# EDGAR Filing Document

**Accession Number:** 0001131013
**File Stem:** 0001193125-23-054286
**Filing Date:** 2023-2
**Character Count:** 3889200
**Document Hash:** f77322c65de43baa392e06b7c6ecf84d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-054286.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-054286

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 63

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GuideStone Funds
- **CENTRAL INDEX KEY:** 0001131013
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10263
- **FILM NUMBER:** 23687644

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

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

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GuideStone Funds
- **CENTRAL INDEX KEY:** 0001131013
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-53432
- **FILM NUMBER:** 23687643

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Growth Allocation Fund (Series ID: S000001163)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Impact Equity Fund (Series ID: S000079510)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000240565 | Investor      | GMEZX           |
| C000240566 | Institutional | GMEYX           |

**As filed with the Securities and Exchange Commission on February 28, 2023**

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

------

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER***<br> ***THE SECURITIES ACT OF 1933***<br>| ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 94** | ☒ |

---

and

**REGISTRATION STATEMENT** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ***UNDER***<br> ***THE INVESTMENT COMPANY ACT OF 1940***<br>| ☒ |
| **Amendment No. 96** | ☒ |

---

(Check appropriate box or boxes)

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**GUIDESTONE FUNDS**

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

------

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

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

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

---

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

---

------

---

| | |
|:---|:---|
| It is proposed that this filing will become effective: | It is proposed that this filing will become effective: |
| ☐ | immediately upon filing pursuant to paragraph (b)  |
| ☐ | on (date) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a) |
| ☒ | on May 1, 2023 pursuant to paragraph (a) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of Rule 485. |
| If appropriate, check the following box: | If appropriate, check the following box: |
| ☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

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![](g696065topprism_4.jpg)

![](g696065lgwhttxt.gif)

**Prospectus** 

**[May 1, 2023]**

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

---

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

---

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

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

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

*These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission (the "SEC"), nor has the SEC determined whether this Prospectus is accurate or complete. Anyone who tells you otherwise is committing a criminal offense.*

------

**Table of Contents**

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

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

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_cf23a7e0-474c-4feb-acaf-91fbc6a088ad_1)** |  |
| **[Target Date Funds](#xx_cf23a7e0-474c-4feb-acaf-91fbc6a088ad_1)** |  |
| [MyDestination 2015 Fund](#xx_cf23a7e0-474c-4feb-acaf-91fbc6a088ad_1) | 4 |
| [MyDestination 2025 Fund](#xx_5c4aa1f6-11ef-4414-bcb3-3a1b3da9d65c_1) | 11 |
| [MyDestination 2035 Fund](#xx_9ebe9550-6b74-4d27-b610-c22bea130395_1) | 18 |
| [MyDestination 2045 Fund](#xx_9d3ec846-92c4-41da-bfa6-a65aa54ae828_1) | 25 |
| [MyDestination 2055 Fund](#xx_d2c29221-83e1-46f3-8045-2fdbd611ed5b_1) | 32 |
| **[Target Risk Funds](#xx_f12ba8e7-4a85-4122-ac24-978d7e0d2fb3_1)** |  |
| [Conservative Allocation Fund](#xx_f12ba8e7-4a85-4122-ac24-978d7e0d2fb3_1) | 39 |
| [Balanced Allocation Fund](#xx_56c51afb-47d3-4145-a1b0-84099d1b12eb_1) | 45 |
| [Growth Allocation Fund](#xx_6637d698-752b-4f50-a486-55524a989f7b_1) | 51 |
| [Aggressive Allocation Fund](#xx_295ab560-deb9-406e-a695-1f639d3ed144_1) | 57 |
| **[Select Funds](#xx_15725d61-a68f-4e3b-8219-194d509ab28b_1)** |  |
| [Money Market Fund](#xx_15725d61-a68f-4e3b-8219-194d509ab28b_1) | 62 |
| [Low-Duration Bond Fund](#xx_eb264f90-38ff-41ac-9318-464e0933a1c5_1) | 66 |
| [Medium-Duration Bond Fund](#xx_9f1119b2-da3f-4616-b62e-d3367fb01375_1) | 72 |
| [Global Bond Fund](#xx_624e036d-670a-4717-89a1-2ea1e16fcefe_1) | 78 |
| [Strategic Alternatives Fund](#xx_1308b3a7-7c53-479b-abce-12521d1f916a_1) | 85 |
| [Defensive Market Strategies Fund](#xx_bc4a1d91-0650-4bac-b5b4-7eaa22c4f820_1) | 95 |
| [Impact Bond Fund](#xx_cec50da4-38ae-49b7-ad4f-34533a600186_1) | 103 |
| [Impact Equity Fund](#xx_51a71629-0c32-49aa-90e1-198e329c9cd3_1) | 109 |
| [Equity Index Fund](#xx_8bf05ec2-1a77-4ea9-a273-b0addd0f03c3_1) | 115 |
| [Global Real Estate Securities Fund](#xx_7d004c71-41e1-4e70-81b0-86dab4df3c60_1) | 120 |
| [Value Equity Index Fund](#xx_0e1cabea-fc88-489f-95e0-ed8a8eb4575e_1) | 125 |
| [Value Equity Fund](#xx_dcc36ba6-a19e-48ec-aea0-6b0e315dafd5_1) | 129 |
| [Growth Equity Index Fund](#xx_6e89f4e7-d6ba-4b46-8751-c84ac606850d_1) | 134 |
| [Growth Equity Fund](#xx_3297cc2c-28fd-42c7-8a13-1015b82554ba_1) | 138 |
| [Small Cap Equity Fund](#xx_e91c78e1-f5d8-4946-a4c4-7501a5c102ab_1) | 143 |
| [International Equity Index Fund](#xx_8e2a6d7d-d7ba-4355-bbd8-04449022b747_1) | 148 |
| [International Equity Fund](#xx_a237fab2-4bc6-4475-bb60-47cacb61f6da_1) | 153 |
| [Emerging Markets Equity Fund](#xx_2c0d7f5e-4e7f-4a96-b396-b32b6b334067_1) | 159 |
| [Summary of Other Important Fund Information](#xx_e0b2eda0-5d20-4990-90a7-9607fefd2dde_1) | 166 |
| **[Additional Information Regarding the Funds](#xx_b84ca6a2-3946-49df-85f8-26cfd3e98b40_1)** | 168 |
| **[Additional Information About Principal Strategies & Risks](#xx_0fdc1932-751c-49a7-b4db-84a6a5b149ca_1)** | 171 |
| **[Additional Information About Performance Benchmarks](#xx_397009cd-95c2-4b62-ab72-4ec0234232b3_1)** | 185 |

---

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

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

---

| | |
|:---|:---|
| **[Management of the Funds](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_1)** | 195 |
| [Adviser](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_1) | 195 |
| [Sub-Advisers](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_3) | 197 |
| [Service Providers](#xx_91f64675-c1c5-44de-8a46-c3f31500f44b_17) | 211 |

---

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

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

---

| | | |
|:---|:---|:---|
| **[Shareholder Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1)** | **[Shareholder Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1)** |  |
| [Eligible Investors](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | [Eligible Investors](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | 212 |
| [Minimum Account Size](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | [Minimum Account Size](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | 212 |
| [Other Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | [Other Information](#xx_63640882-e33d-41fc-9b0e-273b370048e2_1) | 212 |
| [Customer Identification](#xx_63640882-e33d-41fc-9b0e-273b370048e2_2) | [Customer Identification](#xx_63640882-e33d-41fc-9b0e-273b370048e2_2) | 213 |
| **[Transactions with the Funds](#xx_a7cb97d2-cc2d-4810-a47e-a88ba1307209_1)** | **[Transactions with the Funds](#xx_a7cb97d2-cc2d-4810-a47e-a88ba1307209_1)** | 214 |
| **[More Shareholder Information](#xx_b7182a92-2cfb-49be-806e-757065d24590_1)** | **[More Shareholder Information](#xx_b7182a92-2cfb-49be-806e-757065d24590_1)** | 218 |
| **[Shareholder Servicing Arrangements](#xx_8a7b298c-c1d5-4d7a-85f9-7e546087f3d3_1)** | **[Shareholder Servicing Arrangements](#xx_8a7b298c-c1d5-4d7a-85f9-7e546087f3d3_1)** | 227 |
| **[Financial Highlights](#xx_a829874a-b1e5-486b-a849-ff96778c610b_1)** | **[Financial Highlights](#xx_a829874a-b1e5-486b-a849-ff96778c610b_1)** | 228 |
| **[Glossary](#xx_0d0c8c82-03e9-40d8-b68d-496699910995_1)** | **[Glossary](#xx_0d0c8c82-03e9-40d8-b68d-496699910995_1)** | 229 |
| **[For More Information](#xx_dc4bb6d7-3348-4efd-bf05-f0db0751fa14_1)** | Back cover | Back cover |

---

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

\| 3

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

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

4 \|

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

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<sup>(1)</sup>

[The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.]

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 5

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

![](g696065img9dbfd5ed1.jpg)

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

6 \| GuideStone Funds Prospectus

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's

GuideStone Funds Prospectus \| 7

------

value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The

8 \| GuideStone Funds Prospectus

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Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the

index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the

GuideStone Funds Prospectus \| 9

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Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain

undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

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

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

10 \| GuideStone Funds Prospectus

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

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

---

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

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<br>**Average Annual Total Returns** as of 12/31/22

---

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

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 11

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

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<sup>(1)</sup>

[The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (excluding extraordinary expenses) to 0.45% for the Institutional Class and 0.75% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.]

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

12 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

![](g696065imgddcec3e92.jpg)

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

GuideStone Funds Prospectus \| 13

------

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's

14 \| GuideStone Funds Prospectus

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value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The

GuideStone Funds Prospectus \| 15

------

Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the

index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the

16 \| GuideStone Funds Prospectus

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Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain

undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

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

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

GuideStone Funds Prospectus \| 17

------

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

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

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

18 \| GuideStone Funds Prospectus

------

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

---

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 19

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

![](g696065imgad30fc143.jpg)

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

20 \| GuideStone Funds Prospectus

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's

GuideStone Funds Prospectus \| 21

------

value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The

22 \| GuideStone Funds Prospectus

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Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the

index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the

GuideStone Funds Prospectus \| 23

------

Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain

undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

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

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

24 \| GuideStone Funds Prospectus

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

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

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 25

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

---

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

26 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

![](g696065imgfbb8adbd4.jpg)

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

GuideStone Funds Prospectus \| 27

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's

28 \| GuideStone Funds Prospectus

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value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The

GuideStone Funds Prospectus \| 29

------

Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the

index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the

30 \| GuideStone Funds Prospectus

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Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain

undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

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

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

GuideStone Funds Prospectus \| 31

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

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

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

32 \| GuideStone Funds Prospectus

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

---

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 33

------

**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

![](g696065img8258031f5.jpg)

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

34 \| GuideStone Funds Prospectus

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's

GuideStone Funds Prospectus \| 35

------

value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The

36 \| GuideStone Funds Prospectus

------

Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Index Strategy Risk:** Index strategies generally involve investing in securities included in an index, or a representative sample of such securities, regardless of market trends. Investments in funds employing an index strategy may not perform as well as investments in actively managed funds that select securities based on economic, financial and market analysis, because the index strategy fund will generally not sell a security if its issuer is in financial trouble, unless that security is removed or is anticipated to be removed from the index. An index strategy fund must pay various expenses, and therefore, its return may differ from the index's total return, which does not reflect any expenses. Cash flow into and out of a fund, portfolio transaction costs, changes in the securities that comprise the index and the fund's valuation procedures also may affect an index strategy fund's performance. For any Select Fund with an index strategy, the fund's faith-based investment policies and restrictions may prevent the fund from investing in certain securities which comprise the index, which may cause the fund to have lower performance than the index and contribute to a lower correlation between the performance of the fund and the

index. Therefore, there can be no assurance that the performance of the index strategy will match that of its benchmark index.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the

GuideStone Funds Prospectus \| 37

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Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain

undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

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

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

38 \| GuideStone Funds Prospectus

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

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

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 39

------

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

---

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<sup>(1)</sup>

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

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

40 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

---

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

---

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

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

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

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

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

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

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

*The Equities asset class may include impact-related investments and a fund which may invest a portion of its assets in fixed income and convertible securities.*

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

GuideStone Funds Prospectus \| 41

------

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based

42 \| GuideStone Funds Prospectus

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or

unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated

GuideStone Funds Prospectus \| 43

------

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury.

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

<sup>•</sup>

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

**Performance**

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

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

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

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

---

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

---

44 \| GuideStone Funds Prospectus

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<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 08/27/2001 |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup>  | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 11/23/2015 |
| Bloomberg US Treasury 1-3 Year Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

<sup>(2)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 45

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

---

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

---

**Investment Objective**

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

**Fees and Expenses**

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

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

---

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

---

<sup>(1)</sup>

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

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

46 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

---

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

---

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

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

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

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

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

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

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

*The Equities asset class may include impact-related investments and a fund which may invest a portion of its assets in fixed income and convertible securities.*

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

GuideStone Funds Prospectus \| 47

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based

48 \| GuideStone Funds Prospectus

------

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or

unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated

GuideStone Funds Prospectus \| 49

------

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury.

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

<sup>•</sup>

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

**Performance**

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

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

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

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

---

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

---

50 \| GuideStone Funds Prospectus

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<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 08/27/2001 |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 11/23/2015 |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 51

------

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

---

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

---

**Investment Objective**

The Growth Allocation Fund seeks capital appreciation with modest current income.

**Fees and Expenses**

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

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

---

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

---

<sup>(1)</sup>

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

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

52 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

---

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

---

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

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

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

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

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

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

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

*The Equities asset class may include impact-related investments and a fund which may invest a portion of its assets in fixed income and convertible securities.*

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Fixed income securities (such as debt instruments issued by the U.S. government and its agencies and instrumentalities and foreign governments, mortgage- and asset-backed securities, domestic and foreign investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) and short-term investments such as money market instruments);

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

employ derivative instruments such as options (*e.g.,* equity index options), forwards (*e.g.,* currency exchange contracts), swaps and futures.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

GuideStone Funds Prospectus \| 53

------

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

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based

54 \| GuideStone Funds Prospectus

------

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or

unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>•</sup>

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

<sup>•</sup>

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

GuideStone Funds Prospectus \| 55

------

blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides

some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of three broad-based market indexes and a composite index during the same periods. The Bloomberg US Aggregate Bond Index, Russell 3000<sup>®</sup> Index and MSCI ACWI (All Country World Index) ex USA Index are provided to show how the Fund's performance compares with the returns of indexes of securities that reflect market sectors in which the Fund invests. The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests.

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

56 \| GuideStone Funds Prospectus

------

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 08/27/2001 |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 11/23/2015 |
| Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 57

------

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

---

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

---

**Investment Objective**

The Aggressive Allocation Fund seeks capital appreciation.

**Fees and Expenses**

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

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

---

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

---

<sup>(1)</sup>

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

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

58 \| GuideStone Funds Prospectus

------

**Principal Investment Strategies**

<sup>•</sup>

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

<sup>•</sup>

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

---

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

---

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

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

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

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

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

*The Equities asset class may include impact-related investments and a fund which may invest a portion of its assets in fixed income and convertible securities.*

<sup>•</sup>

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

<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund and the Select Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or

activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives

GuideStone Funds Prospectus \| 59

------

involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund and the Select Funds invest in accordance with the faith-based investment restrictions of GuideStone Financial

Resources. The Fund and the Select Funds may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Impact Investing Risk:** The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. There is a chance that the information and data used in evaluating an impact-based investment may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of

60 \| GuideStone Funds Prospectus

------

the impact investing factors relevant to a particular investment. Successful application of impact investing strategies depends upon the skill of investment managers in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>•</sup>

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

<sup>•</sup>

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

available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

**Performance**

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

GuideStone Funds Prospectus \| 61

------

returns of an index constructed by the Adviser as a composite of the two broad-based market indexes to reflect the market sectors in which the Fund invests.

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

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 08/27/2001 |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 11/23/2015 |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI ACWI (All Country World Index) ex USA Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Tim Bray, CFA, CAIA, CDDA Director of Alternative Investments Since April 2014

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

62 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Money Market Fund** | **Institutional** GMYXX |
| **GuideStone Funds Money Market Fund** | **Investor** GMZXX |

---

**Investment Objective**

The Money Market Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable per share price of $1.00.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.11]% | [0.11]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

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

---

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

---

GuideStone Funds Prospectus \| 63

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**Principal Investment Strategies**

<sup>•</sup>

The Fund is a government money market fund. The Fund invests 99.5% or more of its total assets in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Debt securities issued or guaranteed as to principal or interest by the U.S. government, or by U.S. government agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Repurchase agreements that are collateralized fully by cash items or U.S. Treasury and U.S. government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Cash.

<sup>•</sup>

The Fund expects, but does not guarantee, a constant net asset value ("NAV") of $1.00 per share by valuing its portfolio securities at amortized cost. Fund affiliates have no obligation to make a capital infusion, enter into a capital support agreement or take other actions to prevent the NAV per share of the Fund from falling below $0.995.

<sup>•</sup>

The Fund maintains a dollar-weighted average portfolio maturity of 60 calendar days or less and a dollar-weighted average life portfolio maturity of 120 calendar days or less.

<sup>•</sup>

The Fund invests only in U.S. dollar-denominated securities and in instruments that mature in 397 calendar days or less from the date of purchase.

<sup>•</sup>

The Fund may invest only in securities that comply with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, ("Rule 2a-7") which regulates money market mutual funds, and other rules of the U.S. Securities and Exchange Commission ("SEC").

<sup>•</sup>

As a government money market fund, the Fund is not subject to liquidity fees or redemption gates, although the Board of Trustees of GuideStone Funds (the "Board") may elect to impose such fees or gates in the future. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund's policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective.

<sup>•</sup>

The Adviser may, in its sole discretion, maintain a temporary defensive position with respect to the Fund. Although not required to do so, the Adviser or its affiliate may waive or cause to be waived fees owed by the Fund, in attempt to maintain a stable $1.00 NAV per share.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial

Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Money Market Risk, Faith-Based Investing Risk, Repurchase Agreement Risk, Risks Associated With Holding Cash, U.S. Government Securities Risk and Interest Rate Risk. Descriptions of these and other principal risks of investing in the Fund are provided below.

<sup>•</sup>

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Interest Rate Risk:** A sharp rise in interest rates could cause the value of the Fund's investments and its share price to drop. A low or negative interest rate environment may prevent the Fund from providing a positive yield or

64 \| GuideStone Funds Prospectus

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impair the Fund's ability to maintain a stable $1.00 NAV per share. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Changes in interest rates also may change the resale value of the instruments held in the Fund's portfolio. When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income. When interest rates go up, the market values of previously issued money market instruments generally decline and may have an adverse effect on the Fund's ability to maintain a stable $1.00 share price. The Fund's return will drop if short-term interest rates drop. There is no guarantee the Fund will maintain a positive yield. Any changes to monetary policy by the Federal Reserve or other regulatory actions may affect interest rates. Over time, the value of the Fund's return may be eroded by inflation.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. An ability to sell one or more portfolio securities can adversely affect the Fund's ability to maintain a $1.00 share price or prevent the Fund from being able to take advantage of other investment opportunities. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Liquidity Risk:** From time to time, certain securities held by the Fund may become less liquid in response to market developments or adverse credit events that may affect issuers or guarantors of a security. The Fund might not be able to sell a security promptly and at an acceptable price, which could have the effect of decreasing the overall level of the Fund's liquidity and may have an adverse effect on the Fund's ability to maintain a $1.00 per share price.

<sup>•</sup>

**Money Market Risk:** Factors such as, but not limited to, an increase in interest rates, a decline in the credit quality of one or more issuers, large redemptions of the Fund's

shares or adverse market conditions impacting the trading or the value of money market instruments could cause the Fund's share price to decrease below $1.00.

<sup>•</sup>

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

<sup>•</sup>

**Repurchase Agreement Risk:** The obligations of a counterparty to a repurchase agreement are not guaranteed. The Fund permits various forms of securities as collateral whose values fluctuate and are issued or guaranteed by the U.S. government. There are risks that a counterparty may default at a time when the collateral has declined in value, or a counterparty may become insolvent, which may affect the Fund's right to control the collateral. Repurchase agreements are subject to credit risk. If the seller in a repurchase agreement transaction defaults on its obligations to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights.

<sup>•</sup>

**Risks Associated with Holding Cash:** As a government money market fund, the Fund will likely hold some of its assets in cash, which may negatively affect the Fund's performance. Maintaining cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.

<sup>•</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

<sup>•</sup>

**U.S. Government Securities Risk:** Securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac")) are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and repayment of principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal and it is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that

GuideStone Funds Prospectus \| 65

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the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class and Institutional Class returns, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

Prior to May 1, 2016, the Fund operated as a "prime money market fund," and invested in certain types of securities that it is no longer permitted to hold. Consequently, the performance information below may have been different if the current investment limitations had been in effect during the period prior to the Fund's conversion to a government money market fund. <br>

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg 1-3 Month US Treasury Bill <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

**Management**

**Investment Adviser** 

GuideStone Capital Management, LLC

**Sub-Adviser**

BlackRock Advisors, LLC

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

66 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Low-Duration Bond Fund** | **Institutional** GLDYX |
| **GuideStone Funds Low-Duration Bond Fund** | **Investor** GLDZX |

---

**Investment Objective**

The Low-Duration Bond Fund seeks current income consistent with preservation of capital.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.29]% | [0.29]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 67

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in investment grade fixed income instruments. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>•</sup>

The Fund invests primarily in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The U.S. government, its agencies and instrumentalities, banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Foreign governments, banks and corporations of developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Repurchase agreements relating to the above instruments.

<sup>•</sup>

The average credit quality rating for the Fund's portfolio will be greater than or equal to "A" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 15% of its assets in below-investment grade securities (*i.e.,* high yield securities or junk bonds) rated "Ba" or higher by Moody's or the equivalent by S&P Global Ratings or Fitch (or if unrated, determined by the Adviser or a Sub-Adviser to be of the same quality). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers. If an investment held by the Fund is downgraded below a "Ba" or equivalent rating, the Adviser or Sub-Adviser will take action that it believes to be advantageous for the Fund.

<sup>•</sup>

The average dollar-weighted duration of the Fund normally varies between one and three years. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with a shorter dollar-weighted average duration.

<sup>•</sup>

The Fund may hold up to 30% of its assets in obligations denominated in currencies other than the U.S. dollar and may invest beyond this limit when considering U.S. dollar-denominated securities of foreign issuers. Unhedged non-U.S. dollar currency exposure is limited to 5% of the Fund's total market value.

<sup>•</sup>

The Fund may invest to a lesser extent in preferred stock.

<sup>•</sup>

The Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options thereon (to hedge against fluctuation in foreign currencies or to gain exposure to foreign currencies); interest rate futures and options, yield curve

options and options on stock indexes (for investment purposes); credit default swaps, currency swaps, interest rate swaps, interest rate floors and caps and swaptions (for investment purposes and to hedge against fluctuations in foreign currencies and interest rates); and options on mortgage-backed securities (for investment purposes and as a substitute for cash bonds). The Fund may also take long or short positions in other types of derivative instruments, such as futures contracts, forward options, options and swap agreements as a substitute for taking a position in an underlying asset, to increase returns, to manage market, foreign currency and/or duration or interest rate risk, or as part of a hedging strategy.

<sup>•</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers practice different investment styles and make investment decisions for the Fund based on an analysis of differing factors, such as interest rates, yield curve positioning, yield spreads, duration, sectors, credit ratings or fundamental issuer selection. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds ("Board") and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

68 \| GuideStone Funds Prospectus

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**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Faith-Based Investing Risk, Market Risk, Credit Risk and Mortgage- and Asset-Backed Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives

involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to

GuideStone Funds Prospectus \| 69

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changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption

could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**LIBOR Transition Risk:** The Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate ("LIBOR"). On July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as intended, a selection of widely used U.S. dollar LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process, and therefore, any impact of a transition away from LIBOR on the instruments in which the Fund invests cannot yet be determined. Although the Federal Reserve Bank of New York has identified the Secured Overnight Financing Rate (SOFR) as the intended replacement to U.S. dollar LIBOR, foreign regulators have proposed other interbank offered rates, such as the Sterling Overnight Index Average (SONIA), and other replacement rates, which could be adopted. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to, or produce the same value or economic equivalence as, LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole.

70 \| GuideStone Funds Prospectus

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Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

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

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold

long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

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

<sup>•</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

<sup>•</sup>

**Repurchase Agreement Risk:** If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

<sup>•</sup>

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

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total

GuideStone Funds Prospectus \| 71

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returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

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

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

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

---

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

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Treasury 1-3 Year <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

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

<sup>(2)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **BlackRock Financial Management, Inc.,** <br> **BlackRock International Limited and** <br> **BlackRock (Singapore) Limited**  | &nbsp;&nbsp; **BlackRock Financial Management, Inc.,** <br> **BlackRock International Limited and** <br> **BlackRock (Singapore) Limited**  |
| &nbsp;&nbsp; Adam Carlin, CFA <br> Director<br>| Since October 2022 |
| &nbsp;&nbsp; Akiva Dickstein<br> Managing Director<br>| Since November 2020 |
| &nbsp;&nbsp; Amanda Liu, CFA<br> Director<br>| Since October 2022 |
| &nbsp;&nbsp; Scott MacLellan, CFA<br> Director<br>| Since July 2008 |
| &nbsp;&nbsp; Sam Summers<br> Director<br>| Since October 2022 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Pacific Investment Management Company LLC**  | &nbsp;&nbsp; **Pacific Investment Management Company LLC**  |
| &nbsp;&nbsp; Jerome Schneider<br> Managing Director<br>| Since April 2014 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since December 2019 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Payden & Rygel**  | &nbsp;&nbsp; **Payden & Rygel**  |
| &nbsp;&nbsp; Brian Matthews, CFA<br> Managing Principal<br>| Since September 2012 |
| &nbsp;&nbsp; Mary Beth Syal, CFA<br> Managing Principal<br>| Since March 2008 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

72 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| **GuideStone Funds Medium-Duration Bond Fund** | **Institutional** GMDYX |
| **GuideStone Funds Medium-Duration Bond Fund** | **Investor** GMDZX |

---

**Investment Objective**

The Medium-Duration Bond Fund seeks maximum total return consistent with preservation of capital.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> | [0.33]% | [0.33]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 73

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in investment grade fixed income instruments. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>•</sup>

The Fund invests primarily in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The U.S. government, its agencies and instrumentalities, banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Foreign governments, banks and corporations of developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Repurchase agreements relating to the above instruments.

<sup>•</sup>

The average credit quality rating for the Fund's portfolio will be greater than or equal to "Baa" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 15% of its assets in below-investment grade securities (*i.e.,* high yield securities or junk bonds). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

<sup>•</sup>

The average dollar-weighted duration of the Fund normally varies, in years, between +/- 30% of the duration of the Bloomberg US Aggregate Bond Index (the "Index"). As of [March 31, 2023], the average dollar-weighted duration of the Index was [6.82] years. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with a shorter dollar-weighted average duration.

<sup>•</sup>

The Fund may hold up to 30% of its assets in obligations denominated in currencies other than the U.S. dollar and may invest beyond this limit when considering U.S. dollar-denominated securities of foreign issuers. Unhedged non-U.S. dollar currency exposure is limited to 15% of the Fund's total market value.

<sup>•</sup>

The Fund may invest to a lesser extent in preferred stock.

<sup>•</sup>

The Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options and futures contracts thereon (to hedge against fluctuation in foreign currencies or to gain exposure to foreign currencies); interest rate futures and options, yield curve options and options on stock indexes (for investment purposes); credit default swaps, currency swaps, interest rate swaps, interest rate floors and caps and

swaptions (for investment purposes and to hedge against fluctuations in foreign currencies and interest rates); and U.S. Treasury futures and options (for investment purposes). The Fund may also take long or short positions in other types of derivative instruments, such as futures contracts, forward options, options and swap agreements as a substitute for taking a position in an underlying asset, to increase returns, to manage market, foreign currency and/or duration or interest rate risk, or as part of a hedging strategy.

<sup>•</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers practice different investment styles and make investment decisions for the Fund based on an analysis of differing factors, such as interest rates, yield curve positioning, yield spreads, duration, sectors, credit ratings or fundamental issuer selection. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds ("Board") and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Faith-Based Investing Risk, Market Risk, Duration Risk, Credit Risk and Mortgage- and Asset-Backed Securities Risk. Descriptions of these and other

74 \| GuideStone Funds Prospectus

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principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

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

organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

**Duration Risk:** Longer-duration securities may be more sensitive to interest rate changes, and may be subject to greater interest rate risk. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Longer-duration bonds are generally more volatile, as are lower-rated bonds. An investor in this Fund should be able to accept some short-term fluctuations in value.

<sup>•</sup>

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

<sup>•</sup>

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

GuideStone Funds Prospectus \| 75

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

**Foreign Currency Tax Risk:** If the U.S. Treasury were to exercise its authority to issue regulations that exclude from the definition of "qualifying income" foreign currency gains not directly related to a Fund's business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Board may authorize a significant change in investment strategy or other action.

<sup>•</sup>

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

<sup>•</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise

do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**LIBOR Transition Risk:** The Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate ("LIBOR"). On July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as intended, a selection of widely used U.S. dollar LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process, and therefore, any impact of a transition away from LIBOR on the instruments in which the Fund invests cannot yet be determined. Although the Federal Reserve Bank of New York has identified the Secured Overnight Financing Rate (SOFR) as the intended replacement to U.S. dollar LIBOR, foreign regulators have proposed other interbank offered rates, such as the Sterling Overnight Index Average (SONIA), and other replacement rates, which could be adopted. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to, or produce the same value or economic equivalence as, LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets.

76 \| GuideStone Funds Prospectus

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Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies

in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

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

<sup>•</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

<sup>•</sup>

**Repurchase Agreement Risk:** If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

<sup>•</sup>

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

GuideStone Funds Prospectus \| 77

------

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

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

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

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

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

---

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

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

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

<sup>(2)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Goldman Sachs Asset Management, L.P.**  | &nbsp;&nbsp; **Goldman Sachs Asset Management, L.P.**  |
| &nbsp;&nbsp; Ron Arons<br> Managing Director, Senior Portfolio <br> Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Ashish Shah<br> Managing Director and Chief <br> Investment Officer<br>| Since January 2019 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Guggenheim Partners Investment Management,** <br> **LLC**  | &nbsp;&nbsp; **Guggenheim Partners Investment Management,** <br> **LLC**  |
| &nbsp;&nbsp; Steven H. Brown, CFA<br> Assistant Chief Investment Officer, Senior <br> Managing Director and Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; Adam J. Bloch<br> Managing Director and Portfolio Manager<br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Pacific Investment Management Company LLC**  | &nbsp;&nbsp; **Pacific Investment Management Company LLC**  |
| &nbsp;&nbsp; Marc Seidner<br> Chief Investment Officer – Non-<br> Traditional Strategies and Managing <br> Director<br>| Since October 2022 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since December 2019 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Western Asset Management Company, LLC**  | &nbsp;&nbsp; **Western Asset Management Company, LLC**  |
| &nbsp;&nbsp; John L. Bellows<br> Portfolio Manager<br>| Since May 2018 |
| &nbsp;&nbsp; S. Kenneth Leech<br> Chief Investment Officer<br>| Since December 2006 |
| &nbsp;&nbsp; Mark S. Lindbloom<br> Portfolio Manager<br>| Since December 2005 |
| &nbsp;&nbsp; Frederick R. Marki<br> Portfolio Manager<br>| Since May 2018 |
| &nbsp;&nbsp; Julien A. Scholnick<br> Portfolio Manager<br>| Since May 2012 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

78 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Global Bond Fund** | **Institutional** GGBEX |
| **GuideStone Funds Global Bond Fund** | **Investor** GGBFX |

---

**Investment Objective**

The Global Bond Fund seeks to maximize total return through capital gains and current income while preserving principal value.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.47]% | [0.47]%<sup>(1)</sup> |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 79

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in a diversified portfolio of fixed income instruments of varying maturities and quality across different industries and sectors of the fixed income market.

<sup>•</sup>

The Fund invests in globally diversified fixed income securities and rotates portfolio allocations among global sectors, including:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Below-investment grade (*i.e.,* high yield securities or junk bonds) and investment grade corporate securities located in the United States and in non-U.S. developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The U.S. government, its agencies and instrumentalities, banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Foreign governments, banks and corporations of developed and emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Contingent convertible securities.

<sup>•</sup>

Under normal market conditions, the Fund will invest significantly (at least 40%, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30%) in securities of non-U.S. issuers. An issuer is considered to be from the country or countries where it generates operating income. A single issuer's geographic exposure, therefore, may be divided between countries, including between the United States and multiple other countries. The Fund will allocate its assets among no less than three countries. In addition, the Fund will consider notional exposure of its derivative investments when determining the percentage of its assets that are invested in non-U.S. issuers.

<sup>•</sup>

The Fund may invest a substantial portion of total assets in securities denominated in foreign currencies and in U.S. dollar denominated securities of foreign issuers. In addition, the Fund may hedge its exposure to foreign currency.

<sup>•</sup>

The average credit quality for the Fund's portfolio will be greater than or equal to "Ba" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund may invest up to 30% of its assets in U.S. and non-U.S. (including emerging markets) below-investment grade securities (*i.e.,* high yield securities or junk bonds) ("Baa" by Moody's or the equivalent by S&P Global Ratings or Fitch). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

<sup>•</sup>

The average dollar-weighted duration of the Fund normally varies between three and 10 years. Duration measures the sensitivity of a fixed income security's price

to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with a shorter dollar-weighted average duration.

<sup>•</sup>

The Fund may use various types of derivative instruments including, but not limited to, futures contracts and options on futures (including U.S. Treasury futures contracts and options on futures) to alter the duration of the Fund and increase potential returns; forward currency exchange contracts (currency hedging); currency futures and options thereon (currency hedging); interest rate swaps, floors and caps (investment purposes); and credit default swaps and currency swaps (investment purposes and hedging). The Fund may also use other types of derivative instruments, such as futures and options contracts, forward contracts and swap agreements as a substitute for investing directly in an underlying asset, to increase returns, to manage market, foreign currency and/or duration or interest rate risk, or as part of a hedging strategy.

<sup>•</sup>

The Sub-Advisers seek to accomplish the objectives of the Fund by implementing a long-term approach utilizing diversified strategies across all sectors of the global fixed income market.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. Each Sub-Adviser uses different investment techniques to identify securities it believes would be the most profitable to the Fund over the long-term while maintaining diversification and risk controls. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds ("Board") and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the

80 \| GuideStone Funds Prospectus

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alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Faith-Based Investing Risk, Market Risk, Below-Investment Grade Securities Risk, Credit Risk and Foreign Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. Bonds rated below-investment grade involve greater risks of default and are more volatile than bonds rated investment grade. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

**Contingent Convertible Securities Risk:** Contingent convertible securities are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuer's continued viability as a going concern. Investment in this particular type of bond may result in material losses to the Fund based on certain trigger events. The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a partial or total loss of value or alternatively they may be converted into shares of the issuing company which may also have suffered a loss in value.

<sup>•</sup>

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

GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities

GuideStone Funds Prospectus \| 81

------

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular

issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**LIBOR Transition Risk:** The Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate ("LIBOR"). On July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as intended, a selection of widely used U.S. dollar LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process, and therefore, any impact of a transition away from LIBOR on the instruments in which the Fund invests cannot yet be determined. Although the Federal Reserve Bank of New York has identified the Secured Overnight Financing Rate (SOFR) as the intended replacement to U.S. dollar LIBOR, foreign regulators have proposed other interbank offered rates, such as the Sterling Overnight Index Average (SONIA), and other replacement rates, which could be adopted. There is no assurance that the

82 \| GuideStone Funds Prospectus

------

composition or characteristics of any alternative reference rate will be similar to, or produce the same value or economic equivalence as, LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of the Fund's investments, performance or financial condition and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid,

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

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

<sup>•</sup>

**U.S. Government Securities Risk:** Not all obligations of U.S. government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed by a right to borrow from the U.S.

GuideStone Funds Prospectus \| 83

------

Treasury, while others are backed only by the credit of the issuing agency or instrumentality. Accordingly, these securities carry at least some risk of non-payment. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of three broad-based market indexes and a composite index during the same periods. The Bloomberg Global Aggregate Bond Index, Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index and J.P. Morgan Emerging Markets Bond Index (EMBI) Plus are provided to

show how the Fund's performance compares with the returns of indexes of securities that reflect market sectors in which the Fund invests. The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of the three broad-based market indexes to reflect the market sectors in which the Fund invests.

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

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 12/29/2006 |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup><sup>(2)</sup>  | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2015 |
| &nbsp;&nbsp; Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses or <br> taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Plus (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Composite Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

<sup>(2)</sup>

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

84 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Loomis, Sayles & Company, L.P.**  | &nbsp;&nbsp; **Loomis, Sayles & Company, L.P.**  |
| &nbsp;&nbsp; Matthew J. Eagan, CFA<br> Executive Vice President<br>| Since June 2008 |
| &nbsp;&nbsp; Brian P. Kennedy<br> Vice President<br>| Since May 2016 |
| &nbsp;&nbsp; Elaine M. Stokes<br> Executive Vice President<br>| Since June 2008 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Neuberger Berman Investment Advisers LLC**  | &nbsp;&nbsp; **Neuberger Berman Investment Advisers LLC**  |
| &nbsp;&nbsp; Ashok K. Bhatia, CFA<br> Managing Director<br>| Since November 2019 |
| &nbsp;&nbsp; David M. Brown, CFA<br> Managing Director<br>| Since November 2019 |
| &nbsp;&nbsp; Adam Grotzinger, CFA<br> Managing Director<br>| Since November 2019 |
| &nbsp;&nbsp; Jon Jonsson<br> Managing Director<br>| Since November 2019 |
| &nbsp;&nbsp; Brad C. Tank<br> Managing Director<br>| Since November 2019 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since May 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Western Asset Management Company, LLC**  | &nbsp;&nbsp; **Western Asset Management Company, LLC**  |
| &nbsp;&nbsp; Gordon S. Brown<br> Portfolio Manager<br>| Since May 2014 |
| &nbsp;&nbsp; Michael C. Buchanan<br> Portfolio Manager<br>| Since September 2009 |
| &nbsp;&nbsp; Ian R. Edmonds<br> Portfolio Manager<br>| Since December 2006 |
| &nbsp;&nbsp; S. Kenneth Leech<br> Chief Investment Officer<br>| Since December 2006 |
| &nbsp;&nbsp; Annabel Rudebeck<br> Portfolio Manager<br>| Since May 2017 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 85

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Strategic Alternatives Fund** | **Institutional** GFSYX |
| **GuideStone Funds Strategic Alternatives Fund** | **Investor** GFSZX |

---

**Investment Objective**

The Strategic Alternatives Fund seeks absolute returns with both lower volatility than and low correlation with traditional equity and fixed income markets.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> | [1.02]% | [1.02]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Dividend or interest <br> expense on short sales<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| Fee waiver<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee waiver)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<sup>(2)</sup>

[The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 1.12% for the Institutional Class and 1.44% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.]

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

86 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

The Fund pursues its investment objective by utilizing "alternative" or non-traditional principal investment strategies, managed by the Fund's investment sub-advisers ("Sub-Advisers") under the ultimate supervision of GuideStone Capital Management, LLC (the "Adviser"). The principal strategies, when combined, are intended to result in obtaining absolute (*i.e.*, positive) returns with both lower volatility than and low correlation with traditional equity and fixed income markets. Each Sub-Adviser is responsible for investing the assets allocated to the principal strategy, or the portion of the principal strategy, for which it is responsible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

The principal strategies, and the range of assets that will generally be allocated to each, are as follows:

---

| | |
|:---|:---|
| **Principal Strategy** | **Range of Assets** |
| Currency Trading | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Global Macro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Long-Short Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-50% |
| Opportunistic Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Options Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-30% |
| Relative Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-40% |
| Short Duration High Yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-30% |

---

<sup>•</sup>

The Adviser monitors the Fund's investments and reallocates assets among the Sub-Advisers as necessary in an attempt to ensure the Fund's portfolio, when viewed as a whole, is consistent with the Fund's principal investment objective. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, employ different investment strategies and styles that the Adviser believes complement one another in an attempt to achieve the Fund's investment objective. The Adviser may increase or decrease a strategy's weighting within the stated range of Fund assets to a level deemed appropriate to further the Fund's investment objective.

<sup>•</sup>

The Fund seeks returns that are not correlated to market movements. The Fund is intended to be a component of a broader investment program and should not be relied upon as a complete investment program.

<sup>•</sup>

The seven principal alternative investment strategies that the Fund employs are discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Currency Trading Strategy** seeks exposure to currencies primarily through futures and forwards. The strategy seeks to achieve net gains resulting from fluctuations and/or trends in the values of currencies and inefficiencies in the currency market. Net losses on currency transactions will reduce positive absolute returns. The Fund may be exposed to currencies of developed and emerging countries that, in a Sub-Adviser's opinion, have liquid currency markets. The use of futures and forwards will have the economic effect of financial leverage, which increases risk and

may magnify the Fund's gains or losses. The investment strategies may not protect against or capture extraordinary sudden market events, such as U.S. or foreign government actions or interventions, and as a result may not be as effective during these periods. The Fund may also invest in cash and investment grade fixed income securities, such as U.S. government obligations, corporate bonds and mortgage- and asset-backed securities, which serve as margin or collateral for the Fund's positions in futures and forwards.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Global Macro Strategy** seeks to take advantage of dislocations or mispricings by selecting investments based on a broadly diversified set of market factors across global markets, including both developed and emerging markets. The strategy relies heavily on key macroeconomic and technical indicators, which generally include, but are not limited to, measures of economic growth, labor market fundamentals, financial conditions, investor positioning, market sentiment, inflation rates and fiscal and monetary policies. To a lesser extent, the strategy will also analyze fundamental factors specific to individual securities, such as the credit characteristics of a particular fixed income security. Based on systematic quantitative models and/or a Sub-Adviser's analysis of macroeconomic, technical and fundamental variables, the investment strategy may implement long and short positions using both derivative and physical securities across global markets and various asset classes. Asset class exposures include some, but not necessarily all, of the following: equity securities, currencies, sovereign bonds, investment grade and below-investment grade (*i.e.,* high yield securities or junk bonds) fixed income securities, emerging market debt, agency mortgage-backed securities (including those backed by subprime mortgages), contingent convertible securities, as well as cash and cash equivalent securities. The Global Macro Strategy intends to use a significant amount of derivatives to implement its positions, such as futures, forwards, swaps, including credit default swaps, and options. The Fund's use of derivative instruments will have the economic effect of financial "leverage," which increases risk and may magnify the Fund's gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Long-Short Equity Strategy** seeks to achieve positive absolute returns by investing long and short primarily in equity and equity-related securities and instruments, including certain derivatives (*e.g.,* swaps, futures and options), across a diversified range of indexes, sectors and/or industries. Within the long-short equity strategy, the long component primarily involves investments in equity and equity-related securities that are believed likely to appreciate in value due to fundamental, technical or other factors, while the short component involves making short sales of securities that are believed likely to either fall in value

GuideStone Funds Prospectus \| 87

------

and/or underperform in aggregate the long exposure due to fundamental, technical or other factors. When the Fund takes a short position, it sells a security it does not own (*i.e.,* has borrowed) in anticipation of a decline in the market price of that security. The use of short positions and derivatives employ an investment technique known as "leverage," which increases risk and may magnify the Fund's gains or losses. The strategy focuses primarily on equity and equity-related securities of U.S. issuers across market capitalizations, but may also include investments in non-U.S. equity securities, including sponsored or unsponsored depositary receipts, and to a lesser extent fixed income securities. The long or short strategy may use options, futures and swaps to gain exposure to stock indexes and individual equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Opportunistic Fixed Income Strategy** seeks to deliver positive absolute returns in excess of cash investments regardless of economic cycle (*i.e.,* downturns and upswings) or cyclical credit availability. The strategy pursues diversified exposure across various fixed income and floating rate market segments, with a focus on more liquid markets, assessing the relative value across sectors and adjusting portfolio weightings based on opportunity. A bottom-up credit analysis approach and a value aspect in selecting investments, utilizing long and short investments, and potentially notional leverage is generally employed within the strategy. The strategy seeks exposure to potential income generators including, among others, global emerging markets, investment grade and below-investment grade debt (*i.e.,* high yield securities or junk bonds) markets, convertible bonds and bank loans.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Options Equity Strategy** seeks to capture potential value embedded in the pricing of equity index and/or single stock options (*i.e.,* based on a Sub-Adviser's belief that a risk premium exists due to the potential that the premium paid on the options has mispriced volatility, as historically the implied volatility embedded in option pricing has exceeded realized volatility the majority of the time), while holding a portfolio that has lower volatility than the broader U.S. equity markets. The strategy involves the Fund primarily writing options on one or more equity indexes or stocks, but may also purchase options for hedging purposes as well.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Relative Value Strategy** seeks to identify and benefit from price discrepancies between related assets (*i.e.,* assets that share a common financial factor, such as interest rates, an issuer or an index). Relative value opportunities generally rely on arbitrage (*i.e.,* the simultaneous purchase and sale of related assets) that may exist between two issuers or within the capital structure of a single issuer. The strategy attempts to exploit a source of return with low correlation to the market. Relative value strategies include, among

others, fixed income arbitrage, convertible arbitrage, volatility arbitrage, statistical arbitrage and equity market neutral strategies.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Short Duration High Yield Strategy** involves investments mainly in fixed income securities, including below-investment grade securities (*i.e.,* high yield securities or junk bonds) issued by U.S. and non-U.S. public and private companies, and investments in senior secured and unsecured floating rate loans made by U.S. banks and other financial institutions. The Fund will invest in fixed income securities rated "Ba" or below as rated by Moody's Investors Service, Inc. or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. (or if unrated, determined by a Sub-Adviser to be of the same quality) with a shorter duration (typically less than three years). Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. In selecting specific debt instruments for investment, a Sub-Adviser may look to such factors as the attractiveness of the issuer's industry, the issuer's creditworthiness, the investment's expected yield-to-maturity and the investment's liquidity.

<sup>•</sup>

The Fund may also use other types of derivative instruments, such as futures, options and forward contracts, as a substitute for investing directly in an underlying asset, to increase return, to manage foreign currency risk, to hedge against losses and/or as an alternative to selling a security short.

<sup>•</sup>

The Fund may seek to benefit from "special situations," such as mergers, consolidations, bankruptcies, liquidations, reorganizations, restructurings, tender or exchange offers or other unusual events expected to affect a particular issuer.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or

88 \| GuideStone Funds Prospectus

------

activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Alternatives Risk, Faith-Based Investing Risk, Leverage Risk, Derivatives Risk, Below-Investment Grade Securities Risk and Market Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

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

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. Bonds rated below-investment grade involve greater risks of default and are more volatile than bonds rated investment grade. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

**Cash Management Risk:** Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts,

the Fund may be required to post collateral for the contract, the amount of which may vary. In addition, the Fund may maintain cash and cash equivalent positions to manage the Fund's market exposure and for other portfolio management purposes. As such, the Fund may maintain cash balances, including foreign currency balances, which may be significant, with counterparties. The Fund is thus subject to counterparty risk and credit risk with respect to these arrangements.

<sup>•</sup>

**Contingent Convertible Securities Risk:** Contingent convertible securities are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuer's continued viability as a going concern. Investment in this particular type of bond may result in material losses to the Fund based on certain trigger events. The existence of these trigger events creates a different type of risk from traditional bonds and may more likely result in a partial or total loss of value or alternatively they may be converted into shares of the issuing company which may also have suffered a loss in value.

<sup>•</sup>

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

<sup>•</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>•</sup>

**Currency Strategy Risk:** There is no guarantee that the Fund's currency investment strategy will be successful. Currency rates may fluctuate significantly over short or extended periods of time (*i.e.*, may be extremely volatile), which could result in losses to the Fund if currencies do not perform as a Sub-Adviser expects. Changes in foreign currency exchange rates could adversely impact investment gains or add to investment losses. Generally, when the U.S. dollar rises in value against a foreign currency, an investment denominated in that country's currency loses value because that currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a particular foreign currency, investments denominated in that currency increase in value. In general, currency exchange rates can be unpredictably affected by various factors, including political developments and governmental, supranational entity or central bank action or inaction. The Fund may also be positively or negatively affected by governmental strategies intended to make the

GuideStone Funds Prospectus \| 89

------

currencies in which the Fund invests stronger or weaker. In addition, currency markets generally are not as regulated as securities markets, which could expose the Fund to additional risks. Some currency transactions may involve a higher level of risk than other investments relative to the amount invested and the impact of any gain or loss may be magnified. The risks of currency transactions also may be heightened in developing or emerging market countries.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* American Depositary Receipts) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

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

<sup>•</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative

90 \| GuideStone Funds Prospectus

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interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

**Floating Rate Loan Risk:** Senior secured and unsecured floating rate loans are generally acquired as a participation interest in, or assignment of, loans originated by U.S. banks and other financial institutions ("Senior Loans") and are subject to the risk that a court could subordinate a Senior Loan, which typically holds the most senior position in the issuer's capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of Senior Loans. Senior Loans are often below-investment grade and are considered to be inherently speculative. If the Fund acquires a participation interest in a Senior Loan, the Fund may not be able to control the exercise of any remedies that the lender would have under the loan and likely would not have any rights against the borrower directly. Senior Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. To the extent that the Fund invests in loan participations and assignments, it is subject to the risk that the financial institution acting as agent for all interests in a loan might fail financially. It is also possible that the Fund could be held liable, or may be called upon to fulfill other obligations as a co-lender. To the extent a Senior Loan is secured by collateral, it is subject to the risk that the value of the collateral will decline and be insufficient to cover the amount of the loan. Senior Loans are also subject to liquidity risks because they may not have an active trading market, may have less publicly available information about them and may be subject to restrictions on transfer, which may result in the Fund being unable to sell the Senior Loans at a favorable price. Loan interests may be difficult to value and may have extended trade settlement periods that may be greater than seven days. Accordingly, the proceeds from the sale of a loan may not be available to make additional investments or to meet redemption obligations until potentially a substantial period after the sale of the loan. The extended trade settlement periods could force the Fund to liquidate other securities to meet redemptions and may present a risk that the Fund may incur losses in order to timely honor redemptions. Senior loans may not be considered "securities," and therefore, purchasers may not be entitled to rely on the antifraud protections of the federal securities laws.

<sup>•</sup>

**Foreign Currency Tax Risk:** If the U.S. Treasury were to exercise its authority to issue regulations that exclude from the definition of "qualifying income" foreign currency

gains not directly related to a Fund's business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Board of Trustees of GuideStone Funds may authorize a significant change in investment strategy or other action.

<sup>•</sup>

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

<sup>•</sup>

**Forward Currency Contract Risk:** A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Foreign forward currency exchange contracts involve a risk of loss if currency exchange rates move against the Fund and are subject to counterparty risk.

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell

GuideStone Funds Prospectus \| 91

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portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Leverage Risk:** The Fund is subject to leverage risk. Leveraging occurs when the Fund increases its assets available for investment using borrowings or similar transactions. Due to the fact that short sales involve borrowing securities and selling them, the Fund's short sales effectively leverage the Fund's assets. The use of leverage, including short sales and other forms of leveraging such as lending portfolio securities, entering into futures contracts and engaging in forward commitment transactions, may magnify the Fund's gains or losses. Leverage also creates interest expense that may lower the Fund's overall returns.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

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

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

<sup>•</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>•</sup>

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

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading

92 \| GuideStone Funds Prospectus

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decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Options Risk:** The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options.

<sup>•</sup>

**Short Sales and Short Position Risk:** Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund's use of short sales in effect "leverages" the Fund. The Fund's short strategy depends on counterparties from which the Fund borrows securities. The Fund must post collateral when borrowing securities and the Fund is subject to the risk of default by a counterparty, which could result in a loss of collateral and money owed to the Fund.

<sup>•</sup>

**Sovereign Debt Risk:** Sovereign debt securities are subject to the risk that a governmental entity may delay or refuse to pay interest or principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no legal process for collecting sovereign

debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign debt risk is increased for emerging market issuers.

<sup>•</sup>

**Special Situations Risk:** In general, securities of companies which are the subject of a tender or exchange offer or a merger, consolidation, bankruptcy, liquidation, reorganizations or restructuring proposal sell at a premium to their historic market price immediately prior to the announcement of the transaction. However, it is possible that the value of securities of a company involved in such a transaction will not rise and in fact may fall, in which case the Fund would lose money. It is also possible that the transaction may not be completed as anticipated or may take an excessive amount of time to be completed, in which case the Fund may not realize any premium on its investment and could lose money if the value of the securities declines during the Fund's holding period. In some circumstances, the securities purchased may be illiquid making it difficult for the Fund to dispose of them at an advantageous price.

<sup>•</sup>

**Swaps Risk:** Swaps can involve greater risks than direct investments in securities, because swaps may be leveraged and subject to counterparty credit risk. If the counterparty fails to meet its obligations, the Fund may lose money. Swaps are also subject to valuation risk and may in some cases be illiquid.

<sup>•</sup>

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

<sup>•</sup>

**Volatility Risk:** The Fund may be unsuccessful in maintaining a portfolio of investments that minimize volatility, and there is a risk that the Fund may experience more than minimal volatility. Securities held by the Fund are subject to price volatility and the prices may not be any less, and may be more, volatile than the market as a whole. In addition, the use of volatility management techniques may limit the Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing the performance and the annual total return of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor

GuideStone Funds Prospectus \| 93

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Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, compare to the performance of a broad-based market index during the same periods.

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

**Investor Class Annual Total Return** year ended 12/31

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

---

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

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; Investor Class before <br> taxes<br>| [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 06/30/2017 |
| &nbsp;&nbsp; Investor Class after <br> taxes on distributions<sup>(1)</sup><br>| [ ]% | N/A | [ ]% |  |
| &nbsp;&nbsp; Investor Class after <br> taxes on distributions <br> and sale of Fund <br> shares<sup>(1)</sup><br>| [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| &nbsp;&nbsp; Institutional Class <br> before taxes<br>| [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 06/30/2017 |
| &nbsp;&nbsp; Bloomberg 1-3 Month <br> US Treasury Bill <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since May 2021

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **AQR Capital Management, LLC**  | &nbsp;&nbsp; **AQR Capital Management, LLC**  |
| &nbsp;&nbsp; Michele L. Aghassi, Ph.D.<br> Principal<br>| Since May 2021 |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D.<br> Managing and Founding Principal<br>| Since January 2022 |
| &nbsp;&nbsp; Andrea Frazzini, Ph.D.<br> Principal<br>| Since May 2021 |
| &nbsp;&nbsp; John J. Huss<br> Principal<br>| Since May 2021 |
| &nbsp;&nbsp; Lars N. Nielsen<br> Principal<br>| Since May 2021 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Goldman Sachs Asset Management, L.P.**  | &nbsp;&nbsp; **Goldman Sachs Asset Management, L.P.**  |
| &nbsp;&nbsp; Ron Arons<br> Managing Director, Senior Portfolio <br> Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Paul Seary, CFA<br> Senior Portfolio Manager<br>| Since April 2021 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Senior Portfolio Manager<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **P/E Global LLC**  | &nbsp;&nbsp; **P/E Global LLC**  |
| &nbsp;&nbsp; Warren J. Naphtal<br> President and Chief Investment <br> Officer<br>| Since November 2020 |
| &nbsp;&nbsp; David J. Souza, Jr., CFA<br> Portfolio Manager<br>| Since November 2020 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **SSI Investment Management LLC**  | &nbsp;&nbsp; **SSI Investment Management LLC**  |
| &nbsp;&nbsp; George M. Douglas, CFA<br> Chief Investment Officer and Managing <br> Principal<br>| Since May 2021 |
| &nbsp;&nbsp; Dagney Maseda<br> Portfolio Manager<br>| Since May 2021 |
| &nbsp;&nbsp; Alexander W. Volz<br> Portfolio Manager<br>| Since May 2021 |

---

94 \| GuideStone Funds Prospectus

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Westwood Management Corp. and Broadmark Asset** <br> **Management LLC**  | &nbsp;&nbsp; **Westwood Management Corp. and Broadmark Asset** <br> **Management LLC**  |
| &nbsp;&nbsp; Christopher J. Guptill<br> Co-Chief Executive Officer and Chief <br> Investment Officer of Broadmark Asset <br> Management LLC<br>| Since May 2021 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 95

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

---

| | |
|:---|:---|
| **GuideStone Funds *Defensive Market Strategies***<sup>®</sup> **Fund**  | **Institutional** GDMYX |
| **GuideStone Funds *Defensive Market Strategies***<sup>®</sup> **Fund**  | **Investor** GDMZX |

---

**Investment Objective**

The Defensive Market Strategies Fund seeks to provide long-term capital appreciation with reduced volatility compared to the equity market.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.62]% | [0.62]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

96 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

To pursue its investment objective, the Fund utilizes principal investment strategies managed by the Fund's investment sub-advisers ("Sub-Advisers") under the ultimate supervision of GuideStone Capital Management, LLC (the "Adviser"). The Adviser seeks to combine principal strategies in order to manage to a targeted level of equity market sensitivity (or beta) consistent with the composite index of the Fund. This combination of principal strategies is intended to result in the Fund obtaining investment returns consistent with the equity market, but with lower volatility when compared to the equity market. This reduced market volatility is intended to reduce the downside risk of the Fund relative to that of the equity market. In general, the Fund seeks to meet its investment objective by seeking greater participation in equity market gains than in equity market losses. The Adviser determines the allocation of assets among the principal strategies and seeks to ensure an allocation that will allow the Fund to maintain its reduced volatility as compared to the broader market. Each Sub-Adviser is in turn responsible for investing the assets allocated to the principal strategy, or the portion of the principal strategy, for which it is responsible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

The principal strategies, and the range of assets that will generally be allocated to each, are as follows:

---

| | |
|:---|:---|
| **Principal Strategy** | **Range of Assets** |
| Long Only Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20%-80% |
| Convertible Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-50% |
| Long-Short Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-35% |
| Options Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0%-70% |

---

<sup>•</sup>

The Adviser monitors the Fund's investments and reallocates assets among the Sub-Advisers as necessary in an attempt to ensure the Fund's portfolio, when viewed as a whole, is consistent with the Fund's principal investment objective. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, employ different investment strategies and styles that the Adviser believes complement one another in an attempt to achieve the Fund's investment objective. The Adviser may increase or decrease a strategy's weighting within the stated range of Fund assets to a level deemed appropriate to further the Fund's investment objective.

<sup>•</sup>

The four principal investment strategies that the Fund employs are discussed below:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Long Only Equity Strategy** will invest in one or two main components: a "value-yield" component that focuses primarily on dividend paying equity securities and a "U.S. defensive equity" component that focuses primarily on U.S. equity securities with lower volatility compared to the broader equity market. Pursuant to the Long Only Equity Strategy, the Fund primarily invests

in common stocks of U.S. companies but may also invest in common stocks of foreign companies either on a foreign exchange or through depositary receipts, which may be sponsored or unsponsored. The Fund may invest in common stocks of foreign companies in countries having economies and markets generally considered to be developed and, to a lesser extent, companies located in emerging markets. The Fund may also invest in preferred stocks and real estate investment trusts ("REITs") and other real estate related companies (companies that derive their revenue from, or have their assets in, real estate, including the ownership, construction, management or sale of real estate).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Convertible Bond Strategy** involves investments in convertible securities. A convertible security is a security — usually a bond or preferred stock — that can be converted into a different security, typically shares of a company's common stock. While the Fund has broad discretion to invest in all types of convertible securities of U.S. issuers, the Fund focuses primarily on investments in convertible bonds. The Fund may also invest in convertible securities of non-U.S. issuers. The Fund may invest in obligations issued by the U.S. government, its agencies and instrumentalities, banks and corporations and foreign governments, banks and corporations. The Fund may invest in both investment grade securities and below-investment grade securities (*i.e.,* high yield securities or junk bonds) subject to a maximum of 50% of its total assets in junk bonds ("Baa" category as rated by Moody's Investors Service, Inc. or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd.).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Long-Short Equity Strategy** involves a long component and a short component. The long component primarily involves investments in equity securities with a focus on the capital appreciation of those securities. The short component involves making short sales of stocks to profit from a decline in those stock's values. The Fund may establish short positions in stocks of companies with a market value of up to 30% of its assets pursuant to this strategy. When the Fund takes a short position, it sells at the current market price a stock that it has borrowed, in anticipation of a decline in the market price of the stock. The Fund intends to reinvest the proceeds from its short sales by taking additional long positions in stocks. This investment technique is known as "leverage," which increases risk and may magnify the Fund's gains or losses. The strategy focuses primarily on U.S. equity securities and U.S. equity-related securities and may also include investments in non-U.S. equity securities, and to a lesser extent fixed income securities. The long or short strategy may use options, futures and swaps to gain exposure to stock indexes and individual equity securities.

GuideStone Funds Prospectus \| 97

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The **Options Equity Strategy** seeks to capture potential value embedded in the pricing of equity index options (*i.e.,* the expected difference between the exercise price of the option and the current market price of the index), while holding a portfolio that has lower volatility than the broader U.S. equity markets. The strategy involves the Fund writing cash settled put and/or call options on stock indexes (such as the S&P<sup>®</sup> 500 Index) and fully covering those written put and call options with a mixture of U.S. Treasury Bills, U.S. Treasury Notes or U.S. government agency securities and a portfolio of stocks that collectively has characteristics similar to the stock index associated with the options sold. To a lesser extent, the strategy may also involve the Fund writing cash settled put or call options on individual stocks. When the Fund writes a put option on an index, it agrees (in return for receipt of the option price) to pay the option holder, upon exercise of the option prior to, or upon expiration, the difference between the exercise price and price of the index if the index price is below the exercise price at the time of exercise or expiration. When a put option's exercise price is lower than the price of the index, the put option is "out of the money." When the Fund writes a call option on an index, it agrees (in return for receipt of the option price) to pay the option holder, upon exercise of the option prior to, or upon expiration, the difference between the exercise price and price of the index if the index price is above the exercise price at the time of exercise or expiration. When a call option's exercise price is higher than the price of the index, the call option is "out of the money." By selling options that are out of the money, the Fund seeks to profit from the sales price of the options while capitalizing on the general tendency of options that are out of the money at the time of sale to expire without worth and without being exercised by the holder. The Fund determines whether an option is "out of the money" based on the probability that it will expire worthless based on implied market pricing.

<sup>•</sup>

The Fund may hold up to 20% of its assets in securities denominated in currencies other than the U.S. dollar and may invest beyond this limit when considering U.S. dollar-denominated securities of foreign issuers.

<sup>•</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. The Fund may also use derivatives, including futures, options and forward contracts as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short. Sub-Advisers may make currency investment decisions independent of their underlying security selections.

<sup>•</sup>

From time to time, based on economic and market conditions, the Fund may invest heavily in a particular economic sector or sectors.

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

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Fixed Income Securities Risk and Options Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. Bonds rated below-investment grade involve greater risks of default and are more volatile than bonds rated investment grade. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

98 \| GuideStone Funds Prospectus

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GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Convertible Securities Risk**: In addition to the interest rate and credit risks applicable to fixed income securities, a convertible security's market value also tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price."

<sup>•</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* American Depositary Receipts) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

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

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

<sup>•</sup>

**Dividend Paying Securities Risk:** There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of

GuideStone Funds Prospectus \| 99

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GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

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

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is

required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Leverage Risk:** The Fund is subject to leverage risk. Leveraging occurs when the Fund increases its assets available for investment using borrowings or similar transactions. Due to the fact that short sales involve borrowing securities and selling them, the Fund's short sales effectively leverage the Fund's assets. The use of leverage, including short sales and other forms of leveraging such as lending portfolio securities, entering into futures contracts and engaging in forward commitment transactions, may magnify the Fund's gains or losses. Leverage also creates interest expense that may lower the Fund's overall returns.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large.

100 \| GuideStone Funds Prospectus

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Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Options Risk:** The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset. When the Fund writes a covered call option, it assumes the risk that it will have to sell the underlying security at an exercise price that may be lower than the market price of the security, and it gives up the opportunity to profit from a price increase in the underlying security above the exercise price. If a call option that the Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying security. If a call option that the Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying security during the option period. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options.

<sup>•</sup>

**Preferred Stock Risk:** Preferred stock represents an equity interest in a company that generally entitles the

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

<sup>•</sup>

**Real Estate Investment Trust Risk:** The Fund is subject to the risk that REITs' and other real estate-related companies' share prices overall will decline over short or even long periods because of rising interest rates. During periods of high interest rates, REITs and other real estate related companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing from property purchases and improvements is more costly and difficult to obtain. REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Short Sales and Short Position Risk:** Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund's use of short sales in effect "leverages" the Fund. The Fund's short strategy depends on counterparties from which the Fund borrows securities. The Fund must post collateral when borrowing

GuideStone Funds Prospectus \| 101

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securities and the Fund is subject to the risk of default by a counterparty, which could result in a loss of collateral and money owed to the Fund.

<sup>•</sup>

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

<sup>•</sup>

**Volatility Risk:** The Fund may be unsuccessful in maintaining a portfolio of investments that minimize volatility, and there is a risk that the Fund may experience more than minimal volatility. Securities held by the Fund are subject to price volatility and the prices may not be any less, and may be more, volatile than the market as a whole. In addition, the use of volatility management techniques may limit the Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class returns, before taxes, averaged over certain periods of time, compare to the performance of two broad-based market indexes and a composite index during the same periods. The S&P 500<sup>®</sup> Index and the Bloomberg 1-3 Month US Treasury Bill Index are provided to show how the Fund's performance compares with the returns of indexes of securities that reflect market sectors in which the Fund invests. The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of the two broad-based market indexes to reflect the market sectors in which the Fund invests.

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

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

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

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

---

**Average Annual Total Returns** as of 12/31/22

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| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Bloomberg 1-3 Month US Treasury Bill <br> Index (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Composite Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since January 2020

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **American Century Investment Management, Inc.**  | &nbsp;&nbsp; **American Century Investment Management, Inc.**  |
| &nbsp;&nbsp; Paul Howanitz, CFA<br> Portfolio Manager and Senior <br> Investment Analyst<br>| Since February 2022 |
| &nbsp;&nbsp; Michael Liss, CFA, CPA<br> Vice President and<br> Senior Portfolio Manager<br>| Since September 2011 |
| &nbsp;&nbsp; Kevin Toney, CFA<br> Chief Investment Officer – Global <br> Value Equity,<br> Senior Vice President and<br> Senior Portfolio Manager<br>| Since September 2011 |
| &nbsp;&nbsp; Brian Woglom, CFA<br> Vice President and<br> Senior Portfolio Manager<br>| Since April 2019 |

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102 \| GuideStone Funds Prospectus

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

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| | |
|:---|:---|
| &nbsp;&nbsp; **Neuberger Berman Investment Advisers LLC**  | &nbsp;&nbsp; **Neuberger Berman Investment Advisers LLC**  |
| &nbsp;&nbsp; Derek Devens, CFA<br> Managing Director and<br> Senior Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Rory Ewing<br> Senior Vice President and<br> Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Eric Zhou<br> Vice President and Portfolio Manager<br>| Since December 2021 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Strategy<br>| Since November 2020 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since March 2014 |

---

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

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| | |
|:---|:---|
| &nbsp;&nbsp; **PGIM Quantitative Solutions LLC**  | &nbsp;&nbsp; **PGIM Quantitative Solutions LLC**  |
| &nbsp;&nbsp; Devang Gambhirwala<br> Principal and Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Joel M. Kallman, CFA<br> Vice President and Portfolio Manager<br>| Since December 2021 |
| &nbsp;&nbsp; Marcus M. Perl<br> Principal and Portfolio Manager<br>| Since December 2021 |

---

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

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| | |
|:---|:---|
| &nbsp;&nbsp; **Shenkman Capital Management, Inc.**  | &nbsp;&nbsp; **Shenkman Capital Management, Inc.**  |
| &nbsp;&nbsp; Jordan Barrow<br> Senior Vice President and Portfolio <br> Manager<br>| Since July 2015 |
| Jeffrey Gallo | [ ] |
| &nbsp;&nbsp; Mark R. Shenkman<br> President<br>| Since September 2011 |
| &nbsp;&nbsp; Justin W. Slatky<br> Executive Vice President and Chief <br> Investment Officer<br>| Since October 2016 |
| &nbsp;&nbsp; Thomas Whitley<br> Vice President and Portfolio <br> Manager<br>| Since January 2019 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 103

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

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| | |
|:---|:---|
| **GuideStone Funds Impact Bond Fund** | **Institutional** GMBYX |
| **GuideStone Funds Impact Bond Fund** | **Investor** GMBZX |

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**Investment Objective**

The Impact Bond Fund seeks to maximize total return while preserving capital.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> | 0.39% | 0.39% |
| Other expenses | 0.36% | 1.03% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| 0.75% | 1.42% |
| Fee waiver<sup>(2)</sup> | (0.25)% | (0.63)% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee waiver)**<br>| 0.50% | 0.79% |

---

<sup>(1)</sup>

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

<sup>(2)</sup>

The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 0.50% for the Institutional Class and 0.79% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.

<br>**Expense Example**

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $51 | $81 |
| **3 Years** | $215 | $387 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. Portfolio turnover for the Fund's last fiscal year is not provided because the Fund had not commenced operations prior to the end of the last fiscal year.

104 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in fixed income instruments. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>•</sup>

The Fund seeks to make investments that generate positive impact in accordance with GuideStone Capital Management, LLC's ("the Adviser") Christian values, alongside financial returns. The Adviser utilizes its impact framework to assess whether its investments with nonprofit organizations, and the Sub-Advisers' investments in companies, effectively promote the Adviser's three impact themes: Sanctity of Life and Spreading the Gospel; Human Dignity and Advancement; and Stewardship of God's Creation.

<sup>•</sup>

The Fund invests primarily in:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Obligations issued or guaranteed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The U.S. government, its agencies and instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Domestic banks and corporations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Foreign governments, banks and corporations.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Mortgage- and asset-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Municipal bonds, the interest of which is taxable or tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Repurchase agreements related to the above instruments.

<sup>•</sup>

When selecting investments, the Adviser and/or Sub-Adviser(s) will consider whether investments promote impact goals, including, but not limited to, decent work and economic growth, good health and well-being, quality education, reduced inequalities, affordable and clean energy and responsible consumption and production.

<sup>•</sup>

The average credit quality rating for the Fund's portfolio will be greater than or equal to "A" as rated by Moody's Investors Service, Inc. ("Moody's") or the equivalent by S&P Global Ratings or Fitch, Inc./Fitch Ratings Ltd. ("Fitch"). The Fund invests primarily in investment grade securities but may invest up to 5% of its assets in below-investment grade securities (*i.e.,* high yield securities or junk bonds). Mortgage- and asset-backed securities held by the Fund may include those backed by loans to subprime borrowers.

<sup>•</sup>

The average dollar-weighted duration of the Fund normally varies, in years, between +/- 20% of the duration of the Bloomberg US Aggregate Bond Index. As of December 31, 2022, the average dollar-weighted duration of the Index was [6.82] years. Duration measures the sensitivity of a fixed income security's price to changes in interest rates. The longer a fixed income security's duration, the more sensitive that security will be to changes in interest rates. Similarly, the longer the Fund's

dollar-weighted average duration, the more sensitive the Fund will be to interest rate changes than a fund with shorter dollar-weighted average duration.

<sup>•</sup>

The Fund may hold assets in obligations denominated in currencies other than the U.S. dollar and may also invest in U.S. dollar-denominated securities of foreign issuers. Unhedged non-U.S. dollar currency exposure is limited to 5% of the Fund's total market value.

<sup>•</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. A Sub-Adviser may make currency investment decisions independent of its underlying security selections. The Fund may also use derivatives, including futures, options, swaps and forwards as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest its uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

In addition, the Adviser may allocate assets to debt securities of other funds, pooled investment vehicles and nonprofit organizations that it believes will generate both a positive impact congruent with its Christian values and financial returns.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Fixed Income Securities Risk, Impact Investing Risk, Faith-Based Investing Risk, Market Risk, Duration Risk, Credit Risk and Mortgage- and Asset-Backed Securities Risk. Descriptions of these and other principal risks of investing in the Fund are

GuideStone Funds Prospectus \| 105

------

provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) involve greater risks of default, are more volatile than bonds rated investment grade and are inherently speculative. Issuers of these bonds may be more sensitive to economic downturns and may be unable to make timely interest or principal payments. The Fund's value could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments.

<sup>•</sup>

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

<sup>•</sup>

**Credit Risk:** There is a risk that the issuer of a fixed income investment owned by the Fund, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction to which the Fund is party, may fail to pay interest or even principal due in a timely manner or at all.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

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

organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Fixed Income Securities Risk:** The value of fixed income securities held by the Fund will fluctuate in response to changes in interest rates and other economic factors. When interest rates rise, the prices of fixed income securities fall and vice versa. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rates will increase with any increase in the duration of those securities. Recent events in the fixed income market may expose the Fund to heightened interest rate risk and volatility. The Federal Reserve has begun to raise interest rates after a period of historic lows. Very low or negative interest rates may impact the yield of the Fund's investments in fixed income securities and may increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments in fixed income securities may not keep pace with inflation. Other factors may affect fixed income securities, such as financial conditions of a particular issuer, including its credit standing, and general economic conditions. The yield earned by the Fund will also vary with changes in interest rates and other economic factors.

