marketplace, such information should be considered non-public

Updated as of January 2026 14

until such time as there is no doubt. You should direct any questions about whether information is material to the Compliance Team.

**<u>AAMI and Nonpublic Acadian Information</u>**

As the sole remaining affiliate of AAMI, certain information specific to Acadian's business activities could be deemed by investors to be material nonpublic information ("MNPI") of AAMI.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of AAMI's securities.

"Nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access. Disclosure to even a large group of analysts or stockholders does not constitute disclosure to the public.

Of specific potential concern to AAMI is the public release (both in writing or verbally) of Acadian's firm wide AUM and firm wide cash flows prior to their public release by AAMI. As a result, the following policies and procedures have been implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acadian's firm
 wide AUM will only be made available for external dissemination following its release as part of AAMI's quarterly public
 filings. The most recent publicly available AUM will be used in all external materials and staled until AAMI publicly releases
 the following quarterly AUM information. That new number will then be staled thereafter until the next AAMI public filing.

• Firm wide cash flows will also
 be staled as of the most recent public filing and remain staled at that date in all external materials until the AAMI publicly
 releases the next quarter end cash flow numbers.

• AUM and cash flow information for
 specific individual strategies will not be publicly released in any manner that in the aggregate would result in the release
 of more than 50% of firm wide AUM and cash flow amounts. Any AUM and cash flow numbers that can be aggregated to the firm
 wide AUM and cash flows must be staled to reflect the most recent publicly available information.

Please note, we are still able to provide more current month end AUM and cash flow information for individual strategies as long as what is provided cannot be aggregated to the firm wide level.

The above applies to both written and verbal communication. Any information that cannot be provided in external written content also cannot be shared verbally with any external party until the public filing has been made.

AAMI has agreed that an exception can be made to the above policy changes for clients, prospects, and consultants that execute with Acadian an MNPI acknowledgement. The content of this MNPI acknowledgment is non-negotiable. Once executed by an authorized representative of the entity wishing to receive the more current information, we will be able to provide that entity, going forward, with month end information, with a 7-business day lag. This MNPI acknowledgement will be tracked in Conga and owned by the Compliance team.

While it is not practical to compile an exhaustive list, other information concerning any of the following items specific to Acadian or AAMI should be reviewed carefully to determine whether such information is, or is not, also MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings, including
 whether AAMI will or will not meet expectations;

• Material changes in Acadian assets
 under management;

Updated as of January 2026 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material changes in
 the number of clients;

• Mergers, acquisitions, tender offers,
 joint ventures, or changes in assets under management;

• Acquisition or loss of an important
 client or contract;

• Changes in senior management;

• Changes in compensation policy;

• A change in auditors or auditor
 notification that Acadian or AAMI may no longer rely on an audit report;

• A change in an auditor's
 opinion with respect to Acadian's or AAMI's financial statements;

• The issuance by the auditors of
 a going concern qualification;

• Financings and other events regarding
 AAMI's securities (e.g., defaults on debt securities, calls of securities for redemption, repurchase plans, stock splits,
 public or private sales of additional securities);

• Transactions with directors, officers
 or principal security holders;

• Regulatory approvals or changes
 in regulations and any analysis of how they affect AAMI; and

• Significant litigation.

**Insider Trading - Penalties**

Both the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE") are very effective at detecting and pursuing insider trading cases and they have aggressively prosecuted insider traders and tippers. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee," and criminal fines of up to $5,000,000. In addition, if it is found that the Company failed to take appropriate steps to prevent insider trading, the Company may be subject to significant criminal fines and civil penalties of up to $1,000,000 or, if greater, three times the profit gained (or loss avoided) as a result of the insider trading.

You may also be sued by those seeking to recover damages for insider trading violations. Regardless of whether a government inquiry occurs, Acadian views seriously any violation of our insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal and reporting to legal and regulatory authorities.

**Before executing any trade for yourself or others, including clients, an Access Person must determine whether he or she has access to material non-public information.**

If you think that you might have access to material non-public information, you should take the following steps:

1. report the information and proposed trade immediately to the Chief Compliance Officer.

2. do not purchase or sell the securities on behalf of yourself or others, including clients.

3. do not communicate the information inside or outside Acadian, other than to the Chief Compliance Officer or his designee.

**<u>Regulation FD</u>**

As an affiliate of Acadian Asset Management Inc. ("AAMI"), a publicly traded company, Acadian is committed to fair disclosure of information related to Acadian or AAMI that could influence the value of AAMI's securities and will not act to advantage any particular analyst or investor,

Updated as of January 2026 16

consistent with the United States Securities and Exchange Commission's (the "SEC's") Fair Disclosure Regulation ("Regulation FD").

AAMI will continue to provide current and potential investors with information reasonably required to make an informed decision on whether to invest in AAMI's securities, as required by law or as determined appropriate by AAMI management.

Acadian prohibits Access Persons from making any disclosure of material nonpublic information about Acadian or AAMI to anyone outside Acadian (other than for business purposes to persons who first are obliged to maintain confidentiality with respect to such information) unless AAMI discloses it to the public at the same time in a manner consistent with Regulation FD. Examples of activities subject to this policy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly earnings
 releases and related conference calls;

• Providing guidance as to AAMI's
 financial performance or results;

• Contact with financial analysts
 covering AAMI;

• Reviewing analyst reports and similar
 materials;

• Referring to or distributing analyst
 reports regarding AAMI;

• Analyst and investor visits;

• Speeches, interviews, seminars
 and conferences;

• Responding to market rumors;

• Responding to media inquiries regarding
 financial or other material events; and

• Postings on Acadian's or
 AAMI's website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Statement** 

A conflict of interest occurs when the personal interests of Access Persons interfere or could potentially interfere with their responsibilities to Acadian and our clients. Access Persons may not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Access Persons are expressly prohibited from letting gifts, gratuities or entertainment influence their selection of any broker, dealer or vendor for Acadian business. Similarly, Access Persons may not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Acadian or the Access Person.

Supervisors of specific business units have the discretion to set more restrictive entertainment and gift policies than those in this Code that individuals subject to their supervision must comply with.