<sup>•</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers

106 \| GuideStone Funds Prospectus

------

may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

**Impact Investing Risk:** The Fund's impact investing criteria could cause it to perform differently compared to funds that do not apply such criteria. The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. In evaluating an investment, the Adviser and the Sub-Advisers are dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of the Fund's impact investing strategy will depend upon the Adviser's and each Sub-Adviser's skill in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is

required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

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

<sup>•</sup>

**Mortgage- and Asset-Backed Securities Risk:** The Fund is subject to the risk that the principal on mortgage- and asset-backed securities held by the Fund will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising

GuideStone Funds Prospectus \| 107

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interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, to the extent the Fund holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Fund. In addition, certain mortgage- and asset-backed securities may include securities backed by pools of loans made to "subprime" borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than what is available for corporate equities or bonds. Special factors, such as potential legislative changes and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality or state in which the Fund invests may have an impact on the Fund's share price. In addition, the secondary market for certain municipal bonds may not be as developed or liquid as other securities markets, which may adversely affect the Fund's ability to sell such municipal bonds at attractive prices.

<sup>•</sup>

**New Fund Risk:** The Fund is new with limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which

case the Fund may not be able to achieve its investment objective. The Fund may not be successful in implementing its investment strategy.

<sup>•</sup>

**Redemption Risk:** The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance. A general rise in interest rates, perhaps because of changing government policies, has the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increase volatility in the fixed income markets.

<sup>•</sup>

**Repurchase Agreement Risk:** The obligations of a counterparty to a repurchase agreement are not guaranteed. The Fund permits various forms of securities as collateral whose values fluctuate and are issued or guaranteed by the U.S. government. There are risks that a counterparty may default at a time when the collateral has declined in value, or a counterparty may become insolvent, which may affect the Fund's right to control the collateral. Repurchase agreements are subject to credit risk. If the seller in a repurchase agreement transaction defaults on its obligations to repurchase a security, the Fund may suffer delays, incur costs and lose money in exercising its rights.

<sup>•</sup>

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

**Performance**

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

108 \| GuideStone Funds Prospectus

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**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since January 2023

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

David S. Spika, CFA President and Chief Investment Officer Since January 2023

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC** | **Parametric Portfolio Associates LLC** |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Management<br>| Since January 2023 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since January 2023 |

---

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

---

| | |
|:---|:---|
| **RBC Global Asset Management (U.S.) Inc.** | **RBC Global Asset Management (U.S.) Inc.** |
| &nbsp;&nbsp; Brian Svendahl, CFA<br> Senior Portfolio Manager, U.S. Fixed <br> Income and Co-Lead Portfolio <br> Manager, Impact Investing<br>| Since January 2023 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 109

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

---

| | |
|:---|:---|
| **GuideStone Funds Impact Equity Fund** | **Institutional** GMEYX |
| **GuideStone Funds Impact Equity Fund** | **Investor** GMEZX |

---

**Investment Objective**

The Impact Equity Fund seeks to provide long-term capital appreciation.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | 0.65% | 0.65% |
| Other expenses<sup>(1)</sup> | 0.21% | 0.73% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| 0.86% | 1.38% |
| Fee waiver<sup>(2)</sup> | N/A | (0.17)% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee waiver)**<br>| 0.86% | 1.21% |

---

<sup>(1)</sup>

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

<sup>(2)</sup>

The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 1.21% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.

<br>**Expense Example**

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $88 | $123  |
| **3 Years** | $274 | $420 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. Portfolio turnover for the Fund's last fiscal year is not provided because the Fund had not commenced operations prior to the end of the last fiscal year.

110 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which may include stock, stock futures, rights, warrants or securities convertible into stock, of U.S. and foreign companies. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>•</sup>

The Fund seeks to make investments that generate positive impact in accordance with GuideStone Capital Management, LLC's (the "Adviser") Christian values, alongside financial returns. The Adviser utilizes its impact framework to assess whether its investments with nonprofit organizations, and the Sub-Advisers' investments in companies, effectively promote the Adviser's three impact themes: Sanctity of Life and Spreading the Gospel; Human Dignity and Advancement; and Stewardship of God's Creation.

<sup>•</sup>

The Fund is diversified with respect to equity securities possessing attractive fundamental values and strong growth prospects. A "bottom-up" approach is generally employed in selecting investments for the Fund, including consideration of, among other factors, a company's growth potential, competitive positioning, operational quality and strategy. Other factors may be considered, such as a company's historic and projected return on capital, balance sheets and financial models. Many of the companies in which the Fund invests retain their earnings to finance current and future growth.

<sup>•</sup>

When selecting investments, the Adviser and/or Sub-Adviser(s) will consider whether investments promote impact goals, including, but not limited to, decent work and economic growth, good health and well-being, quality education, reduced inequalities, affordable and clean energy and responsible consumption and production.

<sup>•</sup>

The Fund invests in equity securities of foreign companies in countries having economies and markets generally considered to be developed and may also invest in equity securities of foreign companies located in emerging markets.

<sup>•</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges in foreign currencies.

<sup>•</sup>

The Fund generally intends to remain diversified across countries and geographical regions, although it has the flexibility to invest a significant portion of its assets in one country or region.

<sup>•</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

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

<sup>•</sup>

The Fund may invest in equity securities of real estate investment trusts ("REITs") and other real estate related companies.

<sup>•</sup>

The Fund may invest in equity securities of information technology companies and companies that rely heavily on technological advances.

<sup>•</sup>

The Fund may invest in initial public offerings ("IPOs").

<sup>•</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. A Sub-Adviser may make currency investment decisions independent of its underlying security selections. The Fund may also use derivatives, including futures, options, swaps and forwards as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest its uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

In addition, the Adviser may allocate assets to equity securities of other funds, pooled investment vehicles and nonprofit organizations that it believes will generate both a positive impact congruent with its Christian values and financial returns.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Impact Investing Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Growth Investing Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in

GuideStone Funds Prospectus \| 111

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the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

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

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

112 \| GuideStone Funds Prospectus

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

<sup>•</sup>

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

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

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

<sup>•</sup>

**Impact Investing Risk:** The Fund's impact investing criteria could cause it to perform differently compared to funds that do not apply such criteria. The application of impact investing criteria carries the risk that, under certain market conditions, the Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. In evaluating an investment, the Adviser and the Sub-Advisers are dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment. Successful application of the Fund's impact investing strategy will depend upon the Adviser's and each Sub-

Adviser's skill in properly identifying and analyzing impact investing issues. Investments made may not generate the amount of positive impact that was intended when the investment was made.

<sup>•</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>•</sup>

**Initial Public Offerings Risk:** The Fund may invest in IPOs, which entails special risks, including limited operating history of the issuing companies, unseasoned trading and limited liquidity.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

GuideStone Funds Prospectus \| 113

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

<sup>•</sup>

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

<sup>•</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

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

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Small- and Micro-Capitalization Companies Risk:** An investment in a smaller company or fund may be more volatile and less liquid than an investment in a larger company or fund. Small companies and funds generally are more sensitive to adverse business and economic conditions than larger, more established companies and funds. Small companies and funds may have limited financial resources, management experience, markets and product diversification. The Fund's investment in securities of start-up nonprofit organizations or funds are generally subject to greater risks than other investments.

<sup>•</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date.

114 \| GuideStone Funds Prospectus

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The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since January 2023

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

David S. Spika, CFA President and Chief Investment Officer Since January 2023

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| **Janus Henderson Investors US LLC** | **Janus Henderson Investors US LLC** |
| &nbsp;&nbsp; Hamish Chamberlayne, CFA<br> Head of Global Sustainable Equity and <br> Portfolio Manager<br>| Since January 2023 |
| &nbsp;&nbsp; Aaron Scully, CFA<br> Portfolio Manager<br>| Since January 2023 |

---

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

---

| | |
|:---|:---|
| **Parametric Portfolio Associates LLC** | **Parametric Portfolio Associates LLC** |
| &nbsp;&nbsp; James Reber<br> Managing Director,<br> Portfolio Management<br>| Since January 2023 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since January 2023 |
| &nbsp;&nbsp; Richard Fong, CFA<br> Director of Investment Management<br>| Since January 2023 |
| &nbsp;&nbsp; Zach Olsen, CFA<br> Portfolio Manager<br>| Since January 2023 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 115

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

---

| | |
|:---|:---|
| **GuideStone Funds Equity Index Fund** | **Institutional** GEQYX |
| **GuideStone Funds Equity Index Fund** | **Investor** GEQZX |

---

**Investment Objective**

The Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500<sup>®</sup> Index.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.09]% | [0.09]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

116 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets,, in the equity securities (primarily common stocks and stock index derivatives) included in the S&P 500<sup>®</sup> Index, in weightings that approximate the relative composition of the securities contained in the S&P 500<sup>®</sup> Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>•</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed options, futures and swap agreements, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The S&P 500<sup>®</sup> Index;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Companies included in the S&P 500<sup>®</sup> Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Stock indexes other than but similar to the S&P 500<sup>®</sup> Index.

<sup>•</sup>

The companies chosen for inclusion in the S&P 500<sup>®</sup> Index tend to be industry leaders within the U.S. economy as determined by Standard & Poor's<sup>®</sup> ("S&P<sup>®</sup>"). However, companies are not selected for inclusion by S&P<sup>®</sup> because they are expected to have superior stock price performance relative to the market in general or other stocks in particular.

<sup>•</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the S&P 500<sup>®</sup> Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the S&P 500<sup>®</sup> Index. The Fund generally uses a replication method to track the S&P 500<sup>®</sup> Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the S&P 500<sup>®</sup> Index has none), returns are likely to be below those of the S&P 500<sup>®</sup> Index.

<sup>•</sup>

The correlation between the Fund's performance and the S&P 500<sup>®</sup> Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>•</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone

Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund may invest in equity securities of real estate investment trusts ("REITs") and other real estate related companies.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

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

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives

GuideStone Funds Prospectus \| 117

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involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

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

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>•</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such

securities regardless of market trends. The Fund generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. To the extent the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on

118 \| GuideStone Funds Prospectus

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the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>•</sup>

**Real Estate Investment Trust Risk:** The Fund is subject to the risk that REITs' and other real estate-related companies' share prices overall will decline over short or even long periods because of rising interest rates. During periods of high interest rates, REITs and other real estate related companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing from property purchases and improvements is more costly and difficult to obtain. REITs may be affected by changes in the value of the underlying properties they own and may be affected by the quality of any credit they extend. REITs are dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

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

<sup>•</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

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

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

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

---

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

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

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

GuideStone Funds Prospectus \| 119

------

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Legal & General Investment Management America, Inc.**  | &nbsp;&nbsp; **Legal & General Investment Management America, Inc.**  |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Head of U.S. Index Solutions<br>| Since August 2021 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Joe LaPorta<br> Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since October 2016 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since January 2020 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

120 \| GuideStone Funds Prospectus

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Global Real Estate Securities Fund** | **Institutional** GREYX |
| **GuideStone Funds Global Real Estate Securities Fund** | **Investor** GREZX |

---

**Investment Objective**

The Global Real Estate Securities Fund seeks to provide long-term capital appreciation and current income.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.68]% | [0.68]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

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

---

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

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 121

------

**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities of real estate investment trusts ("REITs") and other real estate related companies. The Fund defines a real estate related company as one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate. A REIT is a company dedicated to owning, and usually operating, income-producing real estate or to financing real estate.

<sup>•</sup>

A Sub-Adviser generally looks for real estate securities that have the potential to provide superior returns and focuses on companies with the potential for stock price appreciation and a record of paying dividends. A Sub-Adviser may sell a security when it no longer is deemed to meet these criteria or when other opportunities appear more attractive.

<sup>•</sup>

The Fund may invest in equity securities of REITs and other real estate related companies located throughout the world and in countries having economies and markets generally considered to be developed but may also invest in equity securities of REITs and other real estate related companies located in emerging markets. The Fund may invest in REITs and other real estate related companies of any size, including small-capitalization companies (companies with holdings greater than $240.1 million but less than $4.6 billion). Equity securities in which the Fund may invest include preferred stock and convertible preferred stock.

<sup>•</sup>

Depending on market conditions, the Fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others.

<sup>•</sup>

Under normal market conditions, the Fund will invest significantly (at least 40%, unless market conditions are not deemed favorable, in which case the Fund would invest at least 30%) in securities of non-U.S. issuers. An issuer is considered to be from the country or countries where it generates operating income. A single issuer's geographic exposure, therefore, may be divided between countries, including between the United States and multiple other countries. The Fund will allocate its assets among no less than three countries. In addition, the Fund will consider notional exposure of its derivative investments when determining the percentage of its assets that are invested in non-U.S. issuers.

<sup>•</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the

limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Adviser uses different investment techniques to identify securities that it believes would be the most profitable to the Fund over the long term. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Real Estate Investment Trust Risk and Foreign Securities Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

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

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to

122 \| GuideStone Funds Prospectus

------

intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

<sup>•</sup>

**Dividend Paying Securities Risk:** There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

<sup>•</sup>

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

<sup>•</sup>

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

<sup>•</sup>

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

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

<sup>•</sup>

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

<sup>•</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision,

GuideStone Funds Prospectus \| 123

------

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

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Preferred Stock Risk:** Some of the REITs and other real estate related company securities in which the Fund invests may be preferred stock that receives preference in the payment of dividends. Convertible preferred stock is exchangeable for common stock and may therefore be more volatile.

<sup>•</sup>

**Real Estate Concentration Risk:** The Fund concentrates its assets in the real estate industry, so an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may decrease due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments or because of overbuilding or lack of mortgage funds. The value of an individual property may also decline because of environmental liabilities or losses due to casualty or condemnation. Because of this concentration in the real estate industry, the value of the Fund's shares may change at different rates compared to the value of shares of a mutual fund with investments in a mix of different industries.

<sup>•</sup>

**Real Estate Investment Trust Risk:** The Fund is subject to the risk that REITs' and other real estate-related companies' share prices overall will decline over short or even long periods because of rising interest rates. During periods of high interest rates, REITs and other real estate related companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing from property purchases and improvements is more costly and difficult to obtain. In addition, equity

REITs may be affected by changes in the value of the underlying properties they own, while mortgage REITs may be affected by the quality of any credit they extend. Equity and mortgage REITs are dependent upon management skills and are subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. Domestic REITs could be adversely affected by failure to qualify for tax-free "pass-through" of net income and net realized gains under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from registration under the Investment Company Act of 1940, as amended. Foreign REITs could possibly fail to qualify for any beneficial tax treatments available in their local jurisdictions. Failure to meet these requirements may have adverse consequences on a Fund. For example, Japanese REITs ("J-REITs") are subject to complex tax regulation in Japan and a failure to comply with those requirements could disqualify the J-REIT from special tax benefits and reduce the amount available for distribution to J-REIT investors.

<sup>•</sup>

**Real Estate Sector Concentration Risk:** The Fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others. As such, its performance would be especially sensitive to developments that significantly affect those businesses.

<sup>•</sup>

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

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

124 \| GuideStone Funds Prospectus

------

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

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

---

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

---

<br>**Average Annual Total Returns** as of 12/31/22

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Investor Class before taxes | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% | 12/29/2006 |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Investor Class after taxes on distributions and sale of Fund shares<sup>(1)</sup> | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |
| Institutional Class before taxes | [ ]% | [ ]% | N/A | [ ]% | 05/01/2015 |
| FTSE EPRA NAREIT Developed Index (reflects no deduction for fees, expenses or taxes) | [ ]% | [ ]% | &nbsp;&nbsp;&nbsp;&nbsp; [ ]% | [ ]% |  |

---

<sup>(1)</sup>

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

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

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

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

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

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Heitman Real Estate Securities LLC**  | &nbsp;&nbsp; **Heitman Real Estate Securities LLC**  |
| &nbsp;&nbsp; Jerry Ehlinger, CFA<br> Senior Managing Director, Global <br> Real Estate Securities<br>| Since December 2013 |
| &nbsp;&nbsp; Charles Harbin, CFA<br> Senior Vice President and Portfolio <br> Manager – North America<br>| Since January 2020 |
| &nbsp;&nbsp; Jacques Perdrix<br> Senior Vice President and Portfolio <br> Manager – Europe<br>| Since November 2017 |
| &nbsp;&nbsp; Mathew Spencer<br> Senior Vice President and Global <br> Portfolio Manager<br>| Since January 2020 |
| &nbsp;&nbsp; Damon Wang<br> Portfolio Manager – Asia Pacific<br>| Since June 2021 |
| &nbsp;&nbsp; John White<br> Senior Managing Director and <br> Global Investment Strategist<br>| Since September 2013 |
| &nbsp;&nbsp; Jeffrey Yurk, CFA<br> Senior Vice President and Portfolio <br> Manager – North America<br>| Since January 2020 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **RREEF America L.L.C.**  | &nbsp;&nbsp; **RREEF America L.L.C.**  |
| &nbsp;&nbsp; Barry McConnell<br> Senior Portfolio Manager Liquid <br> Real Assets<br>| Since October 2021 |
| &nbsp;&nbsp; Chris Robinson<br> Regional Head of Liquid Real Assets<br>| Since September 2013 |
| &nbsp;&nbsp; Robert Thomas<br> Head of Investment Strategy Liquid <br> Real Assets<br>| Since January 2017 |
| &nbsp;&nbsp; David W. Zonavetch, CPA<br> Head of Investment Strategy Liquid <br> Real Assets<br>| Since August 2013 |

---

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

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 125

------

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

---

| | |
|:---|:---|
| **GuideStone Funds Value Equity Index Fund** | **Institutional** GVIYX |
| **GuideStone Funds Value Equity Index Fund** | **Investor** GVIZX |

---

**Investment Objective**

The Value Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000<sup>®</sup> Value Index.

**Fees and Expenses**

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

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.10]% | [0.10]% |
| Other expenses<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| Fee waiver<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee waiver)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<sup>(1)</sup>

[Other expenses are based on estimated amounts for the current fiscal year.]

<sup>(2)</sup>

The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 0.20% for the Institutional Class and 0.47% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee waivers or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to waivers or repayments, for the third year. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]% | $[]% |
| **3 Years** | $[]% | $[]% |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the period from the Fund's commencement of operations, August 31, 2022 to December 31, 2022, the Fund's portfolio turnover rate was % of the average value of its portfolio.

**Principal Investment Strategies**

<sup>•</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets, in the equity securities (primarily common stocks and stock index derivatives) included in the Russell 1000<sup>®</sup> Value Index, in weightings that approximate the relative composition of the securities contained in the Russell 1000<sup>®</sup> Value Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>•</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed futures, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The Russell 1000<sup>®</sup> Value Index;

126 \| GuideStone Funds Prospectus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Companies included in the Russell 1000<sup>®</sup> Value Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Stock indexes comparable to the Russell 1000<sup>®</sup> Value Index.

<sup>•</sup>

The Russell 1000<sup>®</sup> Value Index measures the performance of the large capitalization value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with relatively lower price-to-book ratios, lower Institutional Brokers' Estimate System forecast medium-term (*i.e.,* two year) growth and lower sales per share historical growth (*i.e.,* five years). The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer to the large capitalization value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

<sup>•</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the Russell 1000<sup>®</sup> Value Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the Russell 1000<sup>®</sup> Value Index. The Fund generally uses a replication method to track the Russell 1000<sup>®</sup> Value Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the Russell 1000<sup>®</sup> Value Index has none), returns are likely to be below those of the Russell 1000<sup>®</sup> Value Index.

<sup>•</sup>

The correlation between the Fund's performance and the Russell 1000<sup>®</sup> Value Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>•</sup>

Pursuing its investment strategy to duplicate the investment composition of the Russell 1000<sup>®</sup> Value Index may at times cause the Fund to focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds based on a variety of

qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves

GuideStone Funds Prospectus \| 127

------

investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. To the extent the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**New Fund Risk:** The Fund is new with limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Fund may not be able to achieve its investment objective. The Fund may not be successful in implementing its investment strategy.

<sup>•</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more

128 \| GuideStone Funds Prospectus

------

than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

**Performance**

The Fund is new and does not have a full calendar year of performance. Once it has a full calendar year of performance, total return information will be presented. Updated

performance information is available on the Trust's website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

**Management**

**Investment Adviser and Portfolio Manager** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since August 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since August 2022

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Legal & General Investment Management America, Inc.** | **Legal & General Investment Management America, Inc.** |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Head of U.S. Index Solutions<br>| Since August 2022 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Joe LaPorta<br> Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since August 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 129

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds Value Equity Fund** | **Institutional** GVEYX |
| **GuideStone Funds Value Equity Fund** | **Investor** GVEZX |

---

**Investment Objective**

The Value Equity Fund seeks to provide long-term capital appreciation.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Value Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.60]% | [0.60]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]  | $[] |
| **3 Years** | $[]  | $[] |
| **5 Years** | $[]  | $[] |
| **10 Years** | $[] | $[] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.

130 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which can include stock, stock futures, rights, warrants or securities convertible into stock. The Fund is diversified and focuses on large- and medium-sized U.S. companies (companies with holdings greater than approximately $2.9 billion) whose equity securities are considered by the Fund's Sub-Advisers to be value-oriented. Value-oriented investments are generally those that are trading at prices that the Sub-Advisers believe are below what the securities are worth or that may be out of favor with investors.

<sup>•</sup>

These value-oriented investments typically have lower price-to-earnings ratios, lower asset valuations and/or higher dividend yields relative to the U.S. market as a whole.

<sup>•</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest in American Depositary Receipts ("ADRs"), which represent ownership of underlying foreign securities that are denominated in U.S. dollars, regular shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets and foreign equity securities (including non-U.S. dollar denominated securities). The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>•</sup>

The Fund may invest in forward currency contracts in order to mitigate market exposure. Forwards will only be utilized for defensive hedging purposes (*i.e.,* hedging back to the U.S. dollar).

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. Each Sub-Adviser uses different investment styles to identify securities it believes are undervalued or are generally out of favor with investors. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Value Investing Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* ADRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

**Dividend Paying Securities Risk:** There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time.

GuideStone Funds Prospectus \| 131

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>•</sup>

**Forward Currency Contract Risk:** A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Foreign forward currency exchange contracts involve a risk of loss if currency exchange rates move against the Fund and are subject to counterparty risk.

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

132 \| GuideStone Funds Prospectus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Value Investing Risk:** There is a risk that value-oriented investments may not perform as well as the rest of the stock market as a whole. Value stocks may remain undervalued or may decrease in value during a given period or may not ever realize what the investment manager believes to be their full value.

<sup>•</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer.

As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After-tax returns are shown only for the Investor Class. After-tax returns for the Institutional Class will vary.

GuideStone Funds Prospectus \| 133

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**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **American Century Investment Management, Inc.**  | &nbsp;&nbsp; **American Century Investment Management, Inc.**  |
| &nbsp;&nbsp; Michael Liss, CFA, CPA<br> Vice President and<br> Senior Portfolio Manager<br>| Since March 2019 |
| &nbsp;&nbsp; Philip Sundell, CFA<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Kevin Toney, CFA<br> Chief Investment Officer – Global<br> Value Equity, Senior Vice President and<br> Senior Portfolio Manager<br>| Since March 2019 |
| &nbsp;&nbsp; Brian Woglom, CFA<br> Vice President and <br> Senior Portfolio Manager<br>| Since March 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Barrow, Hanley, Mewhinney & Strauss, LLC**  | &nbsp;&nbsp; **Barrow, Hanley, Mewhinney & Strauss, LLC**  |
| &nbsp;&nbsp; David W. Ganucheau, CFA<br> Senior Managing Director<br>| Since October 2012 |
| &nbsp;&nbsp; Mark Giambrone<br> Senior Managing Director<br>| Since September 2019 |
| &nbsp;&nbsp; Lewis Ropp<br> Senior Managing Director<br>| Since September 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **The London Company of Virginia, LLC**  | &nbsp;&nbsp; **The London Company of Virginia, LLC**  |
| &nbsp;&nbsp; J. Brian Campbell, CFA<br> Principal and Portfolio Manager<br>| Since March 2020 |
| &nbsp;&nbsp; Mark E. DeVaul, CFA, CPA<br> Principal and Portfolio Manager<br>| Since March 2020 |
| &nbsp;&nbsp; Stephen M. Goddard, CFA<br> Founder, Chairman, Chief Investment <br> Officer and Co-Lead Portfolio Manager<br>| Since March 2020 |
| &nbsp;&nbsp; Samuel D. Hutchings, CFA<br> Principal and Co-Lead Portfolio Manager<br>| Since March 2020 |
| &nbsp;&nbsp; Jonathan T. Moody, CFA<br> Principal and Portfolio Manager<br>| Since March 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since December 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **TCW Investment Management Company, LLC**  | &nbsp;&nbsp; **TCW Investment Management Company, LLC**  |
| &nbsp;&nbsp; Diane Jaffee, CFA<br> Senior Portfolio Manager and<br> Group Managing Director<br>| Since June 2006 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

134 \| GuideStone Funds Prospectus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds Growth Equity Index Fund** | **Institutional** GEIYX |
| **GuideStone Funds Growth Equity Index Fund** | **Investor** GEIZX |

---

**Investment Objective**

The Growth Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000<sup>®</sup> Growth Index. <br>

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Growth Equity Index Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.10]% | [0.10]% |
| Other expenses<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| Fee waiver<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee waiver)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<sup>(1)</sup>

[Other expenses are based on estimated amounts for the current fiscal year.]

<sup>(2)</sup>

The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities to 0.20% for the Institutional Class and 0.47% for the Investor Class (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee waivers or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to waivers or repayments, for the third year. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]% | $[]% |
| **3 Years** | $[]% | $[]% |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the period from the Fund's commencement of operations, August 31, 2022 to December 31, 2022, the Fund's portfolio turnover rate was % of the average value of its portfolio.

**Principal Investment Strategies**

<sup>•</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets, in the equity securities (primarily common stocks and stock index derivatives) included in the Russell 1000<sup>®</sup> Growth Index, in weightings that approximate the relative composition of the securities contained in the Russell 1000<sup>®</sup> Growth Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>•</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed futures, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The Russell 1000<sup>®</sup> Growth Index;

GuideStone Funds Prospectus \| 135

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Companies included in the Russell 1000<sup>®</sup> Growth Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Stock indexes comparable to the Russell 1000<sup>®</sup> Growth Index.

<sup>•</sup>

The Russell 1000<sup>®</sup> Growth Index measures the performance of the large capitalization growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with relatively higher price-to-book ratios, higher Institutional Brokers' Estimate System forecast medium-term (*i.e.,* two year) growth and higher sales per share historical growth (*i.e.,* five years). The Russell 1000<sup>®</sup> Growth Index is constructed to provide a comprehensive and unbiased barometer to the large capitalization growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

<sup>•</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the Russell 1000<sup>®</sup> Growth Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the Russell 1000<sup>®</sup> Growth Index. The Fund generally uses a replication method to track the Russell 1000<sup>®</sup> Growth Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the Russell 1000<sup>®</sup> Growth Index has none), returns are likely to be below those of the Russell 1000<sup>®</sup> Growth Index.

<sup>•</sup>

The correlation between the Fund's performance and the Russell 1000<sup>®</sup> Growth Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>•</sup>

Pursuing its investment strategy to duplicate the investment composition of the Russell 1000<sup>®</sup> Growth Index may at times cause the Fund to focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of

Trustees of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves

136 \| GuideStone Funds Prospectus

------

investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. To the extent the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on

GuideStone Funds Prospectus \| 137

------

the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**New Fund Risk:** The Fund is new with limited operating history, and there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Fund may not be able to achieve its investment objective. The Fund may not be successful in implementing its investment strategy.

<sup>•</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

**Performance**

The Fund is new and does not have a full calendar year of performance. Once it has a full calendar year of performance, total return information will be presented. Updated performance information is available on the Trust's website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637).

**Management**

**Investment Adviser and Portfolio Manager** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since August 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since August 2022

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| **Legal & General Investment Management America, Inc.** | **Legal & General Investment Management America, Inc.** |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Head of U.S. Index Solutions<br>| Since August 2022 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Joe LaPorta<br> Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since August 2022 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since August 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

138 \| GuideStone Funds Prospectus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds Growth Equity Fund** | **Institutional** GGEYX |
| **GuideStone Funds Growth Equity Fund** | **Investor** GGEZX |

---

**Investment Objective**

The Growth Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Growth Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee<sup>(1)</sup> | [0.62]% | [0.62]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<sup>(1)</sup>

[The management fee has been restated to reflect the estimated fee for the current fiscal year.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]  | $[] |
| **3 Years** | $[]  | $[] |
| **5 Years** | $[]  | $[] |
| **10 Years** | $[] | $[] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 139

------

**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which can include stock, stock futures, rights, warrants or securities convertible into stock. The Fund focuses its investments in large- and medium-sized U.S. companies (companies with holdings greater than approximately $2.9 billion) whose equity securities are considered by the Fund's Sub-Advisers to have above-average potential for growth in revenue and earnings.

<sup>•</sup>

The Fund is classified as non-diversified under the Investment Company Act of 1940, and may invest more of its assets in fewer issuers than "diversified" mutual funds.

<sup>•</sup>

The Fund may invest in American Depositary Receipts ("ADRs"), which represent ownership of underlying foreign securities that are denominated in U.S. dollars, regular shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets and foreign equity securities (including non-U.S. dollar denominated securities). The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>•</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers use fundamental research to select securities they believe have above-average growth prospects but may make investment decisions for the Fund based on an analysis of differing factors, such as revenue and earnings growth or unanticipated positive earnings. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention

("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Growth Investing Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* ADRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

140 \| GuideStone Funds Prospectus

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk.

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

**Growth Investing Risk:** Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

<sup>•</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend

to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments

GuideStone Funds Prospectus \| 141

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may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Non-diversification Risk:** Because the Fund may hold larger positions in fewer securities than diversified funds, its performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants

may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares

142 \| GuideStone Funds Prospectus

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through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After-tax returns are shown only for the Investor Class. After-tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **J.P. Morgan Investment Management Inc.**  | &nbsp;&nbsp; **J.P. Morgan Investment Management Inc.**  |
| &nbsp;&nbsp; Giri Devulapally, CFA<br> Managing Director<br>| Since May 2022 |
| &nbsp;&nbsp; Holly Fleiss<br> Managing Director<br>| Since May 2022 |
| &nbsp;&nbsp; Larry H. Lee<br> Managing Director<br>| Since May 2022 |
| &nbsp;&nbsp; Robert Maloney<br> Executive Director<br>| Since November 2022 |
| &nbsp;&nbsp; Joseph Wilson<br> Managing Director<br>| Since May 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Loomis, Sayles & Company, L.P.**  | &nbsp;&nbsp; **Loomis, Sayles & Company, L.P.**  |
| &nbsp;&nbsp; Aziz Hamzaogullari<br> Chief Investment Officer,<br> Growth Equity Strategies Team<br> and Portfolio Manager<br>| Since April 2015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since December 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Sands Capital Management, LLC**  | &nbsp;&nbsp; **Sands Capital Management, LLC**  |
| &nbsp;&nbsp; Wesley A. Johnston, CFA<br> Portfolio Manager and<br> Senior Research Analyst<br>| Since January 2016 |
| &nbsp;&nbsp; Frank M. Sands, CFA<br> Chief Executive Officer and<br> Chief Investment Officer<br>| Since October 2003 |
| &nbsp;&nbsp; Thomas H. Trentman, CFA<br> Portfolio Manager and<br> Research Analyst<br>| Since November 2017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **William Blair Investment Management, LLC**  | &nbsp;&nbsp; **William Blair Investment Management, LLC**  |
| &nbsp;&nbsp; James Golan, CFA<br> Partner and Portfolio Manager<br>| Since May 2022 |
| &nbsp;&nbsp; David Ricci, CFA<br> Partner and Portfolio Manager<br>| Since May 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 143

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds Small Cap Equity Fund** | **Institutional** GSCYX |
| **GuideStone Funds Small Cap Equity Fund** | **Investor** GSCZX |

---

**Investment Objective**

The Small Cap Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Small Cap Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.85]% | [0.85]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]  | $[] |
| **3 Years** | $[]  | $[] |
| **5 Years** | $[]  | $[] |
| **10 Years** | $[] | $[] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

144 \| GuideStone Funds Prospectus

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**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which may include stock, stock futures, rights, warrants or securities convertible into stock, of U.S. companies that, at the time of purchase, are in the small capitalization segment of the U.S. equity market, generally consistent with the capitalization range of companies comprising the Russell 2000<sup>®</sup> Index. The market capitalization range of the Russell 2000<sup>®</sup> Index changes with market conditions and due to modifications in its member composition. As of May 6, 2022, the market capitalization in the Russell 2000<sup>®</sup> Index ranged from $240.1 million to $6.4 billion. The Fund's portfolio is not limited to the companies listed in the Russell 2000<sup>®</sup> Index and, as such, is diversified among a large number of companies across different industries and economic sectors, such as the financial services sector. Because the Fund may continue to hold a security whose market capitalization increases or decreases over time, a portion of the Fund's holdings may have market capitalizations outside the range of the Russell 2000<sup>®</sup> Index at any given time.

<sup>•</sup>

The Fund is diversified with respect to equity securities possessing attractive fundamental values and strong growth prospects. Many of the companies in which the Fund invests retain their earnings to finance current and future growth.

<sup>•</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest in initial public offerings ("IPOs").

<sup>•</sup>

The Fund may invest in American Depositary Receipts ("ADRs"), which represent ownership of underlying foreign securities that are denominated in U.S. dollars, and regular shares of foreign companies traded and settled on U.S. exchanges and over-the-counter markets. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>•</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>•</sup>

The Fund may invest up to 10% of its total assets in securities issued by other investment companies, including exchange-traded funds ("ETFs").

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers, using fundamental research and quantitative analysis, select securities that they believe have favorable investment characteristics but may make investment decisions for the Fund based on an analysis of differing factors, such as revenue and earnings growth, relative valuation, business catalysts or quality of management. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds

and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk and Small Capitalization Companies Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the equity market or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (*i.e.,* ADRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored

GuideStone Funds Prospectus \| 145

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depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>•</sup>

**Initial Public Offerings Risk:** The Fund may invest in IPOs, which entails special risks, including limited operating history of the issuing companies, unseasoned trading and limited liquidity.

<sup>•</sup>

**Investment Company Risk:** The Fund's investment in another investment company, including ETFs, may subject the Fund indirectly to the underlying risks of the investment company. The Fund will also bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In

146 \| GuideStone Funds Prospectus

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addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Quantitative Strategy Risk:** Quantitative inputs and models use historical company, economic or industry data to evaluate prospective investments or to generate forecasts. Investments selected using quantitative methods may perform differently than analysis of their historical trends would suggest and may perform differently from the market as a whole. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. There can be no assurance that these methodologies will enable the Fund to achieve its objective or that the models will perform as expected.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>•</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date.

The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Russell 2000<sup>®</sup> Index (reflects no deduction <br> for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After-tax returns are shown only for the Investor Class. After-tax returns for the Institutional Class will vary.

GuideStone Funds Prospectus \| 147

------

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **American Century Investment Management, Inc.**  | &nbsp;&nbsp; **American Century Investment Management, Inc.**  |
| &nbsp;&nbsp; Ryan Cope, CFA<br> Portfolio Manager<br>| Since October 2020 |
| &nbsp;&nbsp; Jeff John, CFA<br> Vice President, Senior Portfolio <br> Manager<br>| Since October 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Delaware Investments Fund Advisers**  | &nbsp;&nbsp; **Delaware Investments Fund Advisers**  |
| &nbsp;&nbsp; Christopher S. Adams, CFA<br> Vice President and <br> Senior Portfolio Manager<br>| Since September 2018 |
| &nbsp;&nbsp; Francis X. Morris<br> Executive Director and <br> Chief Investment Officer – U.S. Core <br> Equity<br>| Since September 2018 |
| &nbsp;&nbsp; Michael S. Morris, CFA<br> Vice President and <br> Senior Portfolio Manager<br>| Since September 2018 |
| &nbsp;&nbsp; Donald G. Padilla, CFA<br> Vice President and <br> Senior Portfolio Manager<br>| Since September 2018 |
| &nbsp;&nbsp; David E. Reidinger<br> Vice President and <br> Senior Portfolio Manager<br>| Since September 2018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Jacobs Levy Equity Management, Inc.**  | &nbsp;&nbsp; **Jacobs Levy Equity Management, Inc.**  |
| &nbsp;&nbsp; Bruce I. Jacobs, Ph.D.<br> Principal, Co-Chief Investment <br> Officer, Portfolio Manager and <br> Co-Director of Research<br>| Since September 2018 |
| &nbsp;&nbsp; Kenneth N. Levy, CFA<br> Principal, Co-Chief Investment <br> Officer, Portfolio Manager and<br> Co-Director of Research<br>| Since September 2018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since December 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **TimesSquare Capital Management, LLC**  | &nbsp;&nbsp; **TimesSquare Capital Management, LLC**  |
| &nbsp;&nbsp; Grant Babyak<br> Chief Executive Officer and<br> Portfolio Manager<br>| Since August 2002 |
| &nbsp;&nbsp; Kenneth Duca, CFA<br> Director and Portfolio<br> Manager/Analyst<br>| Since December 2007 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

148 \| GuideStone Funds Prospectus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds International Equity Index Fund** | **Institutional** GIIYX |
| **GuideStone Funds International Equity Index Fund** | **Investor** GIIZX |

---

**Investment Objective**

The International Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the International Equity Index Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.11]% | [0.11]% |
| Other expenses<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Total annual Fund <br> operating expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| Fee waiver<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses** <br> **(after fee waiver)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<sup>(1)</sup>

[[ Other expenses are based on estimated amounts for the current fiscal year.]]

<sup>(2)</sup>

[The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual operating expenses (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities) to 0.22% for the Institutional Class and 0.50% for the Investor Class. (the "Expense Limitation"). This Expense Limitation applies to Fund operating expenses only and will remain in place until April 30, 2024. If expenses fall below the levels noted above within three years from the date on which the Adviser made such payment, waiver or assumption, the Fund may reimburse the Adviser so long as the reimbursement does not cause the Fund to exceed the Expense Limitation on the date on which: (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower. The contractual Expense Limitation can only be terminated by the Board of Trustees of GuideStone Funds.]

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense example shows the impact of fee waivers or repayments only for the first year and is calculated assuming total annual Fund operating expenses, prior to waivers or repayments, for all other years. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]  | $[] |
| **3 Years** | $[]  | $[] |
| **5 Years** | $[]  | $[] |
| **10 Years** | $[] | $[] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

GuideStone Funds Prospectus \| 149

------

**Principal Investment Strategies**

<sup>•</sup>

Under normal market conditions, the Fund will invest substantially all, and normally at least 80% of its total assets,, in the equity securities (primarily common stocks and stock index derivatives) included in the MSCI EAFE Index, in weightings that approximate the relative composition of the securities contained in the MSCI EAFE Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index.

<sup>•</sup>

The Fund may invest to a lesser extent in derivative instruments, including exchange listed futures and foreign currency forward contracts, that are based on:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The MSCI EAFE Index;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Companies included in the MSCI EAFE Index; or

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Stock indexes comparable to the MSCI EAFE Index.

<sup>•</sup>

The MSCI EAFE Index is as an equity index which captures large- and mid-cap representation across developed market countries around the world, excluding the United States and Canada. The MSCI EAFE Index covers approximately 85% of the free float-adjusted market capitalization in each country. As of March 31, 2023, the MSCI EAFE Index consisted of [825] constituents, representing the following [21] developed market countries: [Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom].

<sup>•</sup>

The Fund is passively managed, which means it tries to duplicate the investment composition and performance of the MSCI EAFE Index using computer programs and statistical procedures. As a result, the Sub-Adviser does not use traditional methods of fund investment management for the Fund, such as selecting securities on the basis of economic, financial and market analysis. Rather, the Sub-Adviser buys and sells securities in response to changes in the MSCI EAFE Index. The Fund generally uses a replication method to track the MSCI EAFE Index, but will exclude securities as required by the Fund's faith-based investment policies and restrictions. Because the Fund has fees and transaction expenses (while the MSCI EAFE Index has none), returns are likely to be below those of the MSCI EAFE Index.

<sup>•</sup>

Because the proportion of assets allocated to each country will approximate the relative country weights in the MSCI EAFE Index, more than 25% of the Fund's assets may be invested in a single country (such as the United Kingdom and Japan). This may make the Fund's performance more dependent upon the performance of a single country than if the Fund allocated its assets among issuers in a larger number of countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

The correlation between the Fund's performance and the MSCI EAFE Index is expected to be greater than 98%. However, it could be lower in certain market environments and due to certain stocks that may be excluded from the Fund's portfolio because of faith-based investment policies and restrictions (100% would indicate perfect correlation).

<sup>•</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges in foreign currencies.

<sup>•</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses one or more Sub-Advisers to manage its portfolio under the oversight of the Adviser. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Index Strategy Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

150 \| GuideStone Funds Prospectus

------

There is no guarantee that the international equity markets or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs, European Depositary Receipts and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing

organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund's faith-based investment policies and restrictions may prevent the Fund from investing in certain securities which comprise the index, which may cause the Fund to have lower performance than the index and contribute to a lower correlation between the performance of the Fund and the index. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>•</sup>

**Geographic Concentration Risk:** Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

<sup>•</sup>

**Index Strategy Risk:** The Fund employs an index strategy, that is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Fund generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment

GuideStone Funds Prospectus \| 151

------

relating to the relevant index. To the extent the companies represented in the index are concentrated in particular sectors or industries, the Fund is subject to investment concentration risk. In addition, although the index strategy attempts to closely track its benchmark index, the Fund may not invest in all of the securities in the index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the benchmark index. Cash flow into and out of the Fund, portfolio transaction costs, changes in the securities that comprise the index, and the Fund's valuation procedures also may affect the Fund's performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the

spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>•</sup>

**Non-diversification Risk:** In order to closely track the composition of the Fund's target index, the Fund's total assets are invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, the Fund may become non-diversified under the Investment Company Act of 1940, although it continues to hold multiple stocks across a number of sectors. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Sub-Adviser Risk:** The performance of the Fund will depend on how successfully its Sub-Adviser pursues its investment strategies.

152 \| GuideStone Funds Prospectus

------

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Institutional Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Institutional Class returns, both before and after taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Investor Class commenced operations on April 29, 2022, and therefore, no returns are shown for the Investor Class. The performance in the bar chart and table is that of the Institutional Class. The returns of the Investor Class will be substantially similar to those presented because the shares are invested in the same portfolio of securities and the average annual return will differ only to the extent that the Investor Class does not have the same expenses as the Institutional Class. However, because the Investor Class has higher expenses, its performance typically will be lower than that of the Institutional Class.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Institutional Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; Institutional Class before <br> taxes<br>| [ ]% | [ ]% | [ ]% | 06/01/2015 |
| &nbsp;&nbsp; Institutional Class after <br> taxes on distributions<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; Institutional Class after <br> taxes on distributions and <br> sale of Fund shares<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; MSCI EAFE <br> Index (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs).

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Adviser and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Legal & General Investment Management America, Inc.**  | &nbsp;&nbsp; **Legal & General Investment Management America, Inc.**  |
| &nbsp;&nbsp; David Barron, CFA, CAIA<br> Head of U.S. Index Solutions<br>| Since August 2021 |
| &nbsp;&nbsp; Aodhagán Byrne, CFA<br> Senior Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Joe LaPorta<br> Portfolio Manager<br>| Since June 2016 |
| &nbsp;&nbsp; Michael O'Connor<br> Senior Portfolio Manager<br>| Since October 2016 |
| &nbsp;&nbsp; Craig Parker, CFA<br> Portfolio Manager<br>| Since January 2020 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 153

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds International Equity Fund** | **Institutional** GIEYX |
| **GuideStone Funds International Equity Fund** | **Investor** GIEZX |

---

**Investment Objective**

The International Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the International Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.77]% | [0.77]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]  | $[] |
| **3 Years** | $[]  | $[] |
| **5 Years** | $[]  | $[] |
| **10 Years** | $[] | $[] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

154 \| GuideStone Funds Prospectus

------

**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities, which may include stock, stock futures, rights, warrants or securities convertible into stock, of foreign companies. An issuer is considered to be from the country where it is headquartered or incorporated, where the majority of its assets are located or where it generates the majority of its operating income. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>•</sup>

The Fund primarilyinvests in equity securities of foreign companies in countries having economies and markets generally considered to be developed but may also invest in equity securities of foreign companies located in emerging markets.

<sup>•</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges.

<sup>•</sup>

The Fund generally intends to remain diversified across countries and geographical regions, although it has the flexibility to invest a significant portion of its assets in one country or region.

<sup>•</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>•</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>•</sup>

The Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets. When the Fund takes a short position, it sells at the current market price a stock it has borrowed in anticipation of a decline in the market price of the stock. The Fund intends to reinvest the proceeds from its short sales by taking additional long positions in stocks. This investment technique is known as "leverage," which increases risk and may magnify the Fund's gains or losses.

<sup>•</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. Sub-Advisers may make currency investment decisions independent of their underlying security selections. The Fund may also use derivatives, including futures, options, forward contracts and swap agreements as a substitute for investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone

Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, practice different investment styles that the Adviser believes complement one another. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Derivatives Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the international equity markets or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be

GuideStone Funds Prospectus \| 155

------

affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs, European Depositary Receipts and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

**Emerging Markets Risk:** When investing in emerging markets, the risks of investing in foreign securities is heightened. Emerging markets are generally smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic uncertainties; an economy's dependence on revenues from

particular commodities or on international aid or development assistance; currency transfer restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading suspensions; and delays and disruptions in securities settlement procedures. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. Emerging markets are financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe, and Asia (excluding Japan).

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

156 \| GuideStone Funds Prospectus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

**Geographic Concentration Risk:** Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund, purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Leverage Risk:** The Fund is subject to leverage risk. Leveraging occurs when the Fund increases its assets available for investment using borrowings or similar transactions. Due to the fact that short sales involve borrowing securities and selling them, the Fund's short sales effectively leverage the Fund's assets. The use of leverage, including short sales and other forms of leveraging such as lending portfolio securities, entering into futures contracts and engaging in forward commitment transactions, may magnify the Fund's gains or losses. Leverage also creates interest expense that may lower the Fund's overall returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Quantitative Strategy Risk:** Quantitative inputs and models use historical company, economic or industry data to evaluate prospective investments or to generate forecasts. Investments selected using quantitative methods may perform differently than analysis of their historical trends would suggest and may perform differently from the market as a whole. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. There can be no assurance that these methodologies will enable the Fund to achieve its objective or that the models will perform as expected.

GuideStone Funds Prospectus \| 157

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Sector Concentration Risk:** Although the Fund will not concentrate in any particular industry, it may be heavily invested in a particular economic sector. If the Fund focuses on one or a few sectors, its performance is likely to be disproportionately affected by developments that significantly affect that sector, including market, economic, political or regulatory developments. Individual sectors may be more volatile and may perform differently than the broader market. The Fund's performance may also suffer if a sector does not perform as well as a Sub-Adviser expected. Prices of securities in the same sector often change collectively regardless of the merits of individual companies.

<sup>•</sup>

**Short Sales and Short Position Risk:** Short sales involve selling a security the Fund does not own in anticipation that the security will decline in price. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund's potential loss on a short position is limited only by the maximum attainable price of the security less the price at which the security was sold by the Fund. Therefore, in theory, stocks sold short have unlimited risk. The Fund's use of short sales in effect "leverages" the Fund. The Fund's short strategy depends on counterparties from which the Fund borrows securities. The Fund must post collateral when borrowing securities and the Fund is subject to the risk of default by a counterparty, which could result in a loss of collateral and money owed to the Fund.

<sup>•</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides

some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | |
|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>|
| Investor Class before taxes | [ ]% | [ ]% | [ ]% |
| Investor Class after taxes on distributions<sup>(1)</sup> | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; Investor Class after taxes on distributions <br> and sale of Fund shares<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |
| Institutional Class before taxes | [ ]% | [ ]% | [ ]% |
| &nbsp;&nbsp; MSCI EAFE Index (reflects no deduction <br> for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After-tax returns are shown only for the Investor Class. After-tax returns for the Institutional Class will vary.

158 \| GuideStone Funds Prospectus

------

**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Altrinsic Global Advisors, LLC**  | &nbsp;&nbsp; **Altrinsic Global Advisors, LLC**  |
| &nbsp;&nbsp; John L. DeVita, CFA, CPA<br> Portfolio Manager<br>| Since December 2020 |
| &nbsp;&nbsp; John D. Hock, CFA<br> Portfolio Manager and Chief <br> Executive Officer<br>| Since December 2020 |
| &nbsp;&nbsp; Rich McCormick, CFA<br> Portfolio Manager<br>| Since December 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **AQR Capital Management, LLC**  | &nbsp;&nbsp; **AQR Capital Management, LLC**  |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D.<br> Managing and Founding Principal<br>| Since March 2008 |
| &nbsp;&nbsp; Andrea Frazzini, Ph.D.<br> Principal<br>| Since November 2019 |
| &nbsp;&nbsp; John J. Huss<br> Principal<br>| Since January 2022 |
| &nbsp;&nbsp; John M. Liew, Ph.D.<br> Founding Principal<br>| Since March 2008 |
| &nbsp;&nbsp; Lars N. Nielsen<br> Principal<br>| Since November 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **MFS Institutional Advisors, Inc.**  | &nbsp;&nbsp; **MFS Institutional Advisors, Inc.**  |
| &nbsp;&nbsp; Filipe Benzinho<br> Investment Officer<br>| Since May 2016 |
| &nbsp;&nbsp; Daniel Ling<br> Investment Officer<br>| Since May 2016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since December 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **WCM Investment Management, LLC**  | &nbsp;&nbsp; **WCM Investment Management, LLC**  |
| &nbsp;&nbsp; Sanjay Ayer, CFA<br> Portfolio Manager and Business Analyst<br>| Since June 2020 |
| &nbsp;&nbsp; Paul R. Black<br> Chief Executive Officer and<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Peter J. Hunkel<br> Vice President and<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Michael B. Trigg<br> Senior Vice President and<br> Portfolio Manager<br>| Since April 2019 |
| &nbsp;&nbsp; Jon Tringale<br> Portfolio Manager<br>| Since March 2022 |

---

**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

GuideStone Funds Prospectus \| 159

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GuideStone Funds Emerging Markets Equity Fund** | **Institutional** GEMYX |
| **GuideStone Funds Emerging Markets Equity Fund** | **Investor** GEMZX |

---

**Investment Objective**

The Emerging Markets Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Emerging Markets Equity Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <br>

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| Management fee | [0.85]% | [0.85]% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; Acquired fund fees and <br> expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |
| &nbsp;&nbsp; **Total annual Fund** <br> **operating expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; []% |

---

<br>**Expense Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Finally, the example assumes that all dividends and other distributions are reinvested. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Investor Class** |
| **1 Year** | $[]  | $[] |
| **3 Years** | $[]  | $[] |
| **5 Years** | $[]  | $[] |
| **10 Years** | $[] | $[] |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was [ ]% of the average value of its portfolio.

160 \| GuideStone Funds Prospectus

------

**Principal Investment Strategies**

<sup>•</sup>

The Fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in equity securities that are economically tied to emerging markets. Equity securities may include stock, stock futures, rights, warrants or securities convertible into stock, of foreign companies, and the Fund may invest in companies with any market capitalization. The Fund considers emerging markets to include those markets included in the MSCI Emerging Markets Index. As of [March 31, 2022, the MSCI Emerging Markets Index consisted of 1,374 constituents, representing the following 24 emerging markets countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.] An issuer is considered to be from the country where it is headquartered or incorporated, where the majority of its assets are located or where it generates the majority of its operating income. The Fund's investments in Chinese companies may be structured as variable interest entities. The Fund's portfolio is diversified among a large number of companies across different industries and economic sectors.

<sup>•</sup>

The Fund may invest in equity securities of foreign companies located in frontier markets. Frontier markets are a sub-set of emerging markets that are investable but that may have lower market capitalization and liquidity and may be more politically unstable than more developed emerging markets. Frontier markets include the least developed markets even by emerging markets standards.

<sup>•</sup>

The Fund generally intends to remain diversified across countries and geographical regions, although it has the flexibility to invest a significant portion of its assets in one country or region.

<sup>•</sup>

In pursuing its investment strategy, the Fund may at times focus its investments in one or a few particular economic sectors.

<sup>•</sup>

Equity securities of foreign companies are predominantly traded on foreign stock exchanges.

<sup>•</sup>

The Fund may invest to a lesser extent in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and other similar instruments, each of which represents ownership of underlying foreign securities denominated in currencies other than that of the country of incorporation. The Fund may invest in sponsored or unsponsored depositary receipts.

<sup>•</sup>

The Fund may use futures, options, swaps and forwards to gain exposure to foreign markets and currencies. Sub-Advisers may make currency investment decisions independent of their underlying security selections. The Fund may also use derivatives, including futures, options, forward contracts and swap agreements as a substitute for

investing directly in an underlying asset, to increase return, to manage risk, to hedge against losses or as an alternative to selling a security short.

<sup>•</sup>

The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective.

<sup>•</sup>

The Fund may invest in initial public offerings ("IPOs").

<sup>•</sup>

The Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest uninvested cash in the GuideStone Funds Money Market Fund. To the extent the Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

<sup>•</sup>

The Fund uses a multi-manager approach, using two or more Sub-Advisers that each manages a portion of the Fund's portfolio under the oversight of the Adviser. The Sub-Advisers, in managing their respective portions of the Fund's portfolio, practice different investment styles that the Adviser believes complement one another. The Adviser recommends sub-adviser selections to the Board of Trustees of GuideStone Funds and determines allocations of Fund assets among Sub-Advisers based on a variety of qualitative and quantitative factors in an attempt to maximize return across the entire portfolio while minimizing risk to the extent possible. Buy and sell decisions are made at the discretion of each individual Sub-Adviser with regard to the portion of the Fund's portfolio that it manages in accordance with its investment strategies and processes.

<sup>•</sup>

In accordance with the Adviser's Christian values, the Fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

**Principal Investment Risks**

An investment in the Fund involves risks that can significantly affect the Fund's performance, including Market Risk, Faith-Based Investing Risk, Equity Risk, Foreign Securities Risk and Derivatives Risk. Descriptions of these and other principal risks of investing in the Fund are provided below. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

There is no guarantee that the international equity markets or the equity securities that the Fund buys will increase in value. It is possible to lose money by investing in the Fund.

GuideStone Funds Prospectus \| 161

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**China Risk:** There are special risks associated with investments in China, Hong Kong and Taiwan (including Chinese issuers listed on Chinese and U.S. securities exchanges), such as risks relating to liquidity constraints, expropriation, nationalization, confiscatory taxation and exchange control regulations or currency blockage. Rapid fluctuations in currency exchange rates, inflation and/or interest rates may negatively affect the economy and securities markets of China. China is considered by the Fund to be an emerging market country, which that means an investment in this country is subject to heightened risks due to a lack of transparency and established legal and accounting standards and limited auditor oversight, including restrictions on the Public Company Accounting Oversight Board's (PCAOB) ability to inspect the audit work of public accounting firms, as well as the possibility for more widespread corruption and fraud. In addition, there may be significant obstacles to obtaining information necessary to conduct investigations into or pursue litigation against companies located in or operating substantially in China, and shareholders may have limited legal remedies with respect to such investments. Investments in Chinese issuers may also be subject to greater risk of volatility due to political or social unrest or military conflict. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and clearing and settlement risks.

<sup>•</sup>

**Controlling Voting Interest Risk**: In accordance with the GuideStone Funds Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of GuideStone Funds. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of GuideStone Funds.

<sup>•</sup>

**Currency Risk:** Changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the United States or abroad. Derivative contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund.

<sup>•</sup>

**Depositary Receipts Risk:** Investments in depositary receipts (including ADRs, European Depositary Receipts and GDRs) are generally subject to the same risks of investing directly in the foreign securities that they evidence or into which they may be converted, including, but not limited to, currency fluctuations and political and financial instability in the home country of a particular depositary receipt or foreign stock. In addition, securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting

standards, which may increase investment risk as there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

<sup>•</sup>

**Derivatives Risk:** Derivatives involve risks different from, and in some respects greater than, those associated with investing directly in securities, currencies or other instruments. Derivatives may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. There may be imperfect correlation between a derivative and the reference instrument underlying the derivative. Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

<sup>•</sup>

**Emerging Markets Risk:** Investing in emerging markets countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging markets countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country and/or impose burdensome taxes that could adversely affect security prices. Also, there may be less publicly available information about emerging markets than would be available in more developed capital markets, and such issuers may not be subject to legal, accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the U.S. may not be applicable. In addition, the economies of emerging markets countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Securities markets in emerging markets countries are also relatively small and have substantially lower trading volumes. As a result, securities of issuers in emerging markets countries may be

162 \| GuideStone Funds Prospectus

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more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets. In times of market stress, regulatory authorities of different emerging markets countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

<sup>•</sup>

**Equity Risk:** Stocks and other equity securities generally fluctuate in value more than fixed income securities and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles with periods of rising and falling prices. The market value of a stock may fall due to changes in a company's financial condition as well as general market, economic and political conditions and other factors.

<sup>•</sup>

**Faith-Based Investing Risk:** The Fund invests in accordance with the faith-based investment restrictions of GuideStone Financial Resources. The Fund may not be able to take advantage of certain investment opportunities due to these restrictions, which may adversely affect investment performance. In evaluating an investment, the Adviser or Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the factors relevant to a particular investment.

<sup>•</sup>

**Foreign Securities Risk:** Obligations or securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. It may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

<sup>•</sup>

**Frontier Markets Risk:** Investing in frontier markets involves greater risk than investing in traditional emerging markets because frontier countries generally have smaller economies, greater political instability and less developed capital markets, and as a result, the risks of investing in emerging markets countries are magnified in frontier countries.

<sup>•</sup>

**Futures and Options on Futures Risk**: There is a risk that the prices of futures and options on futures contracts will diverge from the prices of their underlying instruments. Futures and options prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument and the time remaining until expiration of the contract, which may not affect security prices the same way. Imperfect or no correlation also may result from differing levels of demand in the options and futures markets and

the securities markets, from structural differences in how options and futures and securities are traded and from imposition of daily price fluctuation limits or trading halts. There can be no assurance that, at all times, a liquid market will exist for offsetting a futures or options contract that the Fund has previously bought or sold and this may result in the inability to close a contract when desired.

<sup>•</sup>

**Geographic Concentration Risk:** Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

<sup>•</sup>

**High Portfolio Turnover Risk:** The Fund may engage in active and frequent trading and expects to have a high portfolio turnover rate. High turnover could produce higher transaction costs and taxable distributions and lower the Fund's after-tax performance.

<sup>•</sup>

**Information Technology Sector Risk:** Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

<sup>•</sup>

**Initial Public Offerings Risk:** The Fund may invest in IPOs, which entails special risks, including limited operating history of the issuing companies, unseasoned trading and limited liquidity.

<sup>•</sup>

**Large Capitalization Companies Risk:** There is a risk that large capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

<sup>•</sup>

**Large Shareholder Transactions Risk:** The Fund may experience adverse effects when certain large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as other series of GuideStone Funds (*i.e.,* funds) that invest in the Fund,

GuideStone Funds Prospectus \| 163

------

purchase or redeem large amounts of Fund shares. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions also will increase the distribution of taxable income to shareholders if sales of portfolio investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

<sup>•</sup>

**Liquidity Risk:** Certain investments may be difficult or impossible for the Fund to purchase or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure, particularly in times of market turmoil or adverse investor perceptions. The Fund may be required to dispose of investments at unfavorable times or prices in order to satisfy redemptions, which may result in a loss or may be costly to the Fund. Illiquid investments may be more difficult to value. Judgment plays a greater role in valuing illiquid investments than investments with more active markets. Certain securities that were liquid when purchased may later become illiquid, particularly in times of overall economic distress.

<sup>•</sup>

**Market Risk:** The Fund's value will go up and down in response to changes in the market value of its investments, sometimes rapidly and unpredictably. Market value will change due to business developments concerning a particular issuer or industry, as well as general market and economic conditions. Changes in the financial condition of a single issuer can impact the market as a whole. Geopolitical risks, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are major players on the world stage or major producers of oil, may lead to instability in world economies and markets, may lead to increased market volatility and may have adverse long-term effects. Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Fund and its investments. In addition, markets and market participants are increasingly reliant upon information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access and similar circumstances may have an adverse impact upon a single issuer, a group of issuers or the market at-large. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the Adviser in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

**Mid-Capitalization Companies Risk:** Medium-sized company (*i.e.*, mid-cap) stocks have historically been subject to greater investment risk than large company stocks. They generally are more vulnerable than larger companies to adverse business or economic developments. The risks generally associated with these companies include more limited product lines, markets and financial resources, lack of management depth or experience, dependency on key personnel and vulnerability to adverse market and economic developments. Accordingly, the prices of medium-sized company stocks tend to be more volatile than prices of large company stocks.

<sup>•</sup>

**Multiple Sub-Adviser Risk:** Fund performance is dependent upon the success of the Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of the Fund's investment objective. To a significant extent, the Fund's performance will depend on the success of the Adviser's methodology in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers' investment styles may not work together as planned, which could adversely affect the performance of the Fund. In addition, because each Sub-Adviser makes its trading decisions independently, it is possible that the Sub-Advisers may purchase or sell the same security at the same time without aggregating their transactions or hold long and short positions in the same security at the same time. This may cause unnecessary brokerage and other expenses. A Sub-Adviser's strategy may be out of favor at any time.

<sup>•</sup>

**Quantitative Strategy Risk:** Quantitative inputs and models use historical company, economic or industry data to evaluate prospective investments or to generate forecasts. Investments selected using quantitative methods may perform differently than analysis of their historical trends would suggest and may perform differently from the market as a whole. Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds with similar investment objectives and strategies. There can be no assurance that these methodologies will enable the Fund to achieve its objective or that the models will perform as expected.

<sup>•</sup>

**Small Capitalization Companies Risk:** An investment in a smaller company may be more volatile and less liquid than an investment in a larger company. Small companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Small companies may have limited financial resources, management experience, markets and product diversification.

<sup>•</sup>

**Variable Interest Entities Risk:** Certain investments in Chinese companies may be made through special structures known as variable interest entities or "VIEs." Under the VIE structure, foreign investors such as the Fund own stock in a shell company rather than direct interests in the VIE, which must be owned by Chinese nationals (including Chinese companies) in order to

164 \| GuideStone Funds Prospectus

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operate in restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financial statements based on contractual arrangements that enable the shell company to exert a degree of control over, and accrue economic benefits from, the VIE without formal legal ownership. While the use of VIEs is a longstanding industry practice well known by Chinese officials and regulators, the Chinese government's acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the structure. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based VIE. It is uncertain whether the contractual arrangements, which may give rise to actual or potential conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions by the Chinese government on the continued use of VIE structures, or the inability to enforce the underlying contracts from which the shell company derives its value, would likely cause the VIE-structured holdings to suffer significant, possibly permanent losses, and in turn, adversely affect the Fund's returns and net asset value.

<sup>•</sup>

**Warrants and Rights Risk:** Because the market price of warrants may be significantly less than the current price of the underlying security, there is a greater risk that warrants may drop in value at a faster rate than the underlying security. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

**Performance**

The following bar chart and table illustrate the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and the annual total returns of the Fund's Investor Class shares. The table provides some indication of the risks of investing in the Fund by showing how the Fund's Investor Class returns, both before and after taxes, and the Fund's Institutional Class, before taxes, averaged over certain periods of time, compare to the performance of a broad-based market index during the same periods.

The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the GuideStone Funds' website at *GuideStoneFunds.com* or by calling 1-888-GS-FUNDS (1-888-473-8637). <br>

**Investor Class Annual Total Returns** years ended 12/31

**[UPDATED BAR CHART TO BE INSERTED IN 485(b)]** 

---

| | |
|:---|:---|
| **Best Quarter:** [ ]% [ ] | **Worst Quarter:** [ ]% [ ] |

---

**Average Annual Total Returns** as of 12/31/22

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| **Five**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; Investor Class before <br> taxes<br>| [ ]% | [ ]% | [ ]% | 10/31/2013 |
| &nbsp;&nbsp; Investor Class after taxes <br> on distributions<sup>(1)</sup><br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; Investor Class after taxes <br> on distributions and sale <br> of Fund shares<sup>(1)</sup><sup>(2)</sup> <br>| [ ]% | [ ]% | [ ]% |  |
| &nbsp;&nbsp; Institutional Class before <br> taxes<br>| [ ]% | [ ]% | [ ]% | 10/31/2013 |
| &nbsp;&nbsp; MSCI Emerging Markets <br> Index (Net) (reflects no <br> deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

---

<sup>(1)</sup>

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-advantaged arrangements, such as 403(b) plans, 401(k) plans or individual retirement accounts (IRAs). After-tax returns are shown only for the Investor Class. After-tax returns for the Institutional Class will vary.

<sup>(2)</sup>

[Returns may be higher than other returns for the same period due to a tax benefit of realizing a capital loss on the sale of Fund shares.]

GuideStone Funds Prospectus \| 165

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**Management**

**Investment Adviser and Portfolio Managers** 

&nbsp;&nbsp; **GuideStone Capital Management, LLC** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Brandon Pizzurro, CFP<sup>®</sup> Vice President – Investment Officer Since April 2019

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

David S. Spika, CFA President and Chief Investment Officer Since February 2021

**Sub-Advisers and Portfolio Managers** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **AQR Capital Management, LLC**  | &nbsp;&nbsp; **AQR Capital Management, LLC**  |
| &nbsp;&nbsp; Michele L. Aghassi, Ph.D.<br> Principal<br>| Since March 2016 |
| &nbsp;&nbsp; Clifford S. Asness, Ph.D.<br> Managing and Founding Principal<br>| Since January 2022 |
| &nbsp;&nbsp; Andrea Frazzini, Ph.D.<br> Principal<br>| Since March 2016 |
| &nbsp;&nbsp; John J. Huss<br> Principal<br>| Since January 2022 |
| &nbsp;&nbsp; Lars N. Nielsen<br> Principal<br>| Since November 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Goldman Sachs Asset Management, L.P.**  | &nbsp;&nbsp; **Goldman Sachs Asset Management, L.P.**  |
| &nbsp;&nbsp; Hiren Dasani, CFA<br> Managing Director<br>| Since June 2018 |
| &nbsp;&nbsp; Basak Yavuz<br> Managing Director<br>| Since June 2018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  | &nbsp;&nbsp; **Parametric Portfolio Associates LLC**  |
| &nbsp;&nbsp; James Reber<br> Managing Director, Portfolio <br> Management<br>| Since May 2022 |
| &nbsp;&nbsp; Thomas Seto<br> Head of Investment Management<br>| Since November 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; **RBC Global Asset Management (U.K.) Limited**  | &nbsp;&nbsp; **RBC Global Asset Management (U.K.) Limited**  |
| &nbsp;&nbsp; Philippe Langham, ACA<br> Senior Portfolio Manager and Head,<br> RBC Emerging Market Equities<br>| Since September 2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Wellington Management Company LLP**  | &nbsp;&nbsp; **Wellington Management Company LLP**  |
| &nbsp;&nbsp; Bo Z. Meunier, CFA<br> Senior Managing Director and<br> Equity Portfolio Manager<br>| Since July 2021 |

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**Purchase and Sale of Fund Shares, Tax Information and Payments to Broker-Dealers and Other Financial Intermediaries**

For important information about purchase and sale of Fund shares, tax information and financial intermediary compensation, please refer to "Summary of Other Important Fund Information" beginning on page 167.

166 \| GuideStone Funds Prospectus

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**Summary of Other Important Fund Information**

**Purchase and Sale of Fund Shares**

*Purchase of Fund Shares*

**Investor Class Shares:** Any individual or entity may invest in Investor Class shares by making a minimum initial investment of $1,000 per Fund. The $1,000 initial purchase minimum applies separately to each Fund of GuideStone Funds (the "Trust") that you own. In addition, the following minimums apply to subsequent purchases of Investor Class shares of a Fund. Clients of GuideStone Personal Advisory Services, offered by GuideStone Advisors, LLC, an affiliate of the Trust and GuideStone Capital Management, LLC, are not subject to these minimum requirements.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Minimum Subsequent**<br> **Purchases**<br>|
| Automatic Investment Plans | $100 |
| Exchanges from another Fund | $250 |
| Individual Retirement Accounts ("IRAs") | $100 |
| GuideStone Investment Accounts and Uniform Gifts/Transfers to Minors Accounts | $100 |

---

**Institutional Class Shares:** Institutional Class shares are available for purchase directly from a Fund by any individual or entity by making a minimum initial investment of $1,000,000 (there is no minimum subsequent investment) in the Funds of the Trust in the aggregate, unless an investor purchases shares by or through financial intermediaries that have entered into an appropriate agreement with the Trust or its affiliate(s). In addition, investors that hold Institutional Class shares of the Funds of the Trust that were acquired prior to May 1, 2014, remain eligible to purchase and hold Institutional Class shares irrespective of whether their initial investment exceeded $1,000,000.

Participant-directed employee benefit plans that are not serviced by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources") are not eligible to purchase Institutional Class shares directly from the Funds but may do so through certain authorized financial intermediaries. If Institutional Class shares are purchased through a GuideStone-Serviced Plan or a participant-directed employee benefit plan serviced by an authorized financial intermediary other than GuideStone Financial Resources, the policies, procedures and minimum investment requirements relating to these purchases will differ from those set forth herein, and additional fees may apply to your investment in the Fund(s). A "GuideStone-Serviced Plan" means an employee benefit plan that allows its participants to direct their own investments, and through which recordkeeping and other administrative services are provided by GuideStone Financial Resources under an agreement permitting the purchase of Institutional Class shares. For more information about Institutional Class shares, please contact GuideStone at 1-888-GS-FUNDS (1-888-473-8637).

At the discretion of the Trust's officers, the minimum investment requirements for any class of shares may be waived.

*Sale of Fund Shares*

Shares of a Fund are redeemable, and may be redeemed on any business day, through the website at *GuideStoneFunds.com*; by mail at GuideStone Funds, P.O. Box 534446, Pittsburgh, PA 15253-4446 (for overnight delivery, GuideStone Funds, Attention 534446, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by telephone at 1-888-GS-FUNDS (1-888-473-8637). (Purchases and redemptions by telephone are only permitted if you establish these options on your account.) You may also purchase or redeem shares of a Fund through certain other financial intermediaries. You may be charged a fee for effecting transactions through these financial intermediaries.

**Tax Information**

Generally, a Fund's distributions are taxable to you as ordinary income or long-term capital gains, except when your investment in a Fund is made through a 403(b) plan, a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged arrangement, from which withdrawals may be taxed as ordinary income. However, the Money Market Fund and Low-Duration Bond Fund expect, based on their investment objective and strategies, that their distributions, if any, will consist primarily of ordinary income.

GuideStone Funds Prospectus \| 167

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**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of a Fund through a broker-dealer or other financial intermediary, the Fund or its related companies may pay the intermediary for the sale of the Fund's shares and for certain servicing and administrative functions. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend a Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

168 \| GuideStone Funds Prospectus

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**Additional Information Regarding the Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **What is a mutual fund?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A mutual fund pools shareholders' money and, using professional management, invests in securities like stocks and <br> bonds.<br>|

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GuideStone Funds (the "Trust") is a family of mutual funds (each, a "Fund" and collectively, the "Funds") that offers a selection of Funds to investors, each with its own investment objective, strategies and risks. There is a separate Fund Summary for each Fund and other detailed information in the preceding pages. Please read each Fund Summary carefully before you invest. It is important that investors closely review and understand the risks of investing in the Funds.

The Trust's Funds are divided into three groups:

**Target Date Funds** — Each Target Date Fund (see pages 5 to 39) invests primarily in a diversified mix of the Select Funds that changes over time to meet a specified investment strategy. The Funds' investment adviser believes that blending asset classes, investment styles and money managers may reduce risk over the long term. Each Target Date Fund invests in the Institutional Class of the Select Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

MyDestination 2015 Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

MyDestination 2025 Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

MyDestination 2035 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

MyDestination 2045 Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

MyDestination 2055 Fund

**Target Risk Funds** — Each Target Risk Fund (see pages 40 to 62) invests primarily in a different mix of the Select Funds to meet a specified investment strategy. The Funds' investment adviser believes that blending investment styles and money managers may reduce risk over the long term. Each Target Risk Fund invests in the Institutional Class of the Select Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Conservative Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Balanced Allocation Fund

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Growth Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Aggressive Allocation Fund

**Select Funds** — Each Select Fund (see pages 63 to 166) invests directly in different types of fixed income obligations, equities and/or other investments to meet its investment objective.

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Money Market Fund

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Low-Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Medium-Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Global Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Strategic Alternatives Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Defensive Market Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Impact Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Impact Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Equity Index Fund

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Global Real Estate Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Value Equity Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Value Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Growth Equity Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Growth Equity Fund

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Small Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

International Equity Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Emerging Markets Equity Fund

GuideStone Funds Prospectus \| 169

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| **Who is the Adviser?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GuideStone Capital Management, LLC (the "Adviser") serves as the investment adviser to the Funds. The Adviser is <br> an affiliate of GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial <br> Resources"). Rather than making the day-to-day investment decisions for the Select Funds, the Adviser retains the <br> services of other investment management firms to do so. In addition, the Adviser allocates the Target Date Funds' and <br> Target Risk Funds' investments among the Select Funds. The Adviser may, from time to time, elect to trade individual <br> stocks, fixed income securities, private placements, third-party mutual funds or exchange-traded funds ("ETFs") for a <br> Fund.<br>|

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Each Select Fund uses various investment management firms (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") to manage its assets. The Adviser reviews the Sub-Advisers' performance, allocates the assets of a Select Fund among them and makes recommendations to the Board of Trustees of the Trust ("Board of Trustees") regarding changes to the Sub-Advisers. The Select Funds may change Sub-Advisers without shareholder approval.

**Changes to Investment Objective:** Each Fund's investment objective is not a fundamental policy and may be changed by the Board of Trustees without shareholder approval.

**Faith-Based Investing:** In accordance with the Adviser's Christian values, no Fund may invest in any company that is publicly recognized, as determined by GuideStone Financial Resources, as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in a Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. The Funds may not be able to take advantage of certain investment opportunities due to these restrictions. These investment restrictions may only be changed by the vote of the majority of the outstanding shares of the Trust, and not an individual Fund. A "majority of the outstanding shares of the Trust" is defined as greater than 50% of the shares shown on the books of the Trust or its transfer agent as then issued and outstanding, voted in the aggregate, but does not include shares which have been repurchased or redeemed by the Trust.

**Control by GuideStone Financial Resources:** In accordance with the Trust's Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold with power to vote at least 60% of the outstanding shares of the Trust. The Funds will refuse to accept any investment that would result in a change of such control. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of a majority of the outstanding shares of the Trust. As of the date of this Prospectus, GuideStone Financial Resources also controlled the vote of at least a majority of the outstanding shares of each Fund.

The Funds are not insured or guaranteed by the Adviser, GuideStone Financial Resources, any bank, the Federal Deposit Insurance Corporation or any government agency. As with all mutual funds, your investment in the Funds involves investment risk, including the possible loss of the principal amount you invested. There is no guarantee that any Fund will be able to meet its investment objective.

**Target Date Fund and Target Risk Fund Asset Class Allocations:** Each Target Date Fund invests in the Select Funds according to the asset class allocation represented by its glide path, which is presented in each Target Date Fund's summary prospectus. Each Target Risk Fund invests in the Select Funds according to the asset class allocations represented by its asset class allocation table, which is presented in each Target Risk Fund's summary prospectus. The Select Funds are categorized by asset class below. A summary prospectus for each Select Fund is included in this prospectus.

*<u>Fixed Income Select Funds</u>* 

*Money Market Fund* — The Money Market Fund seeks to maximize current income to the extent consistent with the preservation of capital and liquidity, and the maintenance of a stable per share price of $1.00.

*Low-Duration Bond Fund* — The Low-Duration Bond Fund seeks current income consistent with preservation of capital.

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*Medium-Duration Bond Fund* — The Medium-Duration Bond Fund seeks maximum total return consistent with preservation of capital.

*Global Bond Fund* — The Global Bond Fund seeks to maximize total return through capital gains and current income while preserving principal value.

*Impact Bond Fund* — The Impact Bond Fund seeks to maximize total return while preserving capital.

*<u>U.S. Equity Select Funds</u>* 

*Defensive Market Strategies Fund* — The Defensive Market Strategies Fund seeks to provide long-term capital appreciation with reduced volatility compared to the equity market. Although the Fund is categorized as a "U.S. Equity Select Fund," it may also invest a portion of its assets in fixed income and convertible securities.

*Impact Equity Fund* — The Impact Equity Fund seeks to provide long-term capital appreciation.

*Equity Index Fund* — The Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&P 500<sup>®</sup> Index.

*Value Equity Index Fund* — The Value Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000 Value<sup>®</sup> Index.

*Value Equity Fund* — The Value Equity Fund seeks to provide long-term capital appreciation.

*Growth Equity Index Fund* — The Growth Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 1000 Growth<sup>®</sup> Index.

*Growth Equity Fund* — The Growth Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*Small Cap Equity Fund* — The Small Cap Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*<u>Non-U.S. Equity Select Funds</u>* 

*International Equity Index Fund* — The International Equity Index Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.

*International Equity Fund* — The International Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*Emerging Markets Equity Fund* — The Emerging Markets Equity Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

*<u>Real Assets Select Fund</u>* 

*Global Real Estate Securities Fund* — The Global Real Estate Securities Fund seeks to provide long-term capital appreciation and current income.

*<u>Alternatives Select Fund</u>* 

*Strategic Alternatives Fund* — The Strategic Alternatives Fund seeks absolute returns with both lower volatility than and low correlation with traditional equity and fixed income markets.

GuideStone Funds Prospectus \| 171

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**Additional Information About Principal Strategies & Risks**

The following provides more information about the Funds' principal investment strategies and risks. Disclosure regarding non-principal investment strategies and risks is available in the Trust's Statement of Additional Information ("SAI").

**Below-Investment Grade Securities Risk:** Below-investment grade securities (*i.e.,* high yield securities or junk bonds) typically offer investors higher yields than other fixed income securities. The higher yields are usually justified by the weaker credit profiles of these issuers as compared to investment grade issuers. Below-investment grade securities include debt obligations of all types issued by U.S. and non-U.S. corporate and governmental entities, including bonds, debentures and notes, loan interests and preferred stocks that have priority over any other class of stock of the entity as to the distribution of assets or the payment of dividends. A below-investment grade security itself may be convertible into or exchangeable for equity securities, or it may carry with it the right to acquire equity securities evidenced by warrants attached to the security or acquired as part of a unit with the security.

**Cash Overlay Program:** The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric Portfolio Associates LLC ("Parametric") whereby Parametric is responsible for monitoring and investing cash balances of each Fund, except the Money Market Fund. The Adviser and the Sub-Adviser(s) for each Fund determine the amount of each Fund's cash balances. Under the agreement, Parametric may from time to time invest in U.S. Treasury securities and derivative instruments (*e.g.,* exchange listed equity index futures contracts and U.S. Treasury futures contracts) within the Target Date Funds and Target Risk Funds in order to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For each Equity Fund, Parametric may also from time to time invest in long or short positions in exchange listed equity index futures contracts and/or foreign currency futures contracts to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For the Strategic Alternatives Fund and Defensive Market Strategies Fund, Parametric may invest in long or short positions in exchange listed equity futures contracts and U.S. Treasury futures contracts and exchange listed equity index futures contracts, respectively, to gain market exposure on cash balances, to reduce market exposure in anticipation of liquidity needs or to manage risk relative to the corresponding broad-based benchmark of the Fund.

**China Risk:** There are special risks associated with investments in China, Hong Kong and Taiwan markets, including the risk of losses due to liquidity constraints, expropriation, nationalization, confiscation of assets and property, repatriation of capital and restrictions on foreign investments. Investments in issuers with significant operations in China are subject to heightened risks related to political, legal and regulatory uncertainty; difficulty in obtaining information necessary to conduct investigations and/or pursue litigation against Chinese companies, including by foreign regulatory authorities, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; potential regional destabilization due to military conflict; inflation, fluctuations in currency exchange rates, inflation and/or interest rates; and economic interdependence of emerging market countries within the greater China region. Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the imposition of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a significant downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. Actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the United States, may negatively impact the value of such securities held by the Funds. Additionally, any difficulties of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to audits of U.S. reporting companies may impose significant additional risks associated with investments in China. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to the Funds.

**Completion Portfolios:** The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric on behalf of the Funds (except the Money Market Fund, Equity Index Fund, Global Real Estate Securities Fund and International Equity Index Fund). Each Fund has a well-defined risk/return profile. When a Fund's actual level and composition of risk varies from a Fund's desired risk exposure, the Adviser may allocate Fund assets to Parametric to implement one or more of its proprietary "completion portfolios." These "completion portfolios" are designed to be held alongside a Fund's long-term strategic investments and bring the Fund's risk exposure to desired levels, as defined by the Adviser. A completion portfolio may be used, for example, if a Sub-Adviser portfolio exhibits style drift, thereby causing a Fund's risk/return profile to be out of line with the

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Adviser's risk targets for a Fund. In such a situation, the Adviser may direct Parametric to apply the appropriate completion portfolio to restore the Fund's risk characteristics to the desired state.

**Contingent Convertible Securities:** The Global Bond Fund and Strategic Alternatives Fund may invest in contingent convertible securities ("CoCos"). CoCos are a form of hybrid security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuer's continued viability as a going concern. The unique equity conversion or principal write-down features of CoCos are tailored to the issuer and its regulatory requirements. These features may cause substantially greater risk exposure during times of market turmoil. CoCos typically will be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Factors that may impact the value of CoCos include, but are not limited to: economic, financial and political events that affect the issuer, its particular market or financial markets as a whole; creditworthiness of the issuer; general market conditions; fluctuations in the issuer's capital ratios; and the supply and demand for CoCos.

One type of CoCo provides for mandatory conversion of the security into common stock of the issuer under certain circumstances. The mandatory conversion might relate, for example, to the issuer's failure to maintain a regulatory-required capital minimum. Because the common stock of the issuer may not pay a dividend, investors in such securities could experience reduced yields (or no yields at all) and conversion would worsen an investor's standing in the case of the issuer's insolvency. Another type of CoCo has characteristics designed to absorb losses, whereby the liquidation value of the security may be adjusted downward to below the original par value or written off entirely under certain circumstances. For instance, in the event that losses have eroded the issuer's capital levels to below a specified threshold, the liquidation value of the security may be reduced in whole or in part. The write-down of the security's par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security's par value. Such securities may, but are not required to, provide for circumstances under which the liquidation value of the security may be adjusted back up to par, such as an improvement in capitalization or earnings. In addition, CoCos may have no stated maturity and may have fully discretionary coupons that can potentially be cancelled at the issuer's discretion or may be prohibited by the relevant regulatory authority from being paid in order to help the issuer absorb losses.

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| **What are derivatives?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives are investments whose values are based on (or "derived" from) a stock, bond, other asset or index. These <br> investments include options, futures contracts and similar investments. Futures and options are popular types of <br> derivatives because, generally, they are easily bought and sold and have market values that are regularly calculated and <br> published.<br>|

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**Derivatives:** The Select Funds (other than the Money Market Fund) may use long or short positions in derivatives such as, but not limited to, swaps, equity futures contracts and currency forwards, as well as options in order to maintain market exposure, to reduce market exposure, to maintain liquidity or to commit cash pending investment.

The Low-Duration Bond Fund and the Medium-Duration Bond Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options thereon (to hedge against fluctuation in foreign currencies or to gain exposure to foreign currencies); interest rate futures and options, yield curve options and options on stock indexes (for investment purposes); and credit default swaps, currency swaps, interest rate swaps, interest rate floors and caps and swaptions (for investment purposes and to hedge against fluctuations in foreign currencies and interest rates). The Low-Duration Bond Fund may also use options on mortgage-backed securities (for investment purposes and as a substitute for cash bonds), and the Medium-Duration Bond Fund may also use U.S. Treasury futures and options (for investment purposes).

The Global Bond Fund may use various types of derivative instruments including, but not limited to, futures contracts and options on futures (including U.S. Treasury futures contracts and options on futures) to alter the duration of the Fund and increase potential returns; forward currency exchange contracts (currency hedging); currency futures and options thereon (currency hedging); interest rate swaps, floors and caps (investment purposes); and credit default swaps and currency swaps (investment purposes and hedging).

GuideStone Funds Prospectus \| 173

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The Strategic Alternatives Fund may use various types of derivative instruments including, but not limited to, non-deliverable forward exchange contracts; options and futures on stock indexes; currency options; interest rate swaps and interest rate futures; options on futures and swap agreements, such as credit default swaps, as a substitute for investing directly in an underlying asset, to increase return, to gain exposure to foreign markets and currencies, to hedge against losses or as an alternative to selling a security short.

The Defensive Market Strategies Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts and options and futures on stock indexes to gain exposure to foreign markets and currencies.

The Impact Bond Fund may use various types of forwards, futures, options and swaps, including, but not limited to, forward currency exchange contracts, options and futures on U.S. Treasury securities, interest rate swaps and interest rate futures, options on futures and swap agreements, such as credit default swaps, as a substitute for investing directly in an underlying asset, to increase return, to gain or maintain exposure to foreign markets and currencies, to hedge against losses, to reduce market exposure, to maintain liquidity, to commit cash pending investment or as an alternative to selling a security short.

The Impact Equity Fund may use various types of forwards, futures, options and swaps, including, but not limited to, forward currency exchange contracts, options and futures on stock indexes and equity swap agreements as a substitute for investing directly in an underlying asset, to increase return, to gain or maintain exposure to foreign markets and currencies, to hedge against losses, to reduce market exposure, to maintain liquidity, to commit cash pending investment or as an alternative to selling a security short.

The Value Equity Index Fund and the Growth Equity Index Fund may use various types of derivative instruments including, but not limited to, swaps, equity futures contracts and options in order to maintain market exposure, to reduce market exposure, to maintain liquidity or to commit cash pending investment.

The Value Equity Fund may use forward currency exchange contracts in order to reduce market exposure.

The International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may use various types of derivative instruments including, but not limited to, forward currency exchange contracts, options and futures on stock indexes and equity swap agreements to gain exposure to foreign markets and currencies.

Each Target Date Fund and Target Risk Fund may invest its assets directly in exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts and/or U.S. Treasury securities in order to gain exposure to the U.S. equity and fixed income markets on cash balances. To the extent a Target Date Fund or a Target Risk Fund invests in a Select Fund that invest in derivatives, the Fund will have exposure to additional types of derivatives.

A Fund's use of derivatives may reduce its return and increase volatility. An investment in derivatives may rise or fall more rapidly than other investments. An investment in derivatives is subject to changes in the value of the underlying security on which the investment is based. Derivatives involve risks different from, and in some respects greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and a Fund could lose more than the amount it invests. Derivatives can have the potential for unlimited losses, for example, where a Fund may be called upon to deliver a security it does not own. Derivatives can be difficult to value and may at times be highly illiquid, and a Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. There may be imperfect correlation between a derivative and the reference instrument, and the reference instrument may not perform as anticipated. Suitable derivatives may not be available in all circumstances, and there can be no assurance that a Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Derivatives may involve fees, commissions or other costs that may reduce a Fund's gains (if any) from the derivatives. The Fund may be required to provide margin in a manner that satisfies the contractual undertakings of a derivatives transaction. This may not prevent a Fund from incurring losses on derivatives. Derivatives that have margin requirements involve the risk that if a Fund has insufficient cash or eligible margin securities to meet daily variation margin requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. A Fund may remain obligated to meet margin requirements until a derivatives position is closed. The need to provide margin could also limit a Fund's ability to pursue other opportunities as they arise. In addition, a Fund's use of derivatives may have different tax

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consequences for the Fund than an investment in the reference instruments, and those differences may increase the amount and affect the timing and character of taxable distributions payable to shareholders.

Derivatives involve counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. Counterparty risk may arise because of market activities and developments, the counterparty's financial condition (including financial difficulties, bankruptcy or insolvency), or other reasons. That risk is generally thought to be greater with over-the-counter ("OTC") derivatives than with derivatives that are centrally cleared. However, derivatives traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations.

Although a Fund may attempt to hedge against certain risks, the hedging instruments may not perform as expected and could produce losses. Hedging instruments may also reduce or eliminate gains that may otherwise have been available had the Fund not used the hedging instruments. It is possible that a Fund may not hedge certain risks in particular situations, even if suitable instruments are available.

Additional risks associated with certain types of derivatives are discussed below:

*Forward Contracts.* There are no limitations on daily price movements of forward contracts. Changes in foreign exchange regulations by governmental authorities might limit the trading of forward contracts. To the extent a Fund enters into non-U.S. currency forward contracts with banks, the Fund is subject to the risk of bank failure or the inability of or refusal by a bank to perform such contracts. There have been periods during which certain banks have refused to continue to quote prices for forward contracts or have quoted prices with an unusually widespread (the difference between the price at which the bank is prepared to buy and the price at which it is prepared to sell).

*Futures.* There can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that a Fund has previously bought or sold and this may result in the inability to close a futures contract when desired. This could be the case if, for example, a future's price has increased or decreased by the maximum allowable daily limit and there is no buyer (or seller) willing to purchase (or sell) the futures contract that a Fund needs to sell (or buy) at that limit price.

*Options.* When a Fund writes a covered call option, it assumes the risk that it will have to sell the underlying instrument at an exercise price that may be lower than the market price of the instrument, and it gives up the opportunity to profit from a price increase in the underlying instrument above the exercise price. If a call option that a Fund has written is exercised, the Fund will experience a gain or loss from the sale of the underlying instrument. In the case of an uncovered call option, there is a risk of unlimited loss. When an uncovered call is exercised, the Fund must purchase the underlying instrument to meet its call obligations and the necessary instruments may be unavailable for purchase. If a call option that a Fund has written expires unexercised, the Fund will experience a gain in the amount of the premium it received; however, that gain may be offset by a decline in the market value of the underlying instrument during the option period.

When a Fund writes a put option, it assumes the risk that it will have to purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument. If the market price of the underlying instrument declines, a Fund would expect to suffer a loss. However, the premium a Fund received for writing the put should offset a portion of the decline. If an option that a Fund has purchased expires unexercised, the Fund will experience a loss in the amount of the premium it paid.

*Swaps.* Swap transactions generally do not involve delivery of reference instruments or payment of the notional amount of the contract. Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that a Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive. If a Fund sells a credit default swap, however, the risk of loss may be the entire notional amount of the swap. Swap agreements may shift a Fund's investment exposure from one type of investment to another.

Historically, the absence of an organized exchange or market for swap transactions led, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. Recent legislation requires many swaps to be executed through an organized exchange or regulated facility and cleared through a regulated clearing organization. The swap market continues to change as a result of this legislation, which could adversely affect a Fund. Moreover, the use of an organized exchange or market for swap transactions may not result in swaps being easier to trade or value.

GuideStone Funds Prospectus \| 175

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**Duration:** Duration measures the time-weighted expected cash flows of a fixed income security, which can determine its sensitivity to changes in the general level of interest rates. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A Fund with a longer dollar-weighted average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. For example, the value of a security with a duration of five years would be expected to decrease by 5% for every 1% increase in interest rates. Accordingly, the yield earned by a Fund will vary with changes in interest rates. Duration differs from maturity in that it considers a security's coupon payments in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen a Fund's duration. As the value of a security changes over time, so will its duration.

**Floating Rate Loans:** Senior secured and unsecured floating rate loans are generally acquired as a participation interest in, or assignment of, loans originated by U.S. banks and other financial institutions ("Senior Loans"). The Strategic Alternatives Fund may invest a portion of its assets in Senior Loans. Senior Loans hold a senior position in the capital structure of the borrower and are typically secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. Senior Loans typically have rates of interest that are re-determined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. Most loans are lower-rated investments. In the event a loan is not rated, it is likely to be the equivalent in quality to a lower-rated investment. The amount of public information available with respect to loans may be less extensive than that available for registered or exchange listed securities. In evaluating the creditworthiness of borrowers, a Sub-Adviser will consider, and may rely in part, on analyses performed by others.

Senior loans are subject to liquidity risk, prepayment risk (*i.e.,* the risk that when interest rates fall, debt securities may be repaid more quickly than expected and the Fund may be required to reinvest in securities with a lower yield), extension risk (*i.e.,* the risk that when interest rates rise, debt securities may be repaid more slowly than expected and the value of a Fund's holdings may decrease), the risk of subordination to other creditors, restrictions on resale and the lack of a regular trading market and publicly available information. In addition, liquidity risk may be more pronounced for a Fund investing in loans because certain loans may have a more limited secondary market. These loans may be difficult to value. Senior loans may have extended trade settlement periods. Accordingly, the proceeds from the sale of a loan may not be available to make additional investments or to meet redemption obligations until potentially a substantial period after the sale of the loan. The extended trade settlement periods could force a Fund to liquidate other securities to meet redemptions and may present a risk that a Fund may incur losses in order to timely honor redemptions.

A Fund's investments in loans are subject to the risk that a Fund will not receive payment of interest, principal and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Fully secured loans offer a Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of a secured bank loan's collateral could satisfy the borrower's obligation or that the collateral would be readily liquidated. In addition, a Fund's access to collateral may be limited by bankruptcy or other insolvency laws. In the event of a default, a Fund may not recover its principal, may experience a substantial delay in recovering its investment and may not receive interest during the delay. Unsecured loans are subject to a greater risk of default than secured loans, especially during periods of deteriorating economic conditions. Unsecured loans also have a greater risk of nonpayment in the event of a default than secured loans because there is no recourse for the lender to collateral. Senior loans in which a Fund may invest may be made in order to finance highly leveraged corporate transactions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions. In addition, loan interests may be unrated, and a Fund's Sub-Adviser(s) may be required to rely exclusively on its analysis of the borrower in determining whether to acquire, or to continue to hold, a loan. Loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. To the extent that a Fund invests in loan participations and assignments, it is subject to the risk that the financial institution acting as agent for all interests in a loan might fail financially. It is also possible that a Fund could be held liable, or may be called upon to fulfill other obligations, as a co-lender.

**Foreign and Emerging Markets Risk:** Foreign securities, including those issued by foreign governments, involve risks in addition to those associated with comparable U.S. securities. Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic or economic instability; trade barriers and other protectionist trade policies (including those of the United States); fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher

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transaction costs; confiscatory withholding or other taxes; and less stringent auditing, corporate disclosure, governance and legal standards. A Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities. In addition, key information about the issuer, the markets or the local government or economy may be unavailable, incomplete or inaccurate. As a result, foreign securities may fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities. World markets, or those in a particular region, may all react in similar fashion to important economic or political developments. In addition, securities issued by U.S. entities with substantial foreign operations may involve risks relating to political, economic or regulatory conditions in foreign countries, as well as currency exchange rates.

Investing in emerging markets countries involves risks in addition to and greater than those generally associated with investing in more developed foreign countries. The governments of emerging markets countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country and/or impose burdensome taxes that could adversely affect security prices. Also, there may be less publicly available information about emerging markets than would be available in more developed capital markets, and such issuers may not be subject to legal, accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment measurements used in the U.S. may not be applicable. In addition, the economies of emerging markets countries may be dependent on relatively few industries that are more susceptible to local and global changes, and may suffer from extreme and volatile debt burdens or inflation rates. Securities markets in emerging markets countries are also relatively small and have substantially lower trading volumes. As a result, securities of issuers in emerging markets countries may be more volatile and less liquid than securities of issuers in foreign countries with more developed economies or markets. In times of market stress, regulatory authorities of different emerging markets countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that a Fund fair value its holdings in those countries.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging or less-developed markets' countries than in countries with more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivative instruments, may be halted. In the event that a Fund holds material positions in such suspended securities or instruments, a Fund's ability to liquidate its positions or provide liquidity to investors may be compromised, and a Fund could incur significant losses.

In addition, foreign markets may perform differently than the U.S. market. Over a given period of time, foreign securities may underperform U.S. securities — sometimes for years. A Fund could also underperform if it invests in countries or regions whose economic performance falls short. To the extent that a Fund invests a portion of its assets in one country, state, region or currency, an adverse economic, business or political development may affect the value of the Fund's investments more than if its investments were not so invested.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. The ability to bring and enforce actions in emerging market countries may be limited and shareholder claims may be difficult or impossible to pursue. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable compared to developed markets. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize that ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. The effect of economic instability on specific foreign markets or issuers may be difficult to predict or evaluate. Some national economies continue to show profound instability, which may in turn affect their international trading and financial partners or other members of their currency bloc.

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**Foreign Currency Tax Risk:** As a regulated investment company, a Fund must derive at least 90% of its gross income for each taxable year from sources treated as qualifying income under the Internal Revenue Code of 1986, as amended (the "Code"). The Funds treat foreign currency gains as qualifying income. You should be aware, however, that the U.S. Treasury Department has statutory authority to issue regulations excluding from the definition of qualifying income foreign currency gains not directly related to an underlying fund's business of investing in securities (*e.g.,* for purposes other than hedging an underlying fund's exposure to foreign currencies). As of the date of this prospectus, no regulations have been issued pursuant to this authorization. Such regulations, if issued, may result in a Fund being unable to qualify as a regulated investment company for one or more years. In this event, the Board of Trustees may authorize a significant change in investment strategy or other action. Additionally, the Internal Revenue Service has not issued any guidance on how to apply the asset diversification test to foreign currency positions. Any determination by the Internal Revenue Service as to how to do so might differ from that of a Fund and may result in a Fund paying additional tax or a Fund's failure to qualify as a regulated investment company. In lieu of potential disqualification, a Fund is permitted to pay a tax for certain failures to satisfy the asset diversification test or income requirement, which, in general, are limited to those due to reasonable cause and not willful neglect. The lack of guidance provided by the Internal Revenue Service may be taken into account in determining whether any such failure is due to reasonable cause and not willful neglect. For more information, please see the "Taxation" section in the SAI.

**Funds of Funds:** In managing the Target Date Funds and the Target Risk Funds (collectively, the "Funds of Funds"), the Adviser has the authority to select and substitute Select Funds in which to invest. The Adviser is compensated by the Funds of Funds and by the Select Funds for advisory services provided. The Adviser is subject to conflicts of interest in allocating the Funds of Funds' assets both because the fees payable to a Fund of Funds by Select Funds differ and because the Adviser is responsible for managing the Select Funds (*i.e.,* the Adviser may have incentive to increase assets under management in a Select Fund or to support a particular investment strategy in a Select Fund).

In addition to the fees directly associated with the Funds of Funds, these Funds will indirectly bear the fees of the Select Funds in which they invest. An investor may invest directly in the Select Funds. Therefore, an investor may be able to realize lower aggregate expenses by investing directly in the Select Funds instead of in the Funds of Funds. However, an investor who chooses to invest directly in the Select Funds would not receive the asset allocation and rebalancing services provided by the Adviser.

Finally, the Adviser's authority to allocate investments among affiliated funds creates conflicts of interest. For example, investing in affiliated funds could cause the Funds of Funds to incur higher fees.

In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. These regulatory changes went into effect on January 19, 2022. As a result of these regulatory changes, a Fund's investment strategies and operations may be adversely impacted.

**High Portfolio Turnover Risk:** Portfolio turnover measures how frequently securities held by a Fund are bought and sold. Portfolio turnover rates for the Select Funds may be somewhat higher than the rates of other similar mutual funds that have a single manager. Each of the Select Funds' Sub-Advisers makes decisions to buy or sell securities independently from other Sub-Advisers based on the Sub-Adviser's adherence to its stated investment strategies, as directed by the Adviser, and compliance with the relevant Fund's investment objective, policies and limitations. Thus, one Sub-Adviser to a Fund could decide to sell a security when another Sub-Adviser to the Fund decides to purchase the same security, thereby increasing a Fund's portfolio turnover rate. When a Select Fund replaces a Sub-Adviser, the new Sub-Adviser may restructure the portfolio account, which may result in high profile turnover and increased transaction costs. In addition, portfolio turnover may be attributable to a change in circumstances of a particular company or within a particular industry or in general market, economic or financial conditions. Higher portfolio turnover rates (100% or more) may result in higher levels of realized gains or losses and/or may increase expenses. Tax effects and trading costs associated with portfolio turnover may result in lower investment returns. Additional information on the Funds' portfolio turnover can be found in the section entitled "Financial Highlights."

**Impact Investing:** Impact investing involves seeking investments in securities in order to generate positive impact in accordance with the Adviser's Christian values, alongside financial returns. The Adviser utilizes its impact framework to assess whether its investments with nonprofit organizations and funds, and a Sub-Adviser's investments in companies and government securities, effectively promote the Adviser's three impact themes:

<sup>•</sup>

Sanctity of Life and Spreading the Gospel: Investing in organizations that seek to protect life, enhance living conditions and proclaim the Gospel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

Human Dignity and Advancement: Investing in organizations that seek to improve health care and provide advancements in technology, education and employment training; and

<sup>•</sup>

Stewardship of God's Creation: Investing in organizations that seek to enhance the efficiency and accessibility of life-sustaining resources such as water and land.

When selecting investments, the Adviser and/or a Sub-Adviser may consider the proportion of a company's revenues or business activities that advance one or more of these impact themes, the extent to which a company's products or services address unmet needs (*e.g.,* the extent to which products and services promote decent work and economic growth, good health and well-being, quality education, reduced inequalities, affordable and clean energy and responsible consumption and production) and the extent to which the impact a company achieves over time can be quantified.

A Fund's impact investing criteria could cause it to perform differently compared to funds that do not apply such criteria. The application of impact investing criteria carries the risk that, under certain market conditions, a Fund may not be able to take advantage of certain investment opportunities due to that criteria, which may adversely affect investment performance. In evaluating an investment, the Adviser or a Sub-Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the impact investing factors relevant to a particular investment.

In addition, there is a risk that the securities identified by the impact criteria do not operate as expected in achieving the expected impact. A security's performance under the impact criteria or the Adviser's or a Sub-Adviser's assessment of a security's performance under the impact criteria could vary over time, which could cause a Fund to be temporarily invested in one or more companies that do not comply with a Fund's approach towards impact investing. There are significant differences in interpretations of what it means for a security to achieve a positive impact. Successful application of a Fund's impact investing strategy will depend upon the Adviser's and each Sub-Adviser's skill in properly identifying, analyzing and/or evaluating impact investing issues. The Adviser's or a Sub-Adviser's definition of impact investing or security selection criteria could vary over time, which could cause a Fund to be temporarily invested in one or more companies that do not comply with a Fund's approach towards impact investing. There is no guarantee that the Adviser's or a Sub-Adviser's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor.

**Inflation-Linked Debt Securities:** Inflation-linked debt securities are debt securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-linked debt securities will be adjusted downward, and consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Conversely, if the index measure of inflation rises, the principal value of inflation-linked debt securities will be adjusted upward, and consequently, the interest payable on these securities (calculated with respect to a larger principal amount) will be increased.

**Information Technology Sector Risk:** Companies operating within the information technology sector may be affected by worldwide technological developments, the success of their products and services (which may be outdated quickly), anticipated products or services that are delayed or cancelled and investor perception of the company and/or its products or services. These companies typically face intense competition and potentially rapid product obsolescence. They may also have limited product lines, markets, financial resources or personnel. Technology companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies' technology. These companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Technology companies are also potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. The customers and/or suppliers of technology companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on these companies.

**Initial Public Offerings:** The market value of shares issued in an initial public offering ("IPO") will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When a Fund's asset base is small, a significant portion of a Fund's performance could be

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attributable to investments in IPOs, because such investments could have a magnified impact on a Fund. As a Fund's assets grow, the effect of a Fund's investments in IPOs on a Fund's performance will likely decline, which could reduce a Fund's performance.

**Interest Rate Risk:** In general, the value of investments with interest rate risk, such as debt securities or income-oriented equity securities that pay dividends, will move in the direction opposite to movements in interest rates. If interest rates rise, the value of such securities may decline. Interest rates may change in response to the supply and demand for credit, changes to government monetary policy and other initiatives and other factors. Debt securities have varying levels of sensitivity to changes in interest rates. Typically, the longer the maturity (*i.e.,* the term of a debt security) or duration (*i.e.,* a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of a Fund's debt securities to interest rate risk will increase with any increase in the duration of those securities. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. The link between interest rates and debt security prices tends to be weaker with lower-rated debt securities than with investment grade debt securities. Fluctuations in interest rates may affect the liquidity of fixed income securities and instruments held by a Fund.

**Large Shareholder Transactions Risk:** Shares held by large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as shares held by other Funds, may from time to time represent a substantial portion of a Fund's assets. Accordingly, a Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such large shareholders. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a Fund's performance. In the event of such redemptions or investments, a Fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Redemptions by these shareholders, or a high volume of redemption requests generally, may further increase a Fund's liquidity risk and may, in the case of the Money Market Fund, impact the Fund's ability to maintain a $1.00 share price. Such transactions may increase a Fund's brokerage and/or other transaction costs and affect the liquidity of a Fund's portfolio. In addition, when funds of funds (*e.g.*, the Target Date Funds or the Target Risk Funds) or other investors own a substantial portion of a Fund's shares, a large redemption by such an investor could cause actual expenses to increase, or could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Redemptions of Fund shares could also accelerate a Fund's realization of capital gains (which would be taxable to its shareholders when distributed to them) if sales of securities needed to fund the redemptions result in net capital gains. The impact of these transactions is likely to be greater when a Fund of Funds or other significant investor purchases, redeems or owns a substantial portion of a Fund's shares. A high volume of redemption requests can impact a Fund the same way as the transactions of a single shareholder with substantial investments.

**LIBOR Transition Risk:** Certain of the Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rate ("LIBOR") , Euro Interbank Offered Rate, Secured Overnight Financing Rate ("SOFR") and other similar types of reference rates (each, a "Reference Rate"). On July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority (FCA), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used U.S. dollar LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process, and therefore, any impact of a transition away from LIBOR on the instruments in which the Funds invest cannot yet be determined. Although the Federal Reserve Bank of New York has identified the SOFR as the intended replacement to U.S. dollar LIBOR, foreign regulators have proposed interbank offered rates, such as the Sterling Overnight Index Average (SONIA) and other replacement rates, which could also be adopted. There is no assurance that the composition or characteristics of an alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on the value of a Fund's investments, performance or financial condition and might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates.

**Liquidity Risk:** Certain investments may be difficult or impossible to sell at a time or price most favorable to a Fund, which could decrease the overall level of the Fund's liquidity and its ability to sell securities to meet redemptions. There is also a risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions,

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an unusually high volume of redemption requests or other reasons. A Fund may invest in securities or instruments that trade in lower volumes and may make investments that are less liquid than other investments. Also, a Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, a Fund may have to accept a lower price or may not be able to sell the security or instrument at all. An inability to sell one or more portfolio positions can adversely affect a Fund's value or prevent a Fund from being able to take advantage of other investment opportunities.

To the extent that the traditional dealer counterparties that engage in fixed income trading do not maintain inventories of bonds (which provide an important indication of their ability to "make markets") that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the fixed income markets. Additionally, market participants other than a Fund may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to illiquidity.

To the extent that a Fund invests in below-investment grade fixed income securities, small- and mid-capitalization stocks, real estate investment trusts ("REITs"), interval funds, private funds, similar pooled investment vehicles and emerging country issuers, it may be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**Manager of Managers:** With respect to the Select Funds, the Adviser is a "manager of managers." The Adviser may allocate a Select Fund's assets among multiple Sub-Advisers, each of which is responsible for investing its allocated portion of the Fund's assets. The Adviser continuously monitors the performance and operations of the Sub-Advisers and the allocation of the assets of certain Select Funds among them. The Adviser is active in the selection of Sub-Advisers as well. To a significant extent, a Select Fund's performance will depend on the success of the Adviser in allocating the Fund's assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. Because each Sub-Adviser manages its allocated portion of a Select Fund independently from another Sub-Adviser, the same security may be held in different portions of the Fund, or may be acquired for one portion of the Fund at a time when a Sub-Adviser to another portion deems it appropriate to dispose of the security from that other portion, resulting in higher expenses without accomplishing any net result in the Fund's holdings. Similarly, under some market conditions, one Sub-Adviser may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another Sub-Adviser believes continued exposure to the equity or fixed income markets is appropriate for its allocated portion of the Fund. Because each Sub-Adviser directs the trading for its own portion of a Select Fund and does not aggregate its transactions with those of the other Sub-Adviser(s), a Select Fund may incur higher brokerage costs than would be the case if a single Sub-Adviser were managing the entire Fund. In addition, while the Adviser seeks to allocate a Select Fund's assets among the Fund's Sub-Advisers in a manner that it believes is consistent with achieving the Fund's investment objective, the Adviser may be subject to potential conflicts of interest in allocating the Fund's assets among Sub-Advisers, to the extent that such activity could impact the Adviser's revenues and profits. Each Select Fund pays its Sub-Advisers directly. In the case of a Fund with multiple Sub-Advisers, the actual overall management fee of the Fund may change from time to time based on the allocation of the Fund's assets to its Sub-Advisers, which may charge different sub-advisory fees. Accordingly, changes in asset allocations among a Fund's Sub-Advisers may result in an increase or a decrease in the Fund's actual operating expenses. Similarly, termination of a Sub-Adviser or addition of a new Sub-Adviser may result in changes to actual operating expenses. The assets of multiple Funds or other accounts may be aggregated for purposes of calculating breakpoints in sub-advisory fees. Therefore, the Adviser's decision to increase or decrease the amount of Fund assets allocated to a particular Sub-Adviser also may serve to lower or increase, respectively, the sub-advisory fee (and therefore the actual overall management fee) of another Fund that aggregates its assets with the Fund. The Adviser is a fiduciary for the shareholders of the Funds and must put their interests ahead of its own interests (or the interests of its affiliates). When recommending the appointment or continued service of a Sub-Adviser, consistent with its fiduciary duties, the Adviser relies primarily on its analysis of qualitative and quantitative factors to act in a manner that it determines to be in the best interests of the Funds.

**Mortgage- and Asset-Backed Securities Risk:** A mortgage-backed security ("MBS") may be an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Some MBSs make payments of both principal and interest at a variety of intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). MBSs are based on different types of mortgages including those on commercial real estate or residential properties.

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Asset-backed securities ("ABSs") have structural characteristics similar to MBSs. However, the underlying assets are not first lien mortgage loans or interests therein but include assets such as motor vehicle installment sales contracts, other installment sales contracts, home equity loans, leases of various types of real and personal property and receivables from revolving credit (credit card) agreements. Such assets are securitized through the use of trusts or special purpose corporations. Payments or distributions of principal and interest may be guaranteed up to a certain amount and for a certain time period by a letter of credit or pool insurance policy issued by a financial institution unaffiliated with the issuer, or other credit enhancements may be present.

A Fund is subject to the risk that the principal on MBSs and ABSs held by a Fund may be prepaid, which generally will reduce the yield and market value of these securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBSs and ABSs. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. An increased rate of prepayments on a Fund's MBSs and ABSs will result in a loss of interest income to a Fund as the Fund may be required to reinvest assets at a lower interest rate. When interest rates rise, borrowers are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected maturity of a MBS. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates. This is known as extension risk. Rising interest rates also may increase the risk of default by borrowers. As a result, in a period of rising interest rates, to the extent a Fund holds these types of securities, it may experience additional volatility and losses. A Fund's investments in other ABSs are subject to risks similar to those associated with MBSs, as well as additional risks associated with the nature of the assets and the servicing of those assets. ABSs may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Declines in the credit quality of and defaults by the issuers of MBSs and ABSs or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to a Fund. If a Fund purchases MBSs or ABSs that are "subordinated" to other interests in the same pool, the Fund as a holder of those securities may receive payments only after the pool's obligations to other investors have been satisfied. For example, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Subprime mortgages refer to loans made to borrowers with blemished credit histories or with a lower capacity to make timely payments on their mortgages.

**Municipal Securities Risk:** The amount of public information available about municipal securities is generally less than what is available for corporate equities or bonds. Special factors, such as potential legislative changes and state and local economic and business developments, may adversely affect the yield and/or value of the Fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality or state in which the Fund invests may have an impact on the Fund's share price. In addition, the secondary market for certain municipal bonds may not be as developed or liquid as other securities markets, which may adversely affect the Fund's ability to sell such municipal bonds at attractive prices.

The municipal securities market could be significantly affected by adverse political and legislative changes, as well as uncertainties in the municipal securities market related to taxation or the rights of security holders. Municipal securities backed by current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue collection from the project or asset. Changes in the financial health of a municipality may make it difficult for it to make interest and principal payments when due. In addition, changes in market conditions and the financial condition of the issuers may adversely affect the yield and value of a Fund's municipal securities investments.

**Non-diversification Risk:** The Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund are each subject to non-diversification risk. In order to closely track the composition of their respective target indexes, each Fund's total assets may be invested in multiple issuers representing more than 5% of the Fund's total assets. As a result, a Fund may become non-diversified under the Investment Company Act of 1940, as amended, (the "1940 Act") although it continues to hold multiple stocks across a number of sectors. The Growth Equity Fund is also subject to non-diversification risk as a result of its non-diversified classification under the 1940 Act. A Fund's performance may be hurt

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disproportionately by the poor performance of relatively few stocks, or even a single stock, and a Fund's shares may experience significant fluctuations in value.

**Preferred Stock Risk:** A preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. In addition to this credit risk, investment in preferred stocks involves certain other risks, including skipping or deferring distributions and redemption in the event of certain legal or tax changes or at the issuer's call. Preferred stocks are also subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than those debt instruments. Preferred stocks may be significantly less liquid than many other securities, such as U.S. government securities, corporate debt or common stock.

**Quantitative Strategy Risk:** The Funds may use quantitative mathematical models that rely on patterns inferred from historical prices and other financial data in evaluating prospective investments. However, most quantitative models cannot fully match the complexity of the financial markets, and therefore, sudden unanticipated changes in underlying market conditions can significantly impact the performance of a Fund. Further, as market dynamics shift over time, a previously highly successful model may become outdated. Moreover, there are an increasing number of market participants who rely on quantitative mathematical models. These models may be similar to those used by the Funds, which may result in a substantial number of market participants taking the same action with respect to an investment and some of these market participants may be substantially larger than the Funds.

**Real Estate Investment Trusts:** A REIT is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interests. A REIT is not subject to federal income tax on its net income and net realized gains that are distributed to its shareholders, provided it complies with certain requirements of the Code. REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property, derive their income primarily from rents and can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs. REITs and other real estate company securities are subject to, among other risks: declines in property values; defaults by mortgagors or other borrowers and tenants; increases in property taxes and other operating expenses; overbuilding in their sector of the real estate market; fluctuations in rental income; changes in interest rates; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during economic downturns; changes in tax and regulatory requirements; losses due to environmental liabilities; or casualty or condemnation losses. REITs also are dependent upon the skills of their managers and are subject to heavy cash flow dependency or self-liquidation. Domestic REITs could be adversely affected by failure to qualify for tax-free "pass-through" of net income and net realized gains under the Code or to maintain their exemption from registration under the 1940 Act. Foreign REITs could possibly fail to qualify for any beneficial tax treatments available in their local jurisdictions. Failure to meet these requirements may have adverse consequences on a Fund. For example, Japanese REITs ("J-REITs") are subject to complex tax regulation in Japan and a failure to comply with those requirements could disqualify the J-REIT from special tax benefits and reduce the amount available for distribution to J-REIT investors. The value of REIT common shares may decline when interest rates rise. During periods of high interest rates, REITs and other real estate companies may lose appeal for investors who may be able to obtain higher yields from other income-producing investments. High interest rates may also mean that financing for property purchases and improvements is more costly and difficult to obtain.

Most equity REITs receive a flow of income from property rentals, which, after covering their expenses, they pay to their shareholders in the form of dividends. Equity REITs may be affected by changes in the value of the underlying property they own, while mortgage REITs may be affected by the quality of any credit they extend. REITs and other real estate company securities tend to be small- to mid-cap securities and are subject to the risks of investing in small- to mid-cap securities. Some REIT securities may be preferred stock, which receives preference in the payment of dividends.

**Short Selling and Short Positions Risk:** The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value up to 40% of its assets. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value up to 30% of its assets. Each of the Strategic Alternatives Fund and Defensive Market Strategies Fund intends to reinvest the proceeds from its respective short sales by taking additional long

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positions in stocks. This investment technique is known as "leverage," which increases risk and may magnify the Strategic Alternative Fund's and Defensive Market Strategies Fund's respective gains or losses.

A Fund may engage in short sales and may enter into derivative contracts that have a similar economic effect (*e.g.,* taking a short position in a futures contract). A Fund will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could increase losses or reduce gains. Short sales involve greater reliance on an investment adviser's ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs and imperfect correlation between the actual and desired level of exposure. Because a Fund's potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, a Fund could be deemed to be employing a form of leverage, which creates special risks. A Fund's long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund's overall potential for loss more than it would be without the use of leverage. Market factors may prevent a Fund from closing out a short position at the most desirable time or at a favorable price. In addition, a lender of securities may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice. If this happens, the Fund may have to buy the securities sold short at an unfavorable price.

**Smaller and Midsize Companies:** While smaller and midsize companies may offer substantial opportunities for capital growth, they also involve substantial risks and should be considered speculative. Historically, smaller and midsize company securities have been more volatile in price than larger company securities, especially over the short term. Among the reasons for greater price volatility are the less certain growth prospects of smaller and midsize companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller and midsize companies to changing economic conditions. In addition, smaller and midsize companies may lack depth of management, be unable to generate funds necessary for growth or development, have limited product lines or be developing or marketing new products or services for which markets are not yet established and may never become established. Smaller and midsize companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying loans, particularly those with floating interest rates. A Fund's investments in micro-capitalization or start-up funds involve substantial risk of loss, and a Fund will not have operating history to evaluate before investing.

**Sovereign Debt Risk:** Sovereign debt securities are subject to the risk that a governmental entity may delay or refuse to pay interest or principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. Sovereign debt risk is increased for emerging market issuers. Certain emerging market or developing countries are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis that led to defaults and the restructuring of certain indebtedness.

**Temporary Defensive Positions:** Each Fund (except the Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund) may respond to adverse market, economic, political or other conditions by investing up to 100% of its assets in temporary defensive investments. These investments may include cash, shares of the Money Market Fund, high quality short-term debt obligations and other money market instruments. During these periods, a Fund may not meet its investment objective.

**Variable Interest Entities:** Investments in Chinese companies may be made through a special structure known as "variable interest entities," or "VIEs." Under the VIE structure, foreign investors such as the Funds own stock in a shell company rather than direct interests in the VIE, which must be owned by Chinese nationals (including Chinese companies) in order to operate in restricted or prohibited sectors in China. The value of the shell company is derived from its ability to consolidate the VIE into its financial statements based on contractual arrangements that enable the shell company to exert a degree of control over, and accrue economic benefits from, the VIE without formal legal ownership. While the use of VIEs is a longstanding industry

184 \| GuideStone Funds Prospectus

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practice well known by Chinese officials and regulators, the VIE structure has not been formally recognized under Chinese law and Chinese officials or regulators could withdraw their implicit acceptance of the structure. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based VIE. It is uncertain whether the contractual arrangements, which may give rise to actual or potential conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions by the Chinese government on the continued use of VIE structures, or the inability to enforce the underlying contracts from which the shell company derives its value would likely cause the VIE-structured holdings to suffer significant, possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

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**Additional Information About Performance Benchmarks**

The annual total return of each Fund is compared to broad-based and/or composite indexes to assess risk and performance. The following summary provides additional information regarding these indexes to which each Fund's performance is compared. Each index is unmanaged and not available for direct investment.

**MyDestination 2015 Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

**MyDestination 2025 Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

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**MyDestination 2035 Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

**MyDestination 2045 Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

**MyDestination 2055 Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the MSCI ACWI (All Country World Index) ex USA Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

**Conservative Allocation Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index and a Composite Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

<sup>•</sup>

The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. The Composite Index is 49.00% Bloomberg US Treasury 1-3 Year Index, 16.00% Bloomberg US Aggregate Bond Index, 5.00% Bloomberg 1-3 Month US Treasury Bill Index, 21.00% Russell 3000<sup>®</sup> Index, 1.00% FTSE EPRA NAREIT Developed Index and 8.00% MSCI ACWI (All Country World Index) ex USA Index. The weightings of the Fund's Composite Index were modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and/or the underlying indexes were different than the current composite prior to that date. Composite Index performance represents the Fund's current composite linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy* 

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*and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

**Balanced Allocation Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index and a Composite Index.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

<sup>•</sup>

The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. The Composite Index is 43.50% Bloomberg US Aggregate Bond Index, 4.00% Bloomberg 1-3 Month US Treasury Bill Index, 34.50% Russell 3000<sup>®</sup> Index, 2.00% FTSE EPRA NAREIT Developed Index and 16.00% MSCI ACWI (All Country World Index) ex USA Index. The weightings of the Fund's Composite Index were modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and/or the underlying indexes were different than the current composite prior to that date. Composite Index performance represents the Fund's current composite linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

**Growth Allocation Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index and a Composite Index.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

<sup>•</sup>

The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. The Composite Index is 19.50% Bloomberg US Aggregate Bond Index, 2.50% Bloomberg 1-3 Month US Treasury Bill Index, 47.00% Russell 3000<sup>®</sup> Index, 3.00% FTSE EPRA NAREIT Developed Index and 28.00% MSCI ACWI (All Country World Index) ex USA Index. The weightings of the Fund's Composite Index were modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and/or the underlying indexes were different than the current composite prior to that date. Composite Index performance represents the Fund's current composite linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

**Aggressive Allocation Fund:** The Fund's performance is compared to the Russell 3000<sup>®</sup> Index, the MSCI ACWI (All Country World Index) ex USA Index and a Composite Index.

<sup>•</sup>

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market. The Russell 3000<sup>®</sup> Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.

<sup>•</sup>

The MSCI ACWI (All Country World Index) ex USA Index captures large- and mid-capitalization representation across [22 of 23] developed market countries (excluding the United States) and [24] emerging market countries. The index targets coverage of approximately [85]% of the global equity opportunity set outside the United States. As of March 31, 2023, the developed market countries included [Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, and the emerging market countries included Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

<sup>•</sup>

The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The percentage allocations to the broad-based market indexes comprising the Composite Index are intended to correspond to the Fund's investment allocation, as represented by the Fund's investment in the Select Funds. The Composite Index is 60.00% Russell 3000<sup>®</sup> Index and 40.00% MSCI ACWI (All Country World Index) ex USA Index. The Fund's Composite Index was modified effective December 1, 2012, and therefore, the weightings of the underlying indexes were different than the current composite weightings prior to that date. Composite Index performance represents the Fund's current composite linked with its previous composite.

*The blended returns are calculated by the Adviser (an affiliate of GuideStone Financial Resources) using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a* 

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*"contributor", "submitter" or "supervised contributor" to, the blended returns, and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.*

**Money Market Fund:** The Fund's performance is compared to the Bloomberg 1-3 Month US Treasury Bill Index.

<sup>•</sup>

The Bloomberg 1-3 Month US Treasury Bill Index tracks the market for Treasury bills with one to 2.9999 months to maturity issued by the U.S. government. U.S. Treasury bills are issued in fixed maturity terms of 4-, 13-, 26- and 52-weeks.

**Low-Duration Bond Fund:** The Fund's performance is compared to the Bloomberg US Treasury 1-3 Year Index.

<sup>•</sup>

The Bloomberg US Treasury 1-3 Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury with one to 2.999 years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. Separate Trading of Registered Interest and Principal of Securities (STRIPS) are excluded from the index because their inclusion would result in double-counting.

**Medium-Duration Bond Fund:** The Fund's performance is compared to the Bloomberg US Aggregate Bond Index.

<sup>•</sup>

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

**Global Bond Fund:** The Fund's performance is compared to the Bloomberg Global Aggregate Bond Index, the Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index, the J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and a Composite Index.

<sup>•</sup>

The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

<sup>•</sup>

The Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the flagship US Corporate High Yield Index, which measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index follows the same rules as the uncapped version, but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

<sup>•</sup>

The J.P. Morgan Emerging Markets Bond Index (EMBI) Plus is a traditional, market-capitalization weighted index comprised of U.S. dollar denominated Brady bonds, Eurobonds and traded loans issued by sovereign entities.

<sup>•</sup>

The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The Composite Index is 70% Bloomberg Global Aggregate Bond Index, 15% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index and 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus. The Fund's Composite Index was modified effective May 1, 2020, and therefore, the weightings of the underlying indexes were different than the current composite weightings prior to that date. Composite Index performance represents the Fund's current composite linked with its previous composite.

**Strategic Alternatives Fund:** The Fund's performance is compared to the Bloomberg 1-3 Month US Treasury Bill Index.

<sup>•</sup>

The Bloomberg 1-3 Month US Treasury Bill Index tracks the market for Treasury bills with one to 2.9999 months to maturity issued by the U.S. government. U.S. Treasury bills are issued in fixed maturity terms of 4-, 13-, 26- and 52-weeks.

**Defensive Market Strategies Fund:** The Fund's performance is compared to the S&P 500<sup>®</sup> Index, the Bloomberg 1-3 Month US Treasury Bill Index and a Composite Index.

GuideStone Funds Prospectus \| 191

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

The S&P 500<sup>®</sup> Index is a market capitalization-weighted stock market index composed of 500 of the top companies in leading industries of the U.S. economy and covers approximately 80% of available market capitalization. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of its constituents.

<sup>•</sup>

The Bloomberg 1-3 Month US Treasury Bill Index tracks the market for Treasury bills with one to 2.9999 months to maturity issued by the U.S. government. U.S. Treasury bills are issued in fixed maturity terms of 4-, 13-, 26- and 52-weeks.

<sup>•</sup>

The Composite Index shows how the Fund's performance compares with the returns of an index constructed by the Adviser as a composite of various broad-based market indexes to reflect the market sectors in which the Fund invests. The Composite Index is 50% S&P 500<sup>®</sup> Index and 50% Bloomberg 1-3 Month US Treasury Bill Index. The Fund's Composite Index was modified effective November 30, 2020, and therefore, the weightings of the underlying indexes and the underlying indexes were different than the current composite prior to that date. Composite Index performance represents the Fund's current composite linked with its previous composite.

**Impact Bond Fund:** The Fund is new and does not have a full calendar year of performance. Once the Fund has a full calendar year of performance, an index description will be presented.

**Impact Equity Fund:** The Fund is new and does not have a full calendar year of performance. Once the Fund has a full calendar year of performance, an index description will be presented.

**Equity Index Fund:** The Fund's performance is compared to the S&P 500<sup>®</sup> Index.

<sup>•</sup>

The S&P 500<sup>®</sup> Index is a market capitalization-weighted stock market index composed of 500 of the top companies in leading industries of the U.S. economy and covers approximately 80% of available market capitalization. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of its constituents.

**Global Real Estate Securities Fund:** The Fund's performance is compared to the FTSE EPRA NAREIT Developed Index.

<sup>•</sup>

The FTSE EPRA NAREIT Developed Index is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products.

**Value Equity Index Fund:** The Fund is new and does not have a full calendar year of performance. Once the Fund has a full calendar year of performance, an index description will be presented.

**Value Equity Fund:** The Fund's performance is compared to the Russell 1000<sup>®</sup> Value Index.

<sup>•</sup>

The Russell 1000<sup>®</sup> Value Index measures the performance of the large-capitalization value segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower Institutional Brokers' Estimate System forecast medium term (two years) growth and lower sales per share historical growth (five years). The Russell 1000<sup>®</sup> Value Index is constructed to provide a comprehensive and unbiased barometer for the large-capitalization value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

**Growth Equity Index Fund:** The Fund is new and does not have a full calendar year of performance. Once the Fund has a full calendar year of performance, an index description will be presented.

**Growth Equity Fund:** The Fund's performance is compared to the Russell 1000<sup>®</sup> Growth Index.

<sup>•</sup>

The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher Institutional Brokers' Estimate System forecast medium term (two years) growth and higher sales per share historical growth (five years). The Russell 1000<sup>®</sup> Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-capitalization growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

192 \| GuideStone Funds Prospectus

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**Small Cap Equity Fund:** The Fund's performance is compared to the Russell 2000<sup>®</sup> Index.

<sup>•</sup>

The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000<sup>®</sup> Index is constructed to provide a comprehensive and unbiased small-capitalization barometer and is completely reconstituted annually to ensure that larger stocks do not distort the performance and characteristics of the true small-capitalization opportunity set.

**International Equity Index Fund:** The Fund's performance is compared to the MSCI EAFE Index.

<sup>•</sup>

The MSCI EAFE Index is an equity index which captures large- and mid-capitalization representation across [21] developed market countries, excluding the United States and Canada. With [825] constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. As of March 31, 2023, the index consisted of the following developed market countries: [Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom].

**International Equity Fund:** The Fund's performance is compared to the MSCI EAFE Index.

<sup>•</sup>

The MSCI EAFE Index is an equity index which captures large- and mid-capitalization representation across [21] developed market countries, excluding the United States and Canada. With [825] constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. As of March 31, 2023, the index consisted of the following developed market countries: [Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom].

**Emerging Markets Equity Fund:** The Fund's performance is compared to the MSCI Emerging Markets Index.

<sup>•</sup>

The MSCI Emerging Markets Index captures large- and mid-capitalization representation across [24] emerging market countries. With [1,399] constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. As of March 31, 2023, the index consisted of the following emerging market countries: [Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.]

**Disclaimers:** 

"Bloomberg<sup>®</sup>" and the Bloomberg US Treasury 1-3 Year Index, Bloomberg 1-3 Month US Treasury Bill Index, Bloomberg US Aggregate Bond Index, Bloomberg Global Aggregate Bond Index and Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index (collectively, the "Bloomberg Indexes") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg"), and have been licensed for use for certain purposes by GuideStone Financial Resources and its affiliates.

The Target Date Funds, Target Risk Funds (except the Aggressive Allocation Fund), Money Market Fund, Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Strategic Alternatives Fund and Defensive Market Strategies Fund (collectively, "Certain Funds") are not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Certain Funds or any member of the public regarding the advisability of investing in securities generally or in the Certain Funds particularly. The only relationship of Bloomberg to GuideStone Financial Resources and its affiliates is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Index/Indexes, which is determined, composed and calculated by BISL without regard to GuideStone Financial Resources and its affiliates or the Certain Funds. Bloomberg has no obligation to take the needs of GuideStone Financial Resources or its affiliates or the owners of the Certain Funds into consideration in determining, composing or calculating the Bloomberg Indexes. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Certain Funds to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Certain Funds customers, in connection with the administration, marketing or trading of the Certain Funds.

GuideStone Funds Prospectus \| 193

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BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GUIDESTONE FINANCIAL RESOURCES AND ITS AFFILIATES, OWNERS OF THE CERTAIN FUNDS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG INDEXES OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE CERTAIN FUNDS OR BLOOMBERG INDEXES OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

The Russell Indexes (the "Indexes") are a trademark of Frank Russell Company ("Russell") and have been licensed for use by GuideStone Capital Management, LLC. GuideStone Funds are not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group of Companies ("LSEG") (together, the "Licensor Parties"), and none of the Licensor Parties make any claim, promotion, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Indexes (upon which certain GuideStone Funds are based); (ii) the figure at which the Indexes are said to stand at any particular time on any particular day or otherwise; or (iii) the suitability of the Index for the purpose to which it is being put in connection with GuideStone Funds. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Indexes; or (b) under any obligation to advise any person of any error therein.

The GuideStone Funds Global Real Estate Securities Fund is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE"), by the London Stock Exchange Group of Companies ("LSEG"), Euronext N.V. ("Euronext"), European Public Real Estate Association ("EPRA") or the National Association of Real Estate Investment Trusts ("NAREIT") (together, the Licensor Parties"), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE EPRA/NAREIT Developed Index (the "Index") and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, none of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index, and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.

"FTSE<sup>®</sup>" is a trademark of LSEG, "NAREIT<sup>®</sup>" is a trademark of the National Association of Real Estate Investment Trusts and "EPRA<sup>®</sup>" is a trademark of EPRA and all are used by FTSE under license.

Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan's prior written approval. Copyright 2022, JPMorgan Chase & Co. All rights reserved.

THE GUIDESTONE FUNDS INTERNATIONAL EQUITY INDEX FUND ("INTERNATIONAL EQUITY INDEX FUND") IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE ADVISER. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE INTERNATIONAL EQUITY INDEX FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED

194 \| GuideStone Funds Prospectus

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BY MSCI WITHOUT REGARD TO THE INTERNATIONAL EQUITY INDEX FUND OR THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE INTERNATIONAL EQUITY INDEX FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE INTERNATIONAL EQUITY INDEX FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE INTERNATIONAL EQUITY INDEX FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THAT ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE INTERNATIONAL EQUITY INDEX FUND, OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

The GuideStone Funds Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's<sup>®</sup>, a division of The McGraw-Hill Companies, Inc. ("S&P<sup>®</sup>"). S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally, or in the Fund particularly, or the ability of the S&P 500<sup>®</sup> Index to track general stock market performance. S&P<sup>®</sup>'s only relationship to the Trust is the licensing of certain trademarks and trade names of S&P<sup>®</sup> and of the S&P 500<sup>®</sup> Index which is determined, composed and calculated by S&P<sup>®</sup> without regard to the Trust or the Fund. S&P<sup>®</sup> has no obligation to take the needs of the Trust or the owners of the Fund into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the Fund.

S&P<sup>®</sup> DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN, AND S&P<sup>®</sup> SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. S&P<sup>®</sup> MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE TRUST, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

GuideStone Funds Prospectus \| 195

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**Management of the Funds**

**Adviser** 

---

| |
|:---|
| **What is a manager of managers?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser does not make the day-to-day investment decisions for the Select Funds. Rather, it retains the services of <br> experienced investment management firms (the Sub-Advisers) to do so. The Adviser continuously monitors the <br> performance of these Sub-Advisers and allocates the assets of each Select Fund among them.<br>|

---

GuideStone Capital Management, LLC, an affiliate of GuideStone Financial Resources, is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152 and serves as the Adviser to the Funds, under its Advisory Agreement with the Trust and subject to the supervision of the Board of Trustees. GuideStone Financial Resources was established in 1918 and exists to assist churches and other ministry organizations by making available retirement plan services, life and health coverage, risk management programs and personal and institutional investment programs. For the Adviser, Tim Bray, CFA, CAIA, CDDA, Director of Alternative Investments; Brandon Pizzurro, CFP<sup>®</sup>, Vice President – Investment Officer; and David S. Spika, CFA, President and Chief Investment Officer, serve as portfolio managers for the Target Date Funds, Target Risk Funds and/or certain Select Funds. Mr. Spika is an officer of the Adviser. Messrs. Bray and Spika have worked for the Adviser for five or more years. Information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership in the Funds can be found in the SAI.

The Adviser provides or oversees the provision of all investment advisory and portfolio management services to the Funds. The Adviser has supervisory responsibility for the management and investment of each Fund's assets and develops overall investment strategies for the Funds. The Adviser may, from time to time, elect to trade individual stocks, fixed income securities, private placements, third-party mutual funds or ETFs for the Funds. As further discussed below, the Adviser's management responsibilities also include the evaluation, selection and monitoring of Sub-Advisers.

With respect to the Target Date Funds and the Target Risk Funds, the Adviser is responsible for, among other things, determining the asset class allocation range for the Funds and ensuring that asset class allocations are consistent with the guidelines that have been approved by the Board of Trustees. The Adviser allocates the investments of each Target Date Fund and Target Risk Fund among certain Select Funds.

With respect to the Select Funds, the Adviser is a "manager of managers" and continuously monitors the performance and operations of the Sub-Advisers and the allocation of the assets of certain Select Funds among them. The Adviser oversees each Sub-Adviser's adherence to its stated investment strategies and compliance with the relevant Fund's investment objective, policies and limitations. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring to the Board of Trustees. The appointment of any new Sub-Advisers must be approved by the Board of Trustees. The Trust has been granted an order from the SEC to allow the approval of new Sub-Advisers and Sub-Advisory Agreements without shareholder approval, provided that shareholders of the applicable Select Fund will be notified of such change within 90 days. The Select Funds may not enter into a sub-advisory agreement with an "affiliated person" of the Adviser (as that term is defined in the 1940 Act) ("Affiliated Sub-Adviser") unless the sub-advisory agreement with the Affiliated Sub-Adviser, including compensation, is also approved by the affected Fund's shareholders. The Adviser also monitors continuity in the Sub-Advisers' operations and changes in investment personnel and senior management and performs due diligence reviews of each Sub-Adviser. The Adviser also has the authority to give investment instructions for the purpose of facilitating the transition of Fund assets between Sub-Advisers and/or other investments. A discussion regarding the basis for the approval of the Advisory and/or Sub-Advisory Agreements by the Board of Trustees is available in the Semi-Annual Report dated June 30, 2022 and the Annual Report dated December 31, 2022, and will be available for the Impact Bond Fund and Impact Equity Fund in the Semi-Annual Report dated June 30, 2023.

During the fiscal year ended December 31, 2022, each Fund paid monthly aggregate management fees to the Adviser and its respective Sub-Advisers at the following annual percentage rate of its average daily net assets, and during the fiscal year ending December 31, 2023, the Impact Bond Fund and Impact Equity Fund will pay monthly aggregate management fees to the Adviser and its respective Sub-Adviser(s) at the following annual percentage rate of each Fund's average daily net assets.

196 \| GuideStone Funds Prospectus

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---

| | |
|:---|:---|
| **Fund** | **Management Fee\*** |
| MyDestination 2015 Fund | [0.11]%<sup>(1)</sup> |
| MyDestination 2025 Fund | [0.10]%<sup>(1)</sup> |
| MyDestination 2035 Fund | [0.10]%<sup>(1)</sup> |
| MyDestination 2045 Fund | [0.10]%<sup>(1)</sup> |
| MyDestination 2055 Fund | [0.10]%<sup>(1)</sup> |
| Conservative Allocation Fund | [0.10]%<sup>(1)</sup> |
| Balanced Allocation Fund | [0.10]%<sup>(1)</sup> |
| Growth Allocation Fund | [0.10]%<sup>(1)</sup> |
| Aggressive Allocation Fund | [0.10]%<sup>(1)</sup> |
| Money Market Fund | [0.11]% |
| Low-Duration Bond Fund | [0.29]% |
| Medium-Duration Bond Fund | [0.31]% |
| Global Bond Fund | [0.47]% |
| Strategic Alternatives Fund | [0.91]% |
| Defensive Market Strategies Fund | [0.62]% |
| Impact Bond Fund<sup>(2)</sup> | &nbsp;&nbsp; 0.39% |
| Impact Equity Fund<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.65% |
| Equity Index Fund | [0.09]% |
| Global Real Estate Securities Fund | [0.68]% |
| Value Equity Index Fund<sup>(3)</sup> | [0.10]% |
| Value Equity Fund | [0.60]% |
| Growth Equity Index Fund<sup>(3)</sup> | [0.10]% |
| Growth Equity Fund | [0.65]% |
| Small Cap Equity Fund | [0.85]% |
| International Equity Index Fund | [0.11]% |
| International Equity Fund | [0.77]% |
| Emerging Markets Equity Fund | [0.85]% |

---

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\*

Refer to each Fund's summary prospectus for current management fee information.

<sup>(1)</sup>

In addition, the Target Date Funds and Target Risk Funds indirectly bear their proportionate share of the management fee and other expenses of the underlying Select Funds.

<sup>(2)</sup>

Inception date was January 27, 2023.

<sup>(3)</sup>

Inception date was August 31, 2022.

The Adviser has agreed to pay, waive or assume expenses to the extent needed to limit total annual Fund operating expenses (the "Expense Limitation") as reflected in the table below for the following Funds:

---

| | | |
|:---|:---|:---|
| | **Contractual Expense Limitation** | **Contractual Expense Limitation** |
| <br>**Fund** | **Institutional Class** | **Investor Class** |
| MyDestination 2015 Fund | 0.45% | 0.75% |
| MyDestination 2025 Fund | 0.45% | 0.75% |
| MyDestination 2035 Fund | 0.45% | 0.75% |
| MyDestination 2045 Fund | 0.45% | 0.75% |
| MyDestination 2055 Fund | 0.45% | 0.75% |
| Strategic Alternatives Fund | 1.12% | 1.44% |
| Impact Bond Fund | 0.50% | 0.79% |
| Impact Equity Fund | N/A | 1.21% |
| Value Equity Index Fund | 0.20% | 0.47% |
| Growth Equity Index Fund | 0.20% | 0.47% |
| International Equity Index Fund | 0.22% | 0.50% |

---

For the Target Date Funds, the Expense Limitation applies to the operating expenses of each Fund, excluding extraordinary expenses. For the Strategic Alternatives Fund, Impact Bond Fund, Impact Equity Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund, the Expense Limitation applies to direct Fund operating expenses only (without regard to any expense reductions realized through the use of directed brokerage) and does not include interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses in connection with the short

GuideStone Funds Prospectus \| 197

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sales of securities. Should it be needed, the Expense Limitation for the Funds will remain in place until April 30, 2024. Pursuant to these agreements, the Adviser may be reimbursed expenses it previously paid, waived or assumed within three years from the date on which the Adviser has made such payment, waiver or assumption so long as that reimbursement does not cause a Fund to exceed the Expense Limitation in place on the date on which (i) the expenses were paid, waived or assumed; or (ii) the reimbursement would be made, whichever is lower.

The shareholder servicing agent, Adviser and/or Sub-Adviser may voluntarily waive fees and/or reimburse expenses to the extent necessary to assist the Money Market Fund in attempting to maintain a yield of at least 0.00%. Such yield waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the shareholder servicing agent, Adviser and/or Sub-Adviser. There is no guarantee that the Money Market Fund will maintain a positive yield.

The Adviser has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA"), with respect to each Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of each Fund.

**Sub-Advisers** 

---

| |
|:---|
| **What is a Sub-Adviser?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Sub-Adviser makes the day-to-day investment decisions for a Fund's assets that it manages, subject to the <br> supervision of the Adviser and the Board of Trustees. Each Sub-Adviser continuously reviews, supervises and <br> administers its own investment program.<br>|

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Below is a list of each Fund's Sub-Advisers and respective staff who are jointly and primarily responsible for the day-to-day management of a Fund's assets. Information about portfolio manager compensation, other accounts managed by the portfolio managers and portfolio manager ownership in the Funds can be found in the SAI.

**Target Date Funds:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage an assigned portion of each Target Date Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, Zach Olsen, CFA, Portfolio Manager, James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Fong, Olsen, Reber and Seto have each been with Parametric for five or more years.

**Target Risk Funds:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage an assigned portion of each Target Risk Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, Zach Olsen, CFA, Portfolio Manager, James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Fong, Olsen, Reber and Seto have each been with Parametric for five or more years.

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**Money Market Fund:**

*BlackRock Advisors, LLC ("BA"), 415 10*<sup>th</sup> *Avenue, New York, New York 10055:* Founded in 1994, BA is an indirect, wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately $8.6 trillion in assets under management as of December 31, 2022.

**Low-Duration Bond Fund:**

*BlackRock Financial Management, Inc. ("BFM"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") are located at 415 10*<sup>th</sup> *Avenue, New York, New York 10055, Exchange Place One, 1 Semple Street, Edinburgh EH3 8BL, Scotland, and at Twenty Anson, 20 Anson Road, #18-01, Singapore, Singapore 079912, respectively.* BFM, BIL and BSL, founded in 1994, 1995 and 2000, respectively, are indirect wholly owned subsidiaries of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately $8.6 trillion in assets under management as of December 31, 2022. BFM's assigned portion of the Low-Duration Bond Fund is managed by a team of investment professionals who have day-to-day management responsibility of the portfolio account: Adam Carlin, CFA, Director; Akiva Dickstein, Managing Director; Amanda Liu, CFA, Director; Scott MacLellan, CFA, Director; and Sam Summers, Director. BFM has engaged BIL and BSL to serve as sub-subadvisers and provide, or assist in providing, investment management services to the Low-Duration Bond Fund portfolio account. In addition, the investment team's resources include over 200 sector specialists dedicated to fundamental fixed income responsible for sector oversight, research, analysis, security selection and trade execution. Messrs. Carlin, Dickstein MacLellan and Summers and Ms. Liu are senior portfolio managers, and each one has been with the firm for more than five years.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92660:* PIMCO, an institutional money management firm, was founded in 1971 to provide specialty management of fixed income portfolios. PIMCO was one of the first investment managers to specialize in fixed income and has successfully managed a total return strategy on behalf of clients since the 1970s. As of December 31, 2022, PIMCO managed approximately $1.7 trillion in assets firmwide. Assets include $81.8 billion in assets of clients contracted with Allianz Real Estate, an affiliate and wholly owned subsidiary of PIMCO. Jerome Schneider is a Managing Director in the Newport Beach office and head of the short-term and funding desk. He has 26 years of investment experience and joined PIMCO in 2008. Mr. Schneider is responsible for the day-to-day management of an assigned portion of the Low-Duration Bond Fund.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Low-Duration Bond Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, and Zach Olsen, CFA, Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

*Payden & Rygel, 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071:* Payden & Rygel is one of the largest global independent investment managers in the United States, with approximately $133.0 billion in assets under management as of December 31, 2022. Founded in 1983, the firm is a leader in the active management of global fixed income and equity portfolios for a diversified client base. Payden & Rygel advises corporations, foundations and endowments, pension plans, public funds and individual investors on their overall investment strategies. The Investment Policy Committee ("IPC") oversees the investment process. The firm manages an assigned portion of the Low-Duration Bond Fund utilizing a team approach that exploits the collective wisdom of a highly qualified group of professionals. The team is led by Brian Matthews, CFA, Managing Director, and Mary Beth Syal, CFA, Managing Director. The team, under the direction of the firm's IPC, has 100% discretion over the day-to-day management of the Low-Duration Bond Fund portfolio account. Mr. Matthews, member of the Managing Committee and of the IPC, and Ms. Syal, member of the Managing Committee and of the IPC and Head of the Low-Duration Group, develop a portfolio structure that reflects both the macro mandates of the IPC and the securities that are available in the market. Together with the IPC, Mr. Matthews and Ms. Syal have discretion over major decisions such as duration or portfolio

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sector weights. The Low-Duration Group, under the direction of Ms. Syal, implements the policy approved by the IPC within the context of individual client guidelines. Ms. Syal, supported by sector specialists, has the authority to pick individual securities within the authorized allocations for the Low-Duration Bond Fund. Ms. Syal reviews all portfolio holdings on a regular basis. Mr. Matthews' other primary role focuses on client related issues when structuring portfolios. As such, he is the main contact with the client. He is responsible for identifying and communicating clients' objectives, constraints, risk tolerances and time horizons to the strategy group. Because the firm believes client issues are as important as market issues, the interchange between portfolio managers and portfolio strategists is critical. Mr. Matthews and Ms. Syal have been employed with Payden & Rygel for more than 30 years.