---

| | |
|:---|:---|
| **2.** | **Gifts** |
| **a.** | **Receipt** - No Access Person may receive gifts totaling more than de minimis value ($100 per calendar year) from any <u>person or entity</u> that does investment related business with or on behalf of Acadian. For example, regardless of the number of employees at XYZ broker who provide a gift, the aggregate value of the gifts that can be accepted by an Access Person from all individuals associated with XYZ broker is $100. Promotional items containing the name and/or logo of the provider shall not be considered a gift provided its estimated value is under $100. |
|  | Access Persons are expressly prohibited from soliciting any gift related to our investment activities. |

---

Updated as of January 2026 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Offer** –
 No Access Person may give or offer any gift of more than de minimis value ($100 per year) to existing clients or prospective
 clients. Access Persons may not give gifts if the intent is to retain or gain investment related business. In certain countries
 in which we may conduct business, the offer of a gift may be a cultural norm. In such cases, it may be permissible to exceed
 the de minimis value provided the gift is reasonable in value and has been approved by a Senior Manager.

<u>Gifts to ERISA, Taft-Hartley, and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of gifts of any value to their representatives. The Compliance Team should be consulted prior to providing any type of gift of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of a gift alone, without actually providing the gift, could be a violation.

<u>40 Act Mutual Fund clients</u>

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Cash** - No Access
 Person may give or accept cash gifts or cash equivalents to or from a client or prospective client or any other entity that
 conducts investment related business with or on behalf of Acadian.

**4.** **Entertainment** 

<u>Providing Entertainment</u>: No Access Person may provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do investment related business with or on behalf of Acadian. Access Persons may occasionally provide business entertainment events, at a venue where business is typically discussed, such as dinner or a sporting event, of reasonable value, provided that the Access Person is present.

<u>Accepting Entertainment</u>: The firm recognizes that Access Person participation in entertainment provided by those with whom we conduct investment related business may be beneficial and further legitimate business interests. However, the acceptance of extravagant or excessive entertainment (face value >$1,000) from a client, prospective client, or any person or entity that does or seeks to do investment related business with Acadian is not permitted.

Access Persons are permitted to attend occasional business meals, at a venue where business is typically discussed, of reasonable value, provided that the person or a representative of the organization providing the meal is present.

Access Persons are also permitted to attend other entertainment events, such as sporting events, subject to the following conditions:

Updated as of January 2026 18

&nbsp;&nbsp;&nbsp;&nbsp;&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. A representative of the hosting organization
 must be present;

2. The primary purpose of the invitation must be to discuss business
 or to build a business relationship; and

3. You must receive prior written
 approval from your supervisor regardless of the value of the entertainment being provided.

Access Persons are expressly prohibited from soliciting any entertainment related to our investment activities.

<u>Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of entertainment of any value (Including coffee, meals, drinks etc.) to their representatives. The Compliance Team should be consulted prior to providing any type of entertainment of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of entertainment alone, without actually providing the entertainment, could be a violation.

<u>40 Act Mutual Fund clients</u>

Pursuant to Section 17(e)(1) of the Investment Company Act of 1940, no employee may accept from any source any compensation (including any gifts or entertainment in any amount) for the purchase or sale of any property to or for the mutual fund clients sub-advised by Acadian.

---

| | |
|:---|:---|
| **5.** | **Detailed Expense Reports Required for Gifts and Entertainment** |
|  | For all gifts and entertainment purchased for or provided to a client or prospect, make certain that the expense report submitted for reimbursement clearly discloses what was provided, the names of each individual recipient, and the organization that each recipient represented. Appropriate supporting receipts must be provided. Certain ERISA, public plan clients, and Taft-Hartley plan clients may require that we provide detailed gift and entertainment reports related to their representatives. |
| **6.** | **Conferences** – Access Person attendance at all third-party sponsored industry conferences is subject to supervisor approval. If the conference involves potential clients, prospects, or consultants, and Acadian's attendance at the conference will be paid for by the host or a third party (including conference fee, travel, and lodging as examples), this should be disclosed prior to attendance to the Compliance Team. The Compliance Team will review, among other factors, the purpose of the conference, the conference agenda, and the proposed costs that will be paid or reimbursed by the third party. |
|  | It is against Acadian policy to sponsor or pay to attend any conference where our payment is a primary consideration of whether we will be awarded business from any client or prospective client who may be in attendance. |
| **7.** | **Quarterly Reporting** – Acadian will require all Access Persons to report any gifts or entertainment received on a quarterly basis. Gifts and entertainment provided will be monitored through the periodic review of expense reports. |

---

Updated as of January 2026 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Political Contributions and Compliance with the Pay-to-Play Rule Requirements** 

Acadian as a firm is prohibited from making political contributions. Political contributions requested by a client or prospect will be prohibited as these may be deemed as an attempt to retain or win business. Employees, contractors, or consultants of Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, the requirements in this section are not applicable to these individuals.

Rule 206(4)-5 (the "Rule") under the Advisers Act seeks to curtail "pay to play" practices by investment advisers that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

There are three key elements of the Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a two-year "time-out"
 from receiving compensation for providing advisory services to certain government entities after certain political contributions
 are made,

(ii) a prohibition on soliciting contributions
 and payments, and

(iii) a prohibition from paying third
 parties for soliciting government clients.

For purposes of the Code and the Rule, an "<u>official</u>" is any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

A "<u>government entity</u>" includes all state and local governments, their agents, and instrumentalities, as well as all public pension plans and other collective government funds, including participant-directed plans such as 403(b), 457, and 529 plans. These entities are typically pension plans that are separate legal entities from state and local governments, but have elected officials as board members.

To ensure Acadian complies with the Rule, all Acadian Access Persons will be required to adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit a written pre-approval
 form to the Compliance Team and receive compliance approval prior to making any political contribution to an "official"
 (includes incumbents, candidates, and committees as defined above) of a "government entity", regardless of contribution
 amount.