**Medium-Duration Bond Fund:**

*Goldman Sachs Asset Management, L.P. ("GSAM")*, *200 West Street, New York, New York 10282:* GSAM serves as sub-adviser to an assigned portion of the Medium-Duration Bond Fund. As of December 31, 2022, GSAM, along with its investment advisory affiliates, had approximately $2.3 trillion in assets under supervision ("AUS"). AUS includes assets under management and other client assets for which the firm does not have full discretion. The Fixed Income Portfolio Management Team is responsible for managing GSAM's portion of the Medium-Duration Bond Fund. The team is organized into a series of specialist teams that focus on generating and implementing investment ideas within their area of expertise. Ultimate accountability for the Medium-Duration Bond Fund's portfolio account resides with Ashish Shah, Managing Director and Chief Investment Officer for the Goldman Sachs Asset Management public investing organization, and Ron Arons, Managing Director, Senior Portfolio Manager. Mr. Shah joined GSAM in 2018, and prior to this, he was the Head of Fixed Income and Chief Investment Officer of Global Credit at AllianceBernstein from 2010 to 2018. Mr. Arons joined GSAM in 2010 as Managing Director.

*Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa Monica, California 90401*: Guggenheim was established in 2005 and is registered as an investment adviser with the SEC. Guggenheim provides investment advisory and supervisory services, primarily focused on implementing fixed income and equity asset management strategies, to a variety of institutional clients through separately managed accounts and registered and unregistered pooled investment vehicles. As of December 31, 2022, Guggenheim had assets under management of approximately $195.2 billion. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the Medium-Duration Bond Fund portfolio account are Steven H. Brown, Assistant Chief Investment Officer, Senior Managing Director and Portfolio Manager, and Adam J. Bloch, Managing Director and Portfolio Manager. Messrs. Brown and Bloch each have served more than five years as portfolio managers with Guggenheim.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92660*: PIMCO, an institutional money management firm, was founded in 1971 to provide specialty management of fixed income portfolios. PIMCO was one of the first investment managers to specialize in fixed income and has successfully managed a total return strategy on behalf of clients since the 1970s. As of December 31, 2022, PIMCO managed approximately $1.7 trillion in assets firmwide. Assets include $81.8 billion in assets of clients contracted with Allianz Real Estate, an affiliate and wholly owned subsidiary of PIMCO and PIMCO Europe GmbH. Marc Seidner, Chief Investment Officer – Non-traditional Strategies and Managing Director, is primarily responsible for the day-to-day management of the assigned portion of the Medium-Duration Bond Fund. Mr. Seidner has 36 years of investment experience and rejoined PIMCO in 2014.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Medium-Duration Bond Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, and Zach Olsen, CFA, Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

*Western Asset Management Company, LLC ("Western Asset"), 385 East Colorado Boulevard, Pasadena, California 91101:* Western Asset has been managing fixed income assets since 1971. As of December 31, 2022, Western Asset managed

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approximately $394.9 billion in assets. Western Asset utilizes a team-based approach to portfolio management to ensure all portfolios, as allowed by guidelines, benefit from the expertise of all of the firm's sector specialists. Western Asset's Investment Strategy Group sets policy for an assigned portion of the Medium-Duration Bond Fund, with that policy implemented by the portfolio team. S. Kenneth Leech, Chief Investment Officer, is responsible for the strategic oversight of the Medium-Duration Bond Fund's investments and for supervising the operations of the various sector specialist teams dedicated to the specific asset classes in which the Medium-Duration Bond Fund invests. Mr. Leech is involved in the management of all Western Asset's portfolios. With respect to the Medium-Duration Bond Fund and other client accounts with a similar objective, John L. Bellows, Mark S. Lindbloom, Julien A. Scholnick and Frederick R. Marki provide specialized expertise and global oversight. Messrs. Bellows, Lindbloom, Scholnick and Marki are responsible for portfolio structure, including sector allocation, duration weighting and term structure decisions. These individuals are also responsible for overseeing implementation of the firm's overall investment ideas and coordinating the work of the various sector teams. This structure ensures that client portfolios benefit from a consensus that draws on the expertise of all team members. Messrs. Leech, Bellows, Lindbloom, Scholnick and Marki have each been Portfolio Managers for the firm for more than five years.

**Global Bond Fund:**

*Loomis, Sayles & Company, L.P., ("Loomis Sayles"), One Financial Center, Boston, Massachusetts 02111:* Established in 1926, Loomis Sayles manages approximately $282.1 billion in fixed income and equity assets for institutional, high net worth and mutual fund clients as of December 31, 2022. Matthew J. Eagan, CFA, Elaine M. Stokes and Brian P. Kennedy have primary responsibility for the day-to-day management of Loomis Sayles' assigned portion of the Global Bond Fund. Mr. Eagan, Executive Vice President, serves as portfolio manager, has been with Loomis Sayles since 1997 and has over 31 years of investment industry experience. Ms. Stokes, Executive Vice President, serves as portfolio manager, has been with Loomis Sayles since 1988 and has over 35 years of investment industry experience. Mr. Kennedy, Vice President, serves as portfolio manager, has been with Loomis Sayles since 1994 and has over 33 years of investment industry experience.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is a registered investment adviser and, together with its affiliates, had approximately $427.0 billion in assets under management as of December 31, 2022. The firm provides discretionary and/or non-discretionary investment management services to a variety of clients, such as individuals, institutions, registered investment companies, non-U.S. registered funds, collective investment trusts and private investment funds. Ashok K. Bhatia, CFA, Managing Director, Deputy Chief Investment Officer of Fixed Income and Senior Portfolio Manager, Multi-Sector Fixed Income, David M. Brown, CFA, Managing Director, Global Co-Head of Investment Grade and Senior Portfolio Manager, Global Investment Grade and Multi-Sector Fixed Income, Adam Grotzinger, CFA, Managing Director, Senior Fixed Income Portfolio Manager, Jon Jonsson, Managing Director, Senior Portfolio Manager, Global Investment Grade and Multi-Sector Fixed Income, and Brad C. Tank, Managing Director, Chief Investment Officer and Global Head of Fixed Income, are the portfolio managers responsible for the daily management of an assigned portion of the Global Bond Fund. Messrs. Bhatia, Brown, Grotzinger, Jonsson and Tank have each been with Neuberger Berman for five years or more.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Global Bond Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, and Zach Olsen, CFA, Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

*Western Asset Management Company, LLC ("Western Asset"), 385 East Colorado Boulevard, Pasadena, California:* Western Asset has been managing fixed income assets since 1971. As of December 31, 2022, Western Asset managed approximately $394.9 billion in assets. The firm utilizes a team-based approach to portfolio management to ensure all portfolios, as allowed by guidelines, benefit from the expertise of all the firm's sector specialists. S. Kenneth Leech, Chief Investment Officer, is responsible for the strategic oversight of the Global Bond Fund's investments and for supervising the operations of the various

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sector specialist teams dedicated to the specific asset classes in which the Global Bond Fund invests. With respect to the Global Bond Fund and other client accounts with a similar objective, Ian R. Edmonds, Michael C. Buchanan, Gordon S. Brown and Annabel Rudebeck provide specialized expertise and global oversight. Messrs. Edmonds, Buchanan and Brown and Ms. Rudebeck are each a Portfolio Manager and are responsible for portfolio structure, including sector allocation, duration weighting and term structure decisions. These individuals are also responsible for overseeing implementation of the firm's overall investment ideas and coordinating the work of the various sector teams. This structure ensures that client portfolios benefit from a consensus that draws on the expertise of all team members. Messrs. Leech, Edmonds, Buchanan and Brown and Ms. Rudebeck have each been with the firm for more than five years.

**Strategic Alternatives Fund:**

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Greenwich, Connecticut 06830:* AQR is a Delaware limited liability company formed in 1998. AQR provides discretionary investment management services to registered investment companies, collective investment vehicles, private investment partnerships, foreign investment companies and separately managed accounts. AQR focuses on providing quantitative investment analysis, which relies on the firm's proprietary models, utilizing a set of valuation, momentum and other factors, to generate views on securities and apply them in a disciplined and systematic process. As of December 31, 2022, AQR had approximately $95.0 billion in assets under management. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the assigned portion of the Strategic Alternatives Fund are Clifford S. Asness, Ph.D., M.B.A., Michele L. Aghassi, Ph.D., Andrea Frazzini, Ph.D., M.S., John J. Huss and Lars N. Nielsen, M.Sc. Dr. Asness is the Managing and Founding Principal of AQR, and Doctors Aghassi and Frazzini and Messrs. Huss and Nielsen are each a Principal of AQR. Dr. Asness has been at AQR since the firm's inception in 1998, Dr. Aghassi has been at AQR since 2005, Dr. Frazzini has been at AQR since 2008, Mr. Huss has been at AQR since he rejoined in 2013 and Mr. Nielsen has been at AQR since 2000.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM serves as sub-adviser to an assigned portion of the Strategic Alternatives Fund. As of December 31, 2022, GSAM, along with its investment advisory affiliates, had approximately $2.3 trillion in assets under supervision ("AUS"). AUS includes assets under management and other client assets for which the firm does not have full discretion. There are seven investment strategy teams within the Global Fixed Income and Liquidity Solutions Team that are responsible for managing GSAM's portion of the Strategic Alternatives Fund. The team is organized into a series of specialist teams that focus on generating and implementing investment ideas within their area of expertise. Ultimate accountability for the Strategic Alternatives Fund's portfolio account resides with Ron Arons, Managing Director, Senior Portfolio Manager, and Paul Seary, CFA, Senior Portfolio Manager. Mr. Arons joined GSAM in 2010, and Mr. Seary has served as a portfolio manager for GSAM since 2009.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Strategic Alternatives Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, Zach Olsen, CFA, Portfolio Manager, James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Fong, Olsen, Reber and Seto have each been with Parametric for five or more years.

*P/E Global LLC ("P/E Global"), 75 State Street, 31*<sup>st</sup> *Floor, Boston, Massachusetts 02109:* Formed in 2000, P/E Global is a registered investment adviser providing asset management services. P/E Global provides investment advisory and portfolio management to clients on a discretionary basis, utilizing proprietary investment strategies that are based on the belief of the firm that by combining effective diversification, through analysis and continuous management, the investment objectives of clients can be met with greater consistency. As of December 31, 2022, the firm had assets under management of approximately $14.6 billion. P/E Global uses a team approach to manage the firm's assigned portion of the Strategic Alternatives Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are

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Warren J. Naphtal, President and Chief Investment Officer, and David J. Souza, Jr., CFA, Portfolio Manager. Messrs. Naphtal and Souza each have more than five years of experience with P/E Global.

*SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067:* SSI, a Delaware limited liability company, is a registered investment adviser and has been providing asset management services, including its predecessor, since 1973. SSI serves as an investment adviser to separately managed accounts, investment sub-adviser to open-end investment companies under the 1940 Act and as a general partner of an investment limited partnership. As of December 31, 2022, the firm had assets under management of approximately $2.1 billion. SSI uses a team approach to manage the firm's assigned portion of the Strategic Alternatives Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are George M. Douglas, CFA, Chief Investment Officer and Managing Principal, Dagney Maseda, CFA, Portfolio Manager, and Alexander W. Volz, Portfolio Manager. Messrs. Douglas and Volz and Ms. Maseda each have more than 15 years of experience with SSI.

*Westwood Management Corp. ("Westwood") and Broadmark Asset Management LLC ("Broadmark") are located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201 and 1808 Wedemeyer Street, Suite 210, San Francisco, California 94129, respectively:* Westwood is a registered investment adviser that commenced operations in 1983 and provides portfolio management services to individuals, investment companies, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, state and municipal government entities, pooled investment vehicles and sovereign wealth funds. As of December 31, 2022, Westwood had approximately $14.8 billion in assets under management. For Westwood's assigned portion of the Strategic Alternatives Fund, Westwood has engaged Broadmark to act as sub-subadviser. Broadmark commenced operations in 1999, has been a registered investment adviser since 2000 and is an affiliate of Westwood. Broadmark provides investment advisory services to separately managed accounts, registered investment companies, asset management firms and pooled investment vehicles intended for sophisticated investors and institutional investors. As of December 31, 2022, Broadmark had approximately $1.3 billion in assets under management. The portfolio manager who is primarily responsible for the day-to-day management of the portfolio account is Christopher J. Guptill, Co-Chief Executive Officer and Chief Investment Officer of Broadmark, since its inception in 1999. Mr. Guptill has over 30 years of investment experience.

**Defensive Market Strategies Fund:**

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century has been a privately-controlled investment manager since 1958. As of December 31, 2022, the firm had assets under management of approximately $201.8 billion. American Century uses a team approach to manage the firm's assigned portion of the Defensive Market Strategies Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Paul Howanitz, CFA, Portfolio Manager and Senior Investment Analyst; Michael Liss, CFA, CPA, Vice President and Senior Portfolio Manager; Kevin Toney, CFA, Chief Investment Officer – Global Value Equity, Senior Vice President and Senior Portfolio Manager; and Brian Woglom, CFA, Vice President and Senior Portfolio Manager. Each member of the team has more than five years of experience with American Century.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is a registered investment adviser and, together with its affiliates, had approximately $427.0 billion in assets under management as of December 31, 2022. The firm provides discretionary and/or non-discretionary investment management services to a variety of clients, such as individuals, institutions, registered investment companies, non-U.S. registered funds, collective investment trusts and private investment funds. Derek Devens, CFA, Rory Ewing and Eric Zhou are the portfolio managers responsible for the daily management of an assigned portion of the Defensive Market Strategies Fund. Mr. Devens is Managing Director and Senior Portfolio Manager; Mr. Ewing is Managing Director and Portfolio Manager; and Mr. Zhou is Senior Vice President and Portfolio Manager. Messrs. Devens, Ewing and Zhou all joined Neuberger Berman in 2016.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a

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team approach to manage an assigned portion of the Defensive Market Strategies Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, Zach Olsen, CFA, Portfolio Manager, James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Fong, Olsen, Reber and Seto have each been with Parametric for five or more years.

*PGIM Quantitative Solutions LLC ("PGIM QS"), Gateway Center Two, 100 Mulberry Street, Newark, New Jersey 07102:* PGIM QS is a registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. As of December 31, 2022, the firm had assets under management of approximately $86.3 billion in quantitative equity and global multi-asset solutions for global client base of pension funds, endowments, foundations, sovereign wealth funds and sub-advisory accounts. PGIM QS uses a team approach to manage the firm's assigned portion of the Defensive Market Strategies Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Devang Gambhirwala, Principal and Portfolio Manager, Joel M. Kallman, CFA, Vice President and Portfolio Manager, and Marcus M. Perl, Principal and Portfolio Manager. Messrs. Gambhirwala, Kallman and Perl each have more than five years of experience with PGIM QS.

*Shenkman Capital Management, Inc. ("Shenkman"), 151 West 42*<sup>nd</sup> *Street, 29th Floor, New York, New York 10036:* Shenkman is an independently owned, registered investment adviser founded in July 1985 by Mark R. Shenkman, President. Since its inception, Shenkman's business has been focused on researching and investing across the entire capital structure of highly leveraged companies through in-depth, bottom-up, fundamental credit analysis. As of December 31, 2022, the firm had assets under management of approximately $28.8 billion, which includes $3.2 billion managed by an affiliate. Shenkman employs a team approach to portfolio management. Justin W. Slatky, Executive Vice President and Chief Investment Officer, is responsible for setting strategies and direction with respect to the firm's investment-related activities. Mr. Shenkman has ultimate responsibility with respect to the firm's operations, including its strategic direction, client relationships and investment program. The primary day-to-day oversight responsibilities of the portion of the Defensive Market Strategies Fund assigned to Shenkman are conducted by Messrs. Shenkman and Slatky. The primary day-to-day management of the portion of the Fund assigned to Shenkman is conducted by Jordan Barrow, Senior Vice President, Co-Head of Liquid Credit and Portfolio Manager, Jeffrey Gallo, Senior Vice President, Co-Head of Liquid Credit and Portfolio Manager, and Thomas Whitley, Senior Vice President and Portfolio Manager. Messrs. Slatky, Barrow, Gallo and Whitley have all been with the firm for more than five years.

**Impact Bond Fund:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage an assigned portion of the Impact Bond Fund. The team includes Richard Fong, CFA, Director of Investment Strategy, and Zach Olsen, CFA, Portfolio Manager. Messrs. Fong and Olsen have each been with Parametric for five or more years.

*RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 50 South Sixth Street, Suite 2350, Minneapolis, Minnesota 55402:* RBC GAM US was formed in 1983 and is registered as an investment adviser with the SEC. The firm seeks to develop a full understanding of each client's investment needs and meet those needs with equity, fixed income and cash management solutions, which include institutional separate accounts, open-end investment companies (*e.g.,* mutual funds), other pooled investment vehicles (*i.e.,* private funds), wrap fee programs and model portfolios. As of December 31, 2022, RBC GAM US had assets under management of approximately $43.8 billion. Brian Svendahl, CFA, Senior Portfolio Manager, U.S. Fixed Income, has been the lead portfolio manager for RBC GAM US's impact investing since 2006. Mr. Svendahl has more than 18 years of service with RBC GAM US.

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**Impact Equity Fund:**

*Janus Henderson Investors US LLC ("Janus Henderson"), 151 Detroit Street, Denver, Colorado 80206:* Janus Henderson, through its predecessors, has provided investment management services since 1969 and has been registered with the SEC since 1978. Janus Henderson offers U.S. equity, global and international equity, fixed income, asset allocation and alternatives investment strategies. As of December 31, 2022, the firm had assets under management of approximately $287.3 billion. The portfolio managers who are jointly and primarily responsible for the day-to-day management of an assigned portion of the Impact Equity Fund is Hamish Chamberlayne, CFA, Head of Global Sustainable Equity and Portfolio Manager, and Aaron Scully, CFA, Portfolio Manager. Both Messrs. Chamberlayne and Scully have more than five years of service with Janus Henderson.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Impact Equity Fund. The team includes James Reber, Managing Director, Portfolio Management, Thomas Seto, Head of Investment Management, Richard Fong, CFA, Director of Investment Strategy and Zach Olsen, CFA, Portfolio Manager. Messrs. Reber, Seto, Fong and Olsen have each been with Parametric for more than five years.

**Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2022, LGIM America had approximately $202 billion in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Head of U.S. Index Solutions, Aodhagán Byrne, CFA, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, Joseph LaPorta, Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, O'Connor, LaPorta and Parker have each been employed by LGIM America for five years or more.

**Global Real Estate Securities Fund:**

*Heitman Real Estate Securities LLC ("HRES"), 110 North Wacker Drive, Suite 4000, Chicago, Illinois 60606:* Heitman LLC, the parent of HRES, was founded in 1966 in Chicago. HRES and Heitman LLC had approximately $3.7 billion and $52.3 billion in assets under management, respectively, as of December 31, 2022. HRES's real estate securities team consists of over 20 investment professionals situated in offices around the globe. The team is led by the following portfolio managers: Jeffrey Yurk, CFA, Executive Vice President and Portfolio Manager – North America; Charles Harbin, CFA, Executive Vice President and Portfolio Manager – North America; John Minor, CFA, Vice President and Portfolio Manager – North America; Jacques Perdrix, Executive Vice President and Portfolio Manager – Europe; and Damon Wang, CFA, Vice President and Portfolio Manager – Asia Pacific. The portfolio managers work to carry out the firm's highly specialized investment process and are responsible for defining the global investment themes and risk management. Messrs. Yurk, Harbin, Minor and Perdrix each have five years or more of service with HRES. Mr. Wang has been with HRES for a year, and prior to joining HRES, he served since 2014 at LaSalle Investment Management Securities in Hong Kong and left the firm holding the position of Senior Vice President, where he was responsible for public real estate securities investment coverage of the Asia-Pacific region.

*RREEF America L.L.C. ("RREEF"), 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606:* Founded in 1975, RREEF's Real Estate business had approximately $86.5 billion in total assets under management as of December 31, 2022. The Global Real Estate Securities strategy is managed on a team basis under the leadership of John Vojticek, Head and Chief Investment Officer, Liquid Real Assets DWS. The team is led by regional portfolio managers: David W. Zonavetch, CPA, and Robert (Bob) Thomas, who both hold the title of Head of Investment Strategy Liquid Real Assets and are co-lead portfolio managers for the

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Americas Real Estate Securities business. The team also includes Chris Robinson, Regional Head of Liquid Real Assets, lead portfolio manager for the Asia Pacific Real Estate Securities business, and Barry McConnell, Senior Portfolio Manager Liquid Real Assets, lead portfolio manager for the European Real Estate Securities business. Messrs. Zonavetch and Robinson have each been with the firm for over 15 years, and Mr. McConnell has been with the firm since 2007. Each of Messrs. Zonavetch, Robinson and McConnell are primarily responsible for the day-to-day operations, as well as final decisions on stock selection and property sector allocation (where appropriate), for an assigned portion of the Global Real Estate Securities Fund. Mr. Thomas has over 18 years of industry experience. Prior to joining RREEF in 2017, Mr. Thomas served as the Head of the North American Property Equities and Portfolio Manager at Henderson Global Investors and Co-Head of North American Listed Real Estate at AMP Capital Investors.

**Value Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2022, LGIM America had approximately $202 billion in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Head of U.S. Index Solutions, Aodhagán Byrne, CFA, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, Joseph LaPorta, Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, O'Connor, LaPorta and Parker have each been employed by LGIM America for five years or more.

**Value Equity Fund:**

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century has been a privately-controlled investment manager since 1958. As of September 30, 2022, the firm had assets under management of approximately $187.5 billion. American Century uses a team approach to manage the firm's assigned portion of the Value Equity Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Michael Liss, CFA, CPA, Vice President and Senior Portfolio Manager; Philip Sundell, CFA, Portfolio Manager; Kevin Toney, CFA, Chief Investment Officer – Global Value Equity, Senior Vice President and Senior Portfolio Manager; and Brian Woglom, CFA, Vice President and Senior Portfolio Manager. Each member of the team has more than five years of experience with American Century.

*Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st Floor, Dallas, Texas 75201:* Barrow Hanley, a Delaware limited liability company, is an investment management firm founded in 1979, which provides investment advisory services to large institutional clients, mutual funds, employee benefit plans, endowments, foundations, limited liability companies and other institutions and individuals. Assets under management totaled approximately $43.7 billion as of December 31, 2022, in U.S. and non-U.S. equities, as well as fixed income securities. Barrow Hanley's strategy is a team-oriented value approach utilizing fundamental research to construct portfolios. The equity team of portfolio managers and analysts assist in research and making recommendations; however, David W. Ganucheau, CFA, Senior Managing Director, Mark Giambrone, Senior Managing Director, and Lewis Ropp, Senior Managing Director, comprise the team of portfolio managers on Barrow Hanley's assigned portion of the Value Equity Fund. Messrs. Ganucheau, Giambrone and Ropp each have more than 15 years of service with Barrow Hanley.

*The London Company of Virginia, LLC ("London Company"), 1800 Bayberry Court, Suite 301, Richmond, Virginia 23226:* The London Company is a registered investment adviser founded in 1994, is majority employee owned and is focused on managing primarily domestic equities with a conservative, long-term orientation. As of December 31, 2022, the London Company had approximately $14.8 billion in assets under management. The London Company uses a team approach to manage any assigned portion of the Value Equity Fund. The team includes Stephen M. Goddard, CFA, Founder, Chairman, Chief Investment Officer and Co-Lead Portfolio Manager, Jonathan T. Moody, CFA, Principal and Portfolio Manager, J. Brian Campbell, CFA, Principal and Portfolio Manager, Samuel D. Hutchings, CFA, Principal and Co-Lead Portfolio Manager, and Mark E. DeVaul, CFA, CPA, Principal and Portfolio Manager. Mr. Goddard founded the firm in 1994, and Messrs. Moody, Campbell, DeVaul and Hutchings have each been with the London Company for more than five years.

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*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Value Equity Fund. The team includes James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Reber and Seto have each been with Parametric for more than five years.

*TCW Investment Management Company, LLC ("TCW"), 1251 Avenue of the Americas, Suite 4700, New York, New York 10020:* Established in 1971, TCW's primary business is the provision of investment management services. TCW was organized in 1987 as a wholly owned subsidiary of The TCW Group, Inc. TCW is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. As of December 31, 2022, TCW had total assets under management, including commitments, of approximately $205 billion. Diane Jaffee, CFA, Senior Portfolio Manager and Group Managing Director, conducts the day-to-day management of an assigned portion of the Value Equity Fund and has sole discretion over all buy/sell decisions. Ms. Jaffee has 39 years of experience and has been managing assets in TCW's New York office for 28 years.

**Growth Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2022, LGIM America had approximately $202 billion in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Head of U.S. Index Solutions, Aodhagán Byrne, CFA, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, Joseph LaPorta, Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, O'Connor, LaPorta and Parker have each been employed by LGIM America for five years or more.

**Growth Equity Fund:**

*J.P. Morgan Investment Management, Inc. ("JPMIM"), 383 Madison Avenue, New York, New York 10179*: JPMIM was established in 1984 and is registered with the SEC as an investment adviser. As of December 31, 2022, the firm had assets under management of approximately $2.4 trillion in equities and fixed income securities. JPMIM uses a team approach to manage the assigned portion of the Growth Equity Fund. The investment team includes Giri Devulapally, CFA, Managing Director, Holly Fleiss, Managing Director, Larry H. Lee, Managing Director, Robert Maloney, Executive Director and Joseph Wilson, Managing Director. Messrs. Devulapally, Lee, Maloney and Wilson and Ms. Fleiss have each served more than five years with JPMIM.

*Loomis, Sayles & Company, L.P. ("Loomis Sayles"), One Financial Center, Boston, Massachusetts 02111:* Established in 1926, Loomis Sayles manages approximately $282.1 billion in fixed income and equity assets for institutional, high net worth and mutual fund clients as of December 31, 2022. Aziz Hamzaogullari, Chief Investment Officer and founder of the Growth Equity Strategies Team and Portfolio Manager, has primary responsibility for the day-to-day management of an assigned portion of the Growth Equity Fund. Mr. Hamzaogullari has been with Loomis Sayles since 2010 and has 29 years of investment industry experience.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of

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Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Growth Equity Fund. The team includes James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Reber and Seto have each been with Parametric for more than five years.

*Sands Capital Management, LLC ("Sands"), 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209:* Sands has been managing assets since being founded in 1992. Sands had approximately $43.8 billion in assets under management as of December 31, 2022. The firm manages assets utilizing growth equity strategies. The investment team is led by Frank M. Sands, CFA, as Chief Investment Officer ("CIO"), who has been with Sands since 2000. Mr. Sands became the Chief Executive Officer and CIO of Sands effective September 5, 2008, and is a member of the investment team responsible for the decisions made on an assigned portion of the Growth Equity Fund. The investment team also includes Wesley A. Johnston, CFA, Portfolio Manager and Senior Research Analyst, and Thomas H. Trentman, CFA, Portfolio Manager and Research Analyst. Mr. Johnston joined Sands in 2004, and Mr. Trentman joined Sands in 2005.

*William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606:* William Blair is a global investment firm that offers investment advisory services to clients. William Blair was established in 2014 and is registered as an investment adviser with the SEC. As of December 31, 2022, the firm had assets under management of approximately $55.9 billion in equities, fixed income securities, derivatives and cash equivalents. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the Growth Equity Fund portfolio account are James Golan, CFA, Partner and Portfolio Manager, and David Ricci, CFA, Partner and Portfolio Manager. Messrs. Golan and Ricci each have served more than five years as portfolio managers with William Blair.

**Small Cap Equity Fund:**

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century has been a privately-controlled investment manager since 1958. As of December 31, 2022, the firm had assets under management of approximately $201.8 billion. American Century uses a team approach to manage the firm's assigned portion of the Small Cap Equity Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are Ryan Cope, CFA, Portfolio Manager, and Jeff John, CFA, Vice President and Senior Portfolio Manager. Messrs. Cope and John each have more than five years of experience with American Century.

*Delaware Investments Fund Advisers ("DIFA"), 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106*: DIFA, and its predecessors have been managing assets since 1938. As of December 31, 2022, DIFA and its affiliates managed approximately $542.8 billion in assets under management across multiple asset classes in various institutional or separately managed investment company and insurance accounts. The Core Equity Team manages the firm's assigned portion of the Small Cap Equity Fund. The team is led by Francis X. Morris, Executive Director and Chief Investment Officer – U.S. Core Equity. The other members of the team, who each hold the title of Managing Director and Senior Portfolio Manager, are: Christopher S. Adams, CFA; Michael S. Morris, CFA; Donald G. Padilla, CFA; and David E. Reidinger. Messrs. Adams, Morris, Morris, Padilla and Reidinger have each served as portfolio managers of the firm for at least five years.

*Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), 100 Campus Drive, 4th Floor East, Florham Park, New Jersey 07932*: Jacobs Levy is a New Jersey based investment adviser founded in 1986. The firm's core business activity is managing U.S. equity portfolios for clients, which include institutions with separately managed accounts, registered investment companies and pooled investment vehicles intended for sophisticated, institutional investors. As of December 31, 2022, Jacobs Levy had assets under management of approximately $15.0 billion. The firm was founded by Bruce I. Jacobs, Ph.D., and Kenneth N. Levy, CFA, who are Principals, Co-Chief Investment Officers, Portfolio Managers and Co-Directors of Research. Dr. Jacobs and Mr. Levy have ultimate investment management responsibility for the firm's assigned portion of the Small Cap Equity Fund.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of

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Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Small Cap Equity Fund. The team includes James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Reber and Seto have each been with Parametric for more than five years.

*TimesSquare Capital Management, LLC ("TSCM"), 7 Times Square, 42nd Floor, New York, New York 10036:* TSCM is a registered investment adviser with a focus on institutional clients. The firm, which was formed in November 2004 to succeed the growth equity investment advisory business of the firm's predecessor, TimesSquare Capital Management, Inc., had assets under management of approximately $8.8 billion as of December 31, 2022. TSCM integrates a highly experienced team of investment specialists and time-tested strategies, driven by internally generated research, into one dynamic organization. Grant Babyak, Chief Executive Officer and Portfolio Manager, and Kenneth Duca, CFA, Director and Portfolio Manager/Analyst, are jointly and primarily responsible for an assigned portion of the Small Cap Equity Fund. Both Messrs. Babyak and Duca have been with TSCM for over 20 years and have over 30 years of investment experience.

**International Equity Index Fund:**

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America was founded in 2006 and offers a range of strategies, including active fixed income, liability-driven investing, multi-asset and index solutions. As of December 31, 2022, LGIM America had approximately $202 billion in assets under management. LGIM America uses a team approach with respect to portfolio management. The team consists of David Barron, CFA, CAIA, Head of U.S. Index Solutions, Aodhagán Byrne, CFA, Senior Portfolio Manager, Michael O'Connor, Senior Portfolio Manager, Joseph LaPorta, Portfolio Manager, and Craig Parker, CFA, Portfolio Manager. Mr. Barron was employed by LGIM America from 2015 to 2017 having then joined LGIM America's affiliate, Legal & General Investment Management Ltd., for four years and then returning to LGIM America in 2021. Messrs. Byrne, O'Connor, LaPorta and Parker have each been employed by LGIM America for five years or more.

**International Equity Fund:**

*Altrinsic Global Advisors, LLC ("Altrinsic"), 8 Sound Shore Drive, Greenwich, Connecticut 06830:* Established in 2000, Altrinsic is a registered investment adviser and focuses solely on international, global and emerging markets equity investment management. As of December 31, 2022, the firm had assets under management of approximately $8.4 billion. Altrinsic uses a team approach to manage the firm's assigned portion of the International Equity Fund. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the portfolio account are John L. DeVita, CFA, CPA, Portfolio Manager, John D. Hock, CFA, Chief Executive Officer and Portfolio Manager, and Rich McCormick, CFA, Portfolio Manager. Messrs. DeVita, Hock and McCormick each have more than five years of experience with Altrinsic.

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Greenwich, Connecticut 06830:* AQR is a Delaware limited liability company formed in 1998 and provides discretionary investment management services to registered investment companies, collective investment vehicles, private investment partnerships, foreign investment companies and separately managed accounts. AQR focuses on providing quantitative investment analysis, which relies on the firm's proprietary models, utilizing a set of valuation, momentum and other factors, to generate views on securities and apply them in a disciplined and systematic process. As of December 31, 2022, AQR had approximately $95.0 billion in assets under management. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the assigned portion of the International Equity Fund are Clifford S. Asness, Ph.D., M.B.A., John M. Liew, Ph.D., M.B.A., Andrea Frazzini, Ph.D., M.S., John J. Huss and Lars N. Nielsen, M.Sc. Dr. Asness is the Managing and Founding Principal of AQR. Dr. Liew is a Founding Principal of AQR. Dr. Frazzini and Messrs. Huss and Nielsen are each Principals of AQR. Doctors Asness and Liew have been at AQR since the firm's inception in 1998, Dr. Frazzini has been at AQR since 2008, Mr. Huss has been at AQR since he rejoined in 2013 and Mr. Nielsen has been at AQR since 2000.

*MFS Institutional Advisors, Inc. ("MFSI"), 111 Huntington Avenue, Boston, Massachusetts 02199:* MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is America's oldest mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. As of December 31, 2022, net assets under management of the MFS organization were approximately $547.0 billion. Filipe Benzinho and Daniel Ling, each an Investment Officer of MFS

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and portfolio manager for the International Concentrated Equity Strategy, have overall responsibility and final authority for portfolio construction of an assigned portion of the International Equity Fund managed by MFSI. Mr. Benzinho has been employed in the investment area of MFS since 2009, and Mr. Ling has been employed in the investment area of MFS since 2006.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the International Equity Fund. The team includes James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Reber and Seto have each been with Parametric for more than five years.

*WCM Investment Management, LLC ("WCM"), 281 Brooks Street, Laguna Beach, California 92651:* WCM is an investment advisory firm, registered with the SEC that specializes in providing innovative, equity investment advisory services. WCM was founded in 1976. As of December 31, 2022, the firm had assets under management of approximately $71.6 billion. WCM uses a team approach to manage an assigned portion of the International Equity Fund. The team is led by Sanjay Ayer, CFA, Portfolio Manager and Business Analyst, Paul R. Black, Chief Executive Officer and Portfolio Manager, Peter J. Hunkel, Vice President and Portfolio Manager, Michael B. Trigg, President and Portfolio Manager, and Jon Tringale, Portfolio Manager. Each portfolio manager has been employed with WCM for five years or more.

**Emerging Markets Equity Fund:**

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Greenwich, Connecticut 06830:* AQR is a Delaware limited liability company formed in 1998 and provides discretionary investment management services to registered investment companies, collective investment vehicles, private investment partnerships, foreign investment companies and separately managed accounts. AQR focuses on providing quantitative investment analysis, which relies on the firm's proprietary models, utilizing a set of valuation, momentum, and other factors, to generate views on securities and apply them in a disciplined and systematic process. As of December 31, 2022, AQR had approximately $95.0 billion in assets under management. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the assigned portion of the Emerging Markets Equity Fund are Clifford S. Asness, Ph.D., M.B.A., Michele L. Aghassi, Ph.D., Andrea Frazzini, Ph.D., M.S., John J. Huss and Lars N. Nielsen, M.Sc. Dr. Asness is the Managing and Founding Principal of AQR, and Doctors Aghassi and Frazzini and Messrs. Huss and Nielsen are each a Principal of AQR. Dr. Asness has been at AQR since the firm's inception in 1998, Dr. Aghassi has been at AQR since 2005, Dr. Frazzini has been at AQR since 2008, Mr. Huss has been at AQR since he rejoined in 2013 and Mr. Nielsen has been at AQR since 2000.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM serves as a sub-adviser to an assigned portion of the Emerging Markets Equity Fund. As of December 31, 2022, GSAM, along with its investment advisory affiliates, had approximately $2.3 trillion in assets under supervision ("AUS"). AUS includes assets under management and other client assets for which the firm does not have full discretion. The Emerging Markets Equity Team is responsible for managing GSAM's portion of the Emerging Markets Equity Fund. Ultimate accountability for the Emerging Markets Equity Fund's portfolio account resides with portfolio managers, Hiren Dasani, CFA, Managing Director, and Basak Yavuz, Managing Director. Both Mr. Dasani and Ms. Yavuz have been at GSAM for more than ten years.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* Parametric offers systematic alpha strategies that seek to outperform designated benchmarks on a risk-adjusted basis by applying systematic, rules-based asset class exposure. The firm's customized exposure management solutions use individual securities, ETFs, futures, options and other derivative instruments to construct and manage portfolios to assist clients in meeting their market exposure, risk management, tax management and return objectives. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of

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December 31, 2022, Parametric had total firm assets under management of approximately $389.1 billion. Parametric uses a team approach to manage any assigned portion of the Emerging Markets Equity Fund. The team includes James Reber, Managing Director, Portfolio Management, and Thomas Seto, Head of Investment Management. Messrs. Reber and Seto have each been with Parametric for more than five years.

*RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 77 Grosvenor Street, London, W1K 3JR, United Kingdom:* RBC GAM UK has been registered with the SEC as an investment adviser since September 2013 and is authorized and regulated by the Financial Conduct Authority of the United Kingdom. RBC GAM UK is a wholly owned subsidiary of Royal Bank of Canada Holdings (UK) Limited, which is a wholly owned subsidiary of Royal Bank of Canada. As of December 31, 2022, RBC GAM UK had approximately $58.1 billion in assets under management. Philippe Langham, ACA, is responsible for the day-to-day management of the portion of the Emerging Markets Equity Fund assigned to RBC GAM UK. Mr. Langham is a Senior Portfolio Manager and is the lead manager for the RBC GAM UK Emerging Markets Equity and Emerging Markets Small Cap Equity Strategies. Mr. Langham joined RBC GAM UK in 2009.

*Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, Massachusetts 02210:* Wellington is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington and its predecessor organizations have provided investment advisory services for over 80 years. As of December 31, 2022, Wellington, along with its investment advisory affiliates, had investment management authority with respect to approximately $1.1 billion in assets. Bo Z. Meunier, CFA, Senior Managing Director and Equity Portfolio Manager is responsible for the day-to-day management of the portion of the Emerging Markets Equity Fund assigned to Wellington. Ms. Meunier has been with Wellington for more than five years.

**All Funds (except the Money Market Fund) — Cash Overlay Program:**

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104:* The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric whereby Parametric is responsible for monitoring and investing cash balances of the Fund. Following the March 1, 2021 acquisition of Parametric's parent firm, Eaton Vance Corporation, by Morgan Stanley, Parametric is a part of the asset management division of Morgan Stanley, Morgan Stanley Investment Management, with approximately $1.3 trillion in assets under management. As of December 31, 2022, the firm had assets under management of approximately $389.1 billion. Parametric uses a team approach to manage the Funds' Cash Overlay Program. The team includes Richard Fong, CFA, Director of Investment Strategy, and Zach Olsen, CFA, Portfolio Manager. Messrs. Fong and Olsen have five or more years of service with Parametric.

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**Service Providers**

The following chart provides information on the Funds' primary service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g696065servpro_10.jpg)

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**Shareholder Information**

**Eligible Investors**

You may purchase or redeem shares of the Funds on any business day through the website at *GuideStoneFunds.com*; by mail at GuideStone Funds, P.O. Box 534446, Pittsburgh, PA 15253-4446 (for overnight delivery, GuideStone Funds, Attention 534446, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by telephone at 1-888-GS-FUNDS (1-888-473-8637). You may also be able to purchase or redeem shares of the Funds through certain financial intermediaries. The Funds are not available or eligible to be investment options of any "plan or program of a government entity" as defined in Rule 206(4)-5 under the Investment Advisers Act of 1940. The Funds reserve the right to refuse to accept investments at any time. GuideStone Financial Resources may invest for its own account, including reserves and endowment, in any class of the Funds. For more information on the purchase or redemption of shares of the Funds, see the section entitled "Summary of Other Important Fund Information" in this Prospectus.

**Minimum Account Size**

**Investor Class Accounts:** Investor Class shares of the Funds require a minimum balance of $1,000 per Fund. The Funds reserve the right to close your account and redeem your shares if the value of your account falls below $1,000, unless the reduction in value is due solely to market depreciation. The $1,000 minimum applies separately to each Fund that you own. The Funds may close your account and send you a check for the redemption proceeds if you do not bring your account up to the minimum within 30 days after the mailing of a written notice. Alternatively, if you have accounts in multiple Funds below $1,000, which combined equal or exceed $1,000, those proceeds may be transferred into a single account in the Trust's Money Market Fund, if you do not bring your accounts up to the minimum within 30 days after the mailing of a written notice. A redemption of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a 403(b) plan, a 401(k) plan, an IRA or an employee benefit plan (collectively, "Tax-Advantaged Account").

**Institutional Class Accounts:** Institutional Class shares of the Funds require a minimum balance of $1,000,000 invested in all Funds in the aggregate for investors other than GuideStone-Serviced Plans. The Funds reserve the right to convert the Institutional Class shares in your account to Investor Class shares, or close your account and redeem your shares, if the value of your account falls below $1,000,000 (or you hold Institutional Class shares of the Funds that were acquired prior to May 1, 2014), unless the reduction in value is due solely to market depreciation. The Funds will notify you and allow you at least 30 days to bring your account's value up to the applicable minimum before converting your shares or closing your account. A redemption of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a Tax-Advantaged Account. If your shares are converted to Investor Class shares, the conversion will have no effect on the value of your investment in Institutional Class shares of the Funds at the time of conversion. However, the number of shares you own after the conversion may be greater or lower than the number of shares you owned before the conversion, depending on the NAV of the respective share classes.

At the discretion of the Trust's officers, the initial investment minimums and account size requirements noted for both classes of shares may be waived. Clients of GuideStone Personal Advisory Services, offered by GuideStone Advisors, LLC, an affiliate of the Trust and the Adviser, are not subject to Investor Class shares minimum requirements. A shareholder of one class of a Fund who is, or becomes eligible, for another class of that Fund may elect to convert shares of that class to shares of the other class based on the respective NAVs per share of each class. In addition, immediate family members sharing the same household who in the aggregate meet the minimum account size requirements for Institutional Class shares may request to purchase Institutional Class shares for their accounts or to have their accounts converted to Institutional Class shares. (For purposes hereof, your immediate family members are (as applicable): any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships. A person shares your household if he or she resides at the same address.) However, such conversions may not be made automatically. A conversion of shares between classes of the same Fund will not be considered as a taxable transaction for federal income tax purposes.

**Other Information**

**Escheatment Laws:** Certain states, including the state of Texas, have laws that allow shareholders to designate a representative to receive abandoned or unclaimed property ("escheatment") notification by completing and submitting a designation form that generally can be found on the official state website. If a shareholder resides in an applicable state, and elects to designate a

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representative to receive escheatment notifications, escheatment notices generally will be delivered as required by such state laws, including, as applicable, to both the shareholder and the designated representative. A completed designation form may be mailed to a Fund (if shares are held directly with a Fund) or to the shareholder's financial intermediary (if shares are not held directly with a Fund). Shareholders should refer to relevant state law for the shareholder's specific rights and responsibilities under his or her state's escheatment law(s), which can generally be found on the state's official website.

**Open an IRA or Other GuideStone Investment Account:** Shares of a Fund are available to eligible investors for purchase through IRAs, Roth IRAs and other GuideStone investment accounts. BNY Mellon Investment Servicing Trust Company serves as custodian of the IRAs. Eligible investors may also establish an account in the name of a trust established solely by one or more eligible investors and/or an account for a minor. Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts may provide special tax advantages. For more details and applications, call the Trust at 1-888-GS-FUNDS (1-888-473-8637).

**Participants in a Participant-Directed Employee Benefit Plan:** If you invest in the Funds in a participant-directed employee benefit plan through a financial intermediary, the minimum investment and account balance requirements may be different than those described in the section entitled "Summary of Other Important Fund Information" in this Prospectus, and you should contact your financial intermediary for this information. The policies and procedures of your financial intermediary, including minimum investments, may be different than those described herein. Your financial intermediary may require additional days to process contributions, withdrawals and other transactions, to the extent permitted by law.

**Transfer of Shares:** Shareholders of record of the Institutional Class shares of a Fund may transfer their shares to another person or entity (a) which is otherwise eligible to purchase the Institutional Class shares of a Fund and (b) which is, or will become upon such transfer, a shareholder of record of the Institutional Class shares of the Fund on the books of the transfer agent of the Funds. Shareholders of record of the Investor Class shares may transfer their shares to another person or entity which is, or will become upon such transfer, a shareholder of record of the Investor Class shares of the Fund on the books of the transfer agent of the Funds.

**Customer Identification**

A Fund (or a shareholder service provider acting on a Fund's behalf) seeks to obtain identification information for new accounts so that the identity of Fund investors can be verified consistent with regulatory requirements. A Fund may limit account activity until investor identification information can be verified. If a Fund is unable to obtain sufficient investor identification information such that the Fund may form a reasonable belief as to the true identity of an investor, the Fund may take further action including closing the account.

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**Transactions with the Funds**

The following transaction procedures do not apply to participant-directed employee benefit plans or accounts held through financial intermediaries. If you own shares of the Funds through one of the participant-directed employee benefit plans, you should consult your employer, your plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for proper instructions. If you own shares of the Funds through a financial intermediary, please contact your salesperson or financial intermediary for proper instructions.

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| | | |
|:---|:---|:---|
| **Method** | **Open an Account** | **Add to an Account** |
| **By Mail**<br>GuideStone Funds<br> P.O. Box 534446<br> Pittsburgh, PA 15253-4446<br>Overnight Delivery:<br> GuideStone Funds<br> Attention 534446<br> 500 Ross Street, 154 0520<br> Pittsburgh, PA 15262<br>| Complete and sign the application. Mail <br> it with your check made payable to <br> **GuideStone Funds.** Your initial <br> investment must meet the minimum <br> amount.<br>| Send in a check for the appropriate <br> minimum amount (or more). Make your <br> check payable to **GuideStone Funds.** <br> Always provide your account name and <br> number on the check or include the <br> detachable slip from your confirmation <br> statement.<br>|
| **By Telephone**<br>1-888-GS-FUNDS (1-888-473-8637) <br> Your account will automatically have <br> certain telephone privileges unless you <br> designate otherwise on your initial <br> application or complete an authorization <br> form, available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637). <br> When you call, we may request personal <br> identification and record your call.<br>| If you already have an account and have <br> authorized telephone transactions, you <br> may call to open an account in another <br> Fund in the Trust. You may direct us to <br> deduct an amount from your previously <br> authorized checking or savings account <br> or to exchange shares from your existing <br> Fund account into another Fund in the <br> Trust, or you may send us a wire. (For <br> exchanges, the names and addresses on <br> the accounts must be identical.) Your <br> initial investment in the new Fund in the <br> Trust must meet the minimum amount.<br>| You may make investments by telephone <br> (a minimum of $100 per established <br> Fund) if you have previously authorized <br> it. Once you call, we will deduct the <br> dollar amount you designate from your <br> previously authorized checking or <br> savings account. If you have <br> implemented GuideStone Advisors' <br> investment advice, minimum subsequent <br> purchase requirements do not apply.<br>|
| **By Wire**<br>The Bank of New York Mellon<br> ABA#: 011001234<br> DDA#: 0000734306<br> FBO: Shareholder Name, Fund Number <br> and Account Number<br>Note: Your bank may charge you a fee <br> for handling a wire transaction. The <br> Trust and its transfer agent are not <br> responsible for the efficiency of the <br> federal wire system or your bank.<br>| Call your bank with the wire instructions <br> shown to the left. The wire must be <br> received by 4:00 p.m. Eastern Time for <br> same day processing.<br>Please call 1-888-GS-FUNDS <br> (1-888-473-8637) for the account <br> number to include on the wire.<br>You must send a completed application <br> by overnight delivery in advance of the <br> wire to:<br> GuideStone Funds¹<br> (Designate the Fund)<br> Attention 534446<br> 500 Ross Street, 154 0520<br> Pittsburgh, PA 15262<br>| Call 1-888-GS-FUNDS<br> (1-888-473-8637) to notify us of the <br> wire. Call your bank with the wire <br> instructions shown to the left. The wire <br> must be received by 4:00 p.m. Eastern <br> Time for same day processing.<br>|

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| | | |
|:---|:---|:---|
| **Method** | **Open an Account** | **Add to an Account** |
| **Online**<br>*GuideStoneFunds.com*<br> Register through our website. You can <br> then establish a personal identification <br> number ("PIN") on our website that will <br> enable you to make transactions with the <br> Funds online.<br>| If you do not have an existing account, <br> you may open an account through our <br> website or download an application from <br> our website and forward your signed <br> application to: <br> GuideStone Funds<br> P.O. Box 534446<br> Pittsburgh, PA 15253-4446<br>Existing shareholders may open an <br> account in another Fund through our <br> website. You may instruct us to deduct <br> an amount from your previously <br> authorized checking account or to <br> exchange shares from your existing Fund <br> account into another Fund in the Trust. <br> (For exchanges, the names and addresses <br> on the accounts must be identical.) Your <br> initial investment in the new Fund must <br> meet the minimum amount.<br>| You may make additional investments <br> online if you have previously authorized <br> it. Once you place your order through <br> our website, we will deduct the dollar <br> amount you designate from your <br> previously authorized checking or <br> savings account.<br>|
| **Automatic Transaction Plans**<br>For each type of automatic transaction <br> plan, you must complete the appropriate <br> section on your initial application or <br> complete an authorization form, <br> available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637).<br>| Not applicable. | *Automatic Investment Plan:*<br> You may authorize automatic monthly or <br> quarterly investments in a constant dollar <br> amount (a minimum of $100 per <br> established Fund). We will withdraw the <br> designated dollar amount from your <br> checking account on the 5th or 20th day <br> (whichever you designate) of the month <br> beginning in the month you designate. <br> We will invest it into the Fund that you <br> have designated. If the 5th or the 20th of <br> the month does not fall on a business <br> day, we will withdraw the designated <br> dollar amount on the following business <br> day. If you have implemented <br> GuideStone Advisors' investment advice, <br> minimum subsequent purchase <br> requirements do not apply.<br>|

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The following transaction procedures do not apply to participant-directed employee benefit plans or accounts held through financial intermediaries. If you own shares of the Funds through one of the participant-directed employee benefit plans, you should consult your employer, your plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for proper instructions. If you own shares of the Funds through a financial intermediary, please contact your salesperson or financial intermediary for proper instructions. See "Redemption of Shares" on page 220 for information about the timing of redemption proceeds.

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| | | |
|:---|:---|:---|
| **Method** | **Redeem Shares** | **Exchange Shares** |
| **By Mail**<br>GuideStone Funds<br> P.O. Box 534446<br> Pittsburgh, PA 15253-4446<br>Overnight Delivery:<br> GuideStone Funds<br> Attention 534446<br> 500 Ross Street, 154 0520<br> Pittsburgh, PA 15262<br>| &nbsp;&nbsp;&nbsp; Send a letter of instruction that includes:<br>•The Fund name, your account number, <br> the name of each owner (exactly as <br> they appear on the account) and the <br> dollar amount you wish to redeem.<br>•Include all genuine signatures (exactly <br> as they appear on the account) and any <br> documents that may be required (and a <br> medallion signature guarantee, if <br> required). See "Medallion Signature <br> Guarantees."<br>| &nbsp;&nbsp;&nbsp; Send a letter of instruction that includes:<br>•Your account number, the name of <br> each owner (exactly as they appear on <br> the account), the dollar amount you <br> wish to exchange (a minimum of $250 <br> per established Fund) and the new <br> Fund into which the amount is being <br> invested.<br>•Include all genuine signatures (exactly <br> as they appear on the account) and any <br> documents that may be required.<br>|
| **By Telephone**<br>1-888-GS-FUNDS (1-888-473-8637) <br> Your account will automatically have <br> certain telephone privileges unless you <br> designate otherwise on your initial <br> application or complete an authorization <br> form, available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637). <br> When you call, we may request personal <br> identification and record your call.<br>| You will receive your redemption <br> payment in the form you previously <br> authorized: check, deposit to your bank <br> account or wire transfer (for wire <br> transfers, a fee of up to $40 may be <br> charged).<br>If you have previously authorized <br> telephone redemptions, you may redeem <br> shares by calling us ($25,000 per Fund <br> with a limit of $50,000 in the aggregate). <br> (IRAs only: You must make all requests <br> for redemptions in writing. Please call <br> 1-888-GS-FUNDS (1-888-473-8637) to <br> request a form.)<br>If you have changed your address, there <br> is a 10-day waiting period before a <br> withdrawal can be made by check. <br> Shares purchased by ACH may be <br> subject to a 60-day waiting period during <br> which such shares may only be <br> redeemed by ACH to the same bank <br> account from which the funds were <br> initially withdrawn.<br>| The names and addresses on the <br> accounts must be identical. Shares will <br> be exchanged into the same class.<br>If you have previously authorized <br> telephone exchanges, you may exchange <br> shares for shares of another Fund in the <br> Trust (a minimum of $250 per <br> established Fund) over the telephone. <br> The names and addresses on the <br> accounts must be identical. Shares will <br> be exchanged into the same class.<br>|
| **By Wire**<br>Note: Your bank may charge you a fee <br> for handling a wire transaction. The <br> Trust and its transfer agent are not <br> responsible for the efficiency of the <br> federal wire system or your bank.<br>| You may redeem shares by contacting us <br> by mail or by telephone and instructing <br> us to wire your proceeds to your bank <br> ($10,000 minimum). (Follow the <br> instructions in this table for how to <br> *Redeem Shares: By Mail, By Telephone* <br> *or Online.)* Wire redemptions can be <br> made only if you have previously <br> authorized it on an authorization form <br> (including attaching a voided check from <br> the account where proceeds are to be <br> wired), available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637). A <br> fee of up to $40 may be charged for wire <br> transfers.<br>| Not applicable. |

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| | | |
|:---|:---|:---|
| **Method** | **Redeem Shares** | **Exchange Shares** |
| **Online**<br>*GuideStoneFunds.com*<br> Register through our website. You can <br> then establish a personal identification <br> number ("PIN") on our website that will <br> enable you to make transactions with the <br> Funds online.<br>| You may redeem shares through our <br> website. You will receive your <br> redemption payment in the form you <br> previously authorized: check or deposit <br> to your bank account.<br>If you have changed your address, there <br> is a 10-day waiting period before a <br> withdrawal can be made by check. <br> Shares purchased by ACH may be <br> subject to a 60-day waiting period during <br> which such shares may only be <br> redeemed by ACH to the same bank <br> account from which the funds were <br> initially withdrawn. Such shares may not <br> be redeemed online during the 60-day <br> waiting period.<br>| You may exchange shares for shares of <br> another Fund in the Trust (a minimum of <br> $250 per established Fund) through our <br> website. The names and addresses on the <br> accounts must be identical. Shares will <br> be exchanged into the same class.<br>|
| **Automatic Transaction Plans**<br>You must complete the appropriate <br> section on your initial application or <br> complete an authorization form, <br> available upon request by calling <br> 1-888-GS-FUNDS (1-888-473-8637).<br>| *Systematic Withdrawal Plan:*<br> You may specify a percent of your <br> account or a dollar amount (a minimum <br> of $250 per established Fund) to be <br> withdrawn monthly, quarterly or <br> annually on the 25th of the month <br> beginning on the month you designate. If <br> the 25th does not fall on a business day, <br> we will process the withdrawal on the <br> previous business day. We reserve the <br> right to charge you for each withdrawal. <br> At the time you authorize the withdrawal <br> plan, you must have a minimum account <br> balance of $5,000. You must have all <br> dividends and other distributions <br> reinvested. We will continue the <br> withdrawals until your shares are gone or <br> you cancel the plan. You may cancel or <br> change your plan or redeem all your <br> shares at any time.<br>You will receive your redemption <br> payment in the form you previously <br> authorized: check or deposit to your <br> bank account.<br>| Not Applicable. |

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**More Shareholder Information**

**How Share Price is Calculated**

The Northern Trust Company ("Northern Trust") normally determines the NAV per share of each class of each Fund as of the close of regular trading on the New York Stock Exchange ("NYSE"), which is generally 4:00 p.m. Eastern Time on each day that the NYSE is open for trading or as such other times as the NYSE may officially close ("Business Day"). The price at which a purchase or redemption is effected is based on the next calculation of NAV after the order is placed. Fund shares will generally not be priced on any day the NYSE is closed for trading (*e.g*., market holidays). The Funds will also remain closed on days when the NYSE is closed and the Securities Industry and Financial Markets Association recommends that the bond markets remain open. The NAV for a class of shares of a Fund is determined by adding the pro rata portion of the total value of the Fund's investments, cash and other assets attributable to that class, deducting the pro rata portion of the Fund's liabilities attributable to that class and the liabilities directly attributable to that class, and then dividing that value by the total number of shares of the class outstanding. Since the NAV for each Fund is calculated separately by class, and since each class has its own expenses, the per share NAV of each Fund will vary by class.

Because the Target Date Funds and Target Risk Funds invest primarily in shares of the Select Funds, the price of each of these Funds' shares is based upon the NAV of the shares of those underlying investments. In turn, the NAV per share of each underlying investment is based upon the values of the obligations, stocks and other investments held by the underlying investment. Therefore, the price of a share of a Target Date Fund or a Target Risk Fund will fluctuate in relation to its asset allocation among the underlying investments and the value of the portfolio investments of the underlying investments.

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| | | |
|:---|:---|:---|
| **What is the Net Asset Value or "NAV"?** | **What is the Net Asset Value or "NAV"?** | **What is the Net Asset Value or "NAV"?** |
|  | NAV = | Assets – Liabilities |
|  | NAV = | Outstanding Shares |

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Because the Target Date Funds and Target Risk Funds invest primarily in shares of the Select Funds, the price of each of these Funds' shares is based upon the NAV of the shares of those underlying investments. In turn, the NAV per share of each Select Fund is based upon the values of the obligations, stocks and other investments held by the Select Fund. Therefore, the price of a share of a Target Date Fund or a Target Risk Fund will fluctuate in relation to its asset allocation among the Select Funds and the value of the portfolio investments of the Select Funds.

Each Fund, except the Money Market Fund, generally values its assets based upon official closing prices, market quotations or estimates of value provided by an independent pricing service as of the time as of which the Fund's share price is calculated. Assets that are denominated in foreign currencies are valued daily in U.S. dollars at the current foreign currency exchange rates. In certain cases, events that occur after certain markets have closed may render prices unreliable. Such events may include circumstances in which the value of the U.S. markets changes by a percentage deemed significant. When a Fund believes a market price does not reflect a security's true value, the Fund may substitute a fair value estimate through procedures established by, or under the direction of, the Board of Trustees. A Fund may also use these procedures to value securities that do not have a readily available current market value. Using fair value methods to price securities may result in a value that is different from the prices used by other mutual funds to calculate their NAVs. Each Fund is subject to the risk that it has valued certain of its securities at a higher price than it can sell them.

Northern Trust prices at amortized cost all instruments held by the Money Market Fund.

The Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Impact Bond Fund Strategic Alternatives Fund, Defensive Market Strategies Fund, Impact Equity Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may include portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Funds do not price their shares. The NAV for shares of the Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Impact Bond Fund, Strategic Alternatives Fund, Defensive Market Strategies Fund, Impact Equity Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may change on days when an investor will not be able to purchase or redeem shares.

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Investments by the Funds in other registered investment companies are valued based upon the NAV of those registered investment companies (which may use fair value pricing as discussed in their prospectuses).

The Board of Trustees has designated the Adviser as the valuation designee pursuant to Rule 2a-5. The Adviser, as the valuation designee, performs the fair value determinations relating to Fund investments, subject to oversight by the Board of Trustees. The Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a valuation committee to assist with its designated responsibilities as valuation designee.

**Purchase of Shares**

Fund shares are sold at NAV without a front-end sales load or a back-end sales load. Orders for the purchase of shares received in good order and accepted by the transfer agent or other authorized intermediary as of the close of regular trading on any Business Day will be executed the day they are received by either the transfer agent or other authorized intermediary, at the day's closing share price for the applicable Fund(s), provided that (1) the transfer agent receives payment as of the close of regular trading on the same Business Day; or (2) the requests are placed by a financial intermediary that has entered into a servicing agreement and payment in federal funds or other immediately available funds is received by the transfer agent by the close of the same Business Day or on the next Business Day, depending on the terms of the servicing agreement. Purchase requests received in good order by the transfer agent or other authorized intermediary on a non-Business Day or after the close of regular trading on a Business Day will be executed on the next Business Day, at that day's closing share price for the applicable Fund(s), provided that payment is made as noted previously. A fee may be assessed if you transact through a financial intermediary, broker or agent.

Your purchase will be made in full and fractional shares calculated to three decimal places. Certificates for shares are not issued. If your purchase order fails to designate a Fund, the purchase will be invested in the Money Market Fund.

The Funds reserve the right to suspend the offering of shares or to limit or reject any purchase or exchange order at any time, without notice. The Funds also reserve the right to waive or change investment minimums at any time, without notice. The Funds also reserve the right to redeem shares in any account and return the proceeds to the investor. These actions may be taken when, in the sole discretion of the Funds' management, they are deemed to be in the best interests of the Funds. The Funds will not accept any third party or foreign checks.

In accordance with the Trust's Trust Instrument, Guidestone Financial Resources will, at all times, directly or indirectly, own, control or hold the power to vote at least 60% of the outstanding shares of the Trust. The Trust shall refuse to accept any investment in any fund of the Trust, if, after such investment, Guidestone Financial Resources would not own control or hold with power to vote at least 60% of the outstanding shares of the Trust.

**Redemption of Shares**

Requests for the redemption of some or all of your shares received in good order by the transfer agent or other authorized intermediary as of the close of regular trading on any Business Day will be executed the day they are received by either the transfer agent or other authorized intermediary, at the day's closing share price for the applicable Fund(s). Redemption requests received in good order by the transfer agent or other authorized intermediary on a non-Business Day or after the close of regular trading on a Business Day will be executed on the next Business Day, at that day's closing share price for the applicable Fund(s), provided that payment is made as noted previously. A fee may be assessed if you transact through a financial intermediary, broker or agent.

A redemption of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a Tax-Advantaged Account. (Generally, gain or loss is not expected to be realized on a redemption of shares of the Money Market Fund, which seeks to maintain a stable $1.00 per share NAV.)

Redemption proceeds normally are wired or mailed within one business day after receiving timely request in proper form, but it may take up to seven days to make payment. Please see the "Redeem Shares" column in the "Transactions with the Funds" section, beginning on page 217, for the specific requirements per method for redeeming Fund shares. Depending upon the method of payment, the timing of when a shareholder will receive redemption proceeds can differ. Delivery of proceeds from

220 \| GuideStone Funds Prospectus

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shares purchased by check or pre-authorized automatic investment may be delayed until the funds have cleared, which may take up to 10 days. The Funds typically expect to meet redemption requests by paying out available cash or proceeds from selling portfolio holdings, which may include cash equivalent portfolio holdings. In stressed market conditions and other appropriate circumstances, redemption methods may include borrowing funds, utilizing its line of credit, or redeeming in kind. A Fund may stop selling its shares and postpone redemption payments at times (i) when the NYSE is closed (other than for customary weekend and holiday closings); (ii) when trading on the NYSE is restricted; (iii) when the SEC determines that an emergency exists so that disposal of the Fund's investments or determination of its NAV is not reasonably practicable; or (iv) by order of the SEC for protection of the Fund's shareholders.

The Money Market Fund may also suspend redemptions to facilitate orderly liquidation of the Fund pursuant to Rule 22e-3 under the 1940 Act. Redemption proceeds will only be sent in the form that you previously authorized. If you have authorized payment by check, the check will be sent to the shareholder and address of record.

**Checkwriting Option**

If you own shares of the Money Market Fund in a GuideStone investment account, you may draw money from your Money Market Fund account by writing a check of $250 or more. You must complete an authorization form, available upon request by calling 1-888-GS-FUNDS (1-888-473-8637). Before writing a check from your personal investment account, you should verify the balance in your Money Market Fund account to ensure there are adequate funds to cover the amount of the check. You may not write a check to close your account. Charges will be imposed for stop payment orders and returned checks. An appropriate amount of shares will be redeemed from your Money Market Fund account to pay for these charges.

Checkwriting privileges are not available for institutional accounts, intermediaries, tax-sheltered annuities or a Tax-Advantaged Account. Checkwriting privileges would result in significant, negative federal income tax consequences to a shareholder in a Tax-Advantaged Account.

**Request In Good Order**

All purchase, exchange and redemption requests must be received by the Funds or their transfer agent in good order. Requests in good order must include the following documents: (1) a letter of instruction, if required, signed by all registered owners of the shares in the exact names in which they are registered; (2) any required medallion signature guarantees (see the section entitled "Medallion Signature Guarantees" in this Prospectus); and (3) other supporting legal documents, if required, in the case of estates, trusts, guardianships, custodianships and other legal entities. You may call 1-888-GS-FUNDS (1-888-473-8637) for further details.

Written redemption requests also must include the Fund name, your account number and the dollar amount of the transaction. Purchase orders are not in good order until the Funds' transfer agent has received payment in federal funds.

If you are investing through an employee benefit plan, your employer, plan administrator or GuideStone Financial Resources, each has their own procedures for transmitting transaction orders and payments to the Funds' transfer agent on a timely basis and in good order. These procedures may require additional days to process contributions, withdrawals and other transactions, to the extent permitted by law.

**Medallion Signature Guarantees**

To protect shareholder accounts, the Funds and the transfer agent from fraud, medallion signature guarantees are required in certain cases. This enables the Funds to verify the identity of the person who has authorized a redemption from an account. A medallion signature guarantee will be required for any of the following:

For IRA and GuideStone Investment Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Any written redemption request for $50,000 or more.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Redemptions where the proceeds are to be sent to someone other than the registered shareholder(s) and the registered address.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Transfers into an account with a different registration (including a different name, address, taxpayer identification number or account type) from originating accounts that have an account balance of $50,000 or more.

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For Institutional Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Any written redemption request for $250,000 or more.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Redemptions where the proceeds are to be sent to someone other than the registered shareholder(s) and the registered address.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Transfers into an account with a different registration (including a different name, address, taxpayer identification number or account type) from originating accounts that have an account balance of $250,000 or more.

A notary public does not qualify as a medallion signature guarantee. You may obtain a medallion signature guarantee from a domestic bank or trust company, broker, dealer, clearing agency, savings association or other participating financial institution. The three recognized medallion programs are Securities Transfer Agents Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees from financial institutions that are not participating in one of these programs will not be accepted. You may call 1-888-GS-FUNDS (1-888-473-8637) for further details.

The Adviser reserves the right to waive the medallion signature guarantee requirement, provided it has obtained sufficient evidence to grant the waiver. Clients of an affiliate of the Funds may not be subject to the medallion signature guarantee requirement.

**Redeeming Recently Purchased Shares**

If you are redeeming shares that you recently purchased by check, the Funds may delay sending your redemption proceeds until your check has cleared. This may take up to 15 calendar days after your check is received. To avoid this delay, pay for your shares by federal funds wire transfer.

If you are redeeming shares that you recently purchased by ACH, those shares may be subject to a 60-day waiting period during which such shares may only be redeemed by ACH to the same bank account from which the funds were initially withdrawn. Such shares may not be redeemed online during the 60-day waiting period.

**Right to Redeem In Kind**

Under certain circumstances, the Funds may honor redemption requests of certain affiliated persons using portfolio securities or other assets ("redemptions in kind"). Specifically, redemptions in kind may be effected for redeeming shareholders who are considered "affiliated persons" of a Fund by virtue of controlling, being controlled by or under common control with the Adviser. The Board has adopted procedures for redemptions in kind of affiliated persons of a Fund, as described in the SAI.

**Purchases In Kind**

Each Fund may accept payment for shares in the form of securities that are permissible investments for the Fund from persons who are considered "affiliated persons" of the Fund by virtue of controlling, being controlled by or under common control with the Adviser. A Fund will not accept securities in exchange for shares of the Fund unless: (1) such securities are, at the time of the exchange, eligible to be included, or otherwise represented, in the Fund whose shares are to be issued; and (2) the affiliated person represents and agrees that all securities offered to be exchanged for shares of the Fund are not subject to any restrictions upon their sale by the portfolio under the Securities Act of 1933, or under the laws of the country in which the principal market for such securities exists, or otherwise.

**Account Statements**

Each shareholder's transactions in Fund shares will be reflected in a quarterly statement, except organizations that directly invest in an Institutional Class Account which receive monthly statements. If your Fund shares are held by a nominee or employee benefit plan, the nominee or employee benefit plan decides whether the statement will be sent to you and the frequency of those accounts statements, if applicable.

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**Exchanging Shares** 

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| |
|:---|
| **What is an exchange?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An exchange of shares of one Fund of the Trust for shares of another Fund of the Trust is really two transactions — a <br> redemption of shares of one Fund and the purchase of shares of another Fund. In general, the same policies that apply <br> to purchases and redemptions apply to exchanges. An exchange also has the same tax consequences as an ordinary <br> redemption.<br>|

---

An exchange of a Fund's shares is a taxable transaction on which you may recognize a gain or loss, unless you held the shares through a Tax-Advantaged Account. (Generally, gain or loss is not expected to be realized on a redemption of shares of the Money Market Fund, which seeks to maintain a stable $1.00 per share NAV.)

If you invest through an employee benefit plan, you may exchange shares of one Fund of the Trust for shares in one or more of the other Funds of the Trust provided exchanges are permitted under the employee benefit plan. Contact your employer, plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for more information.

If you invest in shares of a Fund through a financial intermediary, please contact your salesperson or financial intermediary for proper instructions to conduct an exchange. A fee may be assessed if you transact through a financial intermediary, broker or agent.

**Frequent Purchases and Redemptions**

Frequent purchases and redemptions of Fund shares by short-term traders present risks for other shareholders of the Funds, including, among other things, dilution in the value of Fund shares held by long-term shareholders, interference with the efficient management of the Funds' portfolios and increased brokerage and administrative costs. Market timing strategies often involve frequent purchases and sales of fund shares. For these reasons, among others, the Board of Trustees has adopted policies and procedures to discourage frequent purchases and redemptions of Fund shares by shareholders. Pursuant to these policies, the Funds do not accommodate frequent purchases and redemptions of Fund shares by shareholders. The Funds do not have any arrangements with any person to permit frequent purchases and redemptions. The Funds implement the following procedures to deter frequent purchases and redemptions of Fund shares by shareholders.

If, within a 60 calendar day period a shareholder redeems or exchanges out of a Fund, subsequently purchases or exchanges back into the same Fund, and then redeems or exchanges out of that Fund, the shareholder will not be permitted to transfer back into the Fund through a purchase or exchange for 90 calendar days. For purposes of this policy, the Funds may consider trading activity in multiple accounts under common control, influence or ownership together to the extent they can be identified.

*Exceptions.* These policies and procedures are not applied to the following transaction types:

<sup>•</sup>

Acquisitions of shares through the automatic reinvestment of dividends and other distributions;

<sup>•</sup>

Systematic purchases, exchanges and redemptions;

<sup>•</sup>

Redemptions of shares to return excess IRA contributions;

<sup>•</sup>

Certain transactions made within a retirement or employee benefit plan, such as payroll or employer contributions, rollovers, minimum required distributions, loans and loan repayments, hardship withdrawals, plan terminations or other transactions that are initiated by a party other than the plan participant;

<sup>•</sup>

Transactions initiated by a Fund (*e.g.,* for transactions due to a failure to meet applicable account minimums, trade corrections, share class conversions, mergers or liquidations);

<sup>•</sup>

Transactions in shares of the Money Market Fund;

<sup>•</sup>

Transactions made by model-based discretionary advisory accounts (including GuideStone Personal Advisory Services offered by GuideStone Advisors, LLC, an affiliate of the Funds and the Adviser); and

<sup>•</sup>

Transactions made by funds that invest in a Fund as part of an asset reallocation in accordance with their investment policies or in response to fund inflows and outflows.

GuideStone Funds Prospectus \| 223

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The Trust may exclude transactions below a certain dollar amount from monitoring and may change that dollar amount from time to time.

The Trust may waive the provisions of the foregoing with respect to any transaction if it is determined that no harm has or would occur to the Funds or their shareholders, and that the interests of the Funds or their shareholders have not and would not be subordinated to those of the Adviser or any of its affiliates. In making such a determination, the Trust may consider various factors, such as the amount, frequency and nature of trading activity. In determining whether a transaction is unlikely to be detrimental to a Fund, the Trust's officers will be required to make judgments that are inherently subjective and will depend on the specific facts and circumstances reasonably available to them. Such determinations will be made in a manner believed to be in the best interests of the Funds' shareholders.