2. Submit quarter–end and year-end
 reports of all political contributions made to any official of a government entity.

3. A prohibition from directly or
 indirectly soliciting political contributions on behalf of any official of a government entity if such individual can directly
 or indirectly influence the investment advisory business or from soliciting payments to a political party of a state or locality
 where the investment adviser is providing or seeking to provide investment advisory services to a government entity. Pursuant
 to this provision, Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indirectly making political contributions to
 politicians through, for example, spouses, lawyers or affiliated companies;

Updated as of January 2026 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "bundling"
 a large number of small contributions to influence an election in the state or locality in which the Investment Adviser is
 seeking business;

• soliciting contributions from professional
 service providers;

• consenting to the use of Acadian's
 name on fundraising literature for a candidate; and

• sponsoring a meeting or conference
 which features an official as an attendee or guest speaker and which involves fundraising for the official (and, in this case,
 expenses incurred by the Access Person for hosting the event (such as the cost of the facility or refreshments, or reimbursement
 of any of the official's expenses for the event) would be a contribution by the Investment Adviser, thereby triggering
 the two-year "time-out" provisions of the Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A prohibition on paying
 any non-regulated third party for soliciting advisory business from U.S. based government clients on our behalf.

Failure of each Access Person to adhere to the requirements of the Rule could result in Acadian being prohibited from receiving compensation from a government entity for a period of two-years from the date of the contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Anti-Bribery and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment** 

The U.S. Foreign Corrupt Practices Act (the "FCPA") prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person. You should note that the FCPA does not require that a corrupt act succeed in its purpose. The offer or promise of a corrupt payment can constitute a violation of the statute. The FCPA prohibits any corrupt payment intended to influence any act or decision of a foreign official in his or her official capacity, to induce the official to do or omit to do any act in violation of his or her lawful duty, to obtain any improper advantage, or to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA prohibits paying, offering, promising to pay (or authorizing to pay or offer) money or anything of value. The prohibition extends only to corrupt payments to a foreign official, a foreign political party or party official, or any candidate for foreign political office. A "foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof, or any person acting in an official capacity.

Obligations imposed on Access Persons go further than compliance with the FCPA. Bribery and corrupt business practices create unfair markets, erode public trust and stifle long-term economic development and are contrary to Acadian's values. Bribery or corruption in any manner or for any purpose or benefit will not be tolerated and any such action by an Access Person or the firm is strictly prohibited. Access Persons must be committed to ethical and legal business conduct and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act legally and with
 integrity at all times to safeguard its staff members, resources, tangible and intangible assets, and our reputation;

• Create and maintain a trust-based
 and inclusive internal culture in which bribery and corruption are not tolerated;

• Conduct all business relationships
 in an ethical and lawful manner; and

• Cooperate fully with law enforcement
 and regulators locally within the bounds of local legislation.

Access Persons who deliberately breach the policy will be subject to disciplinary action, potentially leading to dismissal.

Updated as of January 2026 21

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. Access Persons must closely adhere to the gift and entertainment and the political contributions policies and procedures described herein. Any suspicions of bribery or corruption should be reported in accordance with the Whistleblowing policy set out in this Code. Acadian and all Access Persons are expected to cooperate fully with any law enforcement or regulatory inquiry into any bribery or corruption allegation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Charitable Contributions** 

Although Acadian encourages our Access Persons to be charitable, no donations should be made or should appear to have been made for the purpose of obtaining or retaining client business. No donations should be made in the name of any client if such a donation would result in a violation of the client's ethical requirements. This is typically the case with state and municipal clients.

Any request from a client or prospect for a charitable donation should be brought to the attention of a Compliance Officer. Any charitable donation made in response to a client or prospect request should be nominal as not to appear to have been made to obtain or retain the business and should be done in accordance with Acadian's charitable giving policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Confidentiality** 

Access Persons have the highest fiduciary obligation to protect and keep confidential at all times sensitive non-public information related to our clients, prospects, Access Persons, and the firm. Please also refer to your obligations to protect information from disclosure under Insider Trading and Regulation FD sections of this Code. This information may include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any prospect or client's
 identity (unless the client consents), any information regarding a client's financial circumstances, business practices,
 or advice furnished to a client by Acadian;

b. information on specific client
 accounts, including recent or impending securities transactions by clients and activities of the portfolio managers for client
 accounts;

c. specific information on Acadian's
 investments for clients (including former clients) and prospective clients and account transactions and holdings;

d. information on other Access Persons,
 including their social security numbers, financial account information and account numbers, compensation, benefits, position
 level and performance rating; and

e. information on Acadian's
 firm wide assets under management and cash flows, business activities, including new services, products, research, technologies,
 investment process, and business initiatives, unless disclosure has been authorized by Acadian.

Access Persons should not access information on any client, prospect, consultant, or employee that is not required to perform their specific job functions. Access Persons should not discuss or release any non-public information that they may be authorized to access and view to any internal party or external party unless that party has a compelling business need to receive the information.

Updated as of January 2026 22

Access Persons should be sensitive to the problem of inadvertent or accidental disclosure, through careless conversation in a public place or the failure to safeguard papers and documents. Documents and papers should be kept in appropriately marked file folders and locked in file cabinets when appropriate. Any confidential information that must be transmitted over email or via the internet should also be protected in accordance with Acadian's IT Security Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Service on a Board of Directors** 

Prior to accepting a position as an officer, director, trustee, partner, or Controlling person in any other company or business venture not related to Acadian, or as a member of an investment organization (e.g., an investment club), Access Persons must disclose the position to the Compliance Team.

While the prior disclosure of Board membership or service on a charitable/non-profit organization is generally not required, disclosure and pre-approval would be required if your service involved participation on the finance, treasury, or investment committees or their functional roles or equivalents. Acadian may place specific restrictions on such service.

Each Board position should also be disclosed to the Compliance Team at least annually. Notice of such positions may be given to a compliance officer of any Fund advised or sub-advised by the Company.

As a firm policy, Acadian will restrict from our potential investment universe, and will not invest in or recommend client investment in, any publicly traded company for which an Access Person serves as a Board member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K*.*** **Partnerships** 

Any non-Acadian related non-investment partnership or similar arrangement, either participated in or formulated by an Access Person, should be disclosed to the Compliance Team prior to formation, or if already in existence at the time of employment, as part of New Hire reporting. Any such partnership interest should also be disclosed to the Compliance Team at least annually. Investment partnerships such as participating as a passive "partner" in a hedge fund would require pre-clearance and reporting on holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Other Outside Activities** 

Access Persons may not engage in outside business interests or employment that could in any way materially conflict with the proper performance of their duties to or for Acadian. All Access Persons should inform their supervisor and Human Resources prior to accepting any employment outside of Acadian if it has the potential of impacting or conflicting with their responsibilities to Acadian. Supervisors will involve the Compliance Team as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Marketing and Promotional Activities** 

Acadian has instituted policies and procedures relating to our creation and distribution of marketing, performance, advertising, and promotional materials to ensure compliance with relevant securities and commodities laws and GIPs. All oral and written statements made by Access Persons to the public, regardless of format or audience, must be professional, accurate, balanced and not misleading in any way.

Updated as of January 2026 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Affiliated Broker-Dealers** 

Certain employees of Acadian are affiliated with a third-party limited-purpose broker-dealer related to the offer and sale of funds. Acadian will not utilize the services of this broker-dealer to trade for the accounts of any firm client. Acadian will also abide by any restrictions imposed by a client regarding the use of any specific broker-dealer including those that may be an affiliate of a client.

**Part 4. Compliance Procedures**

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein, submitted through the StarCompliance system, or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to their supervisors, to senior management, to AAMI, to compliance personnel and the Board of Directors of any registered investment company client, to outside counsel, and/or to regulatory authorities upon appropriate request. To the extent possible, efforts will be made to preserve the confidentiality of any personal information contained on any such report prior to providing is to the requesting party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting of Access Person Investment Accounts** 

All Access Persons are required to notify the Compliance Team in writing of any investment account in which he or she has direct or indirect beneficial interest in which a covered security can be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Duplicate Statements** 

The Compliance Team, in its discretion, will determine if the receipt of duplicate investment account statements for any Access Person's investment account will further enhance its ability to oversee and enforce the Code. Such statements will typically not be required if the investment firm issuing such statements has an agreement in place with StarCompliance to directly feed employee transaction information into StarCompliance for our access.

If the Compliance Team determines a feed from StarCompliance is not available for a specific brokerage account, the employee will be responsible for providing duplicate copies of the statements to the Compliance Team. Statements not available to the Compliance Team by other means can be provided by uploading statements as part of the employee's quarterly disclosure reporting in StarCompliance.

The purpose of receiving "duplicates" is to independently confirm Code compliance, especially as it relates to compliance with pre-clearance of trades, the blackout period, and reporting. Duplicate investment account statements will typically be requested directly from the broker or adviser for any Access Person investment accounts where the Access Person exercises investment discretion over the account and has the ability to trade in covered securities including individual stocks, Acadian or affiliated managed funds, or other types of covered securities that may conflict with the type of investments Acadian makes for our clients.

Duplicate investment account statements are typically not requested or received from the following types of accounts:

Updated as of January 2026 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in which individual
 stocks, bonds, Depository Receipts, ETFs, and Acadian advised or sub-advised mutual funds cannot be purchased or sold;

• accounts where the Access Person
 has no direct or indirect influence or control over transactions in the account; and

• Acadian's 401k and deferred
 compensation plan accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-clearance of Personal Securities Transactions** 

All Access Persons must strictly comply with Acadian's policies and procedures regarding personal securities transactions in covered securities including requesting pre-clearance before trading in a covered security.

**<u>Pre-clearance approval is typically only effective on the day granted.</u>**

Pre-clearance requests, once granted, are only effective until the close of the market on which the "cleared" security trades. If the trade is not executed before market close on the day the pre-clearance was requested and granted, then the request would need to be re-submitted the following day. For example, pre-clearance requests granted on Monday in the U.S. for a security trading in the U.S. are effective until the close of U.S. markets that Monday.

One exception relates to the pre-clearance of a security trading on a foreign exchange. A request to trade a security trading on a foreign exchange made after close of the exchange but prior to the reopen of the exchange for the next trading day would be approved until the close of that foreign exchange on the next trading day.

No one, including the Chief Compliance Officer, is authorized to approve his or her own trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Pre-Approval of Political Contributions** 

Access Persons must submit a pre-approval request to a member of the Compliance Team and receive compliance approval prior to making any political contribution to any "official" of a "government entity" regardless of contribution amount. Please refer to the Political Contributions section of the Code for the definition of official, government entity, and additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Quarterly Reporting through StarCompliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Transactions** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (i.e. end of April, July, October, and January) all Access Persons must submit a quarterly report to the Compliance Team to report either no reportable trading activity or all transactions involving covered securities in reportable accounts in which they have direct or indirect Beneficial Ownership and the account in which the security was purchased or sold as well as duplicate statements associated with the quarter if an StarCompliance feed is not available for employee brokerage accounts<sup>3</sup>. As noted above, statements for any brokerage accounts not on feeds need to be provided on a quarterly basis.

<sup>3</sup> Transactions in in covered securities in Acadian's 401K plan and deferred compensation plan do not require quarterly reporting. Year-end holdings in these accounts must be reported.