*Accounts Held at Financial Intermediaries.* Fund shares may be held through an account carried by a financial intermediary with the Trust's transfer agent in which the transactions of two or more persons are combined and carried in the name of the financial intermediary, rather than designated separately (an "omnibus account"). The identity of individual investors whose purchase and redemption orders are aggregated through such omnibus accounts cannot ordinarily be tracked by the Trust on a regular basis. These financial intermediaries may not have the capability or may not be willing to apply the Trust's policies and procedures with respect to frequent purchases and redemptions. Although the Trust reviews trading activity at the omnibus account level for activity that indicates potential market timing or excessive trading activity, the Trust typically will not request or receive individual account data unless suspicious trading activity is identified. The Trust generally relies on financial intermediaries to monitor trading activity in omnibus accounts in good faith in accordance with their own policies or these policies and procedures.

If you own shares of a Fund through a financial intermediary, the frequent trading policy for that financial intermediary may be more or less restrictive than that described herein. Please contact your financial intermediary representative for more information on its frequent trading policy.

*Rights Reserved.* The Funds reserve the right to reject any purchase order, terminate the exchange privilege or liquidate the account of any shareholder that the Trust determines has engaged in frequent trading or market timing, regardless of whether the shareholder's activity violates these policies and procedures. Additionally, the Funds may, in their discretion, reject any purchase or exchange into a Fund from any individual(s) or institution(s) whose trading activity could disrupt the management of the Fund or dilute the value of the Fund's shares. Such Fund shareholders may be barred from future purchases of the Funds. Nothing herein shall be construed as to limit or restrict the Funds' right to reject a purchase or exchange request for any reason.

**Telephone and Online Transactions**

The Funds reserve the right to refuse a telephone redemption or online redemption request if the requester is unable to provide information, such as the: (1) account number; (2) name and address exactly as registered with us; or (3) the primary social security or other taxpayer identification number.

We are not responsible for any account losses due to fraud, so long as we have taken reasonable steps to verify the identity of the person making a telephone or online request. If you are invested other than through an employee benefit plan, your account will automatically have certain telephone privileges. If you invest through an IRA or GuideStone investment account, your account will automatically have certain telephone privileges. If you wish to remove the telephone redemption or online redemption option from your account, please notify us in writing. If you are redeeming shares you hold through an employee benefit plan or foundation, you may not have telephone or online privileges; contact your employer, your employee benefit plan administrator or GuideStone Financial Resources at 1-888-GS-FUNDS (1-888-473-8637) for information about how to redeem your shares.

The Funds reserve the right to terminate or limit the telephone or online redemption privilege at any time, without prior notice. If you experience difficulty reaching us by telephone or through our website, during periods of unusual market activity, contact us by regular or express mail.

You may also be asked to provide additional information in order for a Fund or its transfer agent to verify your identity in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations. In addition, a Fund reserves the right to involuntarily redeem an account in the case of: (i) actual or suspected threatening conduct

224 \| GuideStone Funds Prospectus

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or actual or suspected fraudulent, illegal or suspicious activity by the account owner or any other individual associated with the account; or (ii) the failure of the account owner to provide information to a Fund related to opening the accounts. Your shares will be sold at the NAV calculated on the day a Fund or its transfer agent closes your Fund position.

**Duplicate Mailing to Same Household**

We try to eliminate duplicate mailings to the same household. If two Fund shareholders, excluding shareholders invested through an employee benefit plan, have the same last name and address, we send just one shareholder report, instead of two. If you prefer separate reports, notify us by mail or telephone.

**Distributions** 

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| |
|:---|
| **What is net investment income?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income generally consists of interest and dividends a Fund earns on its investments less accrued <br> expenses.<br>|

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Each of the Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund and Impact Bond Fund declares and pays dividends from its net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. Each of the Defensive Market Strategies Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Index Fund, Value Equity Fund, Growth Equity Index Fund and Growth Equity Fund declares and pays dividends from its net investment income semi-annually. Each of the other Funds (including all the Target Date Funds and Target Risk Funds) declares and pays dividends from its net investment income annually. Each Fund also distributes to its shareholders at least annually any realized net capital gains and net gains, if any, from certain foreign currency transactions. It is expected that the distributions by the Money Market Fund and Low-Duration Bond Fund will consist primarily of ordinary income.

In the unlikely event that the Money Market Fund's yield is less than 0.00% (*i.e.,* is negative), the Fund may distribute that negative yield by cancelling shares in shareholder accounts through the use of a reverse distribution mechanism ("RDM"). This would offset the daily negative yield accrued (*i.e.,* a decline in the Fund's net assets) by reducing the number of Fund shares outstanding. This process would allow the Fund to maintain a constant NAV per share, *i.e.,* $1.00. The Fund would allocate the reduction in shares outstanding pro rata across all eligible shareholder accounts by posting a share redemption/cancellation transaction to each shareholder's account based on the daily negative yield factor per share.

Distributions are payable to shareholders of record at the time they are declared. Shareholders of record include holders of shares being purchased, but exclude holders of shares being redeemed, on the record date. Your distributions will automatically be reinvested in additional Fund shares, unless you elect to receive your distributions in cash. You may not elect cash distributions for a Tax-Advantaged Account.

**Financial Intermediaries**

On behalf of the Trust, certain institutions acting as financial intermediaries may be authorized to accept purchase, redemption and exchange orders from their customers on behalf of the Funds. These authorized intermediaries also may designate other intermediaries to accept such orders, if approved on behalf of the Trust. A Fund will be deemed to have received an order when the order is accepted by the authorized intermediary, and the order will be priced at the Fund's per share NAV next determined, provided that the authorized intermediary forwards the order (and payment for any purchase order) to the transfer agent on behalf of the Trust within agreed-upon time periods. If the order (or payment for any purchase order) is not received by the transfer agent within such time periods, the authorized intermediary may be liable for fees and losses and the transactions may be cancelled. For these and other support services, a fee may be received. For more information, see the section entitled "Shareholder Servicing Arrangements" in this Prospectus.

The Adviser also may provide compensation to certain dealers and other financial intermediaries, including affiliates of the Adviser, for marketing and distribution in connection with the Trust. The Adviser or its affiliates may also sponsor informational meetings, seminars and other similar programs designed to market the Trust. The amount of such compensation and payments may be made on a one-time and/or periodic basis, and may represent all or a portion of the annual fees earned by the Adviser (after adjustments). The additional compensation and payments will be paid by the Adviser or its affiliates and will not represent an additional expense to the Trust or its shareholders. Such payments may provide incentives for financial

GuideStone Funds Prospectus \| 225

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intermediaries to make shares of the Funds available to their customers and may allow the Funds greater access to such parties and their customers than would be the case if no payments were paid.

Investors purchasing shares of a Fund through a financial intermediary should read their account agreements with the financial intermediary carefully. A financial intermediary's requirements may differ from those listed in this Prospectus. A financial intermediary may also impose account charges, such as asset allocation fees, account maintenance fees and other charges that will reduce the net return on an investment in a Fund. If an investor has agreed with a particular financial intermediary to maintain a minimum balance and the balance falls below this minimum, the investor may be required to redeem all or a portion of the investor's investment in a Fund.

**Portfolio Holdings**

Each Fund (except the Money Market Fund) publishes on the Funds' website (*GuideStoneFunds.com*) complete portfolio holdings for the Fund as of the end of each fiscal quarter, subject to a 15 calendar-day lag between the date of the information and the date on which the information is disclosed. The Funds may however, at their discretion, publish these holdings earlier than 15 calendar days, if deemed necessary by the Funds. In addition, the Funds may publish on their website quarter-end portfolio characteristics data subject to a 15 calendar-day lag between the date of the information and the date on which the information is disclosed. This information will be available on the website at least until the date on which a Fund files its next portfolio holdings report on Form N-CSR or Form N-PORT (except with respect to the Money Market Fund) with the SEC and files monthly portfolio holdings reports on Form N-MFP with the SEC. The Money Market Fund publishes its complete schedule of portfolio holdings on a monthly basis on the Funds' website. In addition, a description of the Funds' policies and procedures with respect to the disclosure of their portfolio holdings is available in their SAI and on the Funds' website at *GuideStoneFunds.com*.

**Taxes**

This section only summarizes some important federal income tax considerations that may affect your investment in a Fund. If you invest in a Fund through a Tax-Advantaged Account, special tax rules apply. You are urged to consult your tax adviser regarding the effects of an investment in a Fund on your tax situation.

*Federal Income Tax.* As long as a Fund meets the requirements for being treated as a "regulated investment company" under the Code, which each Fund has done since inception and intends to continue to do, it pays no federal income tax on the net earnings and net realized gains it distributes to its shareholders. Each Fund will notify you following the end of each calendar year of the amount of dividends and other distributions paid to you that year.

If you are a taxable investor, dividends and distributions that you receive from the Funds are subject to federal income tax whether reinvested in additional Fund shares or received in cash. Dividends from net investment income and distributions from the excess of net short-term capital gain over net long-term capital loss that you receive from a Fund generally are taxable to you as ordinary income. The Funds' dividends attributable to their "qualified dividend income" (*i.e.*, dividends received on stock of most domestic and certain foreign corporations with respect to which the Funds satisfy certain holding period and other restrictions) and reported by the Funds as such, generally will be subject to federal income tax for individual and certain other non-corporate shareholders at capital gain tax rates (generally, a maximum of 20% depending on a shareholder's filing status and taxable income). A Fund's distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are taxable to you as long-term capital gain, regardless of the length of time you have held your shares.

Unless you invest through a Tax-Advantaged Account, you should be aware that if you purchase Fund shares shortly before the record date for any dividend or other distribution, you will pay the full price for the shares and will receive some portion of the price back as a taxable distribution. You can avoid this situation by waiting to invest until after the record date for the distribution.

A redemption or exchange of your Fund shares is a taxable event for you. Depending on the redemption price of the shares you redeem or exchange, you may have a taxable gain or loss on the transaction. You are responsible for any tax liability generated by your transactions. The exception, once again, is a Tax-Advantaged Account. (Generally, gain or loss is not expected to be realized on a redemption of shares of the Money Market Fund, which seeks to maintain a stable $1.00 per share NAV.)

226 \| GuideStone Funds Prospectus

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An individual is required to pay a 3.8% federal tax on the lesser of (1) the individual's "net investment income," which generally will include dividends and other distributions a Fund pays and gains recognized from the redemption or exchange of Fund shares, or (2) the excess of the individual's "modified adjusted gross income" over $200,000 for single taxpayers ($250,000 for married persons filing jointly). This tax is in addition to any other taxes due on that income. A similar tax applies to estates and trusts. Shareholders should consult their own tax advisers regarding the effect, if any, this provision may have on their investment in Fund shares.

*Basis Reporting and Election.* The Funds (or their administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to Fund shareholders basis and holding period information for redeemed Fund shares (including those redeemed as part of an exchange) purchased on or after January 1, 2012 ("Covered Shares"). The Funds will permit shareholders to elect from among several IRS-accepted basis determination methods, including average basis. In the absence of an election by a shareholder, a Fund will use the average basis method with respect to that shareholder's Covered Shares. The basis determination method a shareholder elects may not be changed with respect to a redemption or exchange of shares after the settlement date of the redemption. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted basis determination method for their tax situation and to obtain more information about how the basis reporting rules apply to them.

*Backup Withholding.* By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your shares. The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and Local Income Taxes.* You should consult a tax adviser concerning state and local tax laws, which may produce different consequences from those under the federal income tax law.

**Additional Information**

The Board of Trustees oversees generally the operations of the Funds. The Trust enters into contractual arrangements with various parties, including among others, the Adviser, Sub-Advisers, custodian, transfer agent and accountants, who provide services to the Funds. Shareholders are not parties to any such contractual arrangements, and those contractual arrangements are not intended to create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This Prospectus provides information concerning the Funds that you should consider in deciding whether to purchase Fund shares. Neither this Prospectus nor the SAI is intended, nor should be read, to be or create an arrangement, or contract between the Trust or a Fund and any investor, or to create any rights in a shareholder or other person other than any rights under federal or state law that may not be waived.

GuideStone Funds Prospectus \| 227

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**Shareholder Servicing Arrangements**

Shares of the Funds are sold without a front-end sales load or a back-end sales load on a continuous basis by Foreside Funds Distributors LLC, located at Three Canal Plaza Suite 100, Portland, ME 04101 (the "Underwriter"). The Board of Trustees has adopted a separate Shareholder Service Plan for the Investor Class ("Service Plan").

Under its Service Plan, the Investor Class is authorized to pay shareholder servicing fees of 0.25% of average daily net assets. Shareholder servicing fees are paid to parties that provide services for, and maintain records for, shareholder accounts. The Funds may pay up to the entire amount of the shareholder service fee to GuideStone Financial Resources, GuideStone Resource Management, Inc. and/or unaffiliated service providers who provide these services to the Funds.

Because these fees are paid out of the Funds' assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

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| |
|:---|
| **What are service fees?** |
| Service fees are deducted from fund assets to pay for services in connection with maintaining shareholder accounts. |

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228 \| GuideStone Funds Prospectus

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**Financial Highlights**

The financial highlights table is intended to help you understand the financial performance of the Institutional Class and Investor Class of each Fund for the past five years or, if shorter, for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and other distributions). This information has been audited by [ ], the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the annual report, which is available upon request.

No financial highlights are presented for the Impact Bond Fund and Impact Equity Fund because both Funds commenced operations on January 27, 2023.

**[UPDATED FINANCIAL HIGHLIGHTS TO BE INSERTED IN 485(b)]**

GuideStone Funds Prospectus \| 229

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**Glossary**

**30-Day SEC Yield** — A standardized measure of yield for a mutual fund. The calculation is based on a 30-day period ending on the last day of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

**Acquired Fund Fees and Expenses** — Fees and expenses attributable to any company in which a mutual fund invests or has invested during the relevant fiscal period that (a) is an investment company or (b) would be an investment company under Section 3(a) of the 1940 Act, as amended. In the event the fees and expenses incurred indirectly by a mutual fund as a result of investment in shares of one or more acquired funds do not exceed 0.01% of the average net assets of that mutual fund, the mutual fund may include these fees and expenses under the sub-caption "Other expenses" in the mutual fund's fee table. Total annual fund operating expenses reflected in a mutual fund's fee table may not correlate to the ratio of expenses to average net assets reported in a mutual fund's financial highlights table, which reflects the operating expenses of a mutual fund and does not include Acquired Fund Fees and Expenses.

**Active Management** — A style of investment management where the portfolio manager actively makes investment decisions and initiates buying and selling of securities in an effort to maximize return. It is the opposite of passive management, where the portfolio manager oversees a static portfolio structured to match the performance of a selected part of the market or index.

**American Depositary Receipt ("ADR")** — Receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying foreign securities. ADRs are denominated in U.S. dollars and are publicly traded on exchanges or over-the-counter markets in the U.S.

**Amortized Cost** — This method involves valuing securities at their cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates on the market value of the security. This accounting method is used for the Money Market Fund.

**Annualize** — To convert to an annual basis. The expression of a rate of return over periods other than one year converted to annual terms. For example, a cumulative return of 21% over two years would convert into an annualized return of 10% per annum, even though each annual return may have looked nothing like 10%. For example, if an investment earned -2% in year one and 23.5% in year two, the compound annual return would be 10%.

**Asset-Backed Securities** — Securities backed by mortgages, installment contracts, credit card receivables or other financial assets. These securities represent interest in "pools" of assets in which payments of both interest and principal on the securities are made periodically.

**Average Maturity** — The average length of time on which the principal of a bond in a bond fund must be repaid.

**Basis Point** — One basis point is 0.01%, or 1/100 of a percentage point. Thus 100 basis points equal 1% percent.

**Below-Investment Grade Bond (High Yield or Junk Bonds)** — A bond that has a credit rating of BB category or lower and that pays a higher yield to compensate for the greater credit risk.

**Benchmark** — Any basis of measurement, such as an index, that is used by an investment manager as a yardstick to assess the risk and performance of a portfolio. For example, the S&P 500<sup>®</sup> Index is a commonly used benchmark for U.S. large-cap equity portfolios.

**Capital Gain/Loss** — A realized gain or loss calculated at the time of sale or maturity of any capital asset. Refers to the profit or loss attributable to the difference between the purchase and sale price.

**Commercial Paper** — The security is a short-term, unsecured promissory note issued in the public market as an obligation of the issuing entity. The maturity of commercial paper is typically less than 270 days.

**Commodities** — Commodities are raw materials or agricultural products such as sugar, corn, gold or oil, among many others. Commodities may be grouped into different classifications for regulatory purposes, such as energy, agricultural (including

230 \| GuideStone Funds Prospectus

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livestock), precious metals, industrial metals, among many others. Additionally, a commodity is all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in, such as financial instruments. Investments in the commodities markets can include direct physical trading in the form of spot transactions and derivatives trading in the form of futures and options on futures.

**Concentration Risk** — Risk associated with a relatively high exposure to a certain security position, sector, industry and/or country.

**Correlation** — The statistical measure which indicates the tendency of two variables moving together.

**Credit Quality** — A measure that reflects the rating assigned by S&P Global Ratings, Moody's Investors Service, Inc. or Fitch, Inc./Fitch Ratings Ltd. to fixed income securities. It rates the issuing entity's capacity to meet the repayment terms of the security. Bonds issued and backed by the federal government are of the highest quality and are considered superior to bonds rated AAA category, which is the highest possible rating a corporate bond can receive. Investment quality ratings include AAA category, AA category, A category, and BBB category. Bonds rated BB category or lower are considered high yield or junk bonds.

**Credit Ratings** — See Credit Quality.

**Credit Risk** — A risk that an issuer may default on its securities causing a loss to the debt holder.

**Currency Exchange Rate** — A quotation used to indicate the value of a foreign currency relative to one unit of local currency.

**Currency Risk** — Foreign investments bear the risk of the local market and the foreign exchange rate. Risk associated with exposure to a certain currency that declines in value. Changes in currency exchange rates relative to the U.S. dollar may negatively affect the value of foreign investments.

**Current Income** — Money that is received on an ongoing basis from investments in the form of dividends, interest, rents or other income sources.

**Default Risk** — Risk that an issuer will be unable to timely meet interest and principal payments.

**Deflation** — Deflation is a decrease in the general price level of goods and services. Deflation may be caused by a reduction in the supply of money or credit, or by a decrease in government, personal or investment spending.

**Developed Markets** — Financial markets in countries with developed economies. Examples include, but are not limited to, the United States, United Kingdom, Germany, France and Japan.

**Dividend** — Earnings distributed to shareholders. Mutual fund dividends are paid out of income from a fund's investments.

**Dividend Yield** — Yield is determined by dividing the amount of annual dividends per share by the current market price per share of stock.

**Downgraded** — The act of lowering the credit rating of a fixed income instrument.

**Effective Duration** — A calculation that measures the price sensitivity of a bond or a bond fund to changes in interest rates taking into account embedded options and floating interest rates.

**Emerging Markets** — Financial markets in countries with developing economies, where industrialization has commenced and the economy has linkages with the global economy. Generally, emerging markets are located in Latin America, Eastern Europe and Asia (excluding Japan). Investing in emerging markets involves even greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability.

**Equity** — Represents ownership interest possessed by shareholders in a corporation. Synonymous with stock.

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**Exchange-Traded Funds ("ETFs")** — ETFs are open-end investment companies (or unit investment trusts) whose shares are listed for trading on a national securities exchange or the NASDAQ National Market System.

**Expense Ratio** — Expressed as a percentage, provides the investor the total cost for fund operating expenses and management fees.

**Federal Deposit Insurance Corporation (FDIC)** — Federal agency established in 1933 that guarantees (within limits) funds on deposit in member banks and thrift institutions and performs other functions to facilitate mergers or prevent failures.

**Fixed Income Securities** — A security that pays a fixed-rate of return. Usually refers to government, corporate or municipal bonds, which pay a fixed-rate of interest until the bonds mature, and to preferred stock, paying a fixed dividend.

**Foreign Issuers** — Securities of foreign issuers may be negatively affected by political events, economic conditions or inefficient, illiquid or unregulated foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards, which may increase investment risk.

**Forward Contracts** — A privately negotiated contract permitting the holder to purchase or sell a specified amount of a financial instrument or foreign currency on a predetermined future date at a predetermined price.

**Frontier Markets —** A subset of emerging market countries that are investable but may have lower market capitalization and liquidity and may be more politically unstable than the more developed emerging markets.

**Futures Contracts** — A standardized agreement to buy or sell a specified amount of a financial instrument, such as a U.S. Treasury security, an equity security or foreign currency, or good at a particular price on a stipulated future date. The price is established on an organized exchange and the potential gain/loss is realized each day (marking to market). Interest rate futures contracts are a type of financial futures contract that calls for the future delivery of U.S. government securities or index-based futures contracts. The value of interest rate futures contracts changes in response to changes in the value of the underlying security or index, which depends primarily on prevailing interest rates.

**Global Depositary Receipt ("GDR")** — Receipt for shares in a foreign based corporation traded in capital markets around the world. While ADRs permit foreign corporations to offer shares to American citizens, GDRs allow companies in Europe, Asia, the U.S. and Latin America to offer shares in many markets around the world.

**Hedging** — The practice of undertaking one investment activity in order to protect against losses in another.

**Illiquid Securities** — A security that cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. For the Money Market Fund, illiquid security means a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Money Market Fund.

**Impact Investing** — An investment approach intentionally seeking to have a positive impact alongside financial returns.

**Indirect Fees and Expenses** — Fees and expenses borne indirectly by a mutual fund shareholder through his/her investment in a mutual fund that owns acquired funds.

**Inflation** — The rate at which the general level of prices for goods and services rises, and correspondingly, purchasing power falls.

**Inflation-Protected Bonds** — Fixed income instruments whose principal and/or interest is adjusted periodically for inflation. Inflation-protected bonds are also known as inflation-indexed bonds.

**Interest** — Cost of using money, expressed as a rate per period of time, usually one year, in which case it is called an annual rate of interest.

232 \| GuideStone Funds Prospectus

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**Interest Rate Floors and Caps —** The purchase of an interest rate floor or cap entitles the purchaser to receive payments of interest on a notional principal amount from the seller, to the extent the specified index falls below (floor) or exceeds (cap) a predetermined interest rate.

**Interest Rate Risk** — Risk that changes in interest rates will adversely affect the value of an investor's securities portfolio. When interest rates rise, the market value of fixed income contracts (such as bonds) declines. Similarly, when interest rates decline, the market value of fixed income contracts increases.

**International Equity Securities** — Investments in non-U.S. stocks or equity securities.

**Investment Grade Bond** — See Credit Quality.

**Maturity** — The date at which a debt instrument is due and payable.

**Micro-Cap Companies** — Micro-cap companies have market capitalizations that are less than those of small capitalization companies and may involve greater risk and be more volatile and less liquid than an investment in a larger company. Micro-cap companies generally are more sensitive to adverse business and economic conditions than larger, more established companies. Micro-cap companies may have limited financial resources, management experience and market diversification.

**Money Market Instruments** — Such instruments include high quality, short-term debt instruments. Among other quality requirements, a money market instrument must mature in 397 days or less.

**Natural Resources** — Natural resources are materials that are derived from the environment. Natural resources generally include, but are not limited to: energy (such as oil and other fossil fuels), alternative energy (such as uranium, coal, hydrogen, wind, solar and fuel cells), industrial products (such as building materials, cement, packaging, chemicals, supporting transport and machinery), forest products (such as lumber, plywood, pulp, paper, newsprint and tissue), base metals (such as aluminum, copper, nickel, zinc, iron ore and steel), precious metals and minerals (such as gold, silver, platinum and diamonds), and agricultural products (grains and other foods, seeds, fertilizers and water).

**Net Asset Value ("NAV")** — The market value of a fund share. For the Funds, this value is net of all expenses. For each Fund other than the Money Market Fund, the NAV is calculated after the close of the exchanges and markets each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting liabilities, then dividing the result (total net assets) by the total number of shares outstanding. The Money Market Fund's NAV is calculated using the amortized cost method of valuation.

**Options** — An instrument that provides for an investor to initiate a purchase and/or sell transaction. An owner of a call (put) option has the right to purchase (sell) the underlying security at a specified price, and this right lasts until a specified date. There are several different types of options, which may include interest rate options, yield curve options and options on mortgage-backed securities. Interest rate options are a type of option that provides the owner the right to purchase or sell U.S. government securities or index-based options. Yield curve options and options on stock indexes provide the holder with the right to make or receive a cash settlement upon exercise of the option. Options on mortgage-backed securities entitle the holder to purchase or sell mortgage-backed securities, which are fixed income investments that generate interest revenue through pools of home loan mortgages.

**Passive Management** — A style of investment management that seeks to attain performance equal to the market or a particular index. In pure index funds, no judgments are made about future market movements, although more sophisticated managers usually offer tilted portfolios.

**Political Risk** — Risk associated with uncertain political environments when investing in foreign securities. Political risks tend to be greater in emerging markets relative to developed markets.

**Prepayment Risk** — Prepayment is the activity of repaying principal prior to its stated maturity date. Prepayments of certain fixed income securities, such as mortgage-backed securities, are subject to prepayment risk. Prepayments generally increase when interest rates fall, resulting in a risk that principal is reinvested at lower interest rates.

GuideStone Funds Prospectus \| 233

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**Price-to-Book ("P/B") Ratio** — The weighted average of the P/B ratios of all the stocks in a fund's portfolio. Generally, a high P/B ratio indicates the price of the stock exceeds the actual worth of the company's assets, while a low P/B ratio indicates the stock is relatively cheap.

**Price-to-earnings ("P/E") Ratio** — A stock's market price divided by its current or estimated future earnings per share. A fundamental measure of the attractiveness of a particular security versus all other securities as determined by the investing public. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting. The lower the ratio relative to the average of the stock market, the lower the (market's) profit growth expectations.

**Principal** — Face amount of a debt instrument on which interest is either owed or earned.

**Real Estate Investment Trust ("REIT")** — A REIT is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interests. REITs are not subject to federal income tax on net income and net realized gains that are distributed to shareholders, provided they comply with certain requirements of the Code.

REITs are generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest the majority of their assets directly in real property, derive their income primarily from rents and can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs.

**Real Return** — An inflation-adjusted return, that is total return reduced by the expected impact of inflation. It is the return that when compounded with inflation gives the nominal return for the same security.

**Record Date** — Date on which a shareholder must officially own shares in order to be entitled to a dividend.

**Rule 2a-7** — Rule under the Investment Company Act of 1940, as amended, which allows for the use of the amortized cost method of accounting for government money market funds and retail money market funds as long as the portfolio complies with the requirements of Rule 2a-7, including parameters related to credit quality, security type, liquidity and maturity. The Money Market Fund is a government money market fund that adheres to the requirements of Rule 2a-7.

**Securities Lending** — A program of lending eligible securities from the portfolios to approved borrowers in return for a fee.

**Select Funds** — GuideStone Funds that directly invest in different types of fixed income securities, equity securities or other investments to meet their respective investment objectives. Eighteen (11 equity, four bond, one real assets, one alternative and one money market) separate Select Funds are offered through GuideStone Funds. The majority of the Select Funds use a multi-manager approach by combining different investment management firms (Sub-Advisers) within a single Select Fund.

**Standard Deviation** — A statistical measurement of distribution around an average, which depicts how widely returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the most likely range of returns. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility.

**Swap Agreements** — An agreement between two or more parties to exchange sets of cash flows over a period in the future. Basic types of swaps are interest rate swaps, credit default swaps, currency swaps and total return swaps. Interest rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. A credit default swap is a type of insurance against default by an issuer where the owner of the protection pays an annual premium to the seller of the protection for the right to sell a bond equivalent to the amount of the swap in the event of a default on the bond. Currency swaps involve the exchange of the rights of a fund and another party to make or receive payments in specific currencies. In a total return swap, one party makes payments based on a set rate, while the other party makes payments based on the return of an underlying asset, e.g. on equity or bond index.

**Swaption** — An option to enter into a previously agreed upon swap agreement on a future date pursuant to the terms of the swaption.

234 \| GuideStone Funds Prospectus

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**Total Return** — Return on an investment including both appreciation/(depreciation) and interest or dividends.

**Transfer Agent** — The agent that processes and records purchases and sales of Fund shares for all classes. BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent for the Funds.

**Turnover** — Statistical ratio measuring the amount of transactions within a portfolio over a given time period.

**Weighted Average Life Maturity** — Weighted average life portfolio maturity is measured without reference to any Rule 2a-7 provision that otherwise would permit the Money Market Fund to shorten the maturity of an adjustable-rate security by reference to its interest rate reset dates.

**Weighted Average Market Cap** — The weighted average is computed by weighing each company's market capitalization by the market value of the securities in the fund. Market capitalization is found by multiplying the number of outstanding shares of stock for a company by the current market price of those shares.

**Weighted Average Maturity** — The weighted average is computed by weighing each security's maturity date by the market value of the security in the Money Market Fund.

**Yield Curve** — A visual representation of the term structure of interest rates by plotting the yields of all bonds of the same quality within maturities ranging from the shortest to the longest available. It shows the relationship between bond yields and maturity lengths. A normal or positive yield curve signifies higher interest rates for long-term investment, while a negative or downward curve indicates higher short-term rates.

**Yield Spreads** — A difference in yield between various issues of securities.

**Yield to Maturity** — The yield provided by a bond that is held to its maturity date, taking into account both interest payments and realized capital gains or losses.

GuideStone Funds Prospectus \| 235

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**For More Information** 

**You can learn more about the Funds by requesting the following free documents:** 

***Statement of Additional Information* ("SAI"):** Provides additional information about the Funds' policies, investment restrictions, risks and business structure. The SAI is incorporated by reference into this Prospectus (*i.e.,* is legally considered a part of this *Prospectus*).

***Annual/Semi-Annual Reports to Shareholders:*** Contains performance data and information on portfolio holdings for the last completed fiscal year or half year. The *Annual Report* also contains the auditor's report and a discussion by management of the market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year.

If you have questions, need information about your account or would like to request these free documents, contact your employer, your plan administrator or GuideStone® by phone at **1-888-GS-FUNDS** (1-888-473-8637) from 7 a.m. to 6 p.m. CT, Monday through Friday or by mail at:

**GuideStone Funds** <br>**5005 Lyndon B. Johnson Freeway, Suite 2200** <br>**Dallas, TX 75244-6152** 

Visit our website at *GuideStoneFunds.com* to access the *Prospectus, SAI* and *Annual/Semi-Annual Reports to Shareholders*.

If you invest in shares of a Fund through a financial intermediary, please contact your salesperson or financial intermediary if you have questions, or need additional information about your account or would like to request these free documents.

You may also get free copies by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Accessing them on the EDGAR Database on the SEC's website — <br>*http://www.sec.gov.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Requesting copies (you will be charged a duplicating fee) via electronic request by emailing *publicinfo@sec.gov.*![](g696065botprism.gif)

![](g696065lgwhttxt.gif)

Funds distributed by Foreside Funds Distributors LLC <br>Three Canal Plaza Suite 100, Portland, ME 04101

**1-888-GS-FUNDS** (1-888-473-8637)

***GuideStoneFunds.com*** 

5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

811-10263© 2022 GuideStone Funds® 2318 [05/23]

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![](g677134topprismbw_2.jpg)

![](g677134lgwhttxtbw.gif)

**Statement of Additional Information (SAI)** 

**[May 1, 2023]** <br>

---

| | | |
|:---|:---|:---|
|  | **INSTITUTIONAL** | **INVESTOR** |
| **TARGET DATE FUNDS** | **TARGET DATE FUNDS** | **TARGET DATE FUNDS** |
| MyDestination 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMTYX | &nbsp;&nbsp;&nbsp;&nbsp; GMTZX |
| MyDestination 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMWYX | &nbsp;&nbsp;&nbsp;&nbsp; GMWZX |
| MyDestination 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMHYX | &nbsp;&nbsp;&nbsp;&nbsp; GMHZX |
| MyDestination 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMYYX | &nbsp;&nbsp;&nbsp;&nbsp; GMFZX |
| MyDestination 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMGYX | &nbsp;&nbsp;&nbsp;&nbsp; GMGZX |
| <br>**TARGET RISK FUNDS** | <br>**TARGET RISK FUNDS** | <br>**TARGET RISK FUNDS** |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GCAYX | &nbsp;&nbsp;&nbsp;&nbsp; GFIZX |
| Balanced Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GBAYX | &nbsp;&nbsp;&nbsp;&nbsp; GGIZX |
| Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGRYX | &nbsp;&nbsp;&nbsp;&nbsp; GCOZX |
| Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GAGYX | &nbsp;&nbsp;&nbsp;&nbsp; GGBZX |
| <br>**SELECT FUNDS** | <br>**SELECT FUNDS** | <br>**SELECT FUNDS** |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMYXX | &nbsp;&nbsp;&nbsp;&nbsp; GMZXX |
| Low-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GLDYX | &nbsp;&nbsp;&nbsp;&nbsp; GLDZX |
| Medium-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMDYX | &nbsp;&nbsp;&nbsp;&nbsp; GMDZX |
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGBEX | &nbsp;&nbsp;&nbsp;&nbsp; GGBFX |
| Strategic Alternatives Fund | &nbsp;&nbsp;&nbsp;&nbsp; GFSYX | &nbsp;&nbsp;&nbsp;&nbsp; GFSZX |
| *Defensive Market Strategies*® Fund | &nbsp;&nbsp;&nbsp;&nbsp; GDMYX | &nbsp;&nbsp;&nbsp;&nbsp; GDMZX |
| Impact Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMBYX | &nbsp;&nbsp;&nbsp;&nbsp; GMBZX |
| Impact Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMEYX | &nbsp;&nbsp;&nbsp;&nbsp; GMEZX |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEQYX | &nbsp;&nbsp;&nbsp;&nbsp; GEQZX |
| Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; GREYX | &nbsp;&nbsp;&nbsp;&nbsp; GREZX |
| Value Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GVIYX | &nbsp;&nbsp;&nbsp;&nbsp; GVIZX |
| Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GVEYX | &nbsp;&nbsp;&nbsp;&nbsp; GVEZX |
| Growth Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEIYX | &nbsp;&nbsp;&nbsp;&nbsp; GEIZX |
| Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGEYX | &nbsp;&nbsp;&nbsp;&nbsp; GGEZX |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GSCYX | &nbsp;&nbsp;&nbsp;&nbsp; GSCZX |
| International Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GIIYX | &nbsp;&nbsp;&nbsp;&nbsp; GIIZX |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GIEYX | &nbsp;&nbsp;&nbsp;&nbsp; GIEZX |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEMYX | &nbsp;&nbsp;&nbsp;&nbsp; GEMZX |

---

INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. THIS REGISTRATION STATEMENT FOR GUIDESTONE FUNDS HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") BUT HAS NOT YET BECOME EFFECTIVE.

THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL, NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.

The Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Funds' current Prospectus for the Institutional Class and Investor Class shares dated [May 1], 2023, and as amended from time to time. [[The](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[financial statements contained in the Funds'](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[Annual Report for the fiscal year ended](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[December 31, 2022, are incorporated by](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[reference into this SAI.](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)] You can obtain a free copy of the current Prospectus, Annual Report and Semi-Annual Report on our website at GuideStoneFunds.com or by calling **1-888-GS-FUNDS** (1-888-473-8637).

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page** |
| [History of the Funds](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_1) | 4 |
| [Description of Investments and Risks](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_1) | 4 |
| [Investment Restrictions](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_52) | 55 |
| [Management of the Funds](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_55) | 58 |
| [Proxy Voting](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_111) | 114 |
| [Other Service Providers](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_112) | 115 |
| [Shares of Beneficial Interest](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_113) | 116 |
| [Redemptions In-Kind for Affiliated Persons](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_113) | 116 |
| [Shareholder Servicing Arrangements](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_114) | 117 |
| [Taxation](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_114) | 117 |
| [Third-Party Line of Credit](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_122) | 125 |
| [Valuation of Shares](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_122) | 125 |
| [Portfolio Holdings Information](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_125) | 128 |
| [Telephone Instructions](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_126) | 129 |
| [Control Persons and Principal Holders of Securities](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_126) | 129 |
| [Calculation of Performance Data](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_137) | 140 |
| [Financial Statements](#xx_b840880f-74af-4f5f-b14c-57e4c23025cf_137) | 140 |
| [Appendix A](#xx_cc761356-c4b3-4517-b8ab-cfe589e1a5d2_1)[—](#xx_cc761356-c4b3-4517-b8ab-cfe589e1a5d2_1)[Descriptions of Securities Ratings](#xx_cc761356-c4b3-4517-b8ab-cfe589e1a5d2_1) | A-1 |
| [Appendix B](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)[—](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)[GuideStone Capital Management, LLC and GuideStone Funds Proxy Voting Policies and](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)<br> [Procedures](#xx_4b7db5d3-f648-4b09-9e7b-8cd5272c25a1_1)<br>| B-1 |
| [Appendix C](#xx_7139f61a-b882-4e67-9e57-bedde0a6cced_1)[—](#xx_7139f61a-b882-4e67-9e57-bedde0a6cced_1)[Descriptions of Proxy Voting Policies and Procedures of Sub-Advisers](#xx_7139f61a-b882-4e67-9e57-bedde0a6cced_1) | C-1 |

---

Statement of Additional Information

------

**History of the Funds**

GuideStone Funds (the "Trust"), formerly AB Funds Trust, is an open-end management investment company organized as a Delaware statutory trust on March 2, 2000. On September 13, 2005, AB Funds Trust changed its name to GuideStone Funds. The Trust has established 27 series (each, a "Fund" and collectively, the "Funds"), which are described in this SAI. Each Fund is a separate mutual fund with its own investment objective, strategies and risks.

The MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund are each referred to as a "Target Date Fund" and are collectively the "Target Date Funds." The Conservative Allocation Fund, Balanced Allocation Fund, Growth Allocation Fund and Aggressive Allocation Fund are each referred to as a "Target Risk Fund" and are collectively referred to as the "Target Risk Funds." The remaining Funds are each referred to as a "Select Fund" and are collectively referred to as the "Select Funds." The Low-Duration Bond Fund, Medium-Duration Bond Fund, Impact Bond Fund and Global Bond Fund are each referred to as a "Bond Fund" and are collectively referred to as the "Bond Funds." The *Defensive Market Strategies*<sup>®</sup> Fund, Impact Equity Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Index Fund, Value Equity Fund, Growth Equity Index Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund are each referred to as an "Equity Fund" and are collectively referred to as the "Equity Funds." The Strategic Alternatives Fund is the remaining Select Fund described in this SAI.

Each Target Date Fund and each Target Risk Fund is a "Fund of Funds," which means that it generally does not buy securities directly, but rather allocates its assets among a different mix of Select Funds to meet a specified investment objective. The Select Funds, in turn, invest directly in different types of fixed income obligations, equity securities or other investments to meet their investment objectives.

Currently, there are two classes of shares issued by the Trust, the Institutional Class and Investor Class (each, a "Class" and together, the "Classes"). The Board of Trustees of the Trust (the "Board" or "Board of Trustees") may issue additional classes of shares or series at any time without prior approval of the shareholders.

**Description of Investments and Risks**

The following should be read in conjunction with the Fund Summary of each Fund in the Funds' Prospectus, specifically the sections entitled "Investment Objective," "Principal Investment Strategies," "Principal Investment Risks" and "Additional Information About Principal Strategies and Risks." Unless otherwise defined in this SAI, the capitalized terms used herein have the respective meanings assigned to them in the Prospectus.

You should understand that all investments involve risk and that there can be no guarantee against loss resulting from an investment in the Funds. Unless otherwise indicated, all percentage limitations governing the investments of the Funds apply only at the time of a transaction.

GuideStone Capital Management, LLC (the "Adviser") serves as the investment adviser to the Funds and is an affiliate of GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"). The Funds are series of an open-end, management investment company as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). All of the Funds, except the Growth Equity Fund, are classified as diversified Funds under the 1940 Act. The Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund may each become non-diversified solely as a result of a change in relative market capitalization or index weightings of one or more constituents of their respective target indexes. The Adviser allocates each Target Date Fund's and each Target Risk Fund's investments among a mix of Select Funds. Rather than making the day-to-day investment decisions for the Select Funds, the Adviser acts as a manager of managers and retains various investment management firms (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") to do so. From time to time, the Adviser may elect to trade individual stocks, fixed income

GuideStone Funds

------

securities or private placements for the Funds and third-party mutual funds or exchange-traded funds ("ETFs") for a Select Fund in order to manage a Fund's risk. The Sub-Advisers employ portfolio managers to make the day-to-day investment decisions regarding portfolio holdings of the Select Funds. The Sub-Advisers may invest in all the instruments or use all the investment techniques permitted by the Funds' Prospectus and this SAI or invest in such instruments or engage in such techniques to the full extent permitted by the Funds' investment policies and restrictions.

The Funds do not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources, as being in the alcohol, tobacco, gambling, pornography or abortion industries or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in a Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. The Funds may not be able to take advantage of certain investment opportunities due to these restrictions. This policy may not be changed without a vote of a majority of the outstanding shares of the Trust.

Each Target Date Fund and each Target Risk Fund invests primarily in a diversified portfolio of Select Funds, and unless indicated otherwise, the description of investments and risks in this SAI applies to the Target Date Funds and the Target Risk Funds through their investments in the Select Funds.

Each Target Date Fund and each Target Risk Fund may from time to time invest and reinvest up to 10% of its assets directly in U.S. Treasury obligations, exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts to gain exposure to the equity and fixed income markets on cash balances. Any such investment will be made for cash management purposes and will seek to provide market exposure approximating the strategic asset allocation of the applicable Target Date Fund and Target Risk Fund.

*Affiliated Persons.* Instrument selection and the ability to engage in transactions with preferred counterparties or service providers is restricted by the 1940 Act's provisions related to transactions with Fund affiliates. An affiliated person of a Fund's Sub-Adviser is considered to be an affiliated person of that Fund, and as such, that Sub-Adviser cannot engage its affiliated person as a prime broker or over-the-counter ("OTC") counterparty for that Fund. In addition, a counterparty's own affiliations and conflicts could restrict its ability to provide the Funds with desired products or services. For example, affiliates of investment banks may be unable to provide derivatives tied to the securities of companies that the investment bank is advising. This could result in strategy implementation using different instrument types or counterparties than what the Sub-Adviser would otherwise have used or might use for accounts that are not registered investment companies.

*Asset-Backed Securities.* The Bond Funds and the Strategic Alternatives Fund may purchase asset-backed securities. Asset-backed securities represent direct or indirect participations in, or are secured by and payable from, pools of assets such as, among other things, motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property and receivables from revolving credit (credit card) agreements, or a combination of the foregoing. These assets are securitized through the use of trusts and special purpose corporations. Credit enhancements, such as various forms of cash collateral accounts or letters of credit, may support payments of principal and interest on asset-backed securities. Although these securities may be supported by letters of credit or other credit enhancements, payment of interest and principal ultimately depends upon individuals paying the underlying loans, which may be affected adversely by general downturns in the economy.

Asset-backed securities are subject to the same risk of prepayment described with respect to mortgage-backed securities and to extension risk (the risk that an issuer of a security will make principal payments slower than anticipated by the investor, thus extending the securities' duration). The risk that recovery on repossessed collateral might be unavailable or inadequate to support payments, however, is greater for asset-backed securities than for mortgage-backed securities.

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Certificates for Automobile Receivables<sup>SM</sup> ("CARS<sup>SM</sup>") represent undivided fractional interests in a trust whose assets consist of a pool of motor vehicle retail installment sales contracts and security interests in the vehicles securing those contracts. Payments of principal and interest on the underlying contracts are passed through monthly to certificate holders and are guaranteed up to specified amounts by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of the trust. Underlying installment sales contracts are subject to prepayment, which may reduce the overall return to certificate holders. Certificate holders also may experience delays in payment or losses on CARS<sup>SM</sup> if the trust does not realize the full amounts due on underlying installment sales contracts because of unanticipated legal or administrative costs of enforcing the contracts; depreciation, damage or loss of the vehicles securing the contracts; or other factors.

Credit card receivable securities are backed by receivables from revolving credit card agreements ("Accounts"). Credit balances on Accounts are generally paid down more rapidly than are automobile contracts. Most of the credit card receivable securities issued publicly to date have been pass-through certificates. In order to lengthen their maturity or duration, most such securities provide for a fixed period during which only interest payments on the underlying Accounts are passed through to the security holder; principal payments received on the Accounts are used to fund the transfer of additional credit card charges made on the Accounts to the pool of assets supporting the securities. Usually, the initial fixed period may be shortened if specified events occur which signal a potential deterioration in the quality of the assets backing the security, such as the imposition of a cap on interest rates. An issuer's ability to extend the life of an issue of credit card receivable securities thus depends on the continued generation of principal amounts in the underlying Accounts and the non-occurrence of the specified events. The non-deductibility of consumer interest, as well as competitive and general economic factors, could adversely affect the rate at which new receivables are created in an Account and conveyed to an issuer, thereby shortening the expected weighted average life of the related security and reducing its yield. An acceleration in cardholders' payment rates or any other event that shortens the period during which additional credit card charges on an Account may be transferred to the pool of assets supporting the related security could have a similar effect on its weighted average life and yield.

Credit cardholders are entitled to the protection of state and federal consumer credit laws. Many of those laws give a holder the right to set off certain amounts against balances owed on the credit card, thereby reducing amounts paid on Accounts. In addition, unlike the collateral for most other asset-backed securities, Accounts are unsecured obligations of the cardholder. A Fund may invest in trust preferred securities, which are a type of asset-backed security. Trust preferred securities represent interests in a trust formed by a parent company to finance its operations. The trust sells preferred shares and invests the proceeds in debt securities of the parent. This debt may be subordinated and unsecured. Dividend payments on the trust preferred securities match the interest payments on the debt securities; if no interest is paid on the debt securities, the trust will not make current payments on its preferred securities. Unlike typical asset-backed securities, which have many underlying payors and are usually overcollateralized, trust preferred securities have only one underlying payor and are not overcollateralized. Issuers of trust preferred securities and their parents currently enjoy favorable tax treatment. If the tax characterization of trust preferred securities were to change, they could be redeemed by the issuers, which could result in a loss to a Fund.

*Bankers' Acceptances, Certificates of Deposit, Time Deposits and Bank Notes.* The Select Funds may invest in such obligations issued by U.S. or foreign issuers; however, the Money Market Fund will invest in instruments denominated exclusively in U.S. dollars. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor but may be subject to early withdrawal penalties that vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party. Bank notes and bankers' acceptances rank junior to deposit liabilities of the bank and equal to other senior, unsecured obligations of the bank. Bank notes are classified as "other borrowings"

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on a bank's balance sheet, while deposit notes and certificates of deposit are classified as deposits. Bank notes are not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other insurer. Deposit notes are insured by the FDIC only to the extent of $250,000 per depositor per bank.

The Select Funds may invest in the obligations of foreign banks and foreign branches of domestic banks. Such obligations include Eurodollar certificates of deposit, which are U.S. dollar-denominated certificates of deposit issued by offices of foreign and domestic banks located outside the United States; Eurodollar time deposits, which are U.S. dollar-denominated deposits in a foreign branch of a U.S. bank or a foreign bank; Canadian time deposits, which are essentially the same as Eurodollar time deposits except they are issued by Canadian offices of major Canadian banks; Schedule Bs, which are obligations issued by Canadian branches of foreign or domestic banks; Yankee certificates of deposit, which are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a foreign bank and held in the United States; and Yankee bankers' acceptances, which are U.S. dollar-denominated bankers' acceptances issued by a U.S. branch of a foreign bank and held in the United States.

Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic developments, that the obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted that might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks or the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. U.S. branches of foreign banks may be considered domestic banks if it can be demonstrated they are subject to the same regulation as U.S. banks.

Investments in Eurodollar and Yankee dollar obligations involve additional risks. Most notably, there generally is less publicly available information about foreign companies; there may be less governmental regulation and supervision; they may use different accounting and financial standards; and the adoption of foreign governmental restrictions may adversely affect the payment of principal and interest on foreign investments. In addition, not all foreign branches of U.S. banks are supervised or examined by regulatory authorities as are U.S. banks, and such branches may not be subject to reserve requirements.

*Below-Investment Grade Securities.* The Bond Funds may invest their assets in fixed income securities that are rated below-investment grade ("lower rated securities") or that are unrated but deemed equivalent to those rated below-investment grade by the Sub-Adviser as follows: Low-Duration Bond Fund up to 15%; Medium-Duration Bond Fund up to 15%; Global Bond Fund up to 30%; and Impact Bond Fund up to 15%. In addition, the Strategic Alternatives Fund and the Defensive Market Strategies Fund may invest up to 40% and 50%, respectively, of each of their assets in lower rated securities or securities that are unrated but deemed equivalent to those rated below-investment grade by a Sub-Adviser. The lower the ratings of such securities, the greater their risks. Lower rated securities generally offer a higher current yield than that available from higher grade issues and typically involve greater risk.

The yields on lower rated securities will fluctuate over time. In general, prices of all bonds rise when interest rates fall and fall when interest rates rise. While less sensitive to changing interest rates than investment grade securities, lower rated securities are especially subject to adverse changes in general economic conditions and to changes in the financial condition of their issuers. During periods of economic downturn or rising interest rates, issuers of these instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default.

The risk of loss through default is greater because lower rated securities are usually unsecured and are often subordinate to an issuer's other obligations. Additionally, the issuers of these securities frequently have high debt levels and are thus more sensitive to difficult economic conditions, individual corporate developments and rising

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interest rates. Consequently, the market price of these securities may be quite volatile and may result in wider fluctuations of a Fund's net asset value ("NAV") per share.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of these securities, especially in a market characterized by only a small amount of trading and with relatively few participants. These factors can also limit a Fund's ability to obtain accurate market quotations for these securities, making it more difficult to determine the Fund's NAV. In cases where market quotations are not available, lower rated securities are valued using guidelines established by the Board of Trustees.

Perceived credit quality in this market can change suddenly and unexpectedly and may not fully reflect the actual risk posed by a particular lower rated or unrated security. Subsequent to its purchase by a Fund, the rating of an issue of debt securities may be reduced, so that the securities would no longer be eligible for purchase by the Low-Duration Bond Fund, Medium-Duration Bond Fund and Impact Bond Fund. In such a case, the Sub-Adviser will take action that it believes to be advantageous to a Fund, including continuing to hold the downgraded securities.

Ratings, however, are general and are not absolute standards of quality. There is no guarantee that the ratings provided by ratings agencies will necessarily provide an accurate reflection of the credit quality of the securities they rate. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. For a more complete discussion of ratings, see Appendix A to this SAI.

*Cash Management.* Each Fund may invest its uninvested cash in high-quality, short-term debt securities, which may include repurchase agreements and high-quality money market instruments, and also may invest its uninvested cash in the Money Market Fund. To the extent a Fund invests in a money market fund, it generally is not subject to the limits placed on investments in other investment companies. Generally, these securities offer less potential for gains than other types of securities.

*Closed-End Funds and Other Pooled Investment Vehicles.* The Impact Bond Fund and Impact Equity Fund may invest in other registered funds, including closed-end interval funds, and in funds that are exempt from registration as investment companies, such as similar pooled investment vehicles. These investments are illiquid and may be difficult to value. These funds will invest a large percentage, if not all, of their assets in securities or other assets that do not have readily ascertainable market prices, and may involve a substantial risk of loss. The portfolios of these funds may be highly concentrated and non-diversified. When private equity, private debt, private real estate or other assets that are not publicly traded are out of favor, the Fund may experience depressed values in these investments without an ability to dispose of the investment. The Impact Bond Fund and Impact Equity Fund are not afforded the protections of the 1940 Act when they invest in exempt pooled investment vehicles.

*Collateralized Debt Obligations.* The Bond Funds may invest in collateralized debt obligations ("CDOs"), which are securitized interests in pools of, generally non-mortgage, assets. Assets called collateral usually comprise loans or debt instruments. A CDO may be called a collateralized loan obligation ("CLO") or collateralized bond obligation ("CBO") if it holds only loans or bonds, respectively. Investors bear the credit risk of the collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving ratings of A to AAA/Aaa and the latter receiving ratings of B to BBB/Baa. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinated to it.

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Despite the protection from the riskier tranches, senior CBO or CLO tranches can experience substantial losses due to actual defaults (including collateral default), the total loss of the riskier tranches due to losses in the collateral, market anticipation of defaults, fraud by the trust and the illiquidity of CBO or CLO securities.

The risks of an investment in a CDO largely depend on the type of underlying collateral securities and the tranche in which a Fund invests. Risks of CDOs include: (i) the possibility that distributions from collateral securities will be insufficient to make interest or other payments; (ii) the possibility that the quality of the collateral may decline in value or default; (iii) market and liquidity risks affecting the price of a structured finance investment, if required to be sold, at the time of sale; and (iv) if the particular structured product is invested in a security in which a Fund is also invested, this would tend to increase a Fund's overall exposure to the credit of the issuer of such securities. In addition, due to the complex nature of a CDO, an investment in a CDO may not perform as expected.

*Commercial Paper.* The Select Funds may invest in commercial paper, which includes short-term unsecured promissory notes, variable rate demand notes and variable rate master demand notes issued by bank holding companies, corporations and financial institutions and similar instruments the interest on which is subject to federal income tax issued by government agencies and instrumentalities. A Select Fund will only invest in commercial paper to the extent consistent with its investment policies, including its policies regarding credit quality and ratings.

*Convertible Securities.* The Equity Funds, Bond Funds and Strategic Alternatives Fund may invest in convertible securities. Except for the Bond Funds, these Funds may invest in convertible securities of non-U.S. issuers. Convertible securities entitle the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible securities mature or are redeemed, converted or exchanged. Prior to conversion, convertible securities have characteristics similar to ordinary debt securities in that they normally provide a stable stream of income with generally higher yields than those of common stock of the same or similar issuers. Convertible securities rank senior to common stock in a corporation's capital structure and therefore generally entail less risk than the corporation's common stock, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed income security.

The value of convertible securities is a function of their investment value (determined by yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and their conversion value (their worth, at market value, if converted into the underlying common stock). The investment value of convertible securities is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and by the credit standing of the issuer and other factors. The conversion value of convertible securities is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible securities is governed principally by their investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible securities will be increasingly influenced by their conversion value. In addition, convertible securities generally sell at a premium over their conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding fixed income securities.

Capital appreciation for a Fund may result from an improvement in the credit standing of an issuer whose securities are held in the Fund or from a general lowering of interest rates, or a combination of both. Conversely, a reduction in the credit standing of an issuer whose securities are held by a Fund or a general increase in interest rates may be expected to result in capital depreciation to the Fund.

In general, investments in lower quality convertible securities are subject to a significant risk of a change in the credit rating or financial condition of the issuing entity. Investments in convertible securities of medium or lower quality are also likely to be subject to greater market fluctuation and to greater risk of loss of income and principal due to default than investments of higher quality fixed income securities. Such lower quality securities

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generally tend to reflect short-term corporate and market developments to a greater extent than higher quality securities, which react more to fluctuations in the general level of interest rates. Additionally, investments by a Fund in convertible debt securities may be unrated; therefore, judgment may play a greater role in determining the credit risk or the default risk of an unrated convertible security. A Fund will generally reduce risk to the investor by diversification, credit analysis and attention to current developments in trends of both the economy and financial markets. However, while diversification reduces the effect on a Fund of any single investment, it does not reduce the overall risk of investing in lower quality securities.

The Defensive Market Strategies Fund may establish a "synthetic" convertible instrument by combining fixed income securities (which may be either convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, the Fund may pool a basket of fixed income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security.

Within each basket of fixed income securities and warrants or options, different companies may issue the fixed income and convertible components, which may be purchased separately and at different times.

More flexibility is possible in the assembly of a synthetic convertible instrument than in the purchase of a convertible security. Although synthetic convertible instruments may be selected where the two components are issued by a single issuer, the character of a synthetic convertible instrument allows the combination of components representing distinct issuers, when management believes that such a combination would better promote the Fund's investment objectives. A synthetic convertible instrument also is a more flexible investment in that its two components may be purchased separately. For example, a Fund may purchase a warrant for inclusion in a synthetic convertible instrument but temporarily hold short-term investments while postponing the purchase of a corresponding bond pending development of more favorable market conditions.

A holder of a synthetic convertible instrument faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the call option or warrant purchased to create the synthetic convertible instrument. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible instrument includes the fixed income component as well, the holder of a synthetic convertible instrument also faces the risk that interest rates will rise, causing a decline in the value of the fixed income instrument.

The Defensive Market Strategies Fund may also purchase synthetic convertible instruments manufactured by other parties, including convertible structured notes. Convertible structured notes are fixed income debentures linked to equity, and are typically issued by investment banks. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible.

*Cybersecurity Risk.* With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Funds and their service providers may be more susceptible to operational and related risks through breaches in cybersecurity. A cybersecurity incident may refer to intentional or unintentional events that allow an unauthorized party to gain access to a Fund's assets, customer data or proprietary information, or cause a Fund or a Fund's service providers (including, but not limited to, the Adviser, distributor, fund accountant, custodian, transfer agent, Sub-Advisers and financial intermediaries) to suffer data corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or the Funds, customers or employees being unable to access electronic systems ("denial of services"), loss or theft of proprietary information or corporate data, physical damage to a computer or network system or remediation costs associated with system repairs.

Any of these results could have a substantial adverse impact on a Fund and its shareholders. For example, if a cybersecurity incident results in a denial of service, Fund shareholders could lose access to their electronic

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accounts and be unable to buy or sell Fund shares for an unknown period of time, and employees could be unable to access electronic systems to perform critical duties for a Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Fund share purchases and redemptions. Cybersecurity incidents could cause a Fund or Fund service provider to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures or financial loss of a significant magnitude and could result in allegations that a Fund or Fund service provider violated privacy and other laws. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. Risk management systems and business continuity plans seek to reduce the risks associated with cybersecurity in the event there is a cybersecurity breach, but there are inherent limitations in these systems and plans, including the possibility that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. Furthermore, a Fund does not control the cybersecurity systems and plans of the issuers of securities in which a Fund invests or the Fund's third-party service providers or trading counterparties or any other service providers whose operations may affect a Fund or its shareholders.

*Depositary Arrangements.* Each Select Fund may invest in American Depositary Receipts ("ADRs") and regular shares of foreign companies traded and settled on U.S. exchanges and OTC markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying foreign securities. ADRs are denominated in U.S. dollars. They are publicly traded on exchanges or OTC in the United States.

A Fund may invest in both sponsored and unsponsored ADR programs. There are certain risks associated with investments in unsponsored ADR programs. Because the non-U.S. securities issuer does not actively participate in the creation of the ADR program, the underlying agreement for service and payment will be between the depositary and the shareholder. The company issuing the stock underlying the ADR pays nothing to establish the unsponsored facility because fees for ADR issuance and cancellation are paid by brokers. Investors directly bear the expenses associated with certificate transfer, custody and dividend payment.

In an unsponsored ADR program, there may also be several depositaries with no defined legal obligations to the non-U.S. company. The duplicate depositaries may lead to marketplace confusion because there would be no central source of information for buyers, sellers and intermediaries. The efficiency of centralization gained in a sponsored program can greatly reduce the delays in delivery of dividends and annual reports.

Investments in ADRs involve certain risks not typically involved in purely domestic investments. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI.

The Impact Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may also invest in European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs") and Global Depositary Receipts ("GDRs"). These are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and are usually denominated in foreign currencies. They may not be denominated in the same currency as the securities they represent. Generally, EDRs, GDRs and IDRs are designed for use in the foreign securities markets. Investments in EDRs, GDRs and IDRs involve certain risks not typically involved in purely domestic investments, including currency exchange risk. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI.

The Impact Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may also invest in other forms of depositary receipts that are certificates issued by non-U.S. institutions evidencing ownership of underlying foreign securities, including non-voting depositary receipts ("NVDRs"). Such depositary receipts may or may not be traded in a secondary market, and, as is the case with the NVDRs, might only be redeemable by the issuer. Investments in these depositary receipts may provide economic exposure to the underlying security, but may be less liquid and more volatile than the underlying securities, which may be issued by companies in emerging markets. In addition, investments in these depositary receipts are subject to many of the same risks associated with investing directly in foreign securities. These risks

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are set forth in the section entitled "Foreign Securities and Obligations" in this SAI. Investments in these depositary receipts, particularly NVDRs, may not entitle the holders to vote the underlying shares.

*Dollar Rolls.* The Select Funds may enter into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA ("to be announced") or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a "roll" to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts. For additional information, see the section entitled "Mortgage Dollar Rolls" in this SAI.

*Faith-based Investing.* The Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources, as being in the alcohol, tobacco, gambling, pornography or abortion industries or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in the Fund's investment universe, and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. Faith-based investing, in accordance with the GuideStone Financial Resources stated policy, is an integral part of the investment program of the Trust. The implementation of the Funds' faith-based investment guidelines is overseen by members of the Adviser's executive and senior management team.

It is important to understand that in certain cases it may be more difficult to implement the Funds' faith-based investment guidelines. Faith-based investing outside the United States is often more challenging due to a vastly larger universe of securities and varying laws and regulations governing disclosure requirements. Generally, there is less information available to the public about the business activities and practices of foreign companies. As a result, it is more difficult to effectively apply investing guidelines abroad than it is in the United States. In addition, it can be more difficult to implement the Funds' faith-based investment guidelines with respect to portfolios that are managed using quantitative investment management processes. The Adviser consistently evaluates portfolios for companies that violate the guidelines and places these companies on a restricted list as it becomes aware of them. There is also the possibility that a company held by a Fund may subsequently become involved in products, services or activities, through a corporate acquisition or change of business strategy, that causes the company to become inconsistent with the Trust's faith-based investment guidelines. Accordingly, there is the risk that, from time to time, securities acquired by a Fund subsequently will be determined to be inconsistent with the Trust's faith-based investment guidelines. When a Fund becomes aware that it has invested in such a security, the Fund will seek to eliminate the position as soon as reasonably possible, which could result in a loss or gain to the Fund. Furthermore, in instances where the Adviser has delegated proxy voting duties to a Sub-Adviser, the Sub-Adviser uses its own proxy voting policies and procedures to determine how to vote proxies relating to portfolio securities. The Sub-Advisers' proxy voting policies and procedures are not subject to the Trust's faith-based investment guidelines or to impact investing criteria.

***Foreign Currency***

*Foreign Currency — Generally.* The Select Funds (other than the Money Market Fund) may invest in securities denominated in foreign currencies. As part of the cash overlay program, the Funds (other than the Money Market Fund) may also utilize foreign currency futures contracts, which are discussed in this section. The performance of investments in securities and obligations denominated in a foreign currency will be impacted by the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy. Absent other events that could otherwise affect the value of a foreign security or obligation (such as a change in the political climate or an issuer's credit quality), appreciation in the value of the foreign currency generally can be expected to increase the value of a foreign currency-denominated security or obligation in terms of U.S. dollars. A decline in

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the value of the foreign currency relative to the U.S. dollar generally can be expected to depress the value of a foreign currency-denominated security or obligation.

Although the Bond Funds, Equity Funds and Strategic Alternatives Fund may invest in securities and obligations denominated in foreign currencies as discussed herein, their portfolio securities and other assets are valued in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time causing, together with other factors, a Fund's NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments, or central banks. They can also be affected by currency controls, or by political developments in the United States or abroad. To the extent a Fund's total assets, adjusted to reflect its net position after giving effect to currency transactions, are denominated in the currencies of foreign countries, the Fund will be more susceptible to the risk of adverse economic and political developments within those countries. In addition, through the use of forward currency exchange contracts and other currency instruments as described below, the net currency positions of the Funds may expose them to risks independent of their securities positions. To the extent a Fund is fully invested in foreign securities while also maintaining currency positions, it may be exposed to greater risk than it would have if it did not maintain the currency positions. The Funds are also subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency.

*Foreign Currency — Forward Currency Exchange Contracts.* The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Impact Equity Fund, Value Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may enter into forward currency exchange contracts in order to hedge to the U.S. dollar and to hedge one foreign currency against changes in exchange rates for a different foreign currency. Each of these Funds, except the Small Cap Equity Fund, may also use forward currency exchange contracts for non-hedging purposes, even if it does not own securities denominated in that currency. Forward currency exchange contracts represent an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract. This allows a Fund to establish a rate of exchange for a future point in time.

When one of these Funds owns securities denominated in a foreign currency that the Sub-Adviser anticipates may decline substantially relative to the U.S. dollar or other leading currencies, the Fund may attempt to reduce this currency risk by entering into a forward currency exchange contract to sell, for a fixed amount, an amount of the foreign currency approximating the value of some or all of the Fund's securities denominated in that foreign currency. When a Fund creates a short position in a foreign currency, it may enter into a forward contract to buy, for a fixed amount, an amount of foreign currency approximating the short position.

In addition, when entering into a contract for the purchase or sale of a security, one of these Funds may enter into a forward currency exchange contract for the amount of the purchase or sale price. This protects the Fund against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.S. dollar or other foreign currency.

Portfolio securities hedged by forward currency exchange contracts are still subject to fluctuations in market value. In addition, it will not generally be possible to match precisely the amount covered by a forward currency exchange contract. Additionally, the value of the securities involved will fluctuate based on market movements after the contract is entered into. Such imperfect correlation may cause a Fund to sustain losses that will prevent it from achieving a complete hedge or expose it to risk of foreign exchange loss. While forward currency exchange contracts may protect a Fund from losses resulting from movements in exchange rates adverse to the Fund's position, they may also limit potential gains that result from beneficial changes in the value of such currency. A Fund will also incur costs in connection with forward currency exchange contracts and conversions of foreign currencies and U.S. dollars.

Forward contracts in which a Fund may engage also include non-deliverable forwards ("NDFs"). NDFs are cash-settled, short-term forward contracts on foreign currencies (each a "Reference Currency") that are non-convertible

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and that may be thinly traded or illiquid. NDFs are classified as swaps and regulated as such under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"). NDFs involve an obligation to pay an amount (the "Settlement Amount") equal to the difference between the prevailing market exchange rate for the Reference Currency and the agreed upon exchange rate (the "NDF Rate"), with respect to an agreed notional amount. NDFs have a fixing date and a settlement (delivery) date. The fixing date is the date and time at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement (delivery) date is the date by which the payment of the Settlement Amount is due to the party receiving payment.

Although NDFs are similar to foreign exchange forwards, NDFs do not require physical delivery of the Reference Currency on the settlement date. Rather, on the settlement date, the only transfer between the counterparties is the monetary settlement amount representing the difference between the NDF Rate and the prevailing market exchange rate. NDFs typically may have terms from one month up to two years and are settled in U.S. dollars.

NDFs are subject to many of the risks associated with derivatives in general and forward currency transactions, including risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations. Although NDFs historically have been traded OTC, in the future, pursuant to the Dodd-Frank Act, they may be exchange-traded. Under such circumstances, they will be centrally cleared and a secondary market for them will exist. With respect to NDFs that are centrally-cleared, while central clearing is intended to decrease counterparty risk, an investor could lose margin payments it has deposited with the clearing organization as well as the net amount of gains not yet paid by the clearing organization if the clearing organization breaches its obligations under the NDF, becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the investor may be entitled to the net amount of gains the investor is entitled to receive plus the return of margin owed to it only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the investor. Even if some NDFs remain traded OTC, they will be subject to margin requirements for uncleared swaps and counterparty risk common to other swaps. For more information about the risks associated with utilizing swaps, please see the section entitled "Swaps — Generally" in this SAI.

*Foreign Currency — Currency Futures Contracts and Related Options Transactions.* The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Impact Equity Fund and Emerging Markets Equity Fund may also engage in futures contracts on foreign currencies and related options transactions, for the same purposes that they are permitted to use forward currency exchange contracts. A currency futures contract is a standardized contract for the future delivery of a specified amount of currency at a future date at a price set at the time of the contract. These Funds may enter into currency futures contracts traded on regulated commodity exchanges, including non-U.S. exchanges. These Funds may either accept or make delivery of the currency specified at the maturity of a futures contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Trading options on currency futures is relatively new, and the ability to establish and close out positions on such options is subject to the maintenance of a liquid market, which may not always be available. Buyers and sellers of currency futures and options thereon are subject to the same risks that apply to the use of futures generally. These risks are set forth in the section entitled "Futures and Options on Futures" in this SAI.

*Foreign Currency — Currency Options.* The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Impact Equity Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund may also write covered put and covered call options and purchase put and call options on foreign currencies, for the same purposes that they are permitted to use forward currency exchange contracts. These Funds will write or purchase currency options that are traded on U.S. or foreign exchanges or OTC.

A call option written by a Fund obligates it to sell specified currency to the holder of the option at a specified price at any time before the expiration date. A put option written by a Fund obligates it to purchase specified currency from the option holder at a specified time before the expiration date. The writing of currency options

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involves the risk that a Fund may be required to sell the specified currency (subject to a call) at a price that is less than the currency's market value or to purchase the specified currency (subject to a put) at a price that exceeds the currency's market value. The use of currency options is subject to the same risks that apply to options generally. These risks are set forth in the section entitled "Futures and Options on Futures" in this SAI.

The purchase of a call option would entitle a Fund to purchase specified currency at a specified price during the option period. A Fund would ordinarily realize a gain if, during the option period, the value of the currency exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the call option. A Fund may forfeit the entire amount of the premium plus related transaction costs if exchange rates move in a manner adverse to the Fund's position.

One of these Funds may, for example, purchase put options in anticipation of a decline in the dollar value of currency in which securities in its portfolio are denominated. The purchase of a put option would entitle a Fund to sell a specific currency at a specified price during the option period. This is meant to offset or hedge against a decline in the dollar value of such portfolio securities due to currency exchange rate fluctuations. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying currency decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying currency.

*Foreign Currency — TBAs.* The Bond Funds may enter into to-be-announced purchase commitments to purchase securities for a fixed price at a future date, typically not exceeding 45 days ("TBAs"). As with other delayed delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund's other assets. Unsettled TBAs are valued at the current market value of the underlying portfolio securities, according to the procedures described in the section entitled "Valuation of Shares" in this SAI.

*Foreign Securities and Obligations.* The Equity Funds and Strategic Alternatives Fund may invest in ADRs and regular shares of foreign companies traded and settled on U.S. and foreign exchanges and OTC markets. The International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund invest primarily in the securities of foreign issuers. In addition, the Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, International Equity Fund and Emerging Markets Equity Fund may invest a portion of their assets in debt obligations issued by foreign issuers, including obligations not traded and settled on U.S. exchanges and OTC markets. These obligations may be issued by supranational entities, including international organizations, designed or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies.

Investment in foreign securities and obligations involves special risks. These include market risk, interest rate risk and the risks of investing in securities of foreign issuers and of companies whose securities are principally traded outside the United States and in investments denominated in foreign currencies. Market risk involves the possibility that stock prices will decline over short or even extended periods. The stock markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices. These cycles will affect the value of a Fund's investment in foreign stocks. The holdings of a Fund's investments in fixed income securities will be sensitive to changes in interest rates and the interest rate environment. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes.

Foreign investments also involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability.

Future political and economic developments, the possible imposition of withholding taxes on dividend and interest income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange

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controls or the adoption of other governmental restrictions might adversely affect an investment in foreign securities or obligations. Additionally, foreign banks and foreign branches of domestic banks are subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements. For a discussion of risks and instruments related to foreign currency, see the section entitled "Foreign Currency" in this SAI.

Investment in foreign securities and obligations may involve higher costs than investment in U.S. securities and obligations. Investors should understand that the expense ratios of the Impact Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund generally can be expected to be higher than those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher for several reasons, such as the higher cost of investment research, higher costs of custody of foreign securities, higher commissions paid on comparable transactions in foreign markets, costs arising from delays in settlements of transactions and the imposition of withholding taxes by foreign governments on dividends and interest payable on a Fund's foreign portfolio securities. To the extent those taxes are not offset by credits or deductions allowed to investors under the federal income tax law (such as a Fund's pass-through to its shareholders of foreign taxes it pays — see "Taxation — General" in this SAI), they may reduce the net return to the shareholders.

The Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, International Equity Fund and Emerging Markets Equity Fund may invest in foreign debt, including the securities of foreign governments and foreign corporations. Several risks exist concerning such investments, including the risk that foreign issuers may default on their obligations, may not respect the integrity of such debt, may attempt to renegotiate the debt at a lower rate and may not honor investments by U.S. entities or citizens.

To the extent consistent with their investment objectives, these Funds may also invest in obligations of the International Bank for Reconstruction and Development (also known as the World Bank), which are supported by subscribed, but unpaid, commitments of its member countries. There is no assurance that these commitments will be undertaken or complied with in the future.