Updated as of January 2026 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts and Entertainment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any gifts or entertainment received from any person or organization doing or seeking to do investment related business with Acadian. A Supervisor approval is required when there is a reportable item. A report is required even if there is nothing to report but supervisor approval on such report is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Private Investments** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they either have no private investments to report or attest to all pre-existing private investments including any that were acquired within the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Political Contributions** 

**<u>Within thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any political contributions made to any official of a government entity as defined in the Code. A signed report is required even if there is nothing to report. Access Persons located in Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, reporting requirements related to political contributions are not applicable to these individuals. Notwithstanding, each must comply with any reporting requirements that may be established specific to their office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Communication Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies related to approved methods of electronic communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **MNPI Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies and procedures related to material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Annual Reporting through StarCompliance** 

**<u>By January 30th</u>** of each year, each Access Person must complete and submit a listing as of December 31 of the prior year of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each investment account
 in which they have a direct or indirect interest in which a security can be purchased (a review of all accounts should be
 done at least annually and/or when accounts are opened/closed);

(2) their investment holdings in covered
 securities (including a separate report for "private investments") including security name, share amount, price
 per share and principal amount ( **<u>market values should be updated as of 12/31</u>**):

(3) a listing of all non-Acadian and
 non-investment related directorships or partnerships in which they are involved;

(4) a list of all political contributions
 made including candidate name, elected office, amount, and date;

(5) Any other reports requested by
 the Compliance Team specific to the Access Person;

(6) Affirmation acknowledging receipt
 of and compliance with the Code; and

Updated as of January 2026 26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Affirmation acknowledging receipt of and compliance
 with the Compliance Manual.

Your year-end investment holdings report must contain <u>all</u> holdings in covered securities in <u>any covered accounts</u> including those positions held in Acadian's 401K plan, and deferred compensation plan. **<u>To be considered complete, these reports must contain the quantity and value of each reported holding as of December 31.</u>**

On an annual basis, each Access Person will also be required to provide certification of their receipt of the Code of Ethics and an acknowledgement of their obligation to comply with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **New Hire Reporting through StarCompliance** 

New Access Persons are required to file the following attestations within **ten (10) business days** of their hire date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Affirmation
 acknowledging receipt of and compliance with the Code.

b. Initial Report of Reportable Investment
 Accounts along with a copy of the last issued holdings statement for each account.

c. Initial Report of Securities Holdings.

d. Access Person Partnership Involvement
 Relationship Report.

e. Access Person Report of Director/Relationship
 Involvement.

f. Access Person Report of Political
 Contributions for prior two years from hire date.

g. Communication Acknowledgment.

h. MNPI Acknowledgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Review and Enforcement of Personal Transaction Compliance and General Code Compliance** 

The Compliance Team will periodically review personal securities transactions reports and other reports submitted by Access Persons. The review may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An assessment of whether
 the Access Person followed the Code and any required internal procedures, such as pre-clearance, including the comparison
 of "Pre-clearance" submissions to any account statements that may have been received from brokers, advisers or
 other sources;

b. Comparison of personal trading
 to any blackout period;

c. An assessment of whether the Access
 Person and Acadian are trading in the same securities and, if so, whether clients are receiving terms as favorable as the
 Access Person;

d. Periodically analyzing the Access
 Person's trading for patterns that may indicate potential compliance issues including front running, excessive or short-term
 trading or market timing; and

e. Any pattern of trading or activity
 raising the appearance that the Access Person may be taking advantage of their position at Acadian.

Before any determination is made that a code violation has been committed by an Access Person, the Access Person will have the opportunity to supply additional explanatory material. If the Chief Compliance Officer initially determines that a material violation has occurred, he will prepare a written summary of the occurrence, together with all supporting information/documentation including any explanatory material provided by the Access Person, and present the situation to Access Person's manager, the Compliance and Risk Committee, and, if the Chief Compliance Officer and Committee deem it necessary, to the Acadian Executive Management Team and Executive Committee, or the Board of Managers. Depending on the

Updated as of January 2026 27

incident, AAMI may become involved as well as outside counsel for evaluation and recommendation for resolution.

Acadian's Chief Compliance Officer reports all Code violations and their resolution, regardless of materiality, to Acadian's Compliance and Risk Committee at least quarterly. Further, if the Chief Compliance Officer and the Committee deem it necessary, a Code violation may also be reported to the Acadian Executive Management Team and Executive Committee, the Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Certification of Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Certification.** Compliance with the Code is a condition of hire and ongoing employment at Acadian. Each Access Person is provided with
 a copy of the Code when hired and receives training on the Code from a Compliance Officer. Acadian requires all Access Persons
 to certify that they have: (a) received a copy of the Code; (b) read and understand all provisions of the Code; and (c) agreed
 to comply with the terms of the Code.

**2.** **Acknowledgement of Amendments.** Acadian will provide Access Persons with any material amendments to our Code and Access Persons will submit an acknowledgement
 that they have received, read, and understood the amendments to the Code. Acadian and members of our compliance staff will
 make every attempt to bring important changes to the attention of Access Persons.

**3.** **Annual Certification.** All
 Access Persons and supervised persons are required annually to certify that they have received, read, understood, and complied
 with the Code.

**Part 5. Access Person Disclosures and Reporting Obligations**

Acadian has certain disclosure obligations to our clients and regulators. Each Access Person has an immediate and ongoing obligation to notify a Compliance Officer if any of the responses to the questions listed below are "yes" or become "yes" at any time.

&nbsp;&nbsp;&nbsp;&nbsp;(1) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or
 plead guilty to nolo contendere ("no contest") in a domestic, foreign, or military court to any felony?

(b) been charged with any felony?

&nbsp;&nbsp;&nbsp;&nbsp;(2) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or
 plead guilty or nolo contendere ("no contest") in a domestic, foreign or military court to a misdemeanor involving:
 investments or an investment related business, or any fraud, false statements, or omissions, wrongful taking of property,
 bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?

(b) been charged with a misdemeanor
 listed in 2(a)?

&nbsp;&nbsp;&nbsp;&nbsp;3. Has the SEC or the Commodity Futures trading
 Association (CFTC) ever:

Updated as of January 2026 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made
 a false statement or omission?

(b) found you to have been involved
 in a violation of SEC or CFTC regulations or statutes?

(c) found you to have been a cause
 of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

(d) entered an order against you in
 connection with investment related activity?

(e) imposed a civil money penalty on
 you or ordered you to cease and desist from any activity?

&nbsp;&nbsp;&nbsp;&nbsp;4. Has any other federal regulatory agency, any
 state regulatory agency, or any foreign financial regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ever found you to have
 made a false statement or omission, or been dishonest, unfair, or unethical?

(b) ever found you to have been involved
 in a violation of investment related regulations or statutes?

(c) ever found you to have been a cause
 of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

(d) in the past ten years, entered
 an order against you in connection with an investment related activity?

(e) ever denied, suspended, revoked,
 or otherwise prevented you from associating with an investment related business?

&nbsp;&nbsp;&nbsp;&nbsp;5. Has any self-regulatory
 organization or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made
 a false statement or omission?

(b) found you to have been involved
 in a violation of its rules?

(c) found you to have been the cause
 of an investment related business having its authorization to do business denied, suspended, revoked, or restricted?

(d) disciplined you by barring or suspending
 you from association with other advisers or otherwise restricting your activities?

&nbsp;&nbsp;&nbsp;&nbsp;6. Has the authorization
 to act as an attorney, accountant, or federal contractor granted to you ever been revoked or suspended?

7. Are you the subject of any regulatory
 proceeding?

8. Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the past ten years,
 enjoined you in connection with any investment related activity?

(b) ever found that you were involved
 in a violation of investment related statutes or regulations?

(c) ever dismissed, pursuant to a settlement
 agreement, an investment related civil action brought against you by a state or foreign financial regulatory authority?

Updated as of January 2026 29

9. Are you now the subject of any civil proceeding that could result in a "yes" answer to item 8 above?

**Part 6. Record Keeping**

Acadian will maintain the following records pertaining to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each Code
 that has been in effect at any time during the past five years;

• A record of any violation of the
 Code and any action taken as a result of such violation for five years from the end of the fiscal year in which the violation
 occurred;

• A record of all acknowledgements
 of receipt of the Code and amendments for each person who is currently, or within the past five years was, an Access Person
 (these records must be kept for five years after the individual ceases to be an Access Person of Acadian);

• Holdings and transactions reports
 made pursuant to the Code for the prior five years;

• A list of the names of persons
 who are currently, or within the past five years were, Access Persons;

• A record of any decision and supporting
 reasons for approving the acquisition of covered securities by Access Persons including IPOs and limited offerings for at
 least five years after the end of the fiscal year in which approval was granted;

• A record of persons responsible
 for reviewing Access Persons' reports currently or during the last five years; and

• A copy of reports provided to the
 Board of Directors of any U.S. registered management investment company for which Acadian acts as adviser or sub-adviser regarding
 the Code for the past five years.

**Part 7. Form ADV Disclosure**

Acadian includes within our Form ADV, Part 2A a description of Acadian's Code and a description of conflicts identified with our investment process and operations. We will deliver a copy of Form ADV, Part 2A to each client annually and will provide a copy of our Code to any client or prospective client upon request.

Updated as of January 2026 30

**Part 8. Administration and Enforcement of the Code**

**Responsibility to Know the Rules**

Access Persons are responsible for their actions under the law and are therefore required to be sufficiently familiar with applicable federal and state securities laws and regulations to avoid violating them. Claimed ignorance of any rule or regulation or of any requirement under this Code or any other Acadian policy or procedure is not a defense for misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Excessive or Inappropriate Trading** 

Acadian understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that limits potential conflicts with the interests of any client account. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades, or other measures as deemed appropriate by the Compliance Team), may compromise the best interests of any client if such excessive trading is conducted during the workday or using Acadian resources. Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, such personal transactions may be brought to the attention of the Access Person's supervisor and may not be approved or may be limited by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Training and Education** 

<u>New Hires</u>

Employment at Acadian is contingent upon compliance with the Code. Each new hire receives a copy of the Code and must complete an affirmation of receipt and understanding. A member of the Compliance Team will meet with each new hire within their first week of employment to review the Code and to respond to any questions.

<u>Annual</u>

Mandatory annual ethics training is required for all employees and consultants designated as either/or Associated Persons with the NFA or Access Persons. The topics that will be included within the annual ethics training will be chosen by members of the Compliance Team who will provide the training through StarCompliance. The Compliance Team will monitor completion in StarCompliance and document any failure by an employee to complete the training in a timely manner as a Code violation. The ethics training will reinforce key sections of the Code as well as any other compliance related issues as determined by business changes or regulatory focus. Pursuant to NFA Compliance Rule 2-9 and the Commodity Futures Trading Commission's Statement of Acceptable Practices annual ethics training at a minimum will also include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An explanation of the
 applicable laws and regulations and rules of Acadian's business activities regulated by the NFA;

2. Employees' obligation to
 the public to observe just and equitable principles of trading;

3. How to act honestly and fairly
 and with due skill, care, and diligence in the best interest of customers and the integrity of the markets;

4. How to establish effective supervisory
 systems and internal controls;

5. How to obtain and assess the financial
 situation and investment experience of customers;

6. Disclosure of material information
 to customers; and

7. Avoidance, proper disclosure, and
 handling of conflicts of interest.

Updated as of January 2026 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Compliance and Risk Committee Approval** 

The Code will be submitted to Acadian's Compliance and Risk Committee annually for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Report to the Board(s) of Investment Company Clients** 

At the frequency requested and in compliance with Rule 17j-1 of the Investment Company Act of 1940, Acadian will comply with any reporting requirements imposed by the Board of Directors of each of our U.S. registered investment company clients as well as any other reporting related to our Code requested by any client. A copy of our Code is provided to clients and prospects upon request. Reports typically provided to Fund Board's include a description of any issues arising under the Code since the last report, information about material violations of the Code, sanctions imposed in response to such violations, and any material changes made to the Code. Acadian will also provide reports when requested certifying that we have adopted procedures reasonably necessary to prevent Access Persons from violating the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Report to Senior Management** 

The Chief Compliance Officer will provide a report on a quarterly basis to Acadian's Compliance and Risk Committee noting any violations of the Code. Any material violations will be escalated promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting Violations and Whistleblowing Protections** 

Acadian is committed to fostering an environment of ethical and fair business conduct that requires all Access Persons to act honestly and with integrity at all times. Access Persons are required to report to the Chief Compliance Officer or a senior manager all potential instances of serious malpractice, material violations of company policies, and material violations of the Code. Access Persons are required to cooperate fully with any and all investigations into such matters. Failure to adhere to these policies will be considered a violation of the Code and will subject the Access Person to disciplinary action including the potential for termination.