In addition, the Bond Funds, Strategic Alternatives Fund, Defensive Market Strategies Fund, Impact Equity Fund, Global Real Estate Securities Fund, International Equity Fund and Emerging Markets Equity Fund may invest their assets in countries with emerging economies or securities markets. These countries are primarily located in the Asia-Pacific region, Eastern Europe, Latin and South America and Africa. Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social, political and economic stability characteristics of more developed countries. Some of these countries may have in the past failed to recognize private property rights and may have at times nationalized or expropriated the assets of private companies. In general, the securities markets of these countries are less liquid, subject to greater price volatility, have smaller market capitalizations and have problems with securities registration and custody. As a result, the risks presented by investments in these countries are heightened. Additionally, settlement procedures in emerging countries are frequently less developed and less reliable than those in the United States and may involve a Fund's delivery of securities before receipt of payment for their sale. Settlement or registration problems may make it more difficult for a Fund to value its portfolio securities. They also could cause a Fund to miss attractive investment opportunities, to have a portion of its assets uninvested, to incur losses due to the failure of a counterparty to pay for securities the Fund has delivered or to incur losses due to the Fund's inability to complete a contractual obligation to deliver securities. In addition, frontier countries generally have smaller economies and/or less developed capital markets than traditional emerging markets, and may be more politically instable, and as a result, the risks of investing in emerging markets countries are magnified in frontier countries.

More specific disclosure related to investments in certain countries or geographic regions is provided below:

*<u>Asia-Pacific Countries.</u>* In addition to the risks associated with foreign and emerging markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain additional or specific risks. A

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Fund may make substantial investments in Asia-Pacific countries. In the Asia-Pacific markets, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region, such as Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in number and less well-capitalized than brokers in the United States. These factors, combined with the U.S. regulatory requirements for open-end investment companies and the restrictions on foreign investment, result in potentially fewer investment opportunities for a Fund and may have an adverse impact on the Fund's investment performance.

Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and/or (v) ethnic, religious and racial disaffection. In addition, the governments of many of such countries, such as Indonesia, have a heavy role in regulating and supervising the economy.

An additional risk common to most such countries is that the economy is heavily export-oriented and, accordingly, is dependent upon international trade, which could be negatively impacted during a synchronized slowdown in global economic activity. The existence of overburdened infrastructure and obsolete financial systems also present risks in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors. The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on a Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia-Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.

Governments of many developing market Asia-Pacific countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions in the future could have a significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private sector companies, as well as the value of securities in a Fund's portfolio. In addition, economic statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed nations.

It is possible that developing market Asia-Pacific issuers may not be subject to the same accounting, auditing and financial reporting standards as U.S. companies. Inflation accounting rules in some developing market Asia-Pacific countries require companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate certain assets and liabilities on the company's balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing market Asia-Pacific companies. In addition, satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific countries, which may result in a Fund incurring additional costs and delays in providing transportation and custody services for such securities outside such countries.

Certain developing Asia-Pacific countries are especially large debtors to commercial banks and foreign governments. Fund management may determine that, notwithstanding otherwise favorable investment criteria, it

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may not be practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in which foreign investors, including management of the Fund, have had no or limited prior experience.

*<u>Brazil.</u>* Investing in Brazil involves certain considerations not typically associated with investing in the United States. Additional considerations include: (i) investment and repatriation controls, which could affect a Fund's ability to operate and to qualify for the favorable tax treatment afforded to regulated investment companies for U.S. federal income tax purposes; (ii) fluctuations in the rate of exchange between the Brazilian real and the U.S. dollar; (iii) the generally greater price volatility and lesser liquidity that characterize Brazilian securities markets, as compared with U.S. markets; (iv) the effect that balance of trade could have on Brazilian economic stability and the Brazilian government's economic policy; (v) potentially high rates of inflation, a rising unemployment rate and a high level of debt, each of which may hinder economic growth; (vi) governmental involvement in and influence on the private sector; (vii) Brazilian accounting, auditing and financial standards and requirements, which differ from those in the United States; (viii) political and other considerations, including changes in applicable Brazilian tax laws; and (ix) restrictions on investments by foreigners. In addition, commodities, such as oil, gas and minerals, represent a significant percentage of Brazil's exports, and therefore, its economy is particularly sensitive to fluctuations in commodity prices. Additionally, an investment in Brazil is subject to certain risks stemming from political and economic corruption. For example, the Brazilian Federal Police conducted a criminal investigation into corruption allegations, known as Operation Car Wash, which led to charges against high level politicians and corporate executives and resulted in substantial fines for some of Brazil's largest companies. This had a widespread political and economic impact and may continue to affect negatively the country and the reputation of Brazilian companies connected with the investigation, and therefore, the trading price of securities issued by those companies.

*<u>China.</u>* Investing in China involves special considerations not typically associated with investing in countries with more democratic governments or more established economies or currency markets. These risks include: (i) the risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater governmental involvement in and control over the economy, interest rates and currency exchange rates; (iii) controls on foreign investment and limitations on repatriation of invested capital; (iv) greater social, economic and political uncertainty (including the risk of war); (v) dependency on exports and the corresponding importance of international trade; (vi) currency exchange rate fluctuations; and (vii) the risk that certain companies in which a Fund may invest may have dealings with countries subject to sanctions or embargoes imposed by the U.S. government or identified as state sponsors of terrorism. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers of securities in which a Fund invests.

The government of China maintains strict currency controls in support of economic, trade and political objectives and regularly intervenes in the currency market. The government's actions in this respect may not be transparent or predictable. As a result, the value of the yuan, and the value of securities designed to provide exposure to the yuan, can change quickly and arbitrarily. Furthermore, it is difficult for foreign investors to directly access money market securities in China because of investment and trading restrictions. While the economy of China has enjoyed substantial economic growth in recent years, there can be no guarantee this growth will continue. These and other factors may decrease the value and liquidity of a Fund's investments. Recently, the United States and China have announced that each country would impose certain tariffs on exports from the other country. Though the impact and duration of such tariffs is uncertain the imposition of tariffs by either country may negatively affect each country's economy and the U.S. and foreign markets and may negatively affect a Fund's investment.

Any difficulties of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. Under amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB be permitted to inspect the

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accounting firm of a U.S.-listed Chinese issuer, Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting firm.

China A-Shares are equity securities of companies based in mainland China that trade on Chinese stock exchanges such as the Shanghai Stock Exchange ("SSE") and the Shenzhen Stock Exchange ("SZSE") ("A-Shares"). Foreign investment in A-Shares on the SSE and SZSE is historically not permitted other than through a license granted under regulations in the People's Republic of China ("PRC") known as the Qualified Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("RQFII") systems. Each license permits investment in A-Shares only up to a specified quota.

Because restrictions continue to exist and capital therefore cannot flow freely into and out of the A-Share market, it is possible that in the event of a market disruption, the liquidity of the A-Share market and trading prices of A-Shares could be more severely affected than the liquidity and trading prices of markets where securities are freely tradable and capital therefore flows more freely. A Fund cannot predict the nature or duration of such a market disruption or the impact that it may have on the A-Share market and the short-term and long-term prospects of its investments in the A-Share market. In the event that a Fund invests in A-Shares directly, a Fund may incur significant losses, or may not be able fully to implement or pursue its investment objectives or strategies, due to investment restrictions on RQFIIs and QFIIs, illiquidity of the Chinese securities markets or delay or disruption in execution or settlement of trades. A-Shares may become subject to frequent and widespread trading halts.

The Chinese government has in the past taken actions that benefitted holders of A-Shares. As A-Shares become more available to foreign investors, such as a Fund, the Chinese government may be less likely to take action that would benefit holders of A-Shares. In addition, there is no guarantee that an A-Shares quota will be sufficient for a Fund's intended scope of investment.

The regulations which apply to investments by RQFIIs and QFIIs, including the repatriation of capital, are relatively new. The application and interpretation of such regulations are therefore relatively untested. In addition, there is little precedent or certainty evidencing how such discretion may be exercised now or in the future, and even if there were precedent, it may provide little guidance as PRC authorities would likely continue to have broad discretion.

Investment in eligible A-Shares listed and traded on the SSE is now permitted through the Stock Connect program. Stock Connect is a securities trading and clearing program established by Hong Kong Securities Clearing Company Limited, the SSE and Chinese Securities Depositary and Clearing Corporation that aims to provide mutual stock market access between China and Hong Kong by permitting investors to trade and settle shares on each market through their local exchanges. Certain Funds may invest in other investment companies that invest in A-Shares through Stock Connect or on such other stock exchanges in China which participate in Stock Connect from time to time. Under Stock Connect, a Fund's trading of eligible A-Shares listed on the SSE would be effectuated through its Hong Kong broker.

Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through Stock Connect's Northbound Trading Link is subject to aggregate and daily investment quota limitations that require that buy orders for A-Shares be rejected once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded (although a Fund will be permitted to sell A-Shares regardless of the quota balance). These limitations may restrict a Fund from investing in A-Shares on a timely basis, which could affect a Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change. Investment in eligible A-Shares through Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. A-Shares purchased through Stock Connect generally may not be sold or otherwise transferred other than through Stock Connect in accordance with applicable rules. In addition, Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, an investment in A-Shares

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through Stock Connect may subject a Fund to a risk of price fluctuations on days where the Chinese market is open, but Stock Connect is not trading.

In addition, renminbi ("RMB")-denominated bonds issued in the PRC by Chinese credit, government and quasi-governmental issuers ("RMB Bonds") are available on the China interbank bond market ("CIBM") to eligible foreign investors through the CIBM Direct Access Program and through the "Mutual Bond Market Access between Mainland China and Hong Kong" ("Bond Connect") program. Investments in bonds through either program will be subject to a number of additional risks and restrictions that may affect a Fund's investments and returns.

The Bond Connect program and the CIBM Direct Access Program are relatively new. Laws, rules, regulations, policies, notices, circulars or guidelines relating to the programs as published or applied by the relevant authorities of the PRC are untested and are subject to change from time to time. There can be no assurance that the Bond Connect program and/or the CIBM Direct Access Program will not be restricted, suspended or abolished. If such event occurs, a Fund's ability to invest in the CIBM through the CIBM Direct Access Program will be adversely affected.

Under the prevailing PRC regulations, eligible foreign investors who wish to participate in the Bond Connect program may do so through an offshore custody agent, registration agent or other third parties (as the case may be), who would be responsible for making the relevant filings and account opening with the relevant authorities. A Fund is therefore subject to the risk of default or errors on the part of such agents.

Under the prevailing PRC regulations, eligible foreign institutional investors who wish to invest directly in the CIBM through the CIBM Direct Access Program may do so through an onshore settlement agent, who would be responsible for making the relevant filings and account opening with the relevant authorities. A Fund is therefore subject to the risk of default or errors on the part of such agent.

Trading through the Bond Connect program is performed through newly developed trading platforms and operational systems. There is no assurance that such systems will function properly (in particular, under extreme market conditions) or will continue to be adapted to changes and developments in the market. In addition, where a Fund invests in the CIBM through the Bond Connect program, it may be subject to risks of delays inherent in order placing and/or settlement.

The Central Moneymarkets Unit of the Hong Kong Monetary Authority ("HKMA") is the "nominee holder" of the bonds acquired by a Fund through the Bond Connect program. Whilst the relevant authorities of the PRC have expressly stated that Bond Connect investors will enjoy the rights and interests of the bonds acquired through the Bond Connect program in accordance with applicable laws, the exercise and the enforcement of beneficial ownership rights over such bonds in the courts in China is yet to be tested. In addition, in the event that the nominee holder (*i.e.,* the HKMA) becomes insolvent, such bonds may form part of the pool of assets of the nominee holder available for distribution to its creditors, and a Fund, as a beneficial owner, may have no rights whatsoever in respect thereof.

Investing in RMB Bonds involves additional risks, including, but not limited to, the fact that the economy of China differs, often unfavorably, from the U.S. economy, including, among other things, currency revaluation, structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others.

The RMB is currently not a freely convertible currency. The Chinese government places strict regulation on the RMB and sets the value of the RMB to levels dependent on the value of the U.S. dollar. The Chinese government's imposition of restrictions on the repatriation of RMB out of mainland China may limit the depth of the offshore RMB market and reduce the liquidity of a Fund's investments.

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On June 3, 2021, President Biden issued an executive order (the "Executive Order") prohibiting U.S. persons from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company ("CMIC"). The Executive Order superseded a prior similar order from then-President Trump. A number of Chinese issuers have been designated under this program and more could be added. Certain implementation matters related to the scope of, and compliance with, the Executive Order have not yet been resolved, and the ultimate application and enforcement of the Executive Order may change. As a result, the Executive Order and related guidance may significantly reduce the liquidity of such securities, force a Fund to sell certain positions at inopportune times or for unfavorable prices and restrict future investments by the Funds.

*<u>Developing and Emerging Markets.</u>* Emerging and developing markets abroad may offer special opportunities for investing, but may have greater risks than more developed foreign markets, such as those in Europe, Canada, Australia, New Zealand and Japan. There may be even less liquidity in their securities markets, and settlements of purchases and sales of securities may be subject to additional delays. They are subject to greater risks of limitations on the repatriation of income and profits because of currency restrictions imposed by local governments. Those countries may also be subject to the risk of greater political and economic instability, which can greatly affect the volatility of prices of securities in those countries.

Investing in emerging markets securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. The currencies of emerging markets countries may experience significant declines against the U.S. dollar. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging markets countries. Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions.

*<u>Europe.</u>* Investing in European countries may impose economic and political risks associated with Europe in general and the specific European countries in which it invests. The economies and markets of European countries are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. European Union ("EU") member countries are required to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of certain EU countries), the default or threat of default by an EU member country on its sovereign debt and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners, including some or all of the emerging markets materials sector countries. Although certain European countries do not use the euro, many of these countries are obliged to meet the criteria for joining the eurozone. Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have experienced volatility and adverse trends in recent years due to concerns about economic downturns, rising government debt levels and the possible default of government debt in several European countries, including Greece, Ireland, Italy, Portugal and Spain. In order to prevent further economic deterioration, certain countries, without prior warning, can institute "capital controls." Countries may use these controls to restrict volatile movements of capital entering and exiting their country. Such controls may negatively affect a Fund's investments. A default or debt restructuring by any European country would adversely impact holders of that country's debt and sellers of credit default swaps linked to that country's creditworthiness, which may be

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located in countries other than those listed above. These events have adversely affected the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the euro and non-EU member countries. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching and could adversely impact the value of investments in the region.

In June 2016, the United Kingdom (the "UK") approved a referendum to leave the EU, commonly referred to as "Brexit," which sparked depreciation in the value of the British pound, short-term declines in global stock markets, and heightened risk of continued worldwide economic volatility. The United Kingdom officially left the European Union on January 31, 2020. There is significant uncertainty regarding Brexit's ramifications and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict.

*<u>Japan.</u>* Japanese investments may be significantly affected by events influencing Japan's economy and changes in the exchange rate between the Japanese yen and the U.S. dollar. Japan's economy fell into a long recession in the 1990s. After a few years of mild recovery in the mid-2000s, Japan's economy fell into another recession as a result of the recent global economic crisis. Japan is heavily dependent on exports and foreign oil. Furthermore, Japan is located in a seismically active area, and in 2011 experienced an earthquake of a sizeable magnitude and a tsunami that significantly affected important elements of its infrastructure and resulted in a nuclear crisis. Since these events, Japan's financial markets have fluctuated dramatically. The full extent of the impact of these events on Japan's economy and on foreign investment in Japan is difficult to estimate. Japan's economic prospects may be affected by the political and military situations of its near neighbors, notably North and South Korea, China and Russia.

*<u>Russia.</u>* Investing in Russia involves risks and special considerations not typically associated with investing in United States. Since the breakup of the Soviet Union at the end of 1991, Russia has experienced dramatic political and social change. The political system in Russia is emerging from a long history of extensive state involvement in economic affairs. The country is undergoing a rapid transition from a centrally-controlled command system to a market-oriented, democratic model. As a result, relative to companies operating in Western economies, companies in Russia are characterized by a lack of: (i) management with experience of operating in a market economy; (ii) modern technology; and (iii) a sufficient capital base with which to develop and expand their operations. It is unclear what will be the future effect on Russian companies, if any, of Russia's continued attempts to move toward a more market-oriented economy. Russia's economy has experienced severe economic recession, if not depression, since 1990 during which time the economy has been characterized by high rates of inflation, high rates of unemployment, declining gross domestic product, deficit government spending and a devalued currency. The economic reform program has involved major disruptions and dislocations in various sectors of the economy, and those problems have been exacerbated by growing liquidity problems. Russia's economy is also heavily reliant on the energy and defense-related sectors and is, therefore, susceptible to the risks associated with these industries. Further, Russia presently receives significant financial assistance from a number of countries through various programs. To the extent these programs are reduced or eliminated in the future, Russian economic development may be adversely impacted. The laws and regulations in Russia affecting Western investment business continue to evolve in an unpredictable manner. Russian laws and regulations, particularly those involving taxation, foreign investment and trade, title to property or securities, and transfer of title, which may be applicable to a Fund's activities are relatively new and can change quickly and unpredictably in a manner far more volatile than in the United States or other developed market economies. Although basic commercial laws are in place, they are often unclear or contradictory and subject to varying interpretation, and may at any time be amended, modified, repealed or replaced in a manner adverse to the interest of a Fund.

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In late February 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, North Atlantic Treaty Organization (NATO) and the West. Russia's invasion, the responses of countries and political bodies to Russia's actions and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas.

Following Russia's actions, various countries, including the United States, Canada, the UK, Germany and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of freezing certain Russian assets, prohibiting trading by individuals and entities in certain Russian securities and engaging in certain private transactions and restrictions on doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions include a commitment by certain countries and the EU to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, commonly called "SWIFT," the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. A number of large corporations and U.S. states have since withdrawn from Russia or suspended or curtailed their Russia-based operations.

The imposition of these current sanctions (and potential further sanctions in response to Russia's continued military activity) and other actions undertaken by countries and businesses may adversely impact various sectors of the Russian economy, including, but not limited to, the financials, energy, metals and mining, engineering and defense and defense-related materials sectors. Such actions also may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble and could impair the ability of a Fund to buy, sell, receive or deliver those securities. Moreover, the measures could adversely affect global financial and energy markets and thereby negatively affect the value of a Fund's investments beyond any direct exposure to Russian issuers or those of adjoining geographic regions.

In response to sanctions, the Russian Central Bank raised its interest rates and banned sales of local securities by foreigners. Russia also prevented the export of certain goods and payments to foreign shareholders of Russian securities. Russia may take additional countermeasures or retaliatory actions, which may further impair the value and liquidity of Russian securities and Fund investments. Such actions could, for example, include restricting gas exports to other countries, seizure of U.S. and European residents' assets or undertaking or provoking other military conflict elsewhere in Europe, any of which could exacerbate negative consequences on global financial markets and the economy. The actions discussed above could have a negative effect on the performance of a Fund that has exposure to Russia. While diplomatic efforts have been ongoing, the conflict between Russia and Ukraine is currently unpredictable and has the potential to result in broader military actions. The duration of ongoing conflict and corresponding sanctions and related events cannot be predicted and may result in a negative impact on performance and the value of Fund investments, particularly as it relates to Russian exposure.

Due to difficulties transacting in impacted securities, a Fund may experience challenges liquidating the applicable positions to continue to seek a Fund's investment objective. Additionally, due to current and potential future sanctions or potential market closure impacting the ability to trade Russian securities, a Fund may experience higher transaction costs.

*<u>Taiwan.</u>* Investment in Taiwanese issuers may subject a Fund to loss in the event of adverse political, economic, regulatory and other developments that affect Taiwan, including fluctuations of the New Taiwan dollar versus the U.S. dollar. Taiwan has few natural resources; therefore, any fluctuation or shortage in the commodity markets could have a negative impact on the Taiwanese economy. Appreciation of the New Taiwan dollar, rising labor costs and increasing environmental consciousness have led some labor-intensive industries to relocate to other countries with cheaper work forces. Continued labor outsourcing may adversely affect the Taiwanese economy. Taiwanese firms are among the world's largest suppliers of computer monitors and leaders in personal computer manufacturing. A slowdown in global demand for these products will likely have an adverse impact on the Taiwanese economy. The Chinese government views Taiwan as a renegade province and continues to contest Taiwan's sovereignty. The outbreak of hostilities between the two nations, or even the threat of an outbreak of

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hostiles, will likely adversely impact the Taiwanese economy. Such risks, among others, may adversely affect the value of a Fund's investments.

*Forward Commitments, When-Issued Securities and Delayed-Delivery Transactions.* To the extent consistent with their respective investment objectives, each Select Fund may purchase securities on a when-issued basis or purchase or sell securities on a forward commitment (sometimes called delayed delivery) basis. These transactions involve a commitment by a Fund to purchase or sell securities at a future date. The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. When-issued purchases and forward commitment transactions are normally negotiated directly with the other party.

When a Fund purchases securities on a when-issued basis or purchases or sells securities on a forward commitment basis, the Fund may complete the transaction and actually purchase or sell the securities. However, if deemed advisable as a matter of investment strategy, a Fund may dispose of or negotiate a commitment after entering into it. A Fund may also sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date.

***Futures and Options on Futures***

*Futures and Options on Futures — Generally.* The Bond Funds, Equity Funds and Strategic Alternatives Fund may purchase or sell (1) put and call options on securities, indexes and other financial instruments; and (2) futures contracts and options thereon. The Funds may enter into such futures transactions on domestic exchanges. The Funds may enter into such futures transactions on domestic exchanges and generally may do so on foreign exchanges as well. However, certain products listed on foreign exchanges require special regulatory approval before being offered or sold to persons located in the United States. Futures (and options thereon) on broad-based stock indexes must be approved by the Commodity Futures Trading Commission ("CFTC"). Security futures (futures on single securities or narrow-based indexes) may only be offered and sold in accordance with guidance issued by the CFTC and SEC. Debt obligations of a foreign government must be designated as an exempted security by the SEC under SEC Rule 3a12-8 before a futures contract or option thereon can be offered or sold in the United States. In addition, the Equity Funds may invest and reinvest in long or short positions in any of the instruments contemplated in this section. The Bond Funds may purchase or sell (1) put and call options on fixed income securities; and (2) futures contracts and options thereon. In addition, the Bond Funds may invest in long or short positions in any of the instruments contemplated in this section. The Target Date Funds and Target Risk Funds, may from time to time invest up to 10% of their assets directly in U.S. Treasury securities, exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts in order to gain exposure to the U.S. equity and fixed income markets on cash balances. The Equity Funds and Strategic Alternatives Fund may sell short exchange listed equity futures contracts to reduce market exposure. The Target Date Funds, Target Risk Funds, Bond Funds and Strategic Alternatives Fund may sell short exchange listed U.S. Treasury future contracts to reduce market exposure.

*Futures and Options on Futures — Futures Contracts Generally.* A futures contract may generally be described as an agreement between two parties to buy and sell a specified quantity of a particular instrument, such as a security, currency or index, during a specified future period at a specified price. When interest rates are rising or securities prices are falling, a Fund can seek, through the sale of futures contracts, to offset a decline in the value of its current portfolio securities. When rates are falling or prices are rising, a Fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later be available in the market when they affect anticipated purchases.

Although futures contracts by their terms generally call for the actual delivery or acquisition of the underlying instrument or the cash value of the instrument, in most cases, the contractual obligation is fulfilled before the date of the contract without having to make or take such delivery. The contractual obligation is offset by buying or selling, as the case may be, on a commodities exchange an identical futures contract calling for delivery in the same period. Such a transaction, which is executed through a member of an exchange, cancels the obligation to

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make or take delivery of the instrument or the cash value of the instrument underlying the contractual obligations. Such offsetting transactions may result in a profit or loss, and a Fund may incur brokerage fees when it purchases or sells futures contracts. While each Fund's futures contracts will usually be liquidated in this manner, a Fund may instead make or take delivery of the underlying instrument whenever it appears economically advantageous for it to do so.

The use of options and futures is subject to applicable regulations of the SEC and CFTC and the several exchanges upon which they are traded. In addition, a Fund's ability to use options and futures may be limited by tax considerations. For more information, see the section entitled "Taxation" in this SAI. The Adviser has claimed exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (the "CEA"), with respect to each Fund and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA in its management of each Fund.

Under Rule 4.5, if a Fund uses commodity interests (such as futures contracts, options on futures contracts and swaps) other than for bona fide hedging purposes (as defined by the CFTC) the aggregate initial margin and premiums required to establish these positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money" at the time of purchase) may not exceed 5% of a Fund's NAV, or alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). In addition, to qualify for an exclusion, a Fund must satisfy a marketing test, which requires, among other things, that a Fund not hold itself out as a vehicle for trading commodity interests. Each Fund is subject to the risk that a change in U.S. law and related regulations will impact the way a Fund operates, increase the particular costs of a Fund's operation and/or change the competitive landscape. In this regard, any further amendments to the CEA or its related regulations that subject a Fund to additional regulation may have adverse impacts on a Fund's operations and expenses.

*Futures and Options on Futures — Options Generally.* Options may relate to particular securities, foreign and domestic securities indexes, financial instruments, foreign currencies or the yield differential between two securities.

Such options may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation ("OCC"). A call option for a particular security gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security at the stated exercise price before the expiration of the option, regardless of the market price of the security. A premium is paid to the writer by the purchaser in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell and a writer the obligation to buy the security at the stated exercise price before the expiration date of the option, regardless of the market price of the security.

In addition, some swaps are, and more in the future will be, centrally cleared. Swaps that are centrally cleared are subject to the creditworthiness of the clearing organizations involved in the transaction. For example, a swap investment by a Fund could lose margin payments deposited with the clearing organization, as well as the net amount of gains not yet paid by the clearing organization, if the clearing organization breaches the swap agreement with the Fund or becomes insolvent or goes into bankruptcy. In the event of bankruptcy of the clearing organization, the Fund may be entitled to the net amount of gains the Fund is entitled to receive, plus the return of margin owed to it, only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the Fund.

Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

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A Fund's obligation to sell an instrument subject to a covered call option written by it, or to purchase an instrument subject to a secured put option written by it, may be terminated before the expiration of the option by the Fund's execution of a closing purchase transaction. This means that a Fund buys on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. Such a purchase does not result in the ownership of an option. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a closing purchase plus related transaction costs may be greater than the premium received upon the original option, in which event the Fund will experience a loss. There is no assurance that a liquid secondary market will exist for any particular option. A Fund that has written an option and is unable to effect a closing purchase transaction will not be able to sell the underlying instrument (in the case of a covered call option) or liquidate the segregated assets (in the case of a secured put option) until the option expires or the optioned instrument is delivered upon exercise. The Fund will be subject to the risk of market decline or appreciation in the instrument during such period.

Options purchased are recorded as an asset and written options are recorded as liabilities to the extent of premiums paid or received. The amount of this asset or liability will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund will realize a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold), and the liability related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received, and the Fund will realize a gain or loss.

There are several other risks associated with options. For example, there are significant differences among the securities, currency and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded OTC or on an exchange, may be absent for reasons that include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the OCC may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

*Futures and Options on Futures — Financial Futures Contracts.* Financial futures contracts are simply futures contracts that obligate the holder to buy or sell a financial instrument, such as a U.S. Treasury security, an equity security or foreign currency, during a specified future period at a specified price. A sale of a financial futures contract means the acquisition of an obligation to sell the financial instrument called for by the contract at a specified price on a specified date. A purchase of a financial futures contract means the acquisition of an obligation to buy the financial instrument called for by the contract at a specified price on a specified date.

*Futures and Options on Futures — Bond Index Futures and Options*. The Bond Funds, Target Date Funds and Target Risk Funds may buy and sell futures contracts based on an index of debt securities and options on such futures contracts to the extent they currently exist and, in the future, may be developed. The Funds reserve the right to conduct futures and options transactions based on an index that may be developed in the future to correlate with price movements in certain categories of debt securities. The Funds' investment strategy in

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employing futures contracts based on an index of debt securities may be similar to that used by them in other financial futures transactions. The Funds may also buy and write put and call options on such index futures and enter into closing transactions with respect to such options.

*Futures and Options on Futures — Interest Rate Futures and Options.* Interest rate futures contracts are a type of financial futures contracts that call for the future delivery of U.S. government securities or index-based futures contracts. The value of these instruments changes in response to changes in the value of the underlying security or index, which depends primarily on prevailing interest rates.

A Fund may, for example, enter into interest rate futures contracts in order to protect its portfolio securities from fluctuations in interest rates without necessarily buying or selling the underlying fixed income securities. For example, if a Fund owns bonds and interest rates are expected to increase, it might sell futures contracts on debt securities having characteristics similar to those held in the portfolio. Such a sale would have much the same effect as selling an equivalent value of the bonds owned by the Fund. If interest rates did increase, the value of the debt securities in the portfolio would decline, but the value of the futures contract to the Fund would increase at approximately the same rate, thereby keeping the NAV of the Fund from declining as much as it otherwise would have.

*Futures and Options on Futures — Stock Index Futures Contracts.* A stock index futures contract is a type of financial futures contract that obligates the seller to provide (or receive) an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement was made. Open futures contracts are valued on a daily basis, and a Fund may be obligated to provide or receive cash reflecting any decline or increase in the contract's value. No physical delivery of the underlying stocks in the index is made in the future.

For example, a Target Date Fund, Target Risk Fund, Equity Fund or the Strategic Alternatives Fund may sell stock index futures contracts in anticipation of or during a market decline to attempt to offset the decrease in market value of its equity securities that might otherwise result. When a Fund is not fully invested in stocks and it anticipates a significant market advance, it may buy stock index futures in order to gain rapid market exposure that may in part or entirely offset increases in the cost of stocks that it intends to buy.

*Futures and Options on Futures — Options on Indexes and Yield Curve Options.* Options on indexes and yield curve options provide the holder with the right to make or receive a cash settlement upon exercise of the option. With respect to options on indexes, the amount of the settlement will equal the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple. With respect to yield curve options, the amount of the settlement will equal the difference between the yields of designated securities. Yield curve options are traded OTC, and because they have been only recently introduced, established trading markets for these securities have not yet developed.

*Futures and Options on Futures — Options on Futures Contracts.* The acquisition of put and call options on futures contracts will give a Fund the right, but not the obligation, to sell or to purchase, respectively, the underlying futures contract for a specified price at any time during the option period. As the purchaser of an option on a futures contract, a Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

*Futures and Options on Futures — Options on Stock Index Futures.* The Target Date Funds, Target Risk Funds, Equity Funds and Strategic Alternatives Fund may buy and sell call and put options on stock index futures. Call and put options on stock index futures are similar to options on securities except that, rather than the right to buy stock at a specified price, options on stock index futures give the holder the right to receive cash. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the futures contract, at exercise, exceeds, in the case of a call, or is less

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than, in the case of a put, the exercise price of the option on the futures contract. If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash equal to the difference between the exercise price of the option and the closing price of the futures contract on the expiration date.

*Futures and Options on Futures — Cover Requirements.* To the extent a Fund enters into a futures contract, it will deposit in a segregated account with the futures commission merchant ("FCM"), cash or U.S. Treasury obligations equal to a specified percentage of the value of the futures contract, as required by the relevant contract market and FCM. The futures contract will be marked-to-market daily. If the value of the futures contract declines relative to the Fund's position, the Fund will be required to pay to the FCM an amount equal to such change in value. If the Fund has insufficient cash, it may have to sell portfolio securities at a time when it may be disadvantageous to do so in order to meet such daily variations in margins.

*Futures and Options on Futures — Future Developments.* The Funds may take advantage of opportunities in the area of options and futures contracts and options on futures contracts and any other derivative investments that are not presently contemplated for use by the Funds or that are not currently available but that may be developed, to the extent such opportunities are both consistent with the Funds' investment goals and legally permissible for the Funds.

*Illiquid Investments and Restricted Securities.* A Fund will invest no more than 15% (5% with respect to the Money Market Fund) of the value of its net assets in illiquid investments. An "illiquid investment" means any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment (with respect to the Money Market Fund, an "illiquid security" means a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Money Market Fund). For example, repurchase agreements maturing in more than seven days are illiquid securities. In addition, investments in illiquid securities by the Money Market Fund are subject to the portfolio liquidity requirements of Rule 2a-7 under the 1940 Act. The With respect to the Impact Bond Fund and Impact Equity Fund, closed-end interval funds, private funds and other similar pooled investment vehicles offer limited liquidity and will be illiquid investments.

Subject to these limitations, each Fund may invest in restricted securities where such investment is consistent with the Fund's investment objective, and such securities are considered liquid to the extent the Adviser or Sub-Adviser determines that there is a liquid institutional or other market for such securities, such as restricted securities that may be freely transferred among qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended ("1933 Act"), and for which a liquid institutional market has developed.

Restricted securities are securities that may not be sold to the public without registration under the 1933 Act or an exemption from registration. Restricted securities involve certain risks, including the risk that a secondary market may not exist when a holder wants to sell them. In addition, the price and valuation of these securities may reflect a discount because they are perceived as having less liquidity than the same securities that are not restricted. If a Fund suddenly has to sell restricted securities, time constraints or lack of interested, qualified buyers may prevent the Fund from receiving the value at which the securities are carried on its books at the time of the sale. Alternatively, the Adviser or Sub-Adviser may sell unrestricted securities it might have retained if the Fund had only held unrestricted securities.

*Impact Investments.* Because the Impact Bond Fund's and Impact Equity Fund's investment approach intentionally seeks to have a positive impact in accordance with Christian values alongside financial returns, the Adviser and Sub-Advisers will not consider investments for the Impact Bond Fund and/or Impact Equity Fund that may generate higher investment returns but that do not fall within the Adviser's impact framework. In seeking to generate positive impact, the Adviser and Sub-Advisers may rely on data and information that may later prove to be incomplete or inaccurate. There are divergences of views of how to measure and verify positive impact, and the Impact Bond Fund's and Impact Equity Fund's measurements will differ from other funds that do not apply a

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distinctively Christian element to those measurements. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in the Impact Bond Fund's and Impact Equity Fund's investment universe, and utilizes this information to determine which companies should be prohibited for investment by it or the Sub-Advisers.

*Inflation-Indexed Securities.* The Target Date Funds, Target Risk Funds and Bond Funds may invest in inflation-indexed securities issued by the U.S. Treasury and others. Inflation-indexed securities are debt securities, the principal value of which is adjusted periodically in accordance with changes in a measure of inflation. Inflation-indexed securities issued by the U.S. Treasury use the Consumer Price Index for Urban Consumers ("CPI-U") published by the U.S. Bureau of Labor Statistics. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. Two structures for inflation-indexed securities are common: the U.S. Treasury and some other issuers that utilize a structure that adjusts the principal value of the security according to the rate of inflation; most other issuers pay out the Consumer Price Index adjustments as part of a semi-annual coupon.

In the first, the interest rate on the inflation-indexed bond is fixed, while the principal value rises or falls semi-annually based on changes in a published measure of inflation. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In the second, the inflation adjustment for certain inflation-indexed bonds is reflected in the semiannual coupon payment. As a result, the principal value of these inflation-indexed bonds does not adjust according to the rate of inflation.

In general, the value of inflation-indexed securities increases in periods of general inflation and declines in periods of general deflation. If inflation is lower than expected during the period a Fund holds an inflation-indexed security, the Fund may earn less on it than on a conventional bond. Inflation-indexed securities are expected to react primarily to changes in the "real" interest rate (*i.e.*, the nominal, or stated, rate less the rate of inflation), while a typical bond reacts to changes in the nominal interest rate. Accordingly, inflation-indexed securities have characteristics of fixed-rate U.S. Treasury securities with shorter durations. Changes in market interest rates from causes other than inflation will likely affect the market prices of inflation-indexed securities in the same manner as conventional bonds.

Any increase in the principal value of an inflation-indexed security is taxable in the taxable year the increase occurs, even though its holders do not receive cash representing the increase until the security matures, and the amount of that increase for a Fund generally must be distributed each taxable year to its shareholders. See the "Taxation" section of this SAI. Thus, each Fund that invests therein could be required, at times, to liquidate other investments in order to satisfy its distribution requirements.

*Interest Rate Swaps, Floors and Caps and Currency Swaps.* The Bond Funds and Strategic Alternatives Fund may enter into interest rate swaps and may purchase interest rate floors or caps. A Fund will typically use interest rate swaps to preserve a return on a particular investment or portion of its portfolio or to shorten the effective duration of its portfolio investments. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. The purchase of an interest rate floor or cap entitles the purchaser to receive payments of interest on a notional principal amount from the seller, to the extent the specified index falls below (floor) or exceeds (cap) a predetermined interest rate. The Equity Funds, Bond Funds and Strategic Alternatives Fund may also enter into currency swaps, which involve the exchange of the rights of a Fund and another party to make or receive payments in specific currencies.

A Fund will only enter into interest rate swaps or interest rate floor or cap transactions on a net basis (*i.e.,* the two payment streams are netted out) with a Fund receiving or paying, as the case may be, only the net amount of the

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two payments. In contrast, currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency.

The net amount of the excess, if any, of the Fund's obligations over their entitlements with respect to each interest rate or currency swap will be accrued on a daily basis.

If there is a default by the other party to such transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction. The swap market has grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. In addition, some swaps are, and more in the future may be, centrally cleared. As a result, the swap market has become relatively liquid in comparison with markets for other similar instruments which are traded in the Interbank market.

*Interfund Borrowing and Lending.* The SEC has granted the Trust an exemptive order to allow each Fund to participate in a credit facility whereby each Fund, under certain conditions, would be permitted to lend money directly to and borrow directly from other Funds for temporary purposes. The Trust has not implemented the interfund credit facility. It is anticipated that the credit facility, if implemented, will provide a borrowing Fund with savings at times when the cash position of the Fund is insufficient to meet temporary cash requirements. This situation could arise when shareholder redemptions exceed anticipated volumes and certain Funds have insufficient cash on hand to satisfy such redemptions. However, redemption requests normally are satisfied immediately. The credit facility would provide a source of immediate, short-term liquidity pending settlement of the sale of portfolio securities.

*Investment Companies and Business Development Companies.* Each Select Fund may invest in shares of other registered investment companies (*e.g.*, open-end mutual funds, closed-end funds and ETFs), and business development companies ("BDCs") to the extent permitted by the 1940 Act and the rules thereunder. Because each Fund serves as an acquired fund of one or more Target Date or Target Risk Fund, Rule 12d1-4(b)(3) under the 1940 Act prohibits each Select Fund from purchasing or otherwise acquiring the securities of an investment company if immediately after such purchase or acquisition, the securities of investment companies owned by the acquired fund have an aggregate value in excess of 10% of the value of the total assets of the Select Fund. However, this 10% limitation does not apply to investments by a Select Fund in: money market funds in reliance on Rule 12d1-1; a subsidiary that is wholly owned and controlled by the Select Fund; securities received as a dividend or as a result of a plan of reorganization of a company; or securities of another investment company received pursuant to exemptive relief from the SEC to engage in interfund borrowing and lending transactions.

In reliance on Rule 12d1-1 under the 1940 Act and subject to all of the conditions thereunder, each Fund may invest an unlimited amount of its otherwise uninvested cash and cash collateral received in connection with securities lending in shares of affiliated or unaffiliated money market funds that are limited to investing in the types of securities and other investments in which a money market fund may invest under Rule 2a-7 under the 1940 Act and undertake to comply with all the other requirements of Rule 2a-7, subject to the conditions of Rule 12d1-1.

When investing in securities of other investment companies or BDCs, a Fund will be indirectly exposed to all the risks of such funds' portfolio investments. As a shareholder in an investment company or BDC, a Fund would bear its pro rata share of that fund's expenses, including operating costs and investment advisory and administration fees. Investment in funds that are listed and traded on an exchange (*e.g.*, closed-end funds, ETFs and BDCs) could involve the acquisition of shares at a premium above the NAV of the fund.

*Investment Companies — Exchange-Traded Funds.* An ETF is a fund or class, the shares of which are listed and traded on a national securities exchange, and that has formed and operates in reliance on Rule 6c-11 under the 1940 Act or under an exemptive order granted by the SEC. An ETF represents a portfolio of securities (or other assets) generally designed to track a particular market index or other referenced asset. ETFs also may be actively managed. The risks of owning an ETF generally reflect the risks of owning the underlying portfolio securities or

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other financial instruments the ETF holds, although lack of liquidity in an ETF's shares could result in the price of those shares being more volatile than the ETF's underlying portfolio. In addition, there is the risk that an ETF may fail to closely track the index, if any, that it is designed to replicate. Although the market price of an ETF's shares is related to the ETF's underlying portfolio assets, shares of ETFs (like shares of closed-end funds and BDCs) can trade at a discount or premium to NAV. In addition, a failure to maintain the exchange listing of an ETF's shares and substantial market or other disturbances could adversely affect the value of such securities. Because ETFs are listed on an exchange, they may be subject to trading halts.

*Large Shareholders.* Shares held by large shareholders, including institutional accounts managed by the Adviser's affiliates, as well as shares held by other Funds, may from time to time represent a substantial portion of a Fund's assets. Accordingly, a Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such large shareholders. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a Fund's performance. In the event of such redemptions or investments, a Fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Redemptions by these shareholders, or a high volume of redemption requests generally, may further increase a Fund's liquidity risk and may, in the case of the Money Market Fund, impact the Fund's ability to maintain a $1.00 share price. Such transactions may increase a Fund's brokerage and/or other transaction costs and affect the liquidity of a Fund's portfolio. In addition, when funds of funds (*e.g.*, the Target Date Funds or the Target Risk Funds) or other investors own a substantial portion of a Fund's shares, a large redemption by such an investor could cause actual expenses to increase, or could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Redemptions of Fund shares could also accelerate a Fund's realization of capital gains (which would be taxable to its shareholders when distributed to them) if sales of securities needed to fund the redemptions result in net capital gains. The impact of these transactions is likely to be greater when a Fund of Funds or other significant investor purchases, redeems or owns a substantial portion of a Fund's shares. A high volume of redemption requests can impact a Fund the same way as the transactions of a single shareholder with substantial investments.

*LIBOR Transition Risk.* Certain of the Funds' investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offered Rate ("LIBOR"). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates were phased out at the end of 2021, as intended, a selection of widely used U.S. dollar LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process, and therefore, any impact of a transition away from LIBOR on the instruments in which a Fund invests cannot yet be determined. Although the Federal Reserve Bank of New York has identified the Secured Overnight Financing Rate ("SOFR") as the intended replacement to U.S. dollar LIBOR, foreign regulators have proposed other interbank offered rates, such as the Sterling Overnight Index Average ("SONIA") and other replacement rates, which could also be adopted. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. This announcement and any additional regulatory or market changes that occur as a result of the transition away from LIBOR and the adoption of alternative reference rates may have an adverse impact on a Fund's investments, performance or financial condition.

*Loan Participations.* The Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may purchase participations in commercial loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower and generally are offered by banks or other financial institutions or lending syndicates. The Bond Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to invest may not be rated by any nationally recognized rating service.

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A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement. Unless, under the terms of the loan or other indebtedness, a Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. In addition, holders of the loans, such as the Funds, may be required to indemnify the agent bank in certain circumstances.

Purchases of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If a Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price and yield could be adversely affected. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation or that the collateral can be liquidated.

The Bond Funds invest in loan participations with credit quality comparable to that of issuers of their securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Some companies may never pay off their indebtedness or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, a Fund bears a substantial risk of losing the entire amount invested.

Loans and other types of direct indebtedness may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Sub-Adviser believes to be a fair price. In addition, valuation of illiquid indebtedness involves a greater degree of judgment in determining a Fund's NAV than if that value were based on available market quotations and could result in significant variations in the Fund's daily share price. At the same time, some loans' interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to improve. In addition, each Fund currently intends to treat indebtedness for which there is no readily available market as illiquid for purposes of its limitation on illiquid investments. Investments in loan participations are considered to be debt obligations for purposes of the investment restriction relating to the lending of funds or assets by a Fund.

Some loans may not be considered "securities" for certain purposes under the federal securities laws, and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. Loans and other debt instruments that are not in the form of securities may offer less legal protection to a Fund in the event of fraud or misrepresentation.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to the Bond Funds. For example, if a loan is foreclosed, a Fund could become part owner of any collateral and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Fund could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Funds rely on the Sub-Advisers' research in an attempt to avoid situations where fraud or misrepresentation could adversely affect a Fund.

*Master Limited Partnerships.* The Equity Funds and Strategic Alternatives Fund may invest in master limited partnerships ("MLPs"). MLPs are publicly-traded partnerships primarily engaged in the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. MLP units are registered with the SEC and are freely traded on a securities exchange or in the OTC market. Because MLPs are partnerships, investments in securities of MLPs involve risks that differ from investments in common stock,

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including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price, resulting from regulatory changes or other reasons.

Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements, may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price, and investment in those MLPs may restrict a Fund's ability to take advantage of other investment opportunities. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns, which may affect the overall performance of a Fund.

Investing in MLPs involves certain risks related to investing in their underlying assets and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. MLPs are subject to various risks related to the underlying operating companies they control, including dependence upon specialized management skills and the risk that such companies may lack or have limited operating histories. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. Many MLPs are also subject to regulatory risks due to the imposition of various federal, state and local environmental laws and health and safety laws as well as laws and regulations specific to their particular activities.

A Fund must recognize income that is allocated from underlying MLPs for federal income tax purposes, even if the Fund does not receive cash distributions from the MLPs in an amount necessary to pay such tax liability. In addition, part of a distribution received by a Fund as the holder of an MLP interest may be treated as a "return of capital," which would reduce the Fund's adjusted tax basis in the interests and thus result in an increase in the amount of gain (or decrease in the amount of loss) the Fund will recognize for federal income tax purposes on the sale of all or part of the interest or on subsequent distributions in respect of such interests. Furthermore, any return of capital distribution received from the MLP may require the Fund to restate the character of its distributions and amend any shareholder tax reporting previously issued.

MLPs generally do not pay federal income tax at the partnership level, subject to the application of certain partnership audit rules. Rather, each partner is allocated a proportionate share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for federal income tax purposes, which would result in the MLP being required to pay federal income tax (as well as state and local income taxes) on its taxable income. The treatment of an MLP as a corporation for federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. If any MLP in which a Fund invests were treated as a corporation for those purposes, it could result in a reduction of the value of the Fund's investment in the MLP and lower income to the Fund.

Under certain circumstances, an MLP could be deemed to be an investment company. If that occurs, the Fund's investment in the MLP's securities would be limited by the 1940 Act. For more information, see "Investment Companies" disclosure in this section of the SAI.

*Money Market Instruments.* To the extent consistent with its investment objective and strategies, each Select Fund may invest a portion of its assets in short-term high-quality instruments, such as those that are eligible for investment by the Money Market Fund. The Target Date Funds and the Target Risk Funds may from time to time invest up to 10% of their assets directly in U.S. Treasury obligations, exchange listed equity futures contracts and exchange listed U.S. Treasury futures contracts in order to gain exposure to equity and fixed income markets on cash balances. In addition, each Select Fund (except the Money Market Fund), Target Date Fund and Target Risk Fund may invest its cash reserves in shares of the Money Market Fund. In December 2021, the SEC proposed amendments to Rule 2a-7 that, if adopted, would impact the manner in which money market funds operate. The

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amendments would, among other items, impose higher minimum liquidity requirements. The adoption of amendments to Rule 2a-7 may impact the Money Market Fund in ways that could have a negative impact on the Fund's investment performance, ability to achieve its investment objective or otherwise adversely impact an investment in the Fund.

*Mortgage-Backed Securities.* The Bond Funds, Money Market Fund and Strategic Alternatives Fund may purchase mortgage-backed securities in accordance with their investment strategies as stated in the Prospectus. Mortgage-backed securities ("MBS") represent direct or indirect participations in, or are secured by and payable from, pools of mortgage loans. Those securities may be guaranteed by a U.S. government agency or instrumentality (such as the Government National Mortgage Association, or "Ginnie Mae"); issued and guaranteed by a government-sponsored stockholder-owned corporation, though not backed by the full faith and credit of the United States (such as by the Federal National Mortgage Association, or "Fannie Mae," or the Federal Home Loan Mortgage Corporation, or "Freddie Mac" (collectively, Government-Sponsored Enterprises or the "GSEs"), and described in greater detail below); or issued by fully private issuers. Private issuers are generally originators of and investors in mortgage loans and include savings associations, mortgage bankers, commercial banks, investment bankers, and special purpose entities. Private MBS may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities, private issuers or the mortgage poolers.

Government-related guarantors (*i.e.*, not backed by the full faith and credit of the U.S. government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned by stockholders. It is subject to general regulation by the Federal Housing Finance Authority ("FHFA"). Fannie Mae purchases residential mortgages from a list of approved seller/servicers that include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Fannie Mae guarantees the timely payment of principal and interest on pass-through securities that it issues, but those securities are not backed by the full faith and credit of the U.S. government. Freddie Mac is a government-sponsored corporation formerly owned by the 12 Federal Home Loan Banks and now owned by stockholders. Freddie Mac issues Participation Certificates ("PCs"), which represent interests in mortgages from Freddie Mac's national portfolio. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal on the PCs it issues, but those PCs are not backed by the full faith and credit of the U.S. government.

The U.S. Treasury historically has had the authority to purchase obligations of Fannie Mae and Freddie Mac. However, in 2008, due to capitalization concerns, Congress provided the U.S. Treasury with additional authority to lend the GSEs emergency funds and to purchase their stock. In September 2008, those capital concerns led the U.S. Treasury and the FHFA to announce that the GSEs had been placed in conservatorship.

Since that time, the GSEs have received significant capital support through U.S. Treasury preferred stock purchases as well as U.S. Treasury and Federal Reserve purchases of their MBS. While the MBS purchase programs ended in 2010, the U.S. Treasury announced in December 2009 that it would continue its support for the entities' capital as necessary to prevent a negative net worth. Since the GSEs were placed into conservatorship through the fourth quarter of 2017, they required U.S. Treasury support of approximately $187.5 billion through draws under the preferred stock purchase agreements. However, the GSEs have together paid $278.8 billion to the U.S. Treasury in aggregate cash dividends (although those payments do not constitute a repayment of their draws). In the first quarter of 2018, Fannie Mae and Freddie Mac each reported that the passage of the Tax Cut and Jobs Act in December 2017 ("TCJA") had resulted in a decrease in the value of their deferred tax assets. As a result, Fannie Mae and Freddie Mac each reported net losses during the fourth quarter of 2017 and indicated that they would request draws from the U.S. Treasury in the amount of $3.7 billion and $0.3 billion, respectively. The FHFA stated that the GSEs may need an additional injection of U.S. Treasury capital in the future. Accordingly, no assurance can be given that the Federal Reserve, U.S. Treasury or FHFA initiatives will ensure that the GSEs will remain successful in meeting their obligations with respect to the debt and MBS they issue into the future.

In 2012, the FHFA initiated a strategic plan to develop a program related to credit risk transfers intended to reduce Fannie Mae's and Freddie Mac's overall risk through the creation of credit risk transfer assets ("CRTs").

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CRTs come in two primary series: Structured Agency Credit Risk ("STACRs") for Freddie Mac and Connecticut Avenue Securities ("CAS") for Fannie Mae, although other series may be developed in the future. CRTs are typically structured as unsecured general obligations of either entities guaranteed by a government-sponsored stockholder-owned corporation, though not backed by the full faith and credit of the United States (such as by GSEs or special purpose entities), and their cash flows are based on the performance of a pool of reference loans. Unlike traditional residential MBS securities, bond payments typically do not come directly from the underlying mortgages. Instead, the GSEs either make the payments to CRT investors, or the GSEs make certain payments to the special purpose entities and the special purpose entities make payments to the investors. In certain structures, the special purpose entities make payments to the GSEs upon the occurrence of credit events with respect to the underlying mortgages, and the obligation of the special purpose entity to make such payments to the GSE is senior to the obligation of the special purpose entity to make payments to the CRT investors. CRTs are typically floating rate securities and may have multiple tranches with losses first allocated to the most junior or subordinate tranche. This structure results in increased sensitivity to dramatic housing downturns, especially for the subordinate tranches. Many CRTs also have collateral performance triggers (*e.g.,* based on credit enhancement, delinquencies or defaults, etc.) that could shut off principal payments to subordinate tranches. Generally, GSEs have the ability to call all of the CRT tranches at par in 10 years.

In addition, the future of the GSEs is in serious question as the U.S. government is considering multiple options, ranging on a spectrum from significant reform, nationalization, privatization, consolidation or abolishment of the entities. Congress is considering several pieces of legislation that would reform the GSEs, proposing to address their structure, mission, portfolio limits and guarantee fees, among other issues. The FHFA and the U.S. Treasury (through its agreement to purchase GSE preferred stock) have imposed strict limits on the size of GSEs' mortgage portfolios. In August 2012, the U.S. Treasury amended its preferred stock purchase agreements to provide that the GSEs' portfolios be wound down at an annual rate of 15% (up from the previously agreed annual rate of 10%), requiring the GSEs to reach the $250 billion target four years earlier than previously planned. (As of February 2017, the GSEs met their interim reduction targets, with Freddie Mac's balance of $295.4 billion and Fannie Mae's balance of $268.8 billion.)

MBS may have either fixed or adjustable interest rates. Tax or regulatory changes may adversely affect the mortgage securities market. In addition, changes in the market's perception of the issuer may affect the value of MBS. The rate of return on MBS may be affected by prepayments of principal on the underlying loans, which generally increase as market interest rates decline; as a result, when interest rates decline, holders of these securities normally do not benefit from appreciation in market value to the same extent as holders of other non-callable debt securities. Because many mortgages are repaid early, the actual maturity and duration of MBS are typically shorter than their stated final maturity and their duration calculated solely on the basis of the stated life and payment schedule. In calculating its dollar-weighted average maturity and duration, a Fund may apply certain industry conventions regarding the maturity and duration of mortgage-backed instruments. Different analysts use different models and assumptions in making these determinations. Increasing market interest rates generally extend the effective maturities of MBS, increasing their sensitivity to interest rate changes.

MBS may be issued in the form of collateralized mortgage obligations ("CMOs") or CBOs. CMOs are obligations that are fully collateralized, directly or indirectly, by a pool of mortgages; payments of principal and interest on the mortgages are passed through to the holders of the CMOs, although not necessarily on a pro rata basis, on the same schedule as they are received. CBOs are general obligations of the issuer that are fully collateralized, directly or indirectly, by a pool of mortgages. The mortgages serve as collateral for the issuer's payment obligations on the bonds, but interest and principal payments on the mortgages are not passed through either directly (as with mortgage-backed "pass-through" securities issued or guaranteed by U.S. government agencies or instrumentalities) or on a modified basis (as with CMOs). Accordingly, a change in the rate of prepayments on the pool of mortgages could change the effective maturity or the duration of a CMO but not that of a CBO (although, like many bonds, CBOs may be callable by the issuer prior to maturity). To the extent that rising interest rates cause prepayments to occur at a slower than expected rate, a CMO could be converted into a longer-term security that is subject to greater risk of price volatility.

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Freddie Mac CMOs are debt obligations of Freddie Mac issued in multiple tranches having different maturity dates that are secured by the pledge of a pool of conventional mortgage loans purchased by Freddie Mac. Unlike Freddie Mac PCs, payments of principal and interest on the CMOs are made semiannually, as opposed to monthly. The amount of principal payable on each semiannual payment date is determined in accordance with Freddie Mac's mandatory sinking fund schedule, which, in turn, is equal to approximately 100% of Federal Housing Administration (FHA) prepayment experience applied to the mortgage collateral pool. All sinking fund payments in the CMOs are allocated to the retirement of the individual tranches of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of Freddie Mac's minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking fund payments. This "pass-through" of prepayments has the effect of retiring most CMO tranches prior to their stated final maturity.

If collection of principal (including prepayments) on the mortgage loans during any semiannual payment period is not sufficient to meet Freddie Mac's minimum sinking fund obligation on the next sinking fund payment date, Freddie Mac agrees to make up the deficiency from its general funds. Freddie Mac has the right to substitute collateral in the event of delinquencies and/or defaults.

*Mortgage-Related Securities.* Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including stripped mortgage-backed securities. Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

*Mortgage Dollar Rolls.* The Bond Funds may enter into mortgage dollar rolls. A Fund may purchase pools of mortgage securities for future settlement, generally 30 to 60 days. Please refer to the section entitled "Forward Commitments, When-Issued Securities and Delayed-Delivery Transactions" in this SAI. In a mortgage "dollar roll," a Fund sells these mortgages for delivery prior to settlement and simultaneously agrees to repurchase substantially similar (*i.e.,* same type and coupon) but not identical securities on a specified future date from the same party. To be considered similar, the securities returned to a Fund, generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within a certain percentage of the initial amount delivered. During the period before the repurchase, a Fund forgoes principal and interest payments on the securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the investments which have been set aside to cover the amount due at settlement. Another possible reason a Fund may enter into these transactions is to gain

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the economic benefit from the ownership of mortgage pools while avoiding the administrative cost of accounting for monthly principal and interest payments.

The market value of the mortgage pools may rise prior to the future settlement date which would benefit the Bond Funds. Conversely, the value of the mortgage pools could fall in which case a Fund would incur a loss in market value. Cash, which would be used to purchase the mortgages, will be invested in instruments that are permissible investments for the applicable Fund. Each Fund will hold and maintain, until the settlement date, segregated cash or liquid assets in an amount equal to its forward purchase price.

Mortgages purchased for forward delivery involve certain risks, including a risk that the counterparty will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. There is no assurance that mortgage dollar rolls will be economically beneficial to a Fund.

*Municipal Instruments.* The Bond Funds may invest in obligations issued or guaranteed by municipalities and states. Municipal instruments are generally issued to finance public works, such as airports, bridges, highways, housing, health-related entities, transportation-related projects, educational programs, water and pollution control and sewer works. They are also issued to repay outstanding obligations, to raise funds for general operating expenses and to make loans to other public institutions and for other facilities. Municipal instruments include private activity bonds issued by or on behalf of public authorities.

Private activity bonds are, or have been, issued to obtain funds to provide, among other things, privately operated housing facilities, pollution control facilities, convention or trade show facilities, mass transit, airport, port or parking facilities and certain local facilities for water supply, gas, electricity or sewage or solid waste disposal. Private activity bonds are also issued to privately held or publicly owned corporations in the financing of commercial or industrial facilities. State and local governments are authorized in most states to issue private activity bonds for such purposes in order to encourage corporations to locate within their communities. The principal and interest on these obligations may be payable from the general revenues of the users of such facilities.

Municipal instruments include both "general" and "revenue" obligations. General obligations are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as lease revenue payments from the user of the facility being financed. Private activity bonds are in most cases revenue securities and are not payable from the unrestricted revenues of the issuer. Consequently, the credit quality of a private activity bond is usually directly related to the credit standing of the private user of the facility involved.

The Bond Funds may also invest in "moral obligation" bonds, which are normally issued by special purpose public authorities. If the issuer of a moral obligation bond is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund (if such a fund has been established), the restoration of which is a moral commitment but not a legal obligation of the state or municipality which created the issuer.

Within the principal classifications of municipal instruments described above there are a variety of categories, including municipal bonds, municipal notes, municipal leases, custodial receipts and participation certificates. Municipal notes include tax, revenue and bond anticipation notes of short maturity, generally less than three years, which are issued to obtain temporary funds for various public purposes. Municipal leases and participation certificates are obligations issued by state or local governments or authorities to finance the acquisition of equipment and facilities. Participation certificates may represent participations in a lease, an installment purchase contract or a conditional sales contract. Certain municipal lease obligations (and related participation certificates) may include "non-appropriation" clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Custodial receipts are underwritten by securities dealers or banks and evidence ownership of future interest

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payments, principal payments or both on certain municipal securities. Municipal leases (and participations in such leases) present the risk that a municipality will not appropriate funds for the lease payments.

An issuer's obligations under its municipal instruments are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Code, and laws, if any, that may be enacted by federal or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. The power or ability of an issuer to meet its obligations for the payment of interest on, and principal of, its municipal instruments may be materially adversely affected by litigation or other conditions.

Certain of the municipal instruments held by a Fund may be insured as to the timely payment of principal and interest. The insurance policies will usually be obtained by the issuer of the municipal instrument at the time of its original issuance. If the issuer defaults on an interest or principal payment, the insurer will be notified and will be required to make payment to the bondholders. There is, however, no guarantee that the insurer will meet its obligations. In addition, such insurance will not protect against market fluctuations caused by changes in interest rates and other factors.

In addition, municipal instruments may be backed by letters of credit or guarantees issued by domestic or foreign banks or other financial institutions that are not subject to federal deposit insurance. Adverse developments affecting the banking industry generally or a particular bank or financial institution that has provided its credit or guarantee with respect to a municipal instrument held by a Fund, including a change in the credit quality of any such bank or financial institution, could result in a loss to the Fund and adversely affect the value of its shares. As described in the section entitled "Foreign Securities and Obligations" in this SAI, letters of credit and guarantees issued by foreign banks and financial institutions involve certain risks in addition to those of similar instruments issued by domestic banks and financial institutions.

The Bond Funds may invest in municipal leases, which may be considered liquid under guidelines established by the Board of Trustees. The guidelines will provide for determination of the liquidity of a municipal lease obligation based on factors including the following: (1) the frequency of trades and quotes for the obligation; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer. A Fund, under the supervision of the Sub-Adviser, will also consider the continued marketability of a municipal lease obligation based upon an analysis of the general credit quality of the municipality issuing the obligation and the essentiality to the municipality of the property covered by the lease.

Currently, it is not the intention of any Bond Fund to invest more than 25% of the value of its total assets in municipal instruments whose issuers are in the same state.

*Natural Resources Companies and Commodities.* A Fund may purchase securities of companies in the natural resources and commodities sectors. Natural resources industries and commodities markets may be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources and commodities. They may also be affected by changes in commodity prices; changes in exchange rates, interest rates and inflation rates; market speculation; international political and economic developments (such as political events affecting access to natural resources, acts of war and terrorism); environmental incidents; energy conservation; depletion of natural resources; the success of exploration projects; and tax and other government regulations. As such, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries, and the prices of commodities may experience volatility due to supply and demand disruptions in major producing or consuming regions.

*Negative Interest Rates.* Recently, certain countries have experienced negative interest rates on deposits and debt instruments that have traded at negative yields. Negative interest rates may become more prevalent among non-U.S. issuers, and potentially within the United States, if these economies experience deflationary conditions. The

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imposition of negative interest rates is used as a monetary policy tool to encourage economic growth during periods of deflation. These market conditions may increase a Bond Fund's (and includes the Money Market Fund for purposes of this paragraph) exposures to the risks associated with rising interest rates. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund could generate a negative return on that investment. A number of factors may contribute to debt instruments trading at a negative yield including, but not limited to, central bank monetary policies intended to help create self-sustaining growth in the local economy. While negative yields can be expected to reduce demand for fixed income investments trading at a negative interest rate, investors may be willing to continue to purchase such investments for a number of reasons including, but not limited to, price insensitivity, arbitrage opportunities across fixed income markets or rules-based investment strategies. If negative interest rates become more prevalent in the market, it is expected that investors will seek to reallocate assets to other income-producing assets such as investment grade and high-yield debt instruments, or equity investments that pay a dividend. This increased demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. In addition, a move to higher yielding investments may cause investors, including a Fund, to seek fixed income investments with longer duration and/or potentially reduced credit quality in order to seek the desired level of yield. These considerations may limit a Fund's ability to locate fixed income instruments containing the desired risk/return profile. Changing interest rates, including, but not limited to, rates that fall below zero, could have unpredictable effects on the markets and may expose fixed income and related markets to heightened volatility and potential illiquidity. For funds, such as the Money Market Fund, that seek to maintain a stable $1.00 share price, a low or negative interest rate environment could impact a fund's ability to do so. During a low or negative interest rate environment, such funds may reduce the number of shares outstanding on a pro rata basis through reverse stock splits, negative dividends or other mechanisms to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law and its organizational documents. In December 2021, the SEC proposed amendments to Rule 2a-7 that, if adopted, would impact the manner in which all types of money market funds operate. The amendments would, among other items, prohibit certain mechanisms for maintaining a stable NAV per share in negative interest rate environments, such as by reducing the number of fund shares outstanding (including through reverse distribution mechanisms).

*Portfolio Turnover Rate.* The higher the portfolio turnover, the higher the overall brokerage commissions, dealer mark-ups and mark-downs and other direct transaction costs incurred. The Adviser and Sub-Advisers do take these costs into account, since they affect overall investment performance. However, portfolio turnover may vary greatly from year to year as well as within a particular year and may be affected by changes in the holdings of specific issuers, changes in country and currency weightings and cash requirements for redemption of shares. Portfolio turnover rates for the Select Funds may be higher than those of mutual funds with a single manager. The Funds are not restricted by policy with regard to portfolio turnover and will make changes in their investment portfolio from time to time as business and economic conditions as well as market prices may dictate. [During the 2020 fiscal year, the Target Date Funds experienced higher turnover due to glide path changes, and for the MyDestination 2015 Fund and MyDestination 2025 Fund, the increase to portfolio turnover was also impacted by the implementation of completion portfolios within these Funds. For the Target Risk Funds, during the 2020 fiscal year, portfolio turnover was higher due to allocation changes within the portfolios. Certain Select Funds experienced significant variation in portfolio turnover during the last two fiscal years: (i) the Low-Duration Bond Fund had significantly higher turnover in 2021 due to higher usage of derivative instruments; (ii) the Value Equity Fund experienced lower volatility in 2021 due to the lack of Sub-Adviser changes within the Fund, which occurred in 2020; (iii) the Growth Equity Fund experienced higher turnover in 2020 due to Adviser trading activity in order to mitigate security risk relative to the Fund's benchmark index; (iv) the Small Cap Equity Fund had significantly higher turnover in 2020 due to Sub-Adviser changes within the Fund; (v) the International Equity Index Fund experienced higher turnover in 2021 due to Target Date Fund glide path changes; and (vi) the International Equity Fund experienced higher turnover in 2020 due to Sub-Adviser changes within the Fund.]

*Preferred Stocks.* The Bond Funds, Equity Funds and Strategic Alternatives Fund may invest in preferred stock. Preferred stockholders have a greater right to receive liquidation payments, and usually dividends, than do common stockholders. However, preferred stock is subordinated to the liabilities of the issuer in all respects. Preferred stock may or may not be convertible into common stock.

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As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element will decline as interest rates and perceived credit risk rises. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

*Private Investments.* The Funds may invest in equity and debt securities that are exempt from registration under the 1933 Act and are typically excluded from the definition of investment company under the 1940 Act. These private investments are generally available only to accredited investors, such as the Funds and other institutional investors.

*Privately Placed and Restricted Securities.* The Equity Funds' investments may include privately placed or restricted securities, which are subject to resale restrictions. These securities will have the effect of increasing the level of illiquidity to the extent a Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain securities at certain times and could make it difficult for a Fund to sell certain securities.

An Equity Fund may invest in a private investment in public equity ("PIPE"), in which the Fund purchases stock in a private placement of securities. There is a risk that if the market price drops below a set threshold, the company may have to issue additional stock at a significantly reduced price, which may dilute the value of the Fund's investment. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the company's common stock. Equity issued in this manner is often subject to transfer restrictions and is therefore less liquid than equity issued through a registered public offering. In a PIPE transaction, the Fund may bear the price risk from the time of pricing until the time of closing. The Fund may be subject to lock-up agreements, which could last many months, that prohibit transfers for a fixed period of time. In addition, because the sale of the securities in a PIPE transaction is not registered under the 1933 Act, the securities are "restricted" and cannot be immediately resold by the investors into the public markets. The Fund may enter into a registration rights agreement with the issuer pursuant to which the issuer commits to file a resale registration statement allowing the Fund to publicly resell its securities. Accordingly, PIPE securities may be deemed illiquid. However, the ability of the Fund to freely transfer the shares is conditioned upon, among other things, the SEC's preparedness to declare the resale registration statement effective covering the resale, from time to time, of the shares sold in the private financing and the issuer's right to suspend the Fund's use of the resale registration statement if the issuer is pursuing a transaction or some other material non-public event is occurring. Accordingly, PIPE securities may be subject to risks associated with illiquid securities. A PIPE may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity security within a specified period of time, but there is no assurance that the restricted equity security will be publicly registered, or that the registration will remain in effect.

*Real Estate Investments.* Each Select Fund may invest in real estate investment trusts ("REITs") and other real estate-related securities. The Global Real Estate Securities Fund invests at least 80% of its net assets in equity securities of REITs and other real estate-related companies. For purposes of the Global Real Estate Securities Fund's investment policies, a real estate related company is one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate. A REIT is a company dedicated to owning, and usually operating, income-producing real estate or to financing real estate.

REITs can generally be classified as equity REITs, mortgage REITs or hybrid REITs. Equity REITs invest directly in real property, while mortgage REITs invest in mortgages on real property. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs. The Global Real Estate Securities Fund invests primarily in equity REITs, but may also invest in mortgage and hybrid REITs. These equity securities can consist of common stocks (including REIT and other real estate related securities), rights or warrants to purchase

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common stocks, securities convertible into common stocks where the conversion feature represents a significant element of the securities' value and preferred stocks. REITs may be subject to certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. Generally, increases in interest rates will decrease the value of high-yielding securities and increase the costs of obtaining financing, which could decrease the value of a REIT's investments. In addition, equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended.

Equity and mortgage REITs are dependent upon management skill and are subject to the risks of financing projects. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

Adverse economic, business or political developments affecting the real estate sector could have a major effect on the value of a Fund's investments. REITs pool investors' funds for investment primarily in income-producing real estate or real estate loans or interests. A tax-qualified REIT is not taxed on its net income and net realized gains it distributes to its shareholders if it complies with several requirements relating to its organization, ownership, diversification of assets and sources of income and a requirement that it distribute to its shareholders at least 90% of the sum of its taxable income (other than net capital gain) plus certain "net income from foreclosure property" for each taxable year. A Fund will not invest in real estate directly but only in securities issued by real estate and real estate-related companies, except that a Fund may hold real estate and sell real estate acquired through default, liquidation or other distributions of an interest in real estate as a result of the Fund's ownership of securities issued by real estate or real estate-related companies.

In addition, a U.S. REIT could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the "Code"), or to maintain its exemption from registration under the 1940 Act, and foreign REITs could possibly fail to qualify for any beneficial tax treatments available in their local jurisdictions. For example, Japanese REITs ("J-REITs") are subject to complex tax regulation in Japan and a failure to comply with those requirements could disqualify the J-REIT from special tax benefits and reduce the amount available for distribution to J-REIT investors.

*Recent Market Conditions.* The financial markets in which the Funds invest are subject to price volatility that could cause losses in a Fund. Market volatility may result from a variety of factors.

Global economies and financial markets are increasingly interconnected, which increases the possibilities that political, economic and other conditions (including, but not limited to, natural disasters, pandemics, epidemics and social unrest) in one country or region might adversely impact issuers in a different country or region.

The novel coronavirus ("COVID-19"), first detected in December 2019, rapidly became a pandemic and has resulted in disruptions to the economies of many nations, individual companies and the markets in general, the impact of which cannot necessarily be foreseen at the present time. This has created closed borders, quarantines, supply chain disruptions and general anxiety, impacting global markets in an unforeseeable manner. The effects of COVID-19 and other such future infectious diseases in certain regions or countries may be greater or less due to the nature or level of their public health response or due to other factors. Health crises caused by COVID-19 or future infectious diseases may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of such health crises may be quick, severe and of unknowable duration. The COVID-19 pandemic and other epidemics and pandemics that may arise in the future could result in continued volatility in the financial markets and lead to increased levels of Fund redemptions, which could have a negative impact on the Funds and could adversely affect a Fund's performance.

High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty.

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A potential slowdown in global economic growth could impact the equity and fixed income securities markets in some ways unforeseen. In March 2019, the Federal Reserve announced accommodative changes to its balance-sheet reduction plan. These accommodative signals represented a shift in the central bank's sentiment from being one of raising rates to one of a "patient" or dovish approach to monetary policy. In August, September and October 2019, the Federal Reserve decreased rates in response to decelerating global economic growth. In response to the impact of COVID-19, in March 2020, the Federal Reserve announced cuts to the target range of the federal funds rate and a new round of quantitative easing. From March 2022 to November 2022, the Federal Reserve increased rates six times, bringing rates from 0.25% to 4.00%, in an effort to combat inflation in the U.S. economy. Changes to the monetary policy by the Federal Reserve or other regulatory actions could expose fixed income and related markets to heightened volatility, interest rate sensitivity and reduced liquidity, which may impact a Fund's operations and return potential. The potential economic weakness across the globe could be problematic as traditional catalysts, including stimulating fiscal and monetary policies, would most likely be limited going forward which could put pressure on corporate earnings, and in turn, prices of equity securities. A synchronized global economic slowdown could also put pressure on fixed income securities as deteriorating corporate health could lead to spread widening (causing bond prices to fall) and higher default levels.

In June 2016, the UK approved a referendum to leave the EU, commonly referred to as "Brexit," which sparked depreciation in the value of the British pound, short-term declines in global stock markets and heightened risk of continued worldwide economic volatility. The UK officially left the EU on January 31, 2020, with a transitional period that ended December 31, 2020. Brexit has and may continue to result in volatility in European and global markets and may also lead to weakening in political, regulatory, consumer, corporate and financial confidence in the markets of the UK and throughout Europe. The longer term economic, legal, political, regulatory and social framework to be put in place between the UK and the EU remains unclear and may lead to ongoing political, regulatory and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time. Further, the UK's departure from the EU may spark additional member states to contemplate departing the EU. In addition, the UK's departure from the EU may create actual or perceived additional economic stresses for the UK, including potential for decreased trade, capital outflows, devaluation of the British pound, wider corporate bond spreads due to uncertainty, and possible declines in business and consumer spending, as well as foreign direct investment.