Good faith reports of such potentially serious or material violations may be made without fear of retribution either directly to the Chief Compliance Officer or on a confidential basis via either a written statement in a sealed envelope or in any other way the Access Person feels is necessary to preserve his or her confidentiality. A report can also be made to the AAMI Fraud Hotline listed in the Fraud section below. These reports will be treated as confidential, and the source of the report protected to the extent permitted by law provided that the "whistleblower" (1) genuinely believes that the knowledge or suspicions disclosed are true and relate to serious malpractice; and (2) that the communication is clear from the outset that a confidential "whistleblowing" disclosure is being made. All such reports will be investigated promptly and thoroughly, and all legal requirements will be complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Fraud Policy** 

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. The commission of a fraud of any kind is prohibited. Failure by any Access Person to comply with this policy could result in disciplinary action being taken against that individual.

For the purpose of the Code, fraud is defined as: "Any deliberate action or inaction involving dishonesty or deception, which may result in the diminution of client account or shareholder

Updated as of January 2026 32

value, either through financial loss or reputational damage, whether or not there is personal benefit to the fraudster."

**What Constitutes Fraud?**

The legal definition of fraud may vary depending on the legal statutes of the various jurisdictions in which Acadian operates and rules, regulations and other releases of the regulatory bodies that govern our activities including the SEC, NFA, and CFTC. For example, CFTC Regulation 180.01. In some jurisdictions, no precise legal definition of fraud exists, although many of the offenses referred to as fraud may be prohibited by local statute or be deemed criminal offenses by local statute. The term is generally used to describe acts such as: deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts and collusion. Some examples of fraud include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonest or fraudulent
 activities, such as embezzlement, deceit, collusion, or conspiracy

• Bribery, corruption, or abuse of
 office

• Theft

• Abuse or misuse of company property

• Deliberate misapplication or misappropriation
 of company funds or assets

• Deliberate or suspicious unacceptable
 loss of assets in the care of any member of AAMI

• Forgery or alteration of documents

• Making use of or knowingly possessing
 forged or falsified documents

• Providing false or misleading information

• Deliberate theft, sale or misuse
 of sensitive documentation or information

• Deliberate false creation of records
 within or unauthorized amendments to databases, administration systems and accounting records

• Targeted attempts to use technology/electronic
 communications to hack or breach security controls

• Intentional destruction (excepted
 as allowed per our Record Management Policy) or suspicious disappearance of records

• Concealment of material facts

• Deliberate intentional misapplication
 of accounting principles

• Any improper act, which may damage
 the reputation of AAMI or any of its members

• Use or employ, or attempt to use
 or employ, any manipulative device, scheme, or artifice to defraud;

• Make, or attempt to make, any untrue
 or misleading statement of a material fact or to omit to <u>state</u> a material fact necessary in <u>order</u> to make the
 statements made not untrue or misleading in any materials;

• Engage, or attempt to engage, in
 any act, practice, or course of business, which operates or would operate as a fraud or deceit upon any <u>person</u>; or,

• Deliver or cause to be delivered,
 or attempt to deliver or cause to be delivered, for transmission through the mails or interstate commerce, by any means of
 communication whatsoever, a false or misleading or inaccurate report concerning crop or market information or conditions that
 affect or tend to affect the price of any <u>commodity</u> in interstate commerce, knowing, or acting in reckless disregard
 of the fact that such report is false, misleading or inaccurate. Notwithstanding the foregoing, no violation of this subsection
 shall exist where the <u>person</u> mistakenly transmits, in good faith, false or misleading or inaccurate information to
 a price reporting service

• Any similar or related activity
 or irregularity

Fraud can be perpetrated internally by employees or contractors, externally by clients, intermediaries or other third parties.

Any individual who is unclear as to what may constitute an act of fraud should seek further guidance from his/her direct manager or from the Chief Compliance Officer as appropriate.

Updated as of January 2026 33

**What should I do if I suspect fraud has been committed?**

All staff is encouraged to immediately report any fraud that is suspected or discovered. Any such activity should be reported initially to their immediate manager and/or the Chief Compliance Officer, except where either of those individuals is suspected of involvement.

Immediate managers are responsible for reporting all instances of suspected or discovered fraud to the Chief Compliance Officer who is responsible for escalating as required under relevant firm policy.

The reporting of suspected or known fraud may be made and will be investigated in accordance with the Whistleblowing policies described within the Code and, if made in good faith, will be protected from retaliation.

Acadian encourages Access Persons to report compliance and any other business concerns to Acadian's Chief Compliance Officer and General Counsel or via the confidential AAMI Fraud Hotline at the numbers or URL below.

---

| | | |
|:---|:---|:---|
| Scott Dias | 617-850-3519 | sdias@acadian-asset. com |
| SVP, Chief Compliance Officer and |  |  |
| General Counsel |  |  |
| Acadian |  |  |
| Richard Hart | 617-369-7341 | rhart@acadian-inc.com |
| Chief Legal Officer |  |  |
| AAMI |  |  |

---

By Secure Ethics Reporting Hotline:

**US:**

1-866-921-6714

**Australia:**

0011-800-2002-0033

**United Kingdom:**

0-800-092-3586

**Singapore:**

001-800-2002-0033

Webform URL:<br> <u>https://www.integritycounts.ca/org/acadian-inc</u><u> </u>E-mail:<br> AAMI<u>@integritycounts.ca</u>

Fax:<br> 1-604-926-5668

Mail:

PO Box 91880, West Vancouver,<br> British Columbia V7V 4S4 Canada

***None of the provisions of Acadian employee handbook, compliance manual (including its related policies and code of ethics), offer letter provided to you, or any agreement regarding your employment that you may have entered into with Acadian prohibits you from voluntarily communicating with enforcement or regulatory authorities regarding possible violations of law.***

Updated as of January 2026 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Sanctions** 

Any violation of the Code may result in disciplinary action including, but not limited to, a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

The following is a non-exclusive list of factors that will be considered when determining the appropriateness of any sanction related to a Code violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What requirement was
 violated

• Client harm

• Frequency of occurences

• Evidence of willful or reckless
 disregard of the Code requirement

• Your honest and timely cooperation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Further Information about the Code and Supplements** 

Access Persons are encouraged to contact any member of the Compliance Team with any questions about permissible conduct under the Code.