While it is not currently possible to determine the extent of the impact of the UK's departure from the EU may have on a Fund's investments, certain measures are being proposed and/or will be introduced, at the EU level or at the member state level, which are designed to minimize disruption in the financial markets. Notwithstanding the foregoing, the prolonged and continued uncertainty stemming from the UK's withdrawal from the EU could negatively impact current and future economic conditions in the UK which, in turn, could negatively impact a Fund's investments.

Periodically, there may be restrictions on investments in foreign and domestic companies. For example, on June 3, 2021, President Biden issued an Executive Order prohibiting U.S. persons from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or are designed to provide exposure to, such securities) of any Chinese company identified as a Chinese Military Industrial Complex Company. The universe of affected securities can change from time to time. As a result of an increase in the number of investors seeking to sell such securities, or because of an inability to participate in an investment that the Adviser or a Sub-Adviser otherwise believes is attractive, a Fund may incur losses. Certain securities that are or become designated as prohibited securities may have less liquidity as a result of such designation and the market price of such prohibited securities may decline, potentially causing losses to a Fund. Further, actions by the U.S. government, such as delisting of certain companies from U.S. securities exchanges or otherwise restricting their operations in the United States, may negatively impact the value of such securities held by a Fund. Because the impact of these events on the markets has been widespread, it may be difficult to identify both risks and opportunities using past models of the interplay of market forces, or to predict the duration of these market conditions. Unexpected political and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

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*Repurchase Agreements.* Each Fund may agree to purchase portfolio securities from financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("repurchase agreements"). Repurchase agreements are considered to be loans under the 1940 Act. Although the securities subject to a repurchase agreement may bear maturities exceeding one year, settlement for the repurchase agreement will never be more than one year after a Fund's acquisition of the securities and normally will be within a shorter period of time. Securities subject to repurchase agreements are held either by the Fund's custodian or subcustodian (if any) or in the Fed/Treasury Book-Entry System. The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Default by the seller would, however, expose a Fund to possible loss because of adverse market action or delay and costs in connection with the disposition of the underlying obligations.

*Reverse Repurchase Agreements.* Each Select Fund may borrow funds by selling portfolio securities to financial institutions such as banks and broker/dealers and agreeing to repurchase them at a mutually specified date and price ("reverse repurchase agreement"). The Funds may use the proceeds of a reverse repurchase agreement to purchase other securities either maturing, or under an agreement to resell, on a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements involve the risk that the market value of the securities sold by a Fund may decline below the repurchase price. A Fund will pay interest on amounts obtained pursuant to a reverse repurchase agreement.

*Rights and Warrants Risk.* Rights and warrants may be considered more speculative than certain other types of investments in that they do not entitle a holder to dividends or voting rights with respect to the underlying securities that may be purchased nor do they represent any rights in the assets of the issuing company. Also, the value of a right or warrant does not necessarily change with the value of the underlying securities, and a right or warrant ceases to have value if it is not exercised prior to the expiration date. If a right or warrant held by a Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the right or warrant. The market for warrants and rights may be very limited, and there may, at times, not be a liquid secondary market for warrants and rights.

*Securities Lending.* The Select Funds may lend portfolio securities provided the aggregate market value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Pursuant to a Securities Lending Authorization Agreement with Northern Trust, the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. When loaning securities, the Select Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Select Funds also have the ability to terminate the loans at any time and can do so in order to vote proxies or sell the securities. The Select Funds receive cash or U.S. government securities, such as U.S. Treasury Bills and U.S. Treasury Notes, as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The adequacy of the collateral is monitored on a daily basis, and the market value of the securities loaned is determined at the close of each business day. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a short-term government money market fund managed by an affiliate of The Northern Trust Company, which invests 99.5% or more of its total assets in U.S. government securities.

The securities lending agreements with borrowers permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. Securities lending transactions pose certain risks to the Funds. There is a risk that a borrower may default on its obligations to return loaned securities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an unaffiliated or affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund's ability to vote proxies or to settle transactions.

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*Securities Ratings Information.* The Funds may use ratings from rating agencies to assist in determining whether to purchase, sell or hold a security. Ratings are general and are not absolute standards of quality. There is no guarantee that the ratings provided by these agencies will necessarily provide an accurate reflection of the credit quality of the securities that they rate. The Money Market Fund will limit its investments to securities that, at the time of acquisition, are "Eligible Securities" (as defined in Rule 2a-7 under the 1940 Act) that the Sub-Adviser determines present minimal credit risks to the Money Market Fund.

*Short Sales*. In these transactions, a Fund sells a security it does not own in anticipation of a decline in the market value of the security. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value of up to 40% of the Fund's assets. The Defensive Market Strategies Fund may establish short positions in stocks of companies with a market value of up to 30% of its assets. The Bond Funds and Strategic Alternatives Fund may sell short U.S. Treasury securities and derivatives such as, but not limited to, swaps, futures contracts and currency forwards, to manage risk (*e.g.,* duration, currency, credit, etc.). To complete a short sale transaction, a Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund, which would result in a loss or gain, respectively.

While short sales by a Fund create opportunities to increase the Fund's return, at the same time, they involve specific risk considerations. Since the Fund in effect profits from a decline in the price of the securities sold short without the need to invest the full purchase price of the securities on the date of the short sale, the Fund's NAV per share tends to increase more when the securities it has sold short decrease in value, and to decrease more when the securities it has sold short increase in value, than would otherwise be the case if it had not engaged in such short sales. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Fund may be required to pay in connection with the short sale. Short sales theoretically involve unlimited loss potential, as the market price of securities sold short may continually increase, although the Fund may mitigate such losses by replacing the securities sold short before the market price has increased significantly. Under adverse market conditions, the Fund might have difficulty purchasing securities to meet its short sale delivery obligations and might have to sell portfolio securities to raise the capital necessary to meet its short sale obligations at a time when fundamental investment considerations would not favor such sales.

*Small Company Securities.* The Small Cap Equity Fund, which invests mainly (at least, and typically more than 80% of its net assets, plus borrowing for investment purposes, if any) in securities issued by smaller companies, and the Global Real Estate Securities Fund and Emerging Markets Equity Fund are principally subject to the risks associated with investments in securities of small capitalization companies. All of the other Equity Funds and Strategic Alternatives Fund may also invest in securities issued by smaller companies. Investing in the securities of smaller companies involves greater risk, portfolio price volatility and cost. Historically, small capitalization stocks and stocks of recently organized companies have been more volatile in price than the larger capitalization stocks included in the S&P 500<sup>®</sup> Index. Among the reasons for this greater price volatility are the lower degree of market liquidity (the securities of companies with small stock market capitalizations may trade less frequently and in limited volume) and the greater sensitivity of small companies to changing economic conditions. For example, these companies are associated with higher investment risk due to the greater business risks of small size and limited product lines, markets, distribution channels and financial and managerial resources.

The values of small company stocks will frequently fluctuate independently of the values of larger company stocks. Small company stocks may decline in price as large company stock prices rise, or rise in price as large company stock prices decline. You should, therefore, expect that because the NAV of the Small Cap Equity Fund's, Global Real Estate Securities Fund's and Emerging Markets Equity Fund's shares will be more volatile than, and may fluctuate independently of, broad stock market indexes such as the S&P 500<sup>®</sup> Index.

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The additional costs associated with the acquisition of small company stocks include brokerage costs, market impact costs (that is, the increase in market prices which may result when a Fund purchases thinly traded stock) and the effect of the "bid-ask" spread in small company stocks. These costs will be borne by all shareholders and may negatively impact investment performance.

The Impact Equity Fund may also invest in small- or micro-capitalization companies and funds, including start-up funds that have no operating history and a limited basis upon which to evaluate the return and impact of the investment. There are increased investment and non-investment risks associated with such investments. Among other things, for example, such funds may not be able to gather sufficient assets to make investments with the breadth and depth of impact and return that their managers intend.

*Special Purpose Acquisition Companies.* The Select Funds (except the Money Market Fund) may invest in stock, warrants and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering ("IPO") for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market funds and similar investments. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless.

Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other expenses; (ii) prior to any acquisition or merger, a SPAC's assets are typically invested in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of a Fund's other investments; (iii) a Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, a Fund's investments in SPACs will not significantly contribute to a Fund's distributions to shareholders; (iv) attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; (v) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (vi) if an acquisition or merger target is identified, a Fund may elect not to participate in, or vote to approve, the proposed transaction or a Fund may be required to divest its interests in the SPAC, due to regulatory or other considerations, in which case a Fund may not reap any resulting benefits; (vii) the warrants or other rights with respect to the SPAC held by a Fund may expire worthless or may be redeemed by the SPAC at an unfavorable price; (viii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; (ix) under any circumstances in which a Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC's assets, less any applicable taxes), the returns on that investment may be negligible, and a Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (x) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (xi) a Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (xii) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xiii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xiv) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving a Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value; and (xv) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

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In addition, from time to time, a Fund may serve as an "anchor" investor by purchasing a significant portion of the units offered in a SPAC's IPO. A Fund may also purchase private warrants from a SPAC and/or enter into a forward purchase agreement or similar arrangement through which the Fund makes a non-binding commitment to purchase additional units of the SPAC in the future. In exchange, a Fund receives certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"). Founder shares are generally subject to all of the risks described above (including the risk that the founder shares will expire worthless to the extent an acquisition or merger is not completed). Founder shares are also subject to restrictions on transferability, which significantly reduces their liquidity. In addition, a Fund may be required to forfeit all or a portion of any founder shares it holds, including, for example, (i) if the Fund does not purchase additional units of the SPAC pursuant to the terms of any forward purchase agreement it enters into; (ii) if the Fund sells shares that it purchased in the IPO prior to the SPAC effecting a merger or acquisition; or (iii) if the SPAC's sponsor forfeits its founders shares to effect a merger or acquisition.

*Stripped Obligations.* The U.S. Treasury has facilitated transfers of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on U.S. Treasury securities through the Federal Reserve book-entry record-keeping system. This program as established by the U.S. Treasury is known as "STRIPS" or "Separate Trading of Registered Interest and Principal of Securities." The Select Funds may purchase securities registered in the STRIPS program. Under the STRIPS program, the Funds are able to have their beneficial ownership of zero coupon securities recorded directly in the book-entry record-keeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

In addition, to the extent consistent with its investment objective and strategies, a Select Fund may acquire U.S. government obligations and their unmatured interest coupons that have been separated ("stripped") by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. government obligations, the holder will resell the stripped securities in custodial receipt programs with a number of different names, including "Treasury Income Growth Receipts" ("TIGRs") and "Certificate of Accrual on Treasury Securities" ("CATS"). The stripped coupons are sold separately from the underlying principal, which is usually sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Fed Bank or, in the case of bearer securities (*i.e.,* unregistered securities that are ostensibly owned by the bearer or holder), in trust on behalf of the owners. Some counsels to the underwriters of certain of these certificates or other evidences of ownership of U.S. Treasury securities generally have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S. government obligations for federal income tax purposes. The Funds are unaware of any binding legislative, judicial or administrative authority on this issue.

The Select Funds may buy U.S. Treasury inflation-indexed securities, including through the Fund's cash overlay program. When a Fund buys inflation-indexed securities, the U.S. Treasury pays the Fund interest on the inflation-adjusted principal amount. Competitive bidding before the security's issue determines the fixed interest or coupon rate. At maturity, the U.S. Treasury redeems the Fund's securities at their inflation-adjusted principal or par amount, whichever is greater. U.S. Treasury securities are backed by the full faith and credit of the U.S. government. Every six months, the U.S. Treasury will pay interest based on a fixed rate of interest at auction. Semiannual interest payments are determined by multiplying the inflation-adjusted principal amount by one-half the stated rate of interest on each interest payment date.

Other types of stripped securities may be purchased by the Bond Funds and Money Market Fund, including stripped mortgage-backed securities ("SMBS"). SMBS are usually structured with two or more classes that receive different proportions of the interest and principal distributions from a pool of mortgage-backed obligations. A common type of SMBS will have one class receiving all of the interest payments ("interest only") while the other class receives all of the principal repayments ("principal only"). However, in some instances, one class will receive some of the interest and most of the principal while the other class will receive most of the

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interest and the remainder of the principal. If the underlying obligations experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities. The market value of the class consisting entirely of principal payments generally is extremely volatile in response to changes in interest rates. The yield on a class of SMBS that receives all or most of the interest is generally higher than prevailing market yields on other mortgage-backed obligations because its cash flow patterns are also volatile and there is a risk that the initial investment will not be fully recouped. SMBS issued by the U.S. government (or a U.S. government agency or instrumentality) may be considered liquid under guidelines established by the Board of Trustees if they can be disposed of promptly in the ordinary course of business at a value reasonably close to that used in the calculation of the NAV per share.

*Structured Notes.* The Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in a broad category of instruments known as "structured notes." These instruments are debt obligations issued by entities such as industrial corporations, financial institutions or governmental or international agencies. Traditional debt obligations typically obligate the issuer to repay the principal plus a specified rate of interest. Structured notes, by contrast, obligate the issuer to pay amounts of principal or interest that are determined by reference to changes in some external factor or factors, or the principal and interest rate may vary from the stated rate because of changes in these factors. For example, the issuer's obligations could be determined by reference to changes in certain factors such as a foreign currency, an index of securities (such as the S&P 500<sup>®</sup> Index) or an interest rate (such as the U.S. Treasury bill rate). In some cases, the issuer's obligations are determined by reference to changes over time in the difference (or "spread") between two or more external factors (such as the U.S. prime lending rate and the total return of the stock market in a particular country, as measured by a stock index). In some cases, the issuer's obligations may fluctuate inversely with changes in an external factor or factors (for example, if the U.S. prime lending rate goes up, the issuer's interest payment obligations are reduced). In some cases, the issuer's obligations may be determined by some multiple of the change in an external factor or factors (for example, three times the change in the U.S. Treasury bill rate). In some cases, the issuer's obligations remain fixed (as with a traditional debt instrument) so long as an external factor or factors do not change by more than the specified amount (for example, if the value of a stock index does not exceed some specified maximum), but if the external factor or factors change by more than the specified amount, the issuer's obligations may be sharply reduced. Structured notes can serve many different purposes in the management of a Fund. For example, they can be used to increase a Fund's exposure to changes in the value of assets that the Fund would not ordinarily purchase directly (such as stocks traded in a market that is not open to U.S. investors). Also, they can be used to hedge the risks associated with other investments a Fund holds.

Structured notes involve special risks. As with any debt obligation, structured notes involve the risk that the issuer will become insolvent or otherwise default on its payment obligations. This risk is in addition to the risk that the issuer's obligations (and thus the value of a Fund's investment) will be reduced because of adverse changes in the external factor or factors to which the obligations are linked. The value of structured notes will in many cases be more volatile (that is, will change more rapidly or severely) than the value of traditional debt instruments. Volatility will be especially high if the issuer's obligations are determined by reference to some multiple of change in the external factor or factors. Many structured notes have limited or no liquidity, so that a Fund would be unable to dispose of the investment prior to maturity. As with all investments, successful use of structured notes depends in significant part on the accuracy of the Sub-Adviser's analysis of the issuer's creditworthiness and financial prospects, and of the Sub-Adviser's forecast as to changes in relevant economic financial market conditions and factors. In instances where the issuer of a structured note is a foreign entity, the usual risks associated with investments in foreign securities apply. Structured notes may be considered derivative instruments.

An equity-linked note ("ELN") is a structured note with a reference rate that is determined by a single stock, a stock index or a basket of stocks. Equity-linked notes combine the protection normally associated with fixed income investments with the potential for capital appreciation normally associated with equity investments. Upon the maturity of the note, the holder generally receives a return of principal based on the capital appreciation of the linked securities. Depending on the terms of the note, equity-linked notes may also have a "cap" or "floor" on the maximum principal amount to be repaid to holders, irrespective of the performance of the underlying linked securities. For example, a note may guarantee the repayment of the original principal amount invested (even if the

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underlying linked securities have negative performance during the note's term), but may cap the maximum payment at maturity at a certain percentage of the issuance price or the return of the underlying linked securities. Alternatively, the note may not guarantee a full return on the original principal, but may offer a greater participation in any capital appreciation of the underlying linked securities. The terms of an equity-linked note may also provide for periodic interest payments to holders at either a fixed or floating rate. The secondary market for equity-linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. To the extent a Fund invests in equity-linked notes issued by foreign issuers, it will be subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies. Equity-linked notes are also subject to default risk and counterparty risk.

A Fund may purchase ELNs that trade on a securities exchange or those that trade on the OTC market, including Rule 144A securities. Exchange-traded notes ("ETNs"), which are typically unsecured and unsubordinated, are a type of structured note. ETNs are generally notes representing debt of a specific issuer, usually a financial institution. An ETN's returns are linked to the performance of one or more underlying indicators, such as a particular market benchmark, strategy or reference asset, minus fees and expenses. ETNs are listed on an exchange and traded in the secondary market. An ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. This type of debt security differs from other types of bonds and notes because ETN returns are based upon the performance of a reference instrument minus applicable fees, no periodic coupon payments are distributed, and no principal protection exists.

ETNs and other structured notes are generally meant to be held until maturity, however, a Fund may sell its ETNs or other structured notes before maturity, which could result in the Fund receiving less in sales proceeds than what the Fund would have received if the notes were held to maturity. ETNs are subject to credit risk, including the credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or reference instrument remaining unchanged. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the underlying market or reference instrument. As a result, there may be times when an ETN share trades at a premium or discount to its market benchmark, strategy or reference instrument. A Fund's decision to sell its ETN holdings may also be limited by the availability of a secondary market. If a Fund must sell some or all of its ETN holdings and the secondary market is weak, it may have to sell such holdings at a discount. There may be restrictions on a Fund's right to redeem its investment in an ETN.

ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service ("IRS") will accept, or a court will uphold, how a Fund characterizes and treats ETNs for federal income tax purposes. Further, the IRS and Congress have, from time to time, considered proposals that would change the timing and character of net income and realized gains from ETNs.

*Supranational Organization Obligations.* The Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in obligations of supranational organizations. Supranational organizations are international banking institutions designed or supported by national governments to promote economic reconstruction, development or trade among nations (*e.g.,* the International Bank for Reconstruction and Development). Obligations of supranational organizations may be supported by appropriated but unpaid commitments of their member countries, and there is no assurance that these commitments will be undertaken or met in the future.

*Swaps — Generally.* The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. A Fund's investment in swaps may involve a small investment relative to the amount of risk assumed. If the Sub-Adviser is incorrect in its forecasts, the investment performance of a Fund would be less favorable than it would have been if this investment technique were not used. The risks of swap agreements depend upon the other party's creditworthiness and ability to perform, as well as the Fund's ability to terminate its swap agreement or reduce its exposure

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through offsetting transactions. Swap agreements may be illiquid and can involve greater risks than direct investments in securities because swaps may be leveraged. The swap market is relatively new and largely unregulated. In accordance with SEC requirements, a Fund will segregate cash or liquid securities in an amount equal to its obligations under swap agreements. When an agreement provides for netting the payments by the two parties, a Fund will segregate only the amount of its net obligation, if any.

Centrally cleared swaps are either interest rate or credit default swap agreements brokered by the Chicago Mercantile Exchange, London Clearing House or the Intercontinental Exchange, each a derivatives clearing organization ("DCO"), where the DCOs are the counterparty to both the buyer and seller of protection. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, a Fund agrees to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the "margin") and daily interest on the margin. In the case of centrally cleared interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by a Fund as unrealized gains or losses until the contract is closed or settled. Centrally cleared swaps require no payments at the beginning of the measurement period nor are there liquidation payments at the termination of the swap. DCOs generally require an initial margin payment, and there may need to be some final adjustments at termination depending upon the variation payments made during the life of the swap and final settlement.

*Swaps — Equity Swaps.* The Equity Funds and Strategic Alternatives Fund may enter into equity swap contracts to invest in a market without owning or taking physical custody of securities in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Equity swaps may also be used for hedging purposes or to seek to increase total return. The counterparty to an equity swap contract will typically be a bank, investment banking firm or broker/dealer. Equity swap contracts may be structured in different ways. For example, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Fund may agree to pay to the counterparty the amount, if any, by which that notional amount would have decreased in value had it been invested in the stocks. Therefore, the return to the Fund on any equity swap contract should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount. In other cases, the counterparty and the Fund may each agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indexes of stocks).

An Equity Fund or the Strategic Alternatives Fund will usually enter into equity swaps on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to an equity swap defaults, a Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive, if any.

*Swaps — Credit Default Swaps.* The Bond Funds and Strategic Alternatives Fund may use credit default swaps. A credit default swap is a type of insurance against default by an issuer. The owner of protection pays an annual premium to the seller of protection for the right to sell a bond equivalent to the amount of the swap in the event of a default on the bond. It is important to understand that the seller of protection is buying credit exposure and the buyer of protection is selling credit exposure. A Fund may act as seller or buyer. The premium on a credit default swap is paid over the term of the swap or until a credit event occurs. In the event of a default, the swap expires, the premium payments cease and the seller of protection makes a contingent payment to the buyer.

*Swaps — Currency Swaps.* The Bond Funds, Strategic Alternatives Fund, International Equity Fund and Emerging Markets Equity Fund may enter into currency swaps, as described in the section entitled "Interest Rate Swaps, Floors and Caps and Currency Swaps" in this SAI. Currency swaps involve the exchange of the rights of a Fund and another party to make or receive payments in specific currencies.

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*Swaps — Swaptions.* The Funds may enter into a swaption (swap option) to manage exposure to fluctuations in interest rates and to enhance portfolio yield. In a swaption, the buyer, by paying a non-refundable premium for the option, gains the right, but not the obligation, to enter into a previously agreed upon swap agreement on a future date pursuant to the terms of the swaption. In some instances, a swaption may provide the buyer the right, but not the obligation, to shorten, extend, cancel or otherwise modify an existing swap agreement at a designated time on specified terms. In contrast, the writer (seller) of a swaption, in exchange for a premium, becomes obligated (if the option is exercised) to enter into a previously agreed upon swap agreement, or to perform on an existing swap agreement in accordance with the modifications permitted by the swaption, on a future date pursuant to the terms of the swaption.

Depending upon the terms of the agreement, a Fund will generally incur a greater degree of risk when it writes (sells) a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it only risks losing the premium it paid should it decide to let the swaption expire unexercised. However, when a Fund writes (sells) a swaption, upon exercise of the swaption, the Fund will become obligated according to the terms of the underlying previously agreed upon swap agreement, and may be obligated to pay an amount of money that exceeds the sum of the value of the premium that it received for writing (selling) the swaption plus the value that it received pursuant to the terms of the underlying swap. In addition, the Funds bear the market risk arising from any change in index values or interest rates. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, interest rate and other risks associated with both option contracts and swap contracts. The risks are set forth in the sections entitled "Futures and Options on Futures" and "Swaps" in this SAI.

*Swaps — Total Return Swaps.* Each Select Fund may enter into total return swaps. This gives a Fund the right to receive the appreciation in value of an underlying asset in return for paying a fee to the counterparty. The fee paid by a Fund will typically be determined by multiplying the face value of the swap agreement by an agreed-upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund would also be required to pay the dollar value of that decline to the counterparty.

*Swaps — Variance Swap Agreements.* Variance swap agreements involve two parties exchanging cash payments based on the difference between the stated level of variance ("Variance Strike Price") and the actual variance realized on an underlying asset or index. As a receiver of the realized price variance, a Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. A Fund may enter into variance swaps in an attempt to hedge market risk or adjust exposure to the markets.

*Temporary Defensive Positions.* Each Fund (except the Equity Index Fund, Growth Equity Index Fund, Value Equity Index Fund and International Equity Index Fund) may respond to adverse market, economic, political or other conditions by investing up to 100% of its assets in temporary defensive investments. These investments may include cash, shares of the Money Market Fund, high quality short-term debt obligations and other money market instruments. During these periods, a Fund may not meet its investment objective.

*The Equity Index Fund*. The Equity Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's<sup>®</sup>, a division of The McGraw-Hill Companies, Inc. ("S&P<sup>®</sup>"). S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally, or in the Fund particularly, or the ability of the S&P 500<sup>®</sup> Index to track general stock market performance. S&P<sup>®</sup>'s only relationship to the Trust is the licensing of certain trademarks and trade names of S&P<sup>®</sup> and of the S&P 500<sup>®</sup> Index which is determined, composed and calculated by S&P<sup>®</sup> without regard to the Trust or the Fund. S&P<sup>®</sup> has no obligation to take the needs of the Trust or the owners of the Fund into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the Fund.

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S&P<sup>®</sup> DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN, AND S&P<sup>®</sup> SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. S&P<sup>®</sup> MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE TRUST, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. S&P<sup>®</sup> MAKES NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500<sup>®</sup> INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P<sup>®</sup> HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

*The Growth Equity Index Fund.* The Growth Equity Index Fund has been developed solely by GSCM. The "Growth Equity Index Fund" is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000<sup>®</sup> Growth Index (the "R1000G") vest in the relevant LSE Group company which owns the R1000G. "Russell<sup>®</sup>" is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The R1000G is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the R1000G or (b) investment in or operation of the Growth Equity Index Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Growth Equity Index Fund or the suitability of the R1000G for the purpose to which it is being put by GSCM.

*The International Equity Fund*. THE GUIDESTONE FUNDS INTERNATIONAL EQUITY INDEX FUND ("INTERNATIONAL EQUITY INDEX FUND") IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY THE ADVISER. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THE INTERNATIONAL EQUITY INDEX FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE INTERNATIONAL EQUITY INDEX FUND OR THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE INTERNATIONAL EQUITY INDEX FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THE INTERNATIONAL EQUITY INDEX FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THE INTERNATIONAL EQUITY INDEX FUND.

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ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THAT ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE INTERNATIONAL EQUITY INDEX FUND, OWNERS OF THE INTERNATIONAL EQUITY INDEX FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

No purchaser, seller or holder of this security, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

*The Money Market Fund.* The Money Market Fund is subject to maturity, diversification, liquidity and quality requirements under Rule 2a-7 under the 1940 Act. It will not invest more than 5% of its total assets in the securities (including securities collateralizing a repurchase agreement) of a single issuer, provided, however, that the Money Market Fund may invest up to 25% of its total assets in the securities of a single issuer for up to three business days after acquisition. U.S. government securities, repurchase agreements that are collateralized by cash or U.S. government securities and shares of certain money market funds are not subject to this diversification requirement.

The Money Market Fund's diversification tests are measured at the time of acquisition and are calculated as specified in Rule 2a-7 under the 1940 Act. The Fund will be deemed to satisfy the maturity, diversification, liquidity and quality requirements described in the Prospectus and this SAI to the extent it satisfies Rule 2a-7 requirements. The discussion of investments for the Money Market Fund in the Prospectus and this SAI is qualified by Rule 2a-7 limitations.

*The Value Equity Index Fund*. The Value Equity Index Fund has been developed solely by GSCM. The "Value Equity Index Fund" is not in any way connected to or sponsored, endorsed, sold or promoted by the LSE Group. FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000<sup>®</sup> Value Index (the "R1000V") vest in the relevant LSE Group company which owns the R1000V. "Russell<sup>®</sup>" is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The R1000V is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the R1000V; or (b) investment in or operation of the Value Equity Index Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Value Equity Index Fund or the suitability of the R1000V for the purpose to which it is being put by GSCM.

*U.S. Government Obligations.* Examples of the types of U.S. government obligations that may be acquired by the Funds include U.S. Treasury Bills, U.S. Treasury Notes and U.S. Treasury Bonds and stripped U.S. Treasury obligations and the obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Central Bank for

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Cooperatives, Freddie Mac, Federal Intermediate Credit Banks and Maritime Administration. Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the United States; some are backed only by the credit of the issuing agency or instrumentality. For instance, obligations such as Ginnie Mae participation certificates are backed by the full faith and credit of the U.S. Treasury. However, GSEs are not backed by the full faith and credit of the U.S. Treasury but are backed by the credit of the federal agencies or government sponsored entities. Accordingly, there may be some risk of default by the issuer in such cases. For more information, see the section entitled "Mortgage-Backed Securities" in this SAI.

The total public debt of the United States and other countries around the globe as a percent of gross domestic product has grown rapidly since the beginning of the 2008 financial downturn and has accelerated in connection with the U.S. government's response to the COVID-19 pandemic. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause a country to sell additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that a government will not be able to make principal or interest payments when they are due.

Unsustainable debt levels can cause devaluations of currency, prevent a government from implementing effective counter-cyclical fiscal policy in economic downturns, and contribute to market volatility. In addition, the high and rising national debt may adversely impact the U.S. economy and securities in which the Funds may invest. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.

*Variable and Floating Rate Instruments.* The Bond Funds, Money Market Fund, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in variable and floating rate instruments to the extent consistent with their investment objectives and policies described in the Prospectus and, in the case of the Money Market Fund, consistent with Rule 2a-7 under the 1940 Act. Generally, a Sub-Adviser will consider the earning power, cash flows and other liquidity ratios of the issuers and guarantors of such instruments and, if the instruments are subject to demand features, will monitor their financial status and ability to meet payment on demand. In determining weighted average portfolio maturity, an instrument may, subject to applicable SEC regulations, be deemed to have a maturity shorter than its nominal maturity based on the period remaining until the next interest rate adjustment or the time a Fund can recover payment of principal as specified in the instrument. Where necessary to ensure that a variable or floating rate instrument is of the minimum required credit quality for a Fund, the issuer's obligation to pay the principal of the instrument will be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend.

Variable and floating rate instruments eligible for purchase by the Funds include variable amount master demand notes (which permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate), U.S., Yankee and Eurodollar floating rate notes and (except for the Money Market Fund) leveraged inverse floating rate debt instruments and notes ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher degree of leverage interest in inverse floaters is associated with greater volatility in their market values. Accordingly, the duration of an inverse floater may exceed its stated final maturity. The Funds may deem the maturity of variable and floating rate instruments to be less than their stated maturities based on their variable and floating rate features and/or their put features. Unrated variable and floating rate instruments will be determined by a Sub-Adviser to be of comparable quality at the time of purchase to rated instruments which may be purchased by the Funds.

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Variable and floating rate instruments (including inverse floaters) held by a Fund will be subject to the Fund's limitation on illiquid investments when the Fund may not demand payment of the principal amount within seven days absent a reliable trading market.

*Variable Interest Entities.* Certain Funds may invest in U.S.- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals or entities affiliated with the China-based business through a structure known as a variable interest entity or "VIE." Instead of directly owning the equity interests in the Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to U.S. investors, the China-based companies and/or related individuals or entities indirectly raise capital from U.S. investors without distributing ownership of the China-based companies to U.S. investors. Although VIEs are a longstanding industry practice, the Chinese government's acceptance of the VIE structure is evolving. It is uncertain whether Chinese officials and regulators will withdraw their acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders, such as a Fund.

All or most of the value of an investment in companies using a VIE structure depends on the enforceability of the contracts between the listed company and the China-based VIE. Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which could impact whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the United States or China (*e.g.,* the Cayman Islands), which likely will not have the same disclosure, reporting and governance requirements as the United States. As with other Chinese companies with securities listed on U.S. exchanges, U.S.-listed VIEs and ADRs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of a Fund to transact in such securities and may increase costs if the Fund is required to seek other markets in which to transact in such securities.

*Warrants and Rights.* The Select Funds may purchase warrants and rights, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time. The Global Bond Fund may invest in warrants on a limited basis (generally no more than 5% of the Fund's assets). Warrants and rights may be considered more speculative than certain other types of investments in that they do not entitle a holder to dividends or rights with respect to the underlying securities that may be purchased nor do they represent any rights in the assets of the issuing company. The prices of warrants and rights do not necessarily correlate with the prices of the underlying shares. The purchase of warrants and rights involves the risk that a Fund could lose the purchase value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the expiration. If a warrant or right held by a Fund is not exercised by the date of its expiration, the Fund would lose the entire purchase price of the warrant or right. Also, the purchase of warrants and rights involves the risk that the effective price paid for the warrant or right added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security. The market for warrants and rights may be very limited, and there may, at times, not be a liquid secondary market for warrants and rights.

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*Yankee Bonds.* To the extent consistent with their respective investment policies, the Bond Funds, Strategic Alternatives Fund and Defensive Market Strategies Fund may invest in Yankee bonds. These are U.S. dollar-denominated bonds issued inside the United States by foreign entities. Investment in these securities involves certain risks that are not typically associated with investing in domestic securities. These risks are set forth in the section entitled "Foreign Securities and Obligations" in this SAI.

*Zero Coupon, Pay-In-Kind and Capital Appreciation Securities.* To the extent consistent with its investment policies, each Bond Fund may invest in zero coupon securities, capital appreciation and pay-in-kind ("PIK") securities. Zero coupon and capital appreciation securities are debt securities issued or sold at a discount from their face value ("original issue discount") and do not entitle the holder to any periodic payment of interest prior to maturity or a specified date. The original issue discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. These securities may also take the form of debt securities that have been stripped of their unmatured interest coupons, the coupons themselves or receipts or certificates representing interests in such stripped debt obligations or coupons. The market prices of zero coupon, capital appreciation and PIK securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality.

PIK securities may be debt obligations or preferred shares that provide the issuer with the option of paying interest or dividends on such obligations in cash or in the form of additional securities rather than cash. Similar to zero coupon securities, PIK securities are designed to give an issuer flexibility in managing cash flow. PIK securities that are debt securities can either be senior or subordinated debt and generally trade flat (*i.e.*, without accrued interest). The trading price of PIK debt securities generally reflects the market value of the underlying debt plus an amount representing accrued interest since the last interest payment.

Zero coupon, capital appreciation and PIK securities involve the additional risk that, unlike securities that periodically pay interest to maturity, a Fund will realize no cash until a specified future payment date unless a portion of such securities is sold and, if the issuer of such securities defaults, a Fund may obtain no return at all on its investment. In addition, even though such securities do not provide for the payment of current interest in cash, a Fund is nonetheless required to accrue original issue discount and other non-cash income (such as additional securities paid as interest on PIK securities) on such investments for each taxable year and generally is required to distribute such accrued amounts (net of deductible expenses, if any) to avoid being subject to federal income tax. (For more information, see the section entitled "Taxation — Tax Treatment of Fund Investments" in this SAI.) Because no cash is generally received at the time of the accrual, a Fund may be required to liquidate other portfolio securities to obtain sufficient cash to satisfy these distribution requirements.

**Investment Restrictions**

In accordance with the Adviser's Christian values, the Funds may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources, as being in the alcohol, tobacco, gambling, pornography or abortion industries or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser receives and analyzes information from multiple sources (including through various third-party screening platforms, news sources and feeds, the Bible and company websites and financial disclosures) on the products and services of companies in a Fund's investment universe and utilizes this information to determine which companies should be prohibited for investment by it or a Sub-Adviser. These investment restrictions may only be changed by the vote of the majority of the outstanding shares of the Trust, and not an individual Fund. A "majority of the outstanding shares of the Trust" is defined as greater than 50% of the shares shown on the books of the Trust or its transfer agent as then issued and outstanding, voted in the aggregate, but does not include shares which have been repurchased or redeemed by the Trust.

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*Fundamental Investment Restrictions.* The following investment restrictions are applicable to each Fund (except where otherwise noted) and are considered fundamental, which means that they may only be changed by the vote of a majority of a Fund's outstanding shares, which as used herein and in the Prospectus, means the lesser of: (1) 67% of such Fund's outstanding shares present at a meeting, if the holders of more than 50% of the outstanding shares are present in person or by proxy; or (2) more than 50% of such Fund's outstanding shares. The Funds may not:

1. All Funds: Purchase securities which would cause 25% or more of the value of a Fund's total assets at the time of such purchase to be invested in the securities of one or more issuers conducting their principal activities in the same industry, except that this restriction does not apply to (1) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or to municipal securities; (2) the Money Market Fund, securities issued by domestic banks; or (3) the Global Real Estate Securities Fund, securities in the real estate industry.

*The Global Real Estate Securities Fund:* The Global Real Estate Securities Fund concentrates its assets in the real estate industry by investing more than 25% of the value of the Fund's total assets at the time of such purchase in securities of issuers in the real estate industry.

2. Borrow money or issue senior securities as defined in the 1940 Act, provided that (a) a Fund may borrow money in an amount not exceeding one-third of the Fund's total assets (including the amount of the senior securities issued but reduced by any liabilities not constituting senior securities) at the time of such borrowings; (b) a Fund may borrow up to an additional 5% of its total assets (not including the amount borrowed) for temporary or emergency purposes; and (c) a Fund may issue multiple classes of shares. The purchase or sale of futures contracts and related options shall not be considered to involve the borrowing of money or the issuance of shares of senior securities.

3. Except for the Growth Equity Fund, with respect to 75% of a Fund's total assets, purchase securities of any one issuer if, as a result, (a) more than 5% of the Fund's total assets would be invested in the securities of that issuer; or (b) the Fund would hold more than 10% of the outstanding voting securities of that issuer; except, with respect to each of the Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund only, as may be necessary to approximate the composition of its target index. Up to 25% of the Fund's total assets may be invested without regard to this limitation, and this limitation does not apply to securities issued or guaranteed by the U.S. government, its agencies and instrumentalities or to securities issued by other investment companies. The Money Market Fund is further subject to the diversification requirements of Rule 2a-7 under the 1940 Act.

4. Make loans or lend securities, except through loans of portfolio securities or through repurchase agreements, provided that for purposes of this restriction: (1) the acquisition of bonds, debentures, other debt securities or instruments, or participations or other interests therein and investments in government obligations, commercial paper, certificates of deposit, bankers' acceptances or similar instruments will not be considered the making of a loan; and (2) the participation of each Fund in a credit facility whereby the Funds may directly lend to and borrow money from each other for temporary purposes, provided that the loans are made in accordance with an order of exemption from the SEC and any conditions thereto, will not be considered the making of loans.

5. Purchase or sell real estate, except that investments in securities of issuers that invest in real estate and investments in MBS, mortgage participations or other instruments supported by interests in real estate are not subject to this limitation and except that a Fund may exercise rights under agreements relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner.

6. Underwrite securities issued by any other person, except to the extent that a Fund might be considered an underwriter under the federal securities laws in connection with its disposition of portfolio securities.

7. Purchase or sell commodities, unless acquired as a result of owning securities or other instruments, but a Fund may purchase, sell or enter into financial options and futures, forward and spot currency contracts, swap

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transactions and other financial contracts or derivatives. This policy does not prohibit a Fund from purchasing shares of registered investment companies or exchange-traded pooled investment vehicles that have direct or indirect commodity investments.

Shareholder approval will not be sought if any of the Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund crosses from diversified to non-diversified status in order to approximate the composition of its target index.

*Non-Fundamental Investment Restrictions.* Each Fund's investment objective is a non-fundamental policy of the Fund. Additionally, the Funds have adopted the following non-fundamental restrictions. These non-fundamental restrictions may be changed without shareholder approval, in compliance with applicable law and regulatory policy. Unless otherwise indicated, these non-fundamental restrictions apply to all the Funds.

1. A Fund shall not invest in companies for purposes of exercising control or management.

2. A Fund shall not purchase securities on margin, except that a Fund may obtain short-term credits necessary for the clearance of transactions and may make margin deposits in accordance with CFTC regulations in connection with its use of financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

3. A Fund shall not purchase any portfolio security while borrowings representing more than 15% of the Fund's total assets are outstanding (investment in repurchase agreements will not be considered to be loans for purposes of this restriction).

4. A Fund shall invest no more than 15% of the value of its net assets in illiquid securities, a term which means securities that cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment in the securities and includes, among other things, repurchase agreements maturing in more than seven days.

The Money Market Fund shall invest no more than 5% of the value of its net assets in illiquid securities, a term which means securities that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the Fund.

5. A Fund may invest in shares of investment companies only to the extent permitted by the 1940 Act and the rules thereunder and by exemptive orders granted by the SEC. If shares of a Fund are purchased by another registered open-end investment company or registered unit investment trust in reliance on Section 12(d)(1)(G) of the 1940 Act, or Rule 12d1-4 under the 1940 Act, for so long as shares of the Fund are held by such other investment company, the Fund will not purchase securities of registered open-end investment companies or registered unit investment trusts in an amount exceeding 10% of the acquired fund's total net assets, subject to certain limited exceptions under Rule 12d1-4 under the 1940 Act. A Fund may invest in a money market fund in reliance on Rule 12d1-1.

6. Each of the Bond Funds and each of the Equity Funds (other than the Defensive Market Strategies Fund) shall not change its policies regarding the investment of 80% of its assets consistent with its name without 60 days' prior notice to its shareholders. For purposes of determining compliance with an 80% investment policy, each of the Funds may account for a derivative position by reference to either its market value or notional value, depending upon the circumstances.

7. The Money Market Fund shall invest at least 99.5% of its total assets in Government securities, cash and repurchase agreements collateralized fully by Government securities or cash. For purposes of this policy, "Government securities" means any securities issued or guaranteed as to principal or interest by the United States, or by any person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States or any certificate of deposit of the foregoing. The Fund intends to operate as a "government money market fund," as such term is defined in or

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interpreted under Rule 2a-7 under the 1940 Act. This 99.5% policy shall not change without 60 days' prior notice to shareholders.

If a percentage restriction on the investment or use of assets set forth in the Prospectus or this SAI is adhered to at the time a transaction is effected, later changes in percentage resulting from changing asset values will not be considered a violation. However, notwithstanding the foregoing, borrowing for investment purposes made pursuant to Section 18(f)(1), if any, will comply with the percentage limitations imposed by that Section subsequent to the incurrence of the borrowings. As noted above, the Funds exclude "municipal securities" from their policies on industry concentration. Solely for purposes of this restriction, the Funds treat securities the interest on which is excludable from gross income for federal income tax purposes that are issued by a non-governmental issuer (such as conduit revenue bonds) as being part of the industry of which that issuer is a part, and thus subject to that restriction. It is the intention of the Funds, unless otherwise indicated, that with respect to their policies that are a result of application of law, they will take advantage of the flexibility provided by rules or interpretations of the SEC currently in existence or promulgated in the future or changes to such laws. None of these restrictions are intended to limit investments by the Target Date Funds and the Target Risk Funds in shares of the Select Funds.

**Management of the Funds**

*The Board of Trustees.* The primary responsibility of the Board of Trustees is to represent the interests of the shareholders of the Trust and to oversee the management of the Trust. The Board meets at least quarterly to review the investment performance of each Fund and other operational matters, including policies and procedures with respect to compliance with regulatory and other requirements. Only shareholders of the Trust, by a vote of a majority of the outstanding shares, may fill vacancies or otherwise elect a Trustee. The Board is comprised of eight individuals, two of whom are considered "interested" Trustees as defined by the 1940 Act due to their positions on the Board of Trustees of GuideStone Financial Resources. The remaining Trustees are deemed not to be "interested persons" of the Trust as defined by Section 2(a)(19) of the 1940 Act ("Independent Trustees").

*Board Role in Risk Oversight.* The Board's role with respect to the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Adviser and its affiliates, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management. Examples of prominent risks include investment risk, liquidity risk, regulatory and compliance risks, operational risks, accounting risks, valuation risks, service provider risks and legal risks. As part of its oversight role, the Board, acting at its scheduled meetings, or the Chairman, acting between Board meetings, interacts with and receives reports from senior personnel of service providers, including the Adviser's Chief Investment Officer (or a senior representative of the Adviser) and portfolio management personnel. The Board receives periodic presentations and reports from senior personnel of the Adviser or its affiliates regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas such as accounting, administration, anti-money laundering, personal trading, valuation, investment research and securities lending. The Board also receives reports from counsel to the Trust and the Independent Trustees' own independent legal counsel regarding regulatory compliance and governance matters. The Board interacts with and receives reports from the Chief Compliance Officer ("CCO") of the Trust, and in connection with each scheduled meeting, the Independent Trustees meet separately from the Adviser and Trust management with the CCO of the Trust and independent legal counsel, on regulatory compliance matters. The Board's oversight role does not make the Board a guarantor of the Trust's investments or activities.

*Board Leadership Structure.* The Chairman of the Board of Trustees is an Independent Trustee and holds no management position with the Trust or its Adviser, Sub-Advisers or service providers. The Board has determined that its leadership structure, in which the Chairman of the Board is an Independent Trustee, along with the Board's majority of Independent Trustees, is appropriate in light of the services provided to the Trust and provides the best protection against conflicts of interests with the Adviser and service providers.

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*Information About Each Trustee's Qualifications, Experience, Attributes or Skills.* GuideStone Financial Resources primarily provides financial products and services to persons and organizations associated with the Southern Baptist Convention. In accordance with the Trust's organizational documents, all Trustees must be active members of a Baptist church in friendly cooperation with the Southern Baptist Convention as defined in the Southern Baptist Convention Constitution and interested Trustees must also be members of the Board of Trustees of GuideStone Financial Resources. All Trustees serve without compensation except for reimbursement of expenses in attending meetings. The Board believes that the significance of each Trustee's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. However, the Board believes that Trustees need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. Experience relevant to having this ability may be achieved through a Trustee's educational background; business, professional training or practice (*e.g.*, accounting, banking, brokerage, finance or ministry); public service or academic positions; experience from service as a board member (including the Board of the Trust); senior level positions in Southern Baptist Convention member organizations such as churches or hospitals; or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations, as well as other life experiences. In identifying and evaluating nominees for the Board, the Nominating Committee also considers how each nominee would affect the composition of the Board of Trustees. In seeking out and evaluating nominees, each candidate's background is considered in light of existing board membership. The ultimate goal is a board consisting of trustees with a diversity of relevant individualized expertise. In addition to providing for Board synergy, this diversity of expertise allows Trustees to provide insight and leadership within the Board's committee structure.

The Trustees and executive officers of the Trust, their years of birth, business address and principal occupations and prior directorships during the past five years are set forth in the following table.

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| **Name (Year of Birth), Address and**<br> **Position(s) with Trust**<br>| **Term of** <br> **Office and**<br> **Length of**<br> **Time** <br> **Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee**<br>| **Other Trusteeships/**<br> **Directorships**<br> **Held by Trustee**<br> **During Past 5 Years**<sup>2</sup><br>|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Thomas G. Evans (1961)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2020 | &nbsp;&nbsp; President and Owner, <br> Encompass Financial Services, <br> Inc., 1985 – present; Trustee, <br> GuideStone Financial Resources, <br> 2010–2018.<br>| 27 |  |
| William Craig George (1958)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2004 | &nbsp;&nbsp; Senior Vice President and <br> Regional Credit Officer, First <br> National Bank, 2017 – present.<br>| 27 |  |
| Grady R. Hazel (1947)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2011 | &nbsp;&nbsp; Chief Financial Officer, The <br> Dunham School, 2015 – present; <br> Certified Public Accountant, <br> 1978– present.<br>| 27 |  |
| David B. McMillan (1957)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2019 | &nbsp;&nbsp; Chief Executive Officer and <br> Founder, Peridot Energy LLC, <br> 2008– present; Trustee, <br> GuideStone Financial Resources, <br> 2010– 2018; Trustee, <br> GuideStone Capital <br> Management, LLC, 2011 – <br> 2018; Trustee, GuideStone <br> Investment Services and <br> GuideStone Resource <br> Management, Inc., 2014 –2018.<br>| 27 |  |

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| **Name (Year of Birth), Address and**<br> **Position(s) with Trust**<br>| **Term of** <br> **Office and**<br> **Length of**<br> **Time** <br> **Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee**<br>| **Other Trusteeships/**<br> **Directorships**<br> **Held by Trustee**<br> **During Past 5 Years**<sup>2</sup><br>|
| Franklin R. Morgan (1943)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2005 | &nbsp;&nbsp; Retired - Senior Vice President, <br> Director of International <br> Administration, Prudential <br> Securities, Inc., 1962 –2003.<br>| 27 |  |
| Ronald D. Murff (1953)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2019 | &nbsp;&nbsp; President, JKL Group, LLC, <br> 2010– present; Principal, <br> Dalcor Companies, 2012 – <br> present.<br>| 27 |  |
| **INTERESTED TRUSTEES**<sup>3</sup>  | **INTERESTED TRUSTEES**<sup>3</sup>  | **INTERESTED TRUSTEES**<sup>3</sup>  | **INTERESTED TRUSTEES**<sup>3</sup>  | **INTERESTED TRUSTEES**<sup>3</sup>  |
| David Cox, Sr. (1972)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2020 | &nbsp;&nbsp; Supply Chain Manager, Penske <br> Logistics, Inc., 2004 – present.<br>| 27 |  |
| Randall T. Hahn, D.Min. (1965)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Trustee<br>| Since 2018 | &nbsp;&nbsp; Senior Pastor, The Heights <br> Baptist Church, 2002 – present.<br>| 27 |  |
| **OFFICERS WHO ARE NOT TRUSTEES**<sup>4</sup>  | **OFFICERS WHO ARE NOT TRUSTEES**<sup>4</sup>  | **OFFICERS WHO ARE NOT TRUSTEES**<sup>4</sup>  | **OFFICERS WHO ARE NOT TRUSTEES**<sup>4</sup>  | **OFFICERS WHO ARE NOT TRUSTEES**<sup>4</sup>  |
| Melanie Childers (1971)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Vice President — Fund Operations and <br> Secretary<br>| Since 2014<sup>5</sup> | &nbsp;&nbsp; Managing Director, Fund <br> Operations, GuideStone <br> Financial Resources, 2014 – <br> present.<br>| N/A | N/A |
| John R. Jones (1953)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> President<br>| Since 2000 | &nbsp;&nbsp; Executive Vice President and <br> Chief Operating Officer, <br> GuideStone Financial Resources, <br> 1997– present.<br>| N/A | N/A |
| Patrick Pattison (1974)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Vice President and Treasurer<br>| Since 2008 | &nbsp;&nbsp; Chief Accounting Officer, <br> GuideStone Financial Resources, <br> 2015– present.<br>| N/A | N/A |
| Brandon Pizzurro (1981)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Vice President and Investment Officer<br>| Since 2021 | &nbsp;&nbsp; Director of Public Investments, <br> GuideStone Financial Resources, <br> 2021– present; Portfolio <br> Manager, GuideStone Financial <br> Resources, 2019 – 2021; Senior <br> Investment Analyst, GuideStone <br> Financial Resources, 2017 – <br> 2019.<br>| N/A | N/A |
| David S. Spika (1964)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Executive Vice President<br>| Since 2019 | &nbsp;&nbsp; Vice President and Chief <br> Investment Officer, GuideStone <br> Financial Resources, 2021 – <br> present; Vice President and <br> Chief Strategic Investment <br> Officer, GuideStone Financial <br> Resources, 2016 –2021.<br>| N/A | N/A |
| Brandon Waldeck (1977)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> AML Compliance Officer<br>| Since 2020 | &nbsp;&nbsp; Senior Manager – Fraud Risk, <br> GuideStone Financial Resources, <br> 2019– present; Director of <br> Ethics Office Trade Monitoring, <br> Fidelity Investments, 2001 – <br> 2019.<br>| N/A | N/A |

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| **Name (Year of Birth), Address and**<br> **Position(s) with Trust**<br>| **Term of** <br> **Office and**<br> **Length of**<br> **Time** <br> **Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past 5 Years**<br>| **Number of**<br> **Portfolios** <br> **in Fund**<br> **Complex**<br> **Overseen** <br> **by Trustee**<br>| **Other Trusteeships/**<br> **Directorships**<br> **Held by Trustee**<br> **During Past 5 Years**<sup>2</sup><br>|
| Matthew A. Wolfe (1982)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Chief Compliance Officer and Chief Legal <br> Officer<br>| Since 2017<sup>6</sup> | &nbsp;&nbsp; Managing Director, Compliance <br> and Legal, GuideStone Financial <br> Resources, 2020 – present; <br> Associate Counsel – Investment <br> and Corporate Services, <br> GuideStone Financial Resources, <br> 2015–2020.<br>| N/A | N/A |
| Erin Wynne (1981)<br> 5005 Lyndon B. Johnson Freeway<br> Suite 2200<br> Dallas, TX 75244-6152<br> Assistant Treasurer<br>| Since 2016 | &nbsp;&nbsp; Director, Financial Reporting & <br> Analysis, GuideStone Financial <br> Resources, 2015 – present.<br>| N/A | N/A |

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(1) Each Independent Trustee serves until his or her resignation, removal or mandatory retirement. Each Interested Trustee serves until his or her resignation, removal or mandatory retirement or until he or she ceases to be a member of the Board of Trustees of GuideStone Financial Resources. All Trustees must retire at the end of the calendar year in which they attain the age of 80 or after achieving 10 years of service, whichever occurs last. Officers serve at the pleasure of the Board of Trustees.

(2) Directorships not included in the Trust complex that are held by a director in any company with a class of securities registered pursuant to section 12 of the Securities Exchange Act of 1934 or any company registered as an investment company under the 1940 Act.

(3) Mr. Cox and Dr. Hahn are "interested persons" of the Trust as the term is defined in the 1940 Act due to their positions on the Board of Trustees of GuideStone Financial Resources.

(4) The officers of the Trust are affiliates of the Adviser due to their positions with the Adviser, GuideStone Financial Resources, GuideStone Investment Services and/or GuideStone Resource Management, Inc.

(5) Ms. Childers has served as Vice President – Fund Operations since 2014. She has served as Vice President – Fund Operations and Secretary since 2021.

(6) Mr. Wolfe has served as Chief Legal Officer since 2017. He has served as CCO and Chief Legal Officer since 2020.

In addition to the information set forth in the trustees and officers table and other relevant qualification, experience, attributes or skills applicable to a particular Trustee, the following provides further information about the qualifications and experience of each Independent Trustee:

*David Cox, Sr*. Mr. Cox is the Supply Chain Manager for Penske Logistics, Inc. in Detroit, Michigan, where he has served since 2004. He has 25 years of experience in personal finance with past licenses in the investment, insurance and mortgage industries. Mr. Cox holds a Bachelor of Science degree in Business Economics from Florida A&M University and a degree in Christian Education from Golden Gate Seminary. He is President of the Board of Directors and the Program Director of Financial Literacy for Educating U-4 Life, CDC. Mr. Cox serves as Vice President for the Michigan African American Fellowship and Treasurer for Greater Detroit Baptist Association. He currently serves on the Board of Trustees of GuideStone Financial Resources and will assume the role of Vice Chairman in June 2022.

*Thomas G. Evans.* Mr. Evans is President and Owner of Encompass Financial Services, Inc. He currently serves on the Board of Directors for i2E and Chairman of the Board of Directors for Leadership Oklahoma. Mr. Evans has also served as Chairman of the Board of Directors for the Baptist Foundation of Oklahoma and a member of the Board of Trustees of the Pioneer Spirit Foundation. Mr. Evans holds a Bachelor of Science degree in Business Administration from Northwestern Oklahoma State University and a Master of Business Administration degree from Marylhurst University. Mr. Evans was previously a member of the Board of Trustees of GuideStone Financial Resources and an Interested Trustee of the Board of Trustees of the Trust.

*William Craig George.* Mr. George has been the Chairman of the Board of Trustees of the Trust since January 2015 and a member of the Board of Trustees since September 2004. He has been employed with First National Bank since 2017 and currently serves as Senior Vice President and Regional Credit Officer. In his role with First National Bank, Mr. George underwrites and approves loans and oversees bank loan policy and bank lending compliance. He has served on the board of the Pregnancy Life Care Center of Raleigh and on the Allocations Committee of Triangle United Way. Mr. George holds a Bachelor of Science degree in Business Administration from the University of North Carolina at Chapel Hill.

Statement of Additional Information

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*Randall T. Hahn, D.Min.* Dr. Hahn is the Senior Pastor at The Heights Baptist Church in Colonial Heights, Virginia, where he has served since 2002. He holds a Bachelor of Arts degree from Texas A&M University, a Master of Theology degree from Dallas Theological Seminary and a Doctor of Ministry degree from Southeastern Baptist Theological Seminary. Dr. Hahn currently serves on the Board of Trustees of GuideStone Financial Resources.

*Grady R. Hazel.* Mr. Hazel serves as the Chief Financial Officer at The Dunham School and is self-employed as a CPA. He is currently Chairman of the Board of Directors of Stonetrust Commercial Insurance Company and is also Chairman of the Audit Committee. In addition, he serves on the Board of Directors of Neighbors Federal Credit Union, and he is a board member for the State Board of Certified Public Accountants of Louisiana. Mr. Hazel is a CPA and a Chartered Global Management Accountant (CGMA). Mr. Hazel holds a Bachelor of Science degree and a Master of Business Administration degree both from Louisiana State University.

*David B. McMillan*. Mr. McMillan is the Chief Executive Officer ("CEO") and Founder of Peridot Energy LLC, which today primarily provides senior management and consulting services to startup companies, since 2008. Mr. McMillan has previously served as a member of the Board of Trustees of GuideStone Financial Resources from 2010 to 2018, where he was Chairman of the Audit Committee from 2013 to 2018; member of the Board of Directors of GuideStone Capital Management, LLC from 2011 to 2018, where he served as Chairman from 2013 to 2018; Chairman of the Board of Directors of GuideStone Investment Services from 2014 to 2018; and Chairman of the Board of Directors of GuideStone Resource Management, Inc. from 2014 to 2018. He holds a Bachelor of Science degree in Chemical Engineering, cum laude, from Texas A&M University. In addition, Mr. McMillan is a member of the American Institute of Chemical Engineers.

*Franklin R. Morgan.* Mr. Morgan is a former Senior Vice President, Director of International Administration with Prudential Securities, Inc. ("Prudential Securities"). He served with Prudential Securities and predecessor firms for 43 years. Mr. Morgan's main responsibilities were high level administrative management of 27 branches and support functions in 20 different countries. He was also responsible for business quality-compliance for the firm. Mr. Morgan held numerous securities licenses and was an arbitrator with the NASD (FINRA) as well as a past panel member of the New York Stock Exchange Disciplinary Board.

*Ronald D. Murff.* Mr. Murff is the President of JKL Group, LLC, a private investment firm in Dallas, Texas. He is also a Principal of Dalcor Companies, which is active in multi-family housing, where he has served since 2012. Previously, he worked in the banking industry, including spending more than 20 years with Guaranty Bank, a $17 billion bank operating in Texas and California. He served in several executive roles, including President of the Retail Banking Group and Chief Financial Officer, and was responsible for coordinating the spinoff of the bank from its parent company in late 2007. Mr. Murff serves on the boards of the Baylor University Medical Center, Baylor Research Institute, Southwest Transplant Alliance and Accutex Investments/Highland Residential Mortgage. He served on the Board of Regents of Baylor University from 2009 to 2018, serving as chair of several committees and then Chairman of the Board in 2016 and 2017. Mr. Murff has previously served as a trustee of GuideStone Financial Resources from June 2003 through October 2010, as an advisory director for Baylor University's Hankamer School of Business and has served as a board member for the Federal Home Loan Bank of Dallas and the Ladybird Johnson Wildflower Center in Austin, Texas. He holds a Bachelor of Business Administration degree in Accounting from Baylor University.

**The Board's Committees**

Currently, the Board has an Audit Committee, Compliance and Risk Committee, Investment Management Committee and a Nominating Committee. The responsibilities of each committee and its members are described below.

*Audit Committee.* The Board has an Audit Committee comprised only of the Independent Trustees, Messrs. Evans, George, Hazel, McMillan, Morgan and Murff. Pursuant to its charter, the Audit Committee has the responsibility, among other things, to (1) appoint the Trust's independent auditors; (2) review and approve the scope of the

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independent auditors' audit activity; (3) review the financial statements, which are the subject of the independent auditors' certifications; and (4) review with such independent auditors the adequacy of the Trust's basic accounting system and the effectiveness of the Trust's internal accounting controls. During the fiscal year ended December 31, 2022, there were three meetings of the Audit Committee.

*Compliance and Risk Committee.* The Board has a Compliance and Risk Committee comprised of Messrs. Cox, Evans, Morgan and Murff and Dr. Hahn, the majority of whom are Independent Trustees. Pursuant to its charter, the Compliance and Risk Committee has the responsibility, among other things, to (1) oversee generally the management of the Trust's operational, information security, compliance, regulatory, strategic, reputational and other risks; (2) oversee generally matters relating to the Trust's compliance controls and related policies and procedures; and (3) act as a liaison between the CCO of the Trust and the full Board when necessary and appropriate. The Compliance and Risk Committee was established in February 2015. During the fiscal year ended December 31, 2022, there were four meetings of the Compliance and Risk Committee.

*Investment Management Committee.* The Board has an Investment Management Committee comprised of only Independent Trustees, Messrs. George, Hazel, McMillan and Murff. Pursuant to its charter, the Investment Management Committee has the responsibility, among other things, to (1) review information in consideration of investment advisory and sub-advisory agreements; (2) make recommendations to the Board regarding the initial approval, reapproval or termination of investment advisory or sub-advisory agreements; (3) monitor sub-advisers to identify those that may require review by the Trust's management or further discussion or review by the Board; and (4) serve as a liaison between the Trust's management and the Board involving changes in a Fund's investment objectives and strategies, changes at the Adviser or Sub-Advisers and other material developments related to the investment management of the Funds that may warrant Board consideration. The Investment Management Committee was established in August 2011. During the fiscal year ended December 31, 2022, there were five meetings of the Investment Management Committee.

*Nominating Committee.* The Board has a Nominating Committee, comprised only of the Independent Trustees, Messrs. Evans, George, Hazel, McMillan, Morgan and Murff. Pursuant to its charter, the Nominating Committee is responsible for the nomination of candidates to serve as Trustees. The Trust's governing documents provide that only shareholders, by a vote of a majority of the outstanding shares, may fill vacancies in the Board or otherwise elect a Trustee. The Trust documents further provide that the selection and nomination of persons to fill vacancies on the Board to serve as Independent Trustees shall be committed to the discretion of the Independent Trustees then serving, provided that shareholders may also nominate and select persons to serve in these positions. During the fiscal year ended December 31, 2022, there were two meetings of the Nominating Committee.

Shareholders owning 50% or more of the outstanding voting securities of the Trust may submit nominations for Trustee candidates in writing to the attention of Melanie Childers, Vice President – Fund Operations and Secretary, GuideStone Funds, 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, Texas 75244-6152.

*Security and Other Interests.* The following table sets forth the dollar range of equity securities beneficially owned by each Trustee in all Funds (which for each Trustee comprise all registered investment companies within the Trust's family of investment companies overseen by him), as of December 31, 2022.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities**<br> **in each Series of the Trust**<br>| **Aggregate Dollar Range of Equity Securities** <br> **in All Registered Investment Companies**<br> **Overseen by Trustee within the**<br> **Family of Investment Companies**<br>|
| **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** |
| David Cox, Sr. | NONE | NONE |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities**<br> **in each Series of the Trust**<br>| **Aggregate Dollar Range of Equity Securities** <br> **in All Registered Investment Companies**<br> **Overseen by Trustee within the**<br> **Family of Investment Companies**<br>|
| Randall T. Hahn, D.Min | $10,001-$50,000 in the Low-Duration Bond Fund<br> $50,001-$100,000 in the Medium-Duration Bond Fund<br> $10,001-$50,000 in the Global Bond Fund<br> $10,001-$50,000 in the Strategic Alternatives Fund<br> Over $100,000 in the Defensive Market Strategies Fund<br> $50,001-$100,000 in the Equity Index Fund<br> $10,001-$50,000 in the Global Real Estate Securities Fund<br> $50,001-$100,000 in the Value Equity Fund<br> $50,001-$100,000 in the Growth Equity Fund<br> $10,001-$50,000 in the Small Cap Equity Fund<br> $50,001-$100,000 in the International Equity Fund<br> $10,001-$50,000 in the Emerging Markets Equity Fund<br>| Over $100,000 |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Thomas G. Evans | Over $100,000 in the MyDestination 2025 Fund | Over $100,000 |
| William Craig George |  |  |
| Grady R. Hazel | Over $100,000 in the Defensive Market Strategies Fund | Over $100,000 |
| David B. McMillan | $10,001-$50,000 in the Money Market Fund<br> $50,001-$100,000 in the Equity Index Fund<br> $50,001-$100,000 in the Growth Equity Fund<br> $1-$10,000 in the Global Impact Fund<sup>1</sup><br>| Over $100,000 |
| Franklin R. Morgan |  |  |
| Ronald D. Murff | Over $100,000 in the Aggressive Allocation Fund<br> Over $100,000 in the Growth Equity Fund<br> Over $100,000 in the Small Cap Equity Fund<br>| Over $100,000 |

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(1) The Global Impact Fund was liquidated and terminated on January 27, 2023.

As a group, the Trustees and officers of the Trust owned less than 1% of each Class of the Fund, as of April [ ], 2023.

As of December 31, 2022, the Independent Trustees or their respective immediate family members (spouse or dependent children) did not own beneficially or of record any securities of the Trust's Adviser, Sub-Advisers or Underwriter, or in any person directly or indirectly controlling, controlled by, or under common control with the Adviser, Sub-Advisers or Underwriter.

Mr. Murff's spouse and Dr. Hahn are participants in the Southern Baptist Churches 403(b)(9) Retirement Plan established and maintained by GuideStone Financial Resources.

The Trust pays no compensation to the Trustees. The Trust reimburses the Trustees for any expenses incurred in attending meetings. The Trust does not compensate the officers for the services they provide to the Funds.

*The Adviser.* The Funds have employed GuideStone Capital Management, LLC, a Texas limited liability company, as the Adviser. GuideStone Financial Resources indirectly controls the Adviser. GuideStone Financial Resources was established in 1918 and exists to assist churches and other Southern Baptist entities by making available retirement plan services, life and health coverage, risk management programs and personal and institutional investment programs. GuideStone Financial Resources is a Texas non-profit corporation of which the Southern Baptist Convention, a Georgia non-profit corporation, is the sole member.

*The Sub-Advisers.* The Adviser and the Trust have entered into a Sub-Advisory Agreement with Parametric Portfolio Associates LLC ("Parametric") whereby Parametric is responsible for monitoring and investing cash balances of each Fund, except the Money Market Fund. The Adviser and the Sub-Adviser(s) for each Fund determine the amount of each Fund's cash balances. Under the agreement, Parametric may from time to time invest in U.S. Treasury securities and derivative instruments (*e.g.,* exchange listed equity index futures contracts and U.S. Treasury futures contracts) within the Target Date Funds and Target Risk Funds in order to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For each Equity Fund,

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Parametric may also from time to time invest in long or short positions in exchange listed equity index futures contracts and/or foreign currency futures contracts to gain market exposure on cash balances or to reduce market exposure in anticipation of liquidity needs. For the Strategic Alternatives Fund and Defensive Market Strategies Fund, Parametric may invest in long or short positions in exchange listed equity futures contracts and U.S. Treasury futures contracts and exchange listed equity index futures contracts, respectively, to gain market exposure on cash balances, to reduce market exposure in anticipation of liquidity needs or to manage risk relative to the corresponding broad-based benchmark of the Fund.

The Adviser and the Trust have also entered into a Sub-Advisory Agreement with Parametric on behalf of the Funds (except the Money Market Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund) whereby Parametric may be responsible for implementing temporary investment portfolios designed to ensure that a Fund maintains its desired risk exposure. A completion portfolio may be employed, for example, if a Sub-Adviser exhibits style drift, thereby causing a Fund's risk/return profile and style orientation to be inconsistent with the Fund's stated objective. In such a situation, the Adviser may direct Parametric to apply the appropriate completion portfolio to restore the Fund to its desired portfolio alignment.

In addition, the Adviser and the Trust have entered into Sub-Advisory Agreements with the Sub-Advisers to manage each Select Fund's investment securities. It is the responsibility of the Sub-Advisers, under the general supervision of the Adviser, to make day-to-day investment decisions for the Select Funds. The Sub-Advisers also place purchase and sell orders for portfolio transactions of the Select Funds in accordance with each Select Fund's investment objectives and policies. The Adviser allocates the portion of each Select Fund's assets for which a Sub-Adviser will make investment decisions. The Adviser may make reallocations at any time in its discretion. The Adviser may, from time to time, elect to trade individual stocks, fixed income securities, third-party mutual funds, ETFs, closed-end interval funds, private funds and similar pooled investment vehicles for a Fund.

*Advisory Fees.* Under the Advisory Agreement and Sub-Advisory Agreements, each Fund pays to the Adviser and its Sub-Advisers advisory fees, which are computed daily and paid monthly, based on annual rates of the Fund's average net assets. The fee is allocated daily to each share class based on the proportionate net assets of each share class of a Fund in relation to the net assets of the Fund as a whole.

For the past three fiscal years ended December 31, advisory fees paid to the Adviser and the aggregate advisory fees paid to the Sub-Advisers were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | &nbsp;&nbsp; **Paid to**<br> **Adviser**<br>| &nbsp;&nbsp; **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>|
| MyDestination 2015 |  |  | $741439 | $46511 | $650355 | $1230 |
| MyDestination 2025 |  |  | &nbsp;&nbsp; 1703535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47844 | &nbsp;&nbsp; 1412396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| MyDestination 2035 |  |  | &nbsp;&nbsp; 1311260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 965127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| MyDestination 2045 |  |  | &nbsp;&nbsp; 1007752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 726596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| MyDestination 2055 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 383549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 250403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Conservative Allocation |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 569350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 515274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Balanced Allocation |  |  | &nbsp;&nbsp; 1705065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; 1549116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Growth Allocation |  |  | &nbsp;&nbsp; 1388965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; 1192212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Aggressive Allocation |  |  | &nbsp;&nbsp; 1215426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 997789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Money Market |  |  | &nbsp;&nbsp; 1213489 | &nbsp;&nbsp;&nbsp;&nbsp; 693431 | &nbsp;&nbsp; 1092549 | &nbsp;&nbsp;&nbsp;&nbsp; 624306 |
| Low-Duration Bond |  |  | &nbsp;&nbsp; 1175898 | &nbsp;&nbsp; 1936429 | &nbsp;&nbsp; 1101142 | &nbsp;&nbsp; 1829342 |
| Medium-Duration Bond |  |  | &nbsp;&nbsp; 3105163 | &nbsp;&nbsp; 4381246 | &nbsp;&nbsp; 2420026 | &nbsp;&nbsp; 3493815 |
| Global Bond |  |  | &nbsp;&nbsp; 1530518 | &nbsp;&nbsp; 1351665 | &nbsp;&nbsp; 1496330 | &nbsp;&nbsp; 1351901 |
| Strategic Alternatives |  |  | &nbsp;&nbsp; 1321058 | &nbsp;&nbsp; 1686251 | &nbsp;&nbsp; 1471379 | &nbsp;&nbsp; 1656961 |
| Defensive Market Strategies |  |  | &nbsp;&nbsp; 4692437 | &nbsp;&nbsp; 4046891 | &nbsp;&nbsp; 4053777 | &nbsp;&nbsp; 3508368 |

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Statement of Additional Information

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | &nbsp;&nbsp; **Paid to**<br> **Adviser**<br>| &nbsp;&nbsp; **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>| **Paid to**<br> **Adviser**<br>| **Paid to**<br> **Sub-**<br> **Advisers**<br>|
| Impact Bond(1) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Equity(1) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index |  |  | &nbsp;&nbsp; 2325128 | &nbsp;&nbsp;&nbsp;&nbsp; 199009 | &nbsp;&nbsp; 1726803 | &nbsp;&nbsp;&nbsp;&nbsp; 161542 |
| Global Real Estate Securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 899034 | &nbsp;&nbsp; 1125916 | &nbsp;&nbsp;&nbsp;&nbsp; 699986 | &nbsp;&nbsp;&nbsp;&nbsp; 884854 |
| Value Equity Index(2) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Value Equity |  |  | &nbsp;&nbsp; 4.417376 | &nbsp;&nbsp; 3650165 | &nbsp;&nbsp; 3642846 | &nbsp;&nbsp; 2802530 |
| Growth Equity Index(2) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Equity |  |  | &nbsp;&nbsp; 6799668 | &nbsp;&nbsp; 6518717 | &nbsp;&nbsp; 5786073 | &nbsp;&nbsp; 5554545 |
| Small Cap Equity |  |  | &nbsp;&nbsp; 2706340 | &nbsp;&nbsp; 4270786 | &nbsp;&nbsp; 1819954 | &nbsp;&nbsp; 3115386 |
| International Equity Index |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 814617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95591 | &nbsp;&nbsp;&nbsp;&nbsp; 701081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88189 |
| International Equity |  |  | &nbsp;&nbsp; 4379878 | &nbsp;&nbsp; 5853154 | &nbsp;&nbsp; 3947593 | &nbsp;&nbsp; 5311739 |
| Emerging Markets Equity |  |  | &nbsp;&nbsp; 2700292 | &nbsp;&nbsp; 4230884 | &nbsp;&nbsp; 1857790 | &nbsp;&nbsp; 3003787 |

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(1) Inception date was January 27, 2023.

(2) Inception date was August 31, 2022.

The Adviser has agreed to pay, waive or assume expenses for certain Funds, which exceed, in the aggregate, a specified annual percentage rate of the average daily net assets of the Fund's Institutional Class and/or Investor Class (the "Expense Limitation"), which are set forth in the Prospectus for the Fund. For each Target Date Fund, the Expense Limitation, which will remain in place until April 30, 2024, applies to the operating expenses of each Fund, excluding extraordinary expenses. For the applicable Select Funds, as set forth in the Prospectus, the Expense Limitation applies to direct Fund operating expenses only (without regard to any expense reductions through the use of directed brokerage) and does not include interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses in connection with the short sales of securities and will remain in place until April 30, 2024.