AAMI's Anti-bribery and Corruption Risk Policy, Fraud Policy, Whistleblowing Arrangements and Sanctions Compliance policy are adopted as supplements to the Code.

**Persons Responsible for Code Enforcement**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Boston:** |  |  |
| &nbsp;&nbsp;Alison Peabody | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;apeabody@acadian-asset.com |
| &nbsp;&nbsp;Mary Bidgood | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;mbidgood@acadian-asset.com |
| &nbsp;&nbsp;Kelly Gately | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;kgately@acadian-asset. com |
| &nbsp;&nbsp;Lili McInnis | &nbsp;&nbsp;Compliance Specialist | &nbsp;&nbsp;lmcinnis@acadian-asset. com |
| &nbsp;&nbsp;Scott Dias | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;sdias@acadian-asset. com |
| &nbsp;&nbsp;**London:** |  |  |
| &nbsp;&nbsp;Katy Tyler | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;ktyler@acadian-asset.com |
| &nbsp;&nbsp;**Sydney:** |  |  |
| &nbsp;&nbsp;Nita Lo | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;nlo@acadian-asset. com |
| &nbsp;&nbsp;**Singapore:** |  |  |
| &nbsp;&nbsp;Nicholas Lim | &nbsp;&nbsp;Compliance Officer | &nbsp;&nbsp;nlim@acadian-asset. com |

---

Do not hesitate to contact any member of the Compliance Team with questions about the Code by either emailing <u>Compliance-reporting@acadian-asset.com</u> or contacting directly one of the individuals noted above.

**<u>Training and Certification</u>**

Training on Code requirements will be provided by members of the Compliance Team. Additional training on firm policies may also be provided by members of the Human Resources Group.

Updated as of January 2026 35

Acadian's Compliance and Risk Committee, Executive Management Team, Executive Committee, and our Board of Managers are also responsible for Code implementation and enforcement.

All Access Persons will be subject to annual Code of Ethics training. A copy the Code and any amendments will be provided to all Access Persons and supervised persons annually along with a request for a written acknowledgment of receipt and compliance.

**Appendices**

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2026 36

## Exhibit 99.28

Exhibit 99.28 (q)(i)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being a Director of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 14th day of October, 2025.

<u>/s/ Diane Durnin</u>

Diane Durnin

## Exhibit 99.28

Exhibit 99.28 (q)(ii)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being a Director of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 14th day of October, 2025.

<u>/s/ Alexander Ellis III</u>

Alexander Ellis III

## Exhibit 99.28

Exhibit 99.28 (q)(iii)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being a Director of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 14th day of October, 2025.

<u>/s/ Daphne H. Foster</u>

Daphne H. Foster

## Exhibit 99.28

Exhibit 99.28 (q)(iv)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being a Director of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 14th day of October, 2025.

<u>/s/ R. Keith Walton</u>

R. Keith Walton

## Exhibit 99.28

Exhibit 99.28 (q)(v)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being a Director of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 14th day of October, 2025.

<u>/s/ Patrick Darcy</u>

Patrick Darcy

## Exhibit 99.28

Exhibit 99.28 (q)(vi)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being a Director of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 15th day of October, 2025.

<u>/s/ Michael A. Marquez</u>

Michael A. Marquez

## Exhibit 99.28

Exhibit 99.28(q)(vii)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being an officer of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 30<sup>th</sup> day of January, 2026.

<u>/s/ Matthew A. Rizzi</u>

Matthew A. Rizzi

Treasurer and Principal Financial Officer

## Exhibit 99.28

Exhibit 99.28 (q)(viii)

**POWER OF ATTORNEY**

I, THE UNDERSIGNED, being an officer of Old Westbury Funds, Inc. (the "Corporation"), an open-end management investment company, organized as a Maryland corporation, do hereby constitute and appoint James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of stock of the Corporation to be offered by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Corporation under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration (or exemption therefrom) under state securities laws of the Corporation and with the registration (or exemption therefrom) under state securities laws of shares of stock of the Corporation to be offered by the Corporation;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Corporation in its behalf and to affix its seal, and to sign the name of such Director or officer in his or her behalf as such Director or officer to any amendment or supplement (including post-effective amendments) to the registration statement or statements of the Corporation, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of the 30th day of January, 2026.

<u>/s/ David W. Rossmiller</u>

David W. Rossmiller

President and Principal Executive Officer

## Ex-99.(28)(Q)(Ix)

**Exhibit 99.28(q)(ix)**

**CERTIFICATE**

The undersigned Secretary and Chief Legal Officer of Old Westbury Funds, Inc. (the "Corporation") hereby certifies, on behalf of the Corporation, pursuant to Rule 483(b) under the Securities Act of 1933, as amended, that the Board of Directors of the Corporation (the "Board") duly adopted the following resolution at a meeting of the Board held on October 14, 2025.

**RESOLVED**, that the directors and officers of the Corporation who may be required to execute any amendments to the Corporation's Registration Statement on Form N-lA be, and each hereby is, authorized to execute a power of attorney appointing James V. Catano Esq., Yvette M. Garcia, Esq., Megan C. Johnson, Esq. and Nicola Knight, Esq., jointly and severally, their attorneys-in-fact, each with power and authority of substitution and re-substitution, for said directors and officers in any and all capacities to sign the Corporation's Registration Statement on Form N-lA under the 1933 Act and the 1940 Act and any and all amendments to such Registration Statement on Form N-1A, and to file the same, with exhibits thereto, and other documents in connection therewith, with the SEC, the directors and officers hereby ratifying and confirming all that each of said attorneys-in fact, or his or her substitute or substitutes, may do or may have caused to be done by virtue hereof.

Dated: February 27, 2026

<u>/s/ Nicola R. Knight</u>

Nicola R. Knight

Secretary; Chief Legal Officer