The shareholder servicing agent, Adviser and/or Sub-Adviser may voluntarily waive fees and/or reimburse expenses to the extent necessary to assist the Money Market Fund in attempting to maintain a yield of at least 0.00%. Such yield waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the shareholder servicing agent, Adviser and/or Sub-Adviser. There is no guarantee that the Money Market Fund will maintain a positive yield.

For the fiscal years ended December 31, the Adviser waived fees and reimbursed expenses as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund**<br> **Fees**<br> **Waived**<sup>(1)</sup><br>| **Expenses**<br> **Reimbursed**<br>| **Fees**<br> **Waived**<sup>(1)</sup><br>| **Expenses**<br> **Reimbursed**<br>| **Fees**<br> **Waived**<sup>(1)</sup><br>| **Expenses**<br> **Reimbursed**<br>|
| MyDestination 2015 |  | $155283  | $9939 | $482328  | $— |
| MyDestination 2025 |  | &nbsp;&nbsp; 164151 | &nbsp;&nbsp; 39284 | &nbsp;&nbsp; 569189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MyDestination 2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 34019 | &nbsp;&nbsp;&nbsp;&nbsp; 24457 | &nbsp;&nbsp;&nbsp;&nbsp; 72341 |
| MyDestination 2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3044 | &nbsp;&nbsp;&nbsp;&nbsp; 15907 | &nbsp;&nbsp; 106541 |
| MyDestination 2055 |  | &nbsp;&nbsp;&nbsp;&nbsp; 13082 | &nbsp;&nbsp; 46426 | &nbsp;&nbsp;&nbsp;&nbsp; 57582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8398 |
| Conservative Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Balanced Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Aggressive Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Medium-Duration Bond |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Bond |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

GuideStone Funds

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| **Fund** | **Fees**<br> **Waived**<sup>(1)</sup><br>| **Expenses**<br> **Reimbursed**<br>| **Fees**<br> **Waived**<sup>(1)</sup><br>| **Expenses**<br> **Reimbursed**<br>| **Fees**<br> **Waived**<sup>(1)</sup><br>| **Expenses**<br> **Reimbursed**<br>|
| Strategic Alternatives |  |  | &nbsp;&nbsp; 289263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Defensive Market Strategies |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Bond(2) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Equity(2) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Real Estate Securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Value Equity Index(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;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Value Equity |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Equity Index(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;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Equity |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Equity |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Index |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4928 | &nbsp;&nbsp; 86299 | &nbsp;&nbsp;&nbsp;&nbsp; 25539 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 |
| International Equity |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Emerging Markets Equity |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77711 |

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(1) Also includes Shareholder Service Fee waivers.

(2) Inception date was January 27, 2023.

(3) Inception date was August 31, 2022.

Certain Funds have agreed to reimburse the Adviser the amount of any such waivers or reimbursement in the future, provided that the waivers or reimbursements are repaid within three years of the waivers or reimbursements being made and the amount of reimbursement does not cause the Fund to exceed its expense limitation at the time of the waiver or reimbursement or the Fund's expense limitation at the time of the reimbursement, whichever is lower. If the actual expense ratio is less than the expense limitation and the Adviser has recouped any eligible previous waivers or reimbursements made, the Fund will be charged such lower expenses. Waivers or reimbursements will increase returns and yield, and repayment of waivers or reimbursements will decrease returns and yield.

From time to time, the Adviser may enter into a Sub-Advisory Agreement with a Sub-Adviser that manages multiple Funds in the Trust's complex. In certain cases where the advisory fee schedule under the Sub-Advisory Agreement includes breakpoints that reduce the fee as assets increase, the net assets of the other Funds advised by the Sub-Adviser may be aggregated for purposes of calculating the fee payable under the Sub-Advisory Agreement.

From time to time, a Sub-Adviser may waive a portion of its fees and/or pay expenses of one or more of the Funds out of the Sub-Adviser's own assets.

The Select Funds have been granted an order by the SEC that permits the Adviser, subject to approval by the Board of Trustees, to hire Sub-Advisers without shareholder approval and to make material changes to the Sub-Advisory Agreements, provided that shareholders of the applicable Select Fund will be notified of such a change within 90 days. Changes in a Fund's sub-advisory arrangements may result in increased transaction costs due to restructuring of the Fund's portfolio, which may negatively affect the Fund's performance.

The Adviser reviews the Sub-Advisers' performance, allocates assets of each Select Fund among them and makes recommendations to the Board of Trustees regarding changes to the Sub-Advisers selected. To the extent that the Adviser re-allocates a Select Fund's assets to an existing Sub-Adviser that charges a higher sub-advisory fee, the Select Fund may be subject to increased sub-advisory fees and, therefore, a higher overall management fee.

The Adviser directs the Sub-Advisers to place security trades through designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses on behalf of the Equity Funds. The amount of

Statement of Additional Information

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operating expenses paid through such brokerage service arrangements for the fiscal year ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Expenses Paid Through** <br> **Brokerage Service Arrangements**<br>|
| [Global Real Estate Securities | $14,188] |
| [Value Equity | &nbsp;&nbsp; 20,498] |
| [Growth Equity | &nbsp;&nbsp; 43,997] |
| [Small Cap Equity | &nbsp;&nbsp; 57,447] |
| [Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp; 1,963] |

---

*Securities Lending Activities*. The Northern Trust Company serves as the securities lending agent for the Select Funds and in that role administers each Fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Trust and The Northern Trust Company.

During the last fiscal year, The Northern Trust Company selected securities to be loaned; located borrowers; monitored loan opportunities for each participating Fund; negotiated the terms of the loans with borrowers; monitored the value of the securities on loan and the value of the corresponding collateral; invested cash collateral in accordance with the Trust's instructions; maintained custody of non-cash collateral; communicated with borrowers regarding daily marking to market the collateral; arranged for the return of the loaned securities and collateral upon the termination of the loan; managed entitlements; posted earned revenue and expenses; and performed recordkeeping and accounting services.

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The table below sets forth, for the fiscal year ended December 31, 2022, each Select Fund's gross income received from securities lending activities, the fees and/or other compensation paid by a Fund for securities lending activities and the net income earned by a Fund for securities lending activities. The table below also discloses any other fees or payments incurred by each Fund resulting from lending securities. Since the Value Equity Index Fund and Growth Equity Index Fund commenced operations on August 31, 2022, and the Impact Bond Fund and Impact Equity Fund commenced operations on January 27, 2023, there is no gross income, fees and/or other compensation paid, net income earned or any other fees or payments incurred by these Funds to report from the lending of securities.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Income** | **Fees and/or Compensation\*** | **Fees and/or Compensation\*** | **Fees and/or Compensation\*** | **Fees and/or Compensation\*** | **Aggregate Fees /**<br> **Compensation** | **Net Income** |
| **Fund** | **Gross Income** | **Fees Paid to**<br> **Securities**<br> **Lending Agent**<br> **from a**<br> **Revenue Split**<br>| **Fees Paid for**<br> **Any Cash**<br> **Collateral**<br> **Management**<br> **Service**<br>| **Rebate (Paid**<br> **to**<br> **Borrower)\*\***<br>| **Other Fees Not**<br> **Included in Revenue**<br> **Split (Specify)**<br>| **Aggregate Fees /**<br> **Compensation** | **Net Income** |
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond | [$101,114] | [$17,398] |  | [($14951)] |  | [$2,446] | [$98,668] |
| Medium-Duration Bond | &nbsp;&nbsp; [147,560] | &nbsp;&nbsp; [25,586] |  | &nbsp;&nbsp;&nbsp; [(23181)] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2,404] | &nbsp;&nbsp; [145,156] |
| Global Bond | &nbsp;&nbsp;&nbsp; [66,184] | &nbsp;&nbsp; [15,242] |  | &nbsp;&nbsp;&nbsp; [(35495)] |  | &nbsp;&nbsp;&nbsp; [(20253)] | &nbsp;&nbsp;&nbsp; [86,437] |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Defensive Market Strategies | &nbsp;&nbsp;&nbsp; [94,105] | &nbsp;&nbsp; [33,481] |  | &nbsp;&nbsp; [(129158)] |  | &nbsp;&nbsp;&nbsp; [(95677)] | &nbsp;&nbsp; [189,782] |
| Equity Index | &nbsp;&nbsp; [276,704] | &nbsp;&nbsp; [43,430] |  | &nbsp;&nbsp;&nbsp; [(12912)] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [30,518] | &nbsp;&nbsp; [246,186] |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp; [60,265] | &nbsp;&nbsp;&nbsp; [9,538] |  | &nbsp;&nbsp;&nbsp;&nbsp; [(3347)] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [6,191] | &nbsp;&nbsp;&nbsp; [54,074] |
| Value Equity | &nbsp;&nbsp; [133,154] | &nbsp;&nbsp; [28,315] |  | &nbsp;&nbsp;&nbsp; [(55648)] |  | &nbsp;&nbsp;&nbsp; [(27333)] | &nbsp;&nbsp; [160,487] |
| Growth Equity | &nbsp;&nbsp; [348,656] | &nbsp;&nbsp; [62,364] |  | &nbsp;&nbsp;&nbsp; [(67177)] |  | &nbsp;&nbsp;&nbsp;&nbsp; [(4813)] | &nbsp;&nbsp; [353,469] |
| Small Cap Equity | &nbsp;&nbsp; [281,841] | &nbsp;&nbsp; [93,970] |  | &nbsp;&nbsp; [(345301)] |  | &nbsp;&nbsp; [(251331)] | &nbsp;&nbsp; [533,172] |
| International Equity Index | &nbsp;&nbsp; [216,328] | &nbsp;&nbsp; [39,557] |  | &nbsp;&nbsp;&nbsp; [(47452)] |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [(7895) ] | &nbsp;&nbsp; [224,223] |
| International Equity | &nbsp;&nbsp;&nbsp; [86,408] | &nbsp;&nbsp; [21,590] |  | &nbsp;&nbsp;&nbsp; [(57552)] |  | &nbsp;&nbsp;&nbsp; [(35963)] | &nbsp;&nbsp; [122,371] |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp; [52,621] | &nbsp;&nbsp; [10,578] |  | &nbsp;&nbsp;&nbsp; [(17970)] |  | &nbsp;&nbsp;&nbsp;&nbsp; [(7392)] | &nbsp;&nbsp;&nbsp; [60,013] |

---

\*

The Funds do not pay any administrative, indemnification or any other fees that are not included in the revenue split.

\*\*

A negative rebate increases earnings and decreases fees due to securities on loan that have high demand and borrowers that are willing to pay additional fees to borrow.

Statement of Additional Information

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*Control Persons of Sub-Advisers:* The following is a description of parties who control the Sub-Advisers.

***Target Date Funds:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

***Target Risk Funds:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

***Money Market Fund:***

*BlackRock Advisors, LLC ("BA"), 100 Bellevue Parkway, Wilmington, Delaware 19809:* BA is an indirect, wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately $8.6 trillion in assets under management as of December 31, 2022. BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors.

***Low-Duration Bond Fund:***

*BlackRock Financial Management, Inc. ("BlackRock Financial"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") are located at 415 10*<sup>th</sup> *Avenue, New York, New York 10055, Exchange Place One, 1 Semple Street, Edinburgh EH3 8BL, Scotland, and at Twenty Anson, 20 Anson Road, #18-01, Singapore, Singapore 079912, respectively:* BlackRock Financial, BIL and BSL are indirect wholly owned subsidiaries of BlackRock, Inc. ("BlackRock"), a premier provider of global investment management and risk management products with approximately $8.6 trillion in assets under management as of December 31, 2022. BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92260:* PIMCO, a Delaware limited liability company, is a majority owned subsidiary of Allianz Asset Management of America L.P. with minority interests held by certain of its current and former officers via Allianz Asset Management of America LLC. Allianz Asset Management of America L.P. is majority owned by Allianz SE, a global financial services company based in Germany.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*Payden & Rygel, 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071:* Payden & Rygel is a California C-Corporation and privately held by employee shareholders, all of whom are active in the firm's

GuideStone Funds

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business. Joan Payden, CFA, President and Chief Executive Officer, owns more than 50% but less than 75% of the outstanding voting securities of Payden & Rygel. Brian Matthews, CFA owns more than 5% but less than 10% of the outstanding voting securities of Payden & Rygel, and the remaining shareholders each own less than 5% of the shares.

***Medium-Duration Bond Fund:***

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM has been a registered investment adviser since 1990. GSAM provides a wide range of discretionary and investment advisory services, actively managed and quantitatively driven, for the firm's clients. GSAM is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman, Sachs & Co. LLC. Founded in 1869, The Goldman Sachs Group, Inc is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm.

*Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa Monica, California 90401:* Guggenheim is a Delaware limited liability company formed on September 29, 2005. Guggenheim is an indirect wholly owned subsidiary of Guggenheim Capital, LLC, an affiliate of Guggenheim Partners, LLC. Guggenheim Partners, LLC is a global, diversified financial services firm with more than [$325 billion] in assets under management as of December 31, 2022.

*Pacific Investment Management Company LLC ("PIMCO"), 650 Newport Center Drive, Newport Beach, California 92260:* PIMCO, a Delaware limited liability company, is a majority owned subsidiary of Allianz Asset Management of America L.P. with minority interests held by certain of its current and former officers via Allianz Asset Management of America LLC. Allianz Asset Management of America L.P. is majority owned by Allianz SE, a global financial services company based in Germany.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*Western Asset Management Company, LLC ("Western Asset"), 385 East Colorado Boulevard, Pasadena, California 91101:* Western Asset is a wholly owned subsidiary of Franklin Resources, Inc., a NYSE-listed, global investment management organization operating, together with its subsidiaries, as Franklin Templeton.

***Global Bond Fund:***

*Loomis, Sayles & Company, L.P., ("Loomis Sayles")*, *One Financial Center, Boston, Massachusetts 02111:* Loomis Sayles is a limited partnership. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc, is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a limited liability company that owns investment management and distribution and service entities. Natixis LLC is an indirect subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of Groupe BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is an indirect, wholly-owned subsidiary of Neuberger Berman Group LLC

Statement of Additional Information

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("NBG"). NBG's voting equity is owned by NBSH Acquisition, LLC ("NBSH"). NBSH is owned by portfolio managers, members of NBG's management team and certain of NBG's key employees and senior professionals.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*Western Asset Management Company, LLC ("Western Asset"), 385 East Colorado Boulevard, Pasadena, California 91101:* Western Asset is a wholly owned subsidiary of Franklin Resources, Inc., a NYSE-listed, global investment management organization operating, together with its subsidiaries, as Franklin Templeton.

***Impact Bond Fund:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 50 South Sixth Street, Suite 2350, Minneapolis, Minnesota 55402:* RBC GAM US is a wholly owned subsidiary of RBC USA Holdco Corporation, which is an indirect, wholly owned subsidiary of the Royal Bank of Canada ("RBC"). RBC is publicly held and traded on the New York Stock Exchange and Toronto Stock Exchange.

***Strategic Alternatives Fund:***

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Greenwich, Connecticut 06830:* AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

*Broadmark Asset Management LLC ("Broadmark"), 1808 Wedemeyer Street, Suite 210, San Francisco, California 94129:* Broadmark is a Delaware limited liability company and registered as an investment adviser with the SEC in 2000. Broadmark's principal owners are its employees in the aggregate (as a group), of Westwood Holdings Group, Inc. ("WHG") and the Barbara G. Keeley Revocable Trust. As of December 31, 2022, WHG owned 47.46% of Broadmark's outstanding voting securities.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM has been a registered investment adviser since 1990. GSAM provides a wide range of discretionary and investment advisory services, actively managed and quantitatively driven, for the firm's clients. GSAM is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman, Sachs & Co. LLC. Founded in 1869, The Goldman Sachs Group, Inc is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management

GuideStone Funds

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division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*P/E Global LLC ("P/E Global"), 75 State Street, 31*<sup>st</sup> *Floor, Boston, Massachusetts 02109:* P/E Global is a registered investment adviser providing investment advisory and portfolio management services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E Global. Warren Naphtal and Mary Naphtal own a controlling interest in P/E Strategic LLC. P/E Investments LLC, a Delaware limited liability company, also owns [50%] of P/E Global. P/E Capital LLC, a Delaware limited liability company, is the sole owner of P/E Investments LLC. P/E Asset Management LLC, a Delaware limited liability company, owns [75%] of P/E Capital LLC. P/E Investments, Inc., a Delaware corporation, owns 100% of P/E Asset Management LLC. Mr. Naphtal and Ms. Naphtal own P/E Investments, Inc.

*SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067:* SSI, a Delaware limited liability company, is owned approximately 57% by Resolute Investment Managers Inc. ("Resolute"), a diversified, multi-affiliate asset management platform, and approximately 1.4% by SSI officers, with approximately 41.6% owned by Team SSI LLC, an entity controlled by SSI officers. Resolute is an indirect wholly owned subsidiary of Resolute Investment Holdings, LLC, which is owned primarily by Kelso Investment Associates VIII, L.P. George M. Douglas, CFA, Chief Investment Officer and Managing Principal of SSI, is a material indirect owner of SSI through Team SSI LLC.

*Westwood Management Corp. ("Westwood"), 200 Crescent Court, Suite 1200, Dallas, Texas 75201:* Westwood, a registered investment adviser, was founded and registered with the SEC in April 1983. Westwood is a wholly owned subsidiary of Westwood Holdings Group, Inc., a NYSE-listed (NYSE: WHG) investment management boutique and wealth management firm.

***Defensive Market Strategies Fund:***

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century is a wholly owned, privately held subsidiary of American Century Companies, Inc. ("ACC"). ACC is a holding company for American Century and the other companies in the American Century Investments Complex. The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

*Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), 1290 Avenue of the Americas, New York, New York 10104:* Neuberger Berman is an indirect wholly-owned subsidiary of Neuberger Berman Group LLC ("NBG"). NBG's voting equity is owned by NBSH Acquisition, LLC ("NBSH"). NBSH is owned by portfolio managers, members of NBG's management team and certain of NBG's key employees and senior professionals.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*PGIM Quantitative Solutions LLC ("PGIM QS"), Gateway Center Two, 100 Mulberry Street, Newark, New Jersey 07102:* PGIM QS is a registered investment adviser and began managing multi-asset portfolios for institutional investors in 1975. PGIM QS is a wholly owned subsidiary and independently-operated subsidiary of PGIM, Inc. ("PGIM"), the global investment management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the New York Stock Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which is a wholly owned subsidiary of Prudential.

Statement of Additional Information

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*Shenkman Capital Management, Inc. ("Shenkman"), 151 West 42*<sup>nd</sup> *Street, 29th Floor, New York, New York 10036:* Shenkman is a privately held corporation, 100% owned by Mark Shenkman and the Shenkman family, current and former team members and one outside director (and/or trusts established by them). Mark R. Shenkman, President, is the controlling shareholder.

***Impact Equity Fund:***

*Janus Henderson Investors US LLC ("Janus Henderson"), 151 Detroit Street, Denver, Colorado 80206:* Janus Henderson is an indirect wholly owned subsidiary of Janus Henderson Group plc ("Janus Henderson Group"). Janus Henderson Group, an independent investment management firm incorporated in Jersey, Channel Islands, is a dually-listed, publicly-traded company on the New York Stock Exchange (NYSE: JHG) and the Australian Stock Exchange (ASX: JHG), conducting business as Janus Henderson Investors.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

***Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc. and is registered under the Investment Advisors Act of 1940, as amended.

***Global Real Estate Securities Fund:***

*Heitman Real Estate Securities LLC ("HRES"), 110 North Wacker Drive, Suite 4000, Chicago, Illinois 60606:* HRES is an SEC-registered investment adviser that has been in business since 1989. The firm is a wholly owned subsidiary of Heitman LLC, which is 100% owned indirectly by certain of the firm's senior officers through two Delaware limited liability companies, KE I LLC (99.5%) and KE 2 LLC (0.05%).

*RREEF America L.L.C. ("RREEF"), DWS, 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606:* RREEF is an indirect subsidiary of DWS KGaA, a German partnership limited by shares. DWS KGaA is a separate publicly listed financial services firm but is an indirect majority-owned subsidiary of Deutsche Bank AG, a publicly listed banking corporation organized under the laws of Germany.

***Value Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc. and is registered under the Investment Advisors Act of 1940, as amended.

***Value Equity Fund:***

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century is a wholly owned, privately held subsidiary of American Century Companies, Inc. ("ACC"). ACC is a holding company for American Century and the other companies in the American Century Investments Complex. The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

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*Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st Floor, Dallas, Texas 75201*: Barrow Hanley is a subsidiary of Perpetual Limited, an Australian Exchange-listed, diversified financial services company.

*The London Company of Virginia, LLC ("London Company"), 1800 Bayberry Court, Suite 301, Richmond, Virginia 23226*: The London Company is an independent, majority employee-owned registered investment adviser founded in 1994. Stephen M. Goddard, CFA<sup>®</sup>, is the majority owner of the firm, and LPC London, LP, an affiliate of Lincoln Peak Capital, owns a minority (non-controlling) equity investment in the London Company. Lincoln Peak Capital is a private investment firm that specializes in partnering with investment management firms to help preserve their independence and facilitate equity transitions within a firm to key next generation management members.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*TCW Investment Management Company, LLC ("TCW"), 1251 Avenue of the Americas, Suite 4700, New York, New York 10020:* TCW is a wholly owned subsidiary of The TCW Group, Inc., a Nevada Corporation ("TCW Group"). In February 2013, TCW management and private investment funds affiliated with The Carlyle Group, LP (together with such affiliated, "Carlyle"), a global alternative asset manager, acquired TCW Group. On December 27, 2017, Nippon Life Insurance Company acquired a 24.75% minority stake in TCW Group from Carlyle. As a result of the transaction, TCW management and employees increased their ownership in the firm to 44.07%, and Carlyle maintains a 31.18% interest in TCW Group.

***Growth Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc. and is registered under the Investment Advisors Act of 1940, as amended.

***Growth Equity Fund:***

*J.P. Morgan Investment Management, Inc. ("JPMIM"), 383 Madison Avenue, New York, New York 10179:* JPMIM is registered with the SEC as an investment adviser. JPMorgan Asset Management Holdings Inc. is a subsidiary of JPMorgan Chase & Co., a bank holding company, which provides discretionary investment services to institutional clients, and owns all of the common stock of JPMIM.

*Loomis, Sayles & Company, L.P., ("Loomis Sayles")*, *One Financial Center, Boston, Massachusetts 02111:* Loomis Sayles is a limited partnership. Loomis Sayles' sole general partner, Loomis, Sayles & Company, Inc, is directly owned by Natixis Investment Managers, LLC ("Natixis LLC"). Natixis LLC is a limited liability company that owns investment management and distribution and service entities. Natixis LLC is an indirect subsidiary of Natixis Investment Managers, an international asset management group based in Paris, France, that is in turn owned by Natixis, a French investment banking and financial services firm. Natixis is wholly owned by Groupe BPCE, France's second largest banking group. Groupe BPCE is owned by banks comprising two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. The registered address of Natixis is 30, avenue Pierre Mendès France, 75013 Paris, France. The registered address of Groupe BPCE is 50, avenue Pierre Mendès France, 75013 Paris, France.

Statement of Additional Information

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*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*Sands Capital Management, LLC ("Sands"), 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209:* Sands is a registered investment adviser founded in 1992. Sands is an independently owned limited liability company headquartered in Arlington, Virginia.

*William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606:* William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current William Blair and William Blair & Company employees.

***Small Cap Equity Fund:***

*American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri 64111:* American Century is a wholly owned, privately held subsidiary of American Century Companies, Inc. ("ACC"). ACC is a holding company for American Century and the other companies in the American Century Investments Complex. The Stowers Institute for Medical Research ("SIMR") controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

*Delaware Investments Fund Advisers ("DIFA"), 100 Independence, 610 Market Street, Philadelphia, Pennsylvania, 19106:* DIFA is a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. ("MMHI"). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited ("Macquarie"). Macquarie is a Sydney, Australia headquartered global provider of banking, financial, advisory, investment and funds management services. Macquarie Asset Management is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

*Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), 100 Campus Drive, 4th Floor East, Florham Park, New Jersey, 07932:* Jacobs Levy is equally owned and controlled by Bruce I. Jacobs, Ph.D., and Kenneth N. Levy, CFA.

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*TimesSquare Capital Management, LLC ("TSCM"), 7 Times Square, 42nd Floor, New York, New York 10036:* TSCM is a registered investment advisory firm organized in November 2004 in strategic partnership with Affiliated Managers Group, Inc. TSCM was formed to succeed the growth equity investment advisory business of the firm's predecessor, TimesSquare Capital Management, Inc. TSCM is an investment management firm focused on meeting the needs of all clients.

GuideStone Funds

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***International Equity Index Fund:***

*Legal & General Investment Management America, Inc. ("LGIM America"), 71 South Wacker Drive, Suite 800, Chicago, Illinois 60606:* LGIM America, a Delaware corporation, is a wholly owned subsidiary of Legal & General Investment Management United States (Holdings), Inc. and is registered under the Investment Advisors Act of 1940, as amended.

***International Equity Fund:***

*Altrinsic Global Advisors, LLC ("Altrinsic"), 8 Sound Shore Drive, Greenwich, Connecticut 06830:* Altrinsic is a registered investment adviser focusing solely on international, global and emerging markets equity management. Altrinsic is employee-controlled and majority-owned. CI Global Investments Inc. ("CI"), a Canadian investment firm, owns approximately 11.9% of the outstanding equity units of Altrinsic. Employees own the remaining equity interest and retain 95.1% of the voting interests in Altrinsic.

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Greenwich, Connecticut 06830:* AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

*MFS Institutional Advisors, Inc. ("MFSI"), 111 Huntington Avenue, Boston, Massachusetts 02199:* MFSI is a U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is the oldest U.S. mutual fund organization. MFS and the firm's predecessor organizations have a history of money management dating from 1924 and the founding of the first mutual fund, Massachusetts Investors Trust. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned subsidiary of Sun Life Financial Inc. (a diversified financial services company).

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*WCM Investment Management, LLC ("WCM"), 281 Brooks Street, Laguna Beach, California 92651:* WCM is independently controlled entirely by its employees. Its CEO, Paul R. Black, and Chairman, Kurt R. Winrich, CFA, each own more than 25% of WCM.

***Emerging Markets Equity Fund:***

*AQR Capital Management, LLC ("AQR"), One Greenwich Plaza, Greenwich, Connecticut 06830:* AQR, a Delaware limited liability company founded in 1998, is a wholly owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of AQR. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control AQR through his voting control of the Board of Members of AQR Holdings.

*Goldman Sachs Asset Management, L.P. ("GSAM"), 200 West Street, New York, New York 10282:* GSAM has been a registered investment adviser since 1990. GSAM provides a wide range of discretionary and investment advisory services, actively managed and quantitatively driven, for the firm's clients. GSAM is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman, Sachs & Co. LLC. Founded in 1869, The Goldman Sachs Group, Inc is a publicly-held financial holding company and a leading global investment banking, securities and investment management firm.

Statement of Additional Information

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*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 77 Grosvenor Street, London, W1K 3JR, United Kingdom:* RBC GAM UK is a wholly owned direct subsidiary of Royal Bank of Canada Holdings (U.K.) Limited, a company formed in the United Kingdom and which is a wholly owned subsidiary of the Royal Bank of Canada ("RBC"). RBC is publicly held and traded on the New York Stock Exchange and Toronto Stock Exchange.

*Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, Massachusetts 02210*: Wellington is a registered investment adviser and owned by partners of Wellington Management Group LLP, a Massachusetts limited liability partnership.

***All Funds (except Money Market Fund) — Cash Overlay Program:***

*Parametric Portfolio Associates LLC ("Parametric"), 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104*: Parametric is a registered investment adviser offering a variety of structured portfolio solutions. Parametric is a wholly owned indirect subsidiary of Morgan Stanley, a publicly held company that is traded on the NYSE under the ticker symbol MS. Parametric is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Parametric is owned directly by Eaton Vance Acquisitions LLC, a privately held subsidiary of Morgan Stanley.

*Fund Expenses.* Each Fund pays the expenses incurred in its operations, including its pro rata share of expenses of the Trust. These expenses include investment advisory and administrative fees; registration fees; interest charges; taxes; expenses connected with the execution, recording and settlement of security transactions; fees and expenses of the custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; expenses of preparing and mailing reports to investors and to government offices and commissions; expenses of meetings of investors; fees and expenses of independent accountants and legal counsel; insurance premiums; and expenses of calculating the NAV of, and the net income on, shares. Each Target Date Fund and Target Risk Fund also bears its proportionate share of the operating expenses of the underlying mutual funds in which it holds shares. In addition, the Funds may allocate transfer agency and certain other expenses by Class.

GuideStone Funds

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*Other Accounts Managed.* The following table provides additional information about other accounts managed by portfolio managers and management team members jointly and primarily responsible for day-to-day management of the Funds for the fiscal year ended December 31, 2022, except as otherwise noted.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *Altrinsic Global Advisors, LLC\** | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $68.0 | &nbsp;&nbsp;&nbsp; 43 | $2763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | $5328 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| John L. DeVita, CFA, CPA |  |  |  |  |  |  |  |  |  |  |  |  |
| John D. Hock, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Rich McCormick, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *American Century Investment* <br> *Management, Inc.*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Ryan Cope, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $5700 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | $479 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Paul Howanitz, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $10516 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | $1262 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Jeff John, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $5700 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | $479 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Michael Liss, CFA, CPA | &nbsp;&nbsp; 17 | $29320 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | $1954 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Philip Sundell, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $7945 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | $416 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Kevin Toney, CFA | &nbsp;&nbsp; 17 | $29320 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | $1954 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Brian Woglom, CFA | &nbsp;&nbsp; 21 | $30764 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | $1953 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

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Statement of Additional Information

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *AQR Capital Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Michele L. Aghassi, Ph.D. | &nbsp;&nbsp; 18 | $9967 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | $3145 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $121046 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $1974 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $1351 |
| Clifford S. Asness, Ph.D. | &nbsp;&nbsp; 12 | $5368 | &nbsp;&nbsp;&nbsp; 17 | $7471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | $10667 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 15 | $6345 | &nbsp;&nbsp; 13 | $5926 |
| Andrea Frazzini, Ph.D. | &nbsp;&nbsp; 21 | $11109 | &nbsp;&nbsp;&nbsp; 12 | $4136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | $7421 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $121046 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | $2869 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $3020 |
| John J. Huss | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $1215 | &nbsp;&nbsp;&nbsp; 17 | $7346 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 15 | $7001 | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| John M. Liew, Ph.D. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $2350 | &nbsp;&nbsp;&nbsp; 12 | $6679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | $5845 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 11 | $5618 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $3207 |
| Lars N. Nielsen | &nbsp;&nbsp; 25 | $13660 | &nbsp;&nbsp;&nbsp; 22 | $7593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | $8159 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $121046 | &nbsp;&nbsp; 19 | $6325 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $4612 |
| *Barrow, Hanley, Mewhinney & Strauss,* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| David W. Ganucheau, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1261 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | $3293 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $85 | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Mark Giambrone | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $4401 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | $5415 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Lewis Ropp | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $749 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | $4080 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $367 |
| *BlackRock Financial Management, Inc.,* <br> *BlackRock International Limited and* <br> *BlackRock (Singapore) Limited*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Adam Carlin, CFA | &nbsp;&nbsp; 12 | $12970 | &nbsp;&nbsp;&nbsp; 13 | $3490 | &nbsp;&nbsp;&nbsp;&nbsp; 132 | $49580 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $972 |
| Akiva Dickstein | &nbsp;&nbsp; 22 | $24220 | &nbsp;&nbsp;&nbsp; 25 | $8110 | &nbsp;&nbsp;&nbsp;&nbsp; 228 | $94770 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $1660 |
| Amanda Liu, CFA | &nbsp;&nbsp; 12 | $12970 | &nbsp;&nbsp;&nbsp; 15 | $3600 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | $59140 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $972 |
| Scott MacLellan, CFA | &nbsp;&nbsp; 12 | $12970 | &nbsp;&nbsp;&nbsp; 15 | $3600 | &nbsp;&nbsp;&nbsp;&nbsp; 138 | $54580 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1050 |
| Sam Summers | &nbsp;&nbsp; 12 | $77080 | &nbsp;&nbsp;&nbsp; 18 | $22610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | $6980 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $3420 |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *Delaware Investments Fund Advisers\** | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $8582 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | $1271 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Christopher S. Adams, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Francis X. Morris |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael S. Morris, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Donald G. Padilla, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| David E. Reidinger |  |  |  |  |  |  |  |  |  |  |  |  |
| *Goldman Sachs Asset Management, L.P.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Ron Arons | &nbsp;&nbsp; 37 | $9162 | &nbsp;&nbsp;&nbsp; 61 | $13493 | &nbsp;&nbsp; 8047 | $255259 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 17 | $1955 | &nbsp;&nbsp; 11 | $1806 |
| Hiren Dasani, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2986 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $7591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | $2033 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1569 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $785 |
| Ashish Shah | &nbsp;&nbsp; 92 | $431049 | &nbsp;&nbsp; 345 | $260575 | 39961 | $551504 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 41 | $8370 | &nbsp;&nbsp; 32 | $11763 |
| Paul Seary, CFA | &nbsp;&nbsp; 25 | $5211 | &nbsp;&nbsp;&nbsp; 16 | $3538 | &nbsp;&nbsp; 2402 | $116366 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 12 | $1478 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $543 |
| Basak Yavuz | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2986 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $5655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | $1691 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $1511 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $785 |
| *Guggenheim Partners Investment* <br> *Management, LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Steven H. Brown, CFA | &nbsp;&nbsp; 15 | $33071 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $3113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | $17310 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1887 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $102 |
| Adam J. Bloch | &nbsp;&nbsp; 21 | $33222 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $3113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | $17310 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1887 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $102 |
| *GuideStone Capital Management, LLC\** |  |  |  |  |  |  |  |  |  |  |  |  |
| Tim Bray, CFA, CAIA, CDDA |  |  |  |  |  |  |  |  |  |  |  |  |
| Brandon Pizzurro, CFP<sup>®</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| David S. Spika, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *Heitman Real Estate Securities LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Charles Harbin, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $333 | &nbsp;&nbsp;&nbsp; 13 | $945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | $2403 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $209 |
| Jacques Perdrix | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | $350 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| John Minor | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $333 | &nbsp;&nbsp;&nbsp; 12 | $864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | $1531 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $209 |
| Damon Wang | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | $523 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Jeffrey Yurk, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $333 | &nbsp;&nbsp;&nbsp; 13 | $945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | $2403 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $209 |
| *Jacobs Levy Equity Management, Inc.\** | &nbsp;&nbsp; 13 | $3079 | &nbsp;&nbsp;&nbsp; 13 | $2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | $9285 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $213 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | $5453 |
| Bruce I. Jacobs, Ph.D. |  |  |  |  |  |  |  |  |  |  |  |  |
| Kenneth N. Levy, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *Janus Henderson Investors US LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Hamish Chamberlayne, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $71 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $3792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | $107 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Aaron Scully, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $71 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $3306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | $53 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *J.P. Morgan Investment Management Inc.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Giri Devulapally, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $39073 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | $9201 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Holly Fleiss | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $38933 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $6789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | $7443 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Larry H. Lee | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $51142 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $3101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | $7443 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Joseph Wilson | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $38936 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $7228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | $9797 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Robert Maloney | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $37504 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $1271 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *Legal & General Investment Management* <br> *America, Inc.\**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | $21 | &nbsp;&nbsp;&nbsp; 39 | $83657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | $15097 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| David Barron, CFA, CAIA |  |  |  |  |  |  |  |  |  |  |  |  |
| Aodhagán Byrne, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Joseph LaPorta |  |  |  |  |  |  |  |  |  |  |  |  |
| Michael O'Connor |  |  |  |  |  |  |  |  |  |  |  |  |
| Craig Parker, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *The London Company of Virginia, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| J. Brian Campbell, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $6370 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 652 | $8255 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Mark E. DeVaul, CFA, CPA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $6370 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 652 | $8255 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Stephen M. Goddard, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $6370 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 652 | $8255 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $8 |
| Samuel D. Hutchings, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $6370 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 652 | $8255 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Jonathan T. Moody, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $6370 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 652 | $8255 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *Loomis, Sayles & Company, L.P.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Matthew J. Eagan, CFA | &nbsp;&nbsp; 19 | $25032 | &nbsp;&nbsp;&nbsp; 23 | $10257 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | $23526 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $374 |
| Aziz Hamzaogullari | &nbsp;&nbsp; 29 | $18839 | &nbsp;&nbsp;&nbsp; 21 | $9728 | &nbsp;&nbsp;&nbsp;&nbsp; 123 | $22135 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $299 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $277 |
| Brian P. Kennedy | &nbsp;&nbsp; 17 | $24581 | &nbsp;&nbsp;&nbsp; 22 | $10181 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | $23443 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $374 |
| Elaine M. Stokes | &nbsp;&nbsp; 17 | $24581 | &nbsp;&nbsp;&nbsp; 22 | $10181 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | $23460 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $374 |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *MFS Institutional Advisors, Inc.\** | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $12410 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $5692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | $5684 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Filipe Benzinho |  |  |  |  |  |  |  |  |  |  |  |  |
| Daniel Ling |  |  |  |  |  |  |  |  |  |  |  |  |
| *Neuberger Berman Investment Advisers* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Ashok K. Bhatia, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $4026 | &nbsp;&nbsp;&nbsp; 26 | $8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | $7428 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $1927 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $244 |
| David M. Brown, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $854 | &nbsp;&nbsp;&nbsp; 99 | $29759 | &nbsp;&nbsp;&nbsp;&nbsp; 364 | $34228 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $2147 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $524 |
| Derek Devens, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $1113 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | $3626 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Rory Ewing | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $1113 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | $3599 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Adam Grotzinger, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $4026 | &nbsp;&nbsp;&nbsp; 26 | $8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | $7428 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $1927 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $244 |
| Jon Jonsson | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $4026 | &nbsp;&nbsp;&nbsp; 20 | $3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | $2505 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $223 |
| Brad C. Tank | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $4536 | &nbsp;&nbsp;&nbsp; 27 | $8106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | $7698 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $1927 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $244 |
| Eric Zhou | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1094 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | $3016 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *Pacific Investment Management Company* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Marc Seidner | &nbsp;&nbsp; 26 | $31455 | &nbsp;&nbsp;&nbsp; 26 | $14949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | $16527 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $2009 | &nbsp;&nbsp; 12 | $7164 |
| Jerome Schneider | &nbsp;&nbsp; 22 | $66494 | &nbsp;&nbsp;&nbsp; 10 | $15016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | $24567 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $939 |

---

GuideStone Funds

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *Parametric Portfolio Associates LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Richard Fong, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $191 | &nbsp;&nbsp;&nbsp; 24 | $3705 | &nbsp;&nbsp;&nbsp;&nbsp; 333 | $68852 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $613 |
| Zach Olsen, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $191 | &nbsp;&nbsp;&nbsp; 18 | $684 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | $45628 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $613 |
| James Reber | &nbsp;&nbsp; 19 | $15600 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | 77176 | $177964 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Thomas Seto | &nbsp;&nbsp; 45 | $31877 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $962 | 77249 | $480558 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *Payden & Rygel* |  |  |  |  |  |  |  |  |  |  |  |  |
| Brian Matthews, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $843 | &nbsp;&nbsp;&nbsp; 10 | $5781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | $3578 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Mary Beth Syal, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $3622 | &nbsp;&nbsp;&nbsp; 11 | $5775 | &nbsp;&nbsp;&nbsp;&nbsp; 128 | $51419 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *P/E Global LLC\** | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $389 | 2591 | $35 | 10551 | $45 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 27 | $2447 | &nbsp;&nbsp; 30 | $6137 |
| Warren J. Naphtal |  |  |  |  |  |  |  |  |  |  |  |  |
| David J. Souza, Jr., CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| *PGIM Quantitative Solutions LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Devang Gambhirwala |  |  |  |  |  |  |  |  |  |  |  |  |
| Joel M. Kallman, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| Marcus M. Perl |  |  |  |  |  |  |  |  |  |  |  |  |
| *RBC Global Asset Management (U.K.)* <br> *Limited*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Philippe Langham, ACA | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $2046 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | $3756 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *RBC Global Asset Management (U.S.)* <br> *Inc.*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Brian Svendahl, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $1050 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | $3128 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

Statement of Additional Information

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *RREEF America L.L.C.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Barry McConnell | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $173 | &nbsp;&nbsp;&nbsp; 12 | $1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | $2020 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $66 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $131 |
| Chris Robinson | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $173 | &nbsp;&nbsp;&nbsp; 15 | $2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | $2332 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $66 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $355 |
| Robert Thomas | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1498 | &nbsp;&nbsp;&nbsp; 16 | $1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | $2230 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $66 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $331 |
| David W. Zonavetch, CPA | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1498 | &nbsp;&nbsp;&nbsp; 16 | $1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | $2230 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $66 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $331 |
| *Sands Capital Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Wesley A. Johnston, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $2239 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $895 | &nbsp;&nbsp;&nbsp;&nbsp; 287 | $8070 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 13 | $473 |
| Frank M. Sands, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $2239 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $895 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | $7970 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $406 |
| Thomas H. Trentman, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $2239 | &nbsp;&nbsp;&nbsp; 10 | $905 | &nbsp;&nbsp;&nbsp;&nbsp; 293 | $8890 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 14 | $556 |
| *Shenkman Capital Management, Inc.* |  |  |  |  |  |  |  |  |  |  |  |  |
| Jordan Barrow | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2030 | &nbsp;&nbsp;&nbsp; 23 | $5804 | &nbsp;&nbsp;&nbsp;&nbsp; 182 | $14964 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 12 | $3600 | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Jeffrey Gallo | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2030 | &nbsp;&nbsp;&nbsp; 23 | $5804 | &nbsp;&nbsp;&nbsp;&nbsp; 182 | $14964 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 12 | $3600 | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Mark R. Shenkman | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2030 | &nbsp;&nbsp;&nbsp; 30 | $8616 | &nbsp;&nbsp;&nbsp;&nbsp; 197 | $17938 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 18 | $6075 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $24 |
| Justin W. Slatky | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2030 | &nbsp;&nbsp;&nbsp; 30 | $8616 | &nbsp;&nbsp;&nbsp;&nbsp; 197 | $17938 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 18 | $6075 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $24 |
| Thomas Whitley | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $72 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | $622 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *SSI Investment Management LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| George M. Douglas, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $361 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $2 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Dagney Maseda, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $218 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $2 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Alexander W. Volz | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $218 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $2 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

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GuideStone Funds

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *TCW Investment Management Company,* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Diane Jaffee, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $447 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | $1370 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602 |
| *TimesSquare Capital Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Grant Babyak | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $1354 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $2220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | $3538 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $45 |
| Kenneth Duca, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $229 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $1147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | $1396 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *WCM Investment Management, LLC* |  |  |  |  |  |  |  |  |  |  |  |  |
| Sanjay Ayer, CFA | &nbsp;&nbsp; 27 | $25061 | &nbsp;&nbsp;&nbsp; 35 | $9517 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | $34542 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $693 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $1648 |
| Paul R. Black | &nbsp;&nbsp; 20 | $22594 | &nbsp;&nbsp;&nbsp; 27 | $8441 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | $34312 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $636 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $1648 |
| Peter J. Hunkel | &nbsp;&nbsp; 23 | $24483 | &nbsp;&nbsp;&nbsp; 30 | $8782 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | $34312 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $636 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $1648 |
| Michael B. Trigg | &nbsp;&nbsp; 24 | $24485 | &nbsp;&nbsp;&nbsp; 30 | $8782 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | $34312 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $636 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $1648 |
| Jon Tringale | &nbsp;&nbsp; 19 | $22593 | &nbsp;&nbsp;&nbsp; 26 | $8276 | &nbsp;&nbsp;&nbsp;&nbsp; 473 | $34312 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $471 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $1648 |
| *Wellington Management Company LLP* |  |  |  |  |  |  |  |  |  |  |  |  |
| Bo Z. Meunier, CFA | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $8 | &nbsp;&nbsp;&nbsp; 13 | $2507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | $1535 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $542 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $571 |

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Statement of Additional Information

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Sub-Advisers***<br> ***Portfolio Managers*** | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | Total number of other accounts managed by Portfolio Manager(s) <br> within each category below and the total assets in the accounts <br> managed within each category below. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. | For other accounts managed by Portfolio Manager(s) within each <br> category below, number of accounts and the total assets in the <br> accounts with respect to which the advisory fee is based on the <br> performance of the account. |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| ***Sub-Advisers***<br> ***Portfolio Managers*** | **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>| **Number**<br> **of**<br> **Accounts**<br>| **Total**<br> **Assets**<br> **($mm)**<br>|
| *Western Asset Management Company,* <br> *LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| John L. Bellows | &nbsp;&nbsp; 22 | $52129 | &nbsp;&nbsp;&nbsp; 22 | $10931 | &nbsp;&nbsp;&nbsp;&nbsp; 179 | $55085 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $4023 |
| Gordon S. Brown | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $550 | &nbsp;&nbsp;&nbsp; 24 | $5437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | $12781 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $204 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | $4464 |
| Michael C. Buchanan | &nbsp;&nbsp; 31 | $16613 | &nbsp;&nbsp;&nbsp; 64 | $18684 | &nbsp;&nbsp;&nbsp;&nbsp; 152 | $50591 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $1299 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $2501 |
| Ian R. Edmonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $542 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | $857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | $216 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $209 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | $179 |
| S. Kenneth Leech | &nbsp;&nbsp; 93 | $146061 | &nbsp;&nbsp; 316 | $70472 | &nbsp;&nbsp;&nbsp;&nbsp; 638 | $177250 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 26 | $2739 | &nbsp;&nbsp; 26 | $15164 |
| Mark S. Lindbloom | &nbsp;&nbsp; 27 | $56582 | &nbsp;&nbsp;&nbsp; 28 | $13757 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | $61088 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $6265 |
| Frederick R. Marki | &nbsp;&nbsp; 26 | $53711 | &nbsp;&nbsp;&nbsp; 25 | $13308 | &nbsp;&nbsp;&nbsp;&nbsp; 189 | $59217 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $6265 |
| Annabel Rudebeck | &nbsp;&nbsp;&nbsp;&nbsp; 8 | $5881 | &nbsp;&nbsp;&nbsp; 25 | $5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | $7425 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $1007 |
| Julien A. Scholnick | &nbsp;&nbsp; 24 | $55530 | &nbsp;&nbsp;&nbsp; 21 | $10883 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | $54148 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 6 | $4023 |
| *Westwood Management Corp. and* <br> *Broadmark Asset Management LLC*<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Christopher J. Guptill | &nbsp;&nbsp;&nbsp;&nbsp; 2 | $349 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | $883 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3 | $7 |
| *William Blair Investment Management,* <br> *LLC\**<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | $1073 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | $2564 | N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| James Golan, CFA |  |  |  |  |  |  |  |  |  |  |  |  |
| David Ricci, CFA |  |  |  |  |  |  |  |  |  |  |  |  |

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\*

The Adviser or Sub-Adviser utilizes a team-based approach to portfolio management, and each of the portfolio managers listed are jointly and primarily responsible for the day-to-day management of a portion of the accounts listed in each category.

GuideStone Funds

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*Material Conflicts of Interest.* Material conflicts of interest that may arise in connection with the portfolio managers' management of the Select Funds' investments and the investments of the other accounts managed include conflicts between the investment strategy of a Select Fund and the investment strategy of other accounts managed by the portfolio manager and conflicts associated with the allocation of investment opportunities between a Select Fund and other accounts managed by the portfolio manager.

By implementing investment strategies of various accounts, a portfolio manager potentially could give favorable treatment to some accounts for a variety of reasons, including favoring larger accounts, accounts that pay higher fees, accounts that pay performance-based fees or accounts of affiliated companies. Such favorable treatment could lead to more favorable investment opportunities for some accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, foundations and accounts managed on behalf of individuals) and commingled trust accounts.

Portfolio managers make investment decisions for each portfolio, including the Select Funds, based on the investment objectives, policies, practices and other relevant investment considerations that the portfolio managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio or may take similar actions for different portfolios at different times. Consequently, the mix of securities purchased in one portfolio may perform better than the mix of securities purchased for another portfolio. Similarly, the sale of securities from one portfolio may cause that portfolio to perform better than others if the value of those securities decline.

Potential conflicts of interest may also arise when allocating and/or aggregating trades. Sub-Advisers often aggregate into a single trade order several individual contemporaneous client trade orders in a single security. When trades are aggregated on behalf of more than one account, such transactions should be allocated to all participating client accounts in a fair and equitable manner. With respect to IPOs and other syndicated or limited offerings, accounts with the same or similar investment objectives should receive an equitable opportunity to participate meaningfully and should not be unfairly disadvantaged.

***Portfolio Manager Compensation:***

The following is a description of the structure of and method used to determine the compensation received by the Funds' portfolio managers or management team members from the Funds, the Adviser or any other source with respect to managing the Funds and any other accounts for the fiscal year ended December 31, 2022.

*Altrinsic Global Advisors, LLC ("Altrinsic").* Altrinsic is an employee-controlled and majority-owned firm. The portfolio managers are owners of the business and participate directly in the firm's earnings stream and value creation. They also receive base salaries and 401(k) profit-sharing (available to U.S. employees) and are eligible for discretionary incentives and/or deferred compensation. Accordingly, they share a unique long-term focus. Altrinsic believes the firm's compensation structure aligns the firm's interest with the interests of clients.

*American Century Investment Management, Inc. ("American Century").* American Century's portfolio manager compensation is structured to align the interests of portfolio managers with those of the shareholders whose assets they manage. It includes the components described as follows, each of which is determined with reference to a number of factors such as overall performance, market competition and internal equity.

*Base salary.* Portfolio managers receive base pay in the form of a fixed annual salary.

*Bonus.* A significant portion of portfolio manager compensation takes the form of an annual incentive bonus which is determined by a combination of factors. One factor is mutual fund investment performance. For most American Century mutual funds, investment performance is measured by a combination of one-, three- and five-year pre-tax performance relative to various benchmarks (*e.g.,* Russell 3000<sup>®</sup> Value Index for the Defensive Market Strategies Fund, Russell 1000<sup>®</sup> Value Index for the Value Equity Fund and Russell 2000<sup>®</sup> Value Index for the Small Cap Equity Fund) and/or internally-customized peer groups. The performance comparison periods may

Statement of Additional Information

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be adjusted based on a fund's inception date or a portfolio manager's tenure on the fund. Custom peer groups are constructed using all the funds in the indicated categories as a starting point. Funds are then eliminated from the peer group based on a standardized methodology designed to result in a final peer group that is both more stable over the long term (*i.e.,* has less peer turnover) and that more closely represents the fund's true peers based on internal investment mandates.

Portfolio managers may have responsibility for multiple American Century mutual funds. In such cases, the performance of each is assigned a percentage weight appropriate for the portfolio manager's relative levels of responsibility.

Portfolio managers also may have responsibility for other types of managed portfolios or ETFs. This is the case for the Defensive Market Strategies Fund, the Value Equity Fund and the Small Cap Equity Fund. If the performance of a managed account or ETF is considered for purposes of compensation, it is generally measured via the same criteria as an American Century mutual fund (*i.e.,* relative to the performance of a benchmark (*e.g.,* Russell 3000<sup>®</sup> Value Index for the Defensive Market Strategies Fund, Russell 1000<sup>®</sup> Value Index for the Value Equity Fund and Russell 2000<sup>®</sup> Value Index for the Small Cap Equity Fund) and/or peer group). Performance of the Defensive Market Strategies Fund, the Value Equity Fund and the Small Cap Equity Fund is not separately considered in determining portfolio manager compensation.

A second factor in the bonus calculation relates to the performance of a number of American Century funds managed according to one of the following investment disciplines, such as global growth equity, global value equity, disciplined equity, global fixed income and multi-asset strategies. The performance of American Century ETFs may also be included for certain investment disciplines. Performance is measured for each product individually, as described previously, and then combined to create an overall composite for the product group. These composites may measure one-year performance (equal weighted) or a combination of one-, three- and five-year performance (equal or asset weighted) depending on the portfolio manager's responsibilities and products managed, and the composite for certain portfolio managers may include multiple disciplines. This feature is designed to encourage effective teamwork among fund management teams in achieving long-term investment success for similarly styled portfolios.

A portion of portfolio managers' bonuses may discretionary and may be tied to factors such as profitability or individual performance goals, such as research projects and/or the development of new products.

*Restricted Stock Plans.* Portfolio managers are eligible for grants of restricted stock of ACC. These grants are discretionary and eligibility and availability can vary from year to year. The size of an individual's grant is determined by individual and product performance as well as other product-specific considerations such as profitability. Grants can appreciate/depreciate in value based on the performance of ACC stock during the restriction period (generally three to four years).

*Deferred Compensation Plans.* Portfolio managers are eligible for grants of deferred compensation. These grants are used in limited situations, primarily for retention purposes. Grants are fixed and can appreciate/ depreciate in value based on the performance of the American Century mutual funds in which the portfolio manager chooses to invest them.

*AQR Capital Management, LLC ("AQR").* The compensation for each of the portfolio managers that is a Principal of AQR is in the form of distributions based on the net income generated by AQR and each Principal's relative ownership in AQR. A Principal's relative ownership in AQR is based on a number of factors including contribution to the research process, leadership and other contributions to AQR. There is no direct linkage between assets under management, performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income. Each portfolio manager is also eligible to participate in AQR's 401(k) retirement plan which is offered to all employees of AQR.

GuideStone Funds

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*Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley").* Compensation of Barrow Hanley's investment professionals is tied to their overall contribution to the success of Barrow Hanley. In addition to base salary, all portfolio managers and analysts are eligible to participate in a bonus pool. The amount of bonus compensation is based on quantitative and qualitative factors and may be substantially higher than an investment professional's base compensation. Portfolio managers and analysts are evaluated on the value each adds to the overall investment process and performance, and their contributions in other areas, such as meetings with clients and consultants. Bonus compensation for analysts is directly tied to their investment recommendations, which are evaluated every six months versus the appropriate industry group/sector benchmark based on trailing one-year and three-year relative performance.

The final component of compensation of key employees, including portfolio managers and analysts, is their interest in Barrow Hanley's equity plan. Each quarter, equity owners receive a share of the firm's profits in the form of a dividend, which is related to the performance of the entire firm.

*BlackRock Financial Management, Inc. ("BlackRock Financial"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL" and together with BlackRock Financial and BIL, "BFM")*. BFM's financial arrangements with its portfolio managers, competitive compensation and career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock, Inc. ("BlackRock").

*Base compensation*. Generally, portfolio managers receive base compensation based on their position with the firm.

*Discretionary Incentive Compensation*. Discretionary incentive compensation is a function of several components: the performance of BlackRock, the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's chief investment officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/ or after-tax basis over various time periods including one-, three- and five-year periods, as applicable.

With respect to these portfolio managers, such benchmarks for the funds and other accounts include the following:

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| | |
|:---|:---|
| Portfolio Manager | Applicable Benchmarks |
| Adam Carlin, CFA | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Bond <br> Index), certain customized indexes and certain fund industry peer groups.<br>|
| Akiva Dickstein | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Index, <br> Bloomberg US Universal Index and Bloomberg Intermediate Aggregate Index), <br> certain customized indexes and certain fund industry peer groups.<br>|
| Amanda Liu, CFA | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Bond <br> Index), certain customized indexes and certain fund industry peer groups.<br>|
| Scott MacLellan | &nbsp;&nbsp;&nbsp; A combination of market-based indexes (*e.g.*, ICE BofA 1-3 Year US Corporate & <br> Government Index), certain customized indexes and certain fund industry peer <br> groups.<br>|

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Statement of Additional Information

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Sam Summers A combination of market-based indexes (*e.g.*, Bloomberg US Aggregate Bond Index), certain customized indexes and certain fund industry peer groups.

*Distribution of Discretionary Incentive Compensation.* Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock stock awards are generally granted in the form of BlackRock restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock common stock. Messrs. Carlin, Dickstein, MacLellan, Miller and Summers and Ms. Liu have deferred BlackRock stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

*Other Compensation Benefits.* In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans*. BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan ("RSP") and the BlackRock Employee Stock Purchase Plan ("ESPP"). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3% to 5% of eligible compensation up to the IRS limit ($305,000 for 2022). 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.

*Potential Material Conflicts of Interest.* BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, the firm's affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities

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whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of the firm's affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or the firm's affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of the firm's affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Carlin, Dickstein, MacLellan, Miller and Summers and Ms. Liu 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. Therefore, Messrs. Carlin, Dickstein, MacLellan, Miller and Summers and Ms. Liu may be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

*Delaware Investments Fund Advisers ("DIFA").* Each portfolio manager's compensation consists of a combination of base salary, an incentive profit-share tied to performance and long-term equity. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

Each named portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products a portfolio manager manages. Macquarie Asset Management keeps a percentage of the revenues and the remaining percentage of revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors (50%) and objective factors (50%). The primary objective factor is the one-, three- and five-year performance of the funds managed relative to the performance of the appropriate Morningstar, Inc. peer groups and the performance of institutional composites relative to the appropriate indexes. Three- and five-year performance is weighted more heavily, and there is no objective award for a fund whose performance falls below the 50th percentile for a given period of time.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

Portfolio managers participate in retention programs, including the Macquarie Asset Management Public Investments Notional Investment Plan and the Macquarie Group Employee Retained Equity Plan, for alignment of interest purposes.

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*Macquarie Asset Management Public Investments Notional Investment Plan.* A portion of a portfolio manager's retained profit-share may be notionally exposed to the return of certain funds within Macquarie Asset Management pursuant to the terms of the Macquarie Asset Management Public Investments Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).

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*Macquarie Group Employee Retained Equity Plan ("MEREP").* A portion of a portfolio manager's retained profit-share may be invested in the MEREP, which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial

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interest in a Macquarie Group share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

In addition, portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

*Goldman Sachs Asset Management, L.P. ("GSAM").* Compensation for GSAM portfolio managers is comprised of a base salary and year-end discretionary, variable compensation. The base salary is fixed from year to year. Year-end discretionary, variable compensation is primarily a function of each portfolio manager's individual performance and his or her contribution to overall team performance; the performance of GSAM and Goldman Sachs; the team's net revenues for the past year which in part is derived from advisory fees and, for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms.

Portfolio managers may be rewarded, in part, for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over one-, three- and five-year time horizons. The benchmark for the Medium-Duration Bond Fund is the Bloomberg US Aggregate Bond Index; the benchmark for the Strategic Alternatives Fund is the ICE BofAML U.S. 3-Month Treasury Bill Index; and the benchmark for the Emerging Markets Equity Fund is the MSCI Emerging Markets Index.

The discretionary variable compensation for portfolio managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objectives of the fund. Other factors may also be considered, including: (a) general client/shareholder orientation; and (b) teamwork and leadership.

As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, portfolio managers may receive deferred equity-based and similar awards, in the form of: (1) shares of The Goldman Sachs Group, Inc. (restricted stock units); and (2) for certain portfolio managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s).

*Other Compensation.* In addition to base salary and year-end discretionary variable compensation, the firm has a number of additional benefits in place, including: (1) a 401(k) program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

*Guggenheim Partners Investment Management, LLC ("Guggenheim").* Guggenheim compensates portfolio managers for their management of a fund's portfolio. Compensation is evaluated qualitatively based on their contribution to investment performance and factors such as teamwork and client service efforts. The portfolio managers' incentives may include: a competitive base salary, bonus determined by individual and firm wide performance, equity participation, co-investment options and participation opportunities in various investments, including through deferred compensation programs. All employees of Guggenheim are also eligible to participate in a 401(k) plan to which a discretionary match may be made after the completion of each plan year. Guggenheim's deferred compensation programs include equity that vests over a period of years, including equity in the form of shares of fund(s) managed by the particular portfolio manager. The value of the fund shares under the deferred compensation program is awarded annually and each award vests over a period of years (generally

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four years). A portfolio manager's ownership of shares of a fund managed by the portfolio manager may create conflicts of interest that incentivize the portfolio manager to favor such fund over other funds or other accounts.

*GuideStone Capital Management, LLC ("Adviser").* Portfolio managers of the Adviser are compensated for their services on behalf of the Adviser with a fixed base salary plus discretionary incentive compensation. With respect to portfolio management functions for the Funds and accounts managed or overseen by the Adviser, general consideration is given in the determination of incentive compensation to overall performance of these Funds and accounts in terms of both long-term and short-term performance results, with compensation primarily based on the Funds assigned to each individual portfolio manager. Factors included in the determination of base salary include the portfolio manager's seniority, experience and extent of management responsibility. The Adviser and its parent are nonprofit entities, and there are no stock option or profit sharing plans. The absolute amount of base salary, incentive compensation and related benefits received by portfolio managers may also be determined, in whole or in part, as a result of service as officers or employees of affiliates of the Adviser, including GuideStone Financial Resources, which is unrelated to their service as portfolio managers or officers of the Adviser.

*Heitman Real Estate Securities LLC ("HRES").* HRES's compensation program is designed to accomplish several objectives, one of which is retention of the firm's team. Forty-four senior employees hold 100% of the equity interest in the business. HRES believes that equity ownership provides an incentive for retention of key personnel and, equally important, that the structure creates alignment of interest between HRES's partners and the firm's clients. The total compensation of the firm's equity owners is tied directly to the performance of the investments under their collective management and the degree to which client objectives have been met. The incentive compensation is based on a combination of factors including company, business unit and individual performance.

*Jacobs Levy Equity Management, Inc. ("Jacobs Levy").* Each portfolio manager receives a fixed salary and a percentage of the profits of Jacobs Levy, which is based upon the portfolio manager's ownership interest in the firm. Jacobs Levy's profits are derived from the fees the firm receives from managing client accounts. For most client accounts, the firm receives a fee based upon a percentage of assets under management (the "basic fee"). For some accounts, the firm receives a fee that is adjusted based upon the performance of the account compared to a benchmark. The type of performance adjusted fee, the measurement period for the fee and the benchmark vary by client. In some cases, the basic fee is adjusted based upon the trailing returns (*e.g.,* annualized trailing 12 quarter returns) of the account relative to an annualized benchmark return plus a specified number of basis points. In other cases, the firm receives the basic fee and a percentage of the profits in excess of a benchmark.

*Janus Henderson Investors US LLC ("Janus Henderson").* The portfolio managers and co-portfolio managers (if applicable), and the Director of Research ("portfolio manager" or "portfolio managers") are compensated for managing a Fund and any other funds, portfolios or accounts for which they have exclusive or shared responsibilities through two components: fixed compensation and variable compensation. Compensation (both fixed and variable) is determined on a pre-tax basis.

*Fixed Compensation.* Fixed compensation is paid in cash and is comprised of an annual base salary. The base salary is based on factors such as performance, scope of responsibility, skills, knowledge, experience, ability and market competitiveness.

*Variable Compensation.* A portfolio manager's variable compensation is discretionary and is determined by investment team management. The overall investment team variable compensation pool is funded by an amount equal to a percentage of Janus Henderson's pre-incentive operating income. In determining individual awards, both quantitative and qualitative factors are considered. Such factors include, among other things, consistent short-term and long-term fund performance (*i.e.,* one-, three- and five-year performance), client support and investment team support through the sharing of ideas, leadership, development, mentoring and teamwork.

*Performance Fees*. The firm receives performance fees in relation to certain funds depending on outperformance of the fund against pre-determined benchmarks. Performance fees are shared directly with the investment professional in two instances; on a discretionary basis, if the fees were generated by one of five specific

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investment trusts, and on a formulaic basis, if there is a contractual agreement in place. The discretionary performance fee sharing incentives are funded from within the profit pools and subject to the same risk adjustment, review, and standard deferral arrangements that apply to the discretionary funding frameworks.

*Deferrals/Firm Ownership.* All employees are subject to Janus Henderson's standard deferral arrangements, which apply to variable incentive awards. Deferral rates apply to awards that exceed a minimum threshold; rates of deferral increase for larger incentive awards. Deferred awards vest in three equal installments over a three-year period and are delivered into Janus Henderson Group (ASX: JHG) restricted stock and/or funds. Certain portfolio managers may be eligible to defer payment of a designated percentage of their fixed compensation and/or up to all of their variable compensation in accordance with Janus Henderson Group's Executive Income Deferral Program.

*J.P. Morgan Investment Management Inc. ("JPMIM").* JPMIM and together with other affiliates comprise J.P. Morgan Asset Management ("JPMAM"), the marketing name for the asset management businesses of J.P. Morgan Chase & Co. and its affiliates worldwide. JPMAM's Human Resources programs are designed to align the behavior of employees with the achievement of the firm's short- and long-term strategic goals, which revolve around delivering strong outcomes for clients. This is accomplished, in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

In determining employee's compensation, the firm uses a balanced discretionary approach to assess performance against four broad categories: (i) business results; (ii) client, customer and stakeholder; (iii) teamwork and leadership; and (iv) risk, controls and conduct. These performance categories consider short-, medium- and long-term goals that drive sustained value for the firm's clients, while accounting for risk and control objectives. Specifically, as it relates to the firm's investment team employees (including portfolio managers and research analysts), performance is evaluated against (among other factors): (i) the primary consideration which is blended investment performance relative to the competitive indexes or peers, with investment performance generally weighted more to the long term; (ii) individual contribution relative to the client's risk and return objectives; and (iii) adherence with the firm's compliance, risk, regulatory and client fiduciary responsibilities, including adherence to the Sustainability Risk Integration Policy – J.P. Morgan Asset Management, which contains relevant Environmental, Social and Corporate Governance (ESG) factors that are intended to guide investment decision-making. Feedback from the firm's risk and control professionals is considered in assessing performance. To promote a proper pay-for-performance alignment, the firm does not assign relative weightings to the aforementioned performance categories.

JPMAM maintains a balanced total compensation program comprised of a mix of fixed compensation (including a competitive base salary and, for certain employees, a fixed cash allowance), and variable compensation in the form of cash incentives, and long-term incentives in the form of equity based and/or fund-tracking incentives that vest over time. Long-term awards comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

Long-term awards are generally in the form of time-vested JPMorgan Chase Restricted Stock Units ("RSUs"). However, portfolio managers are subject to a mandatory deferral of long-term incentive compensation under J.P. Morgan's Mandatory Investor Plan ("MIP"). The MIP provides for a rate of return equal to that of the Portfolio(s) that the portfolio managers manage, thereby aligning portfolio manager's pay with that of their client's experience/return. 100% of the portfolio manager's long-term incentive compensation is eligible for MIP with 50% allocated to the specific Portfolio(s) they manage as determined by their respective manager, requiring participation in a sustainable fund for suitable portfolio managers. The remaining portion of the overall amount is electable and may be treated as if invested in any of the Portfolios available in the plan or can take the form of RSUs.

To hold individuals responsible for taking risks inconsistent with the firm's risk appetite and to discourage future imprudent behavior, the firm has robust policies and procedures that enable the firm to take prompt and

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proportionate actions with respect to accountable individuals, including: (i) reduce or altogether eliminate annual incentive compensation; (ii) cancel unvested awards (in full or in part); (iii) clawback and recovery of previously paid compensation (cash and/or equity); (iv) demotion, negative performance rating or other appropriate employment actions; and (v) termination of employment. The precise actions the firm takes with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on the firm.

*Legal & General Investment Management America, Inc. ("LGIM America").* LGIM America offers employees a compensation package through a competitive base salary, discretionary bonus and equity participation in Legal & General Group Plc. LGIM America offers different compensation structures across the firm, customizing incentive structures appropriately for employees for their role within the organization.

Index portfolio managers' bonuses are discretionary in nature and depend on the individual and team's ability to track the risk and return characteristics of the underlying indexes (*e.g.*, S&P 500<sup>®</sup> Index, Russell 1000<sup>®</sup> Value Index, Russell 1000<sup>®</sup> Growth Index and MSCI EAFE Index), client retention, new business, ongoing profitability of the business, as well as conduct and behaviors (including the approach to risk controls). Bonus awards vary according to the individual's degree of contribution to this process and the team's success in meeting its targets.

For retention purposes, a portion of investment professional variable pay above a defined level is awarded in shares of Legal & General Group Plc and deferred over a three-year period. These awards are important to the firm's retention of key staff.

*The London Company of Virginia, LLC ("London Company").* Portfolio managers are compensated with a combination of salary and bonus, as well as having a potential for ownership after a reasonable tenure with the firm. Investment professionals are evaluated on specific responsibilities that include investment recommendations, quality of research, client retention and overall contribution to the firm. Annual reviews are given and above average compensation plus bonuses are targeted with firm growth and individual performance. There are no specific incentive arrangements for performance attached to the London Company's assigned portion of the Value Equity Fund. A substantial portion of a portfolio manager's compensation is not tied to performance of the accounts he or she manages.

*Loomis, Sayles & Company, L.P. ("Loomis Sayles").* Loomis Sayles believes that portfolio manager compensation should be driven primarily by the delivery of consistent and superior long-term performance for the firm's clients. Mr. Hamzaogullari's compensation has four components: a competitive base salary, an annual incentive bonus driven by investment performance, participation in long-term incentive plans (annual and post-retirement payouts) and a revenue sharing bonus if certain revenue thresholds and performance hurdles are met. Maximum variable compensation potential is a multiple of base salary and reflects performance achievements relative to peers with similar disciplines. The performance review considers the asset class, manager experience and maturity of the product. The incentive compensation is based on trailing strategy performance and is weighted at one third for the three-year period, one third for the five-year period and one third for the ten-year period. Mr. Hamzaogullari also receives performance-based compensation as portfolio manager for a private investment fund. The firm's senior management review the components annually.

In addition, Mr. Hamzaogullari participates in the Loomis Sayles profit sharing plan, in which Loomis Sayles makes a contribution to the retirement plan of each employee based on a percentage of base salary (up to a maximum amount). He may also participate in the Loomis Sayles deferred compensation plan which requires all employees to defer 50% of their annual bonus if in excess of a certain dollar amount, except for those employees who will be age 61 or older on the date the bonus is awarded. These amounts are deferred over a two-year period with 50% being paid out one year from the bonus anniversary date and the second 50% being paid out two years from the bonus anniversary date. These deferrals are deposited into an investment account on the employee's behalf, but the employee must be with Loomis Sayles on the vesting dates in order to receive the deferred bonus.

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*Fixed Income Managers*. Although portfolio manager compensation is not directly tied to assets under management, a portfolio manager's base salary and/or bonus potential may reflect the amount of assets for which the manager is responsible relative to other portfolio managers. The annual bonus is incentive-based and generally represents a significant multiple of base salary. The bonus is based on three factors: investment performance, profit growth of the firm, and personal conduct. Investment performance is the primary component of the annual bonus and generally represents at least 60 % of the total for fixed-income managers. The other factors are used to determine the remainder of the annual incentive bonus, subject to the discretion of the Firm's Chief Investment Officer ("CIO") and senior management. The Firm's CIO and senior management evaluate these other factors annually.

The investment performance component of the annual incentive bonus depends primarily on investment performance against benchmark and/or against peers within similar disciplines. The score is based upon the product's institutional composite performance; however, adjustments may be made if there is significant dispersion among the returns of the composite and accounts not included in the composite. For most products, the product investment score compares the product's rolling three year performance over the past nine quarters (a five year view) against both a benchmark and a peer group established by the CIO. The scoring rewards both the aggregate excess performance of the product against a benchmark and the product's relative rank within a peer group. In addition, for fixed income products, the performance score rewards for the consistency of that outperformance and is enhanced if over the past five years it has kept its rolling three-year performance ahead of its benchmark. Managers working on several product teams receive a final score based on the relative revenue weight of each product.

Portfolio managers may also participate in the three segments of the long-term incentive program. The amount of the awards for each segment are dependent upon role, industry experience, team and firm profitability, and/or investment performance.

*General.* The core elements of the Loomis Sayles compensation plan include a base salary, an annual incentive bonus, and, for senior investor and leadership roles, a long-term incentive bonus. The base salary is a fixed amount based on a combination of factors, including industry experience, firm experience, job performance and market considerations. The annual incentive bonus and long term incentive bonus is driven by a variety of factors depending upon the specific role. Factors include investment performance, individual performance, team and firm profitability, role, and industry experience. Both the annual and long term bonus have a deferral component. Loomis Sayles has developed and implemented three long-term incentive plan segments to attract and retain investment talent.

For the senior-most investment roles, a Long Term Incentive Plan provides annual grants relative to the role, and includes a post retirement payment feature to incentivize effective succession management. Participation is contingent upon signing an award agreement, which includes a non-compete covenant. The second and third Long Term Incentive Plans are constructed to create mid- term alignment for key positions, including a two year deferral feature. The second plan is role based, and the third is team based which is more specifically dependent upon team profitability and/or investment performance.

In addition, Loomis Sayles also offers a profit sharing plan for all employees and a defined benefit plan for employees who joined the firm prior to May 3, 2003. The profit sharing contribution to the retirement plan of each employee is based on a percentage of base salary (up to a maximum amount). The defined benefit plan is based on years of service and base compensation (up to a maximum amount).

*MFS Institutional Advisors, Inc. ("MFS").* MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where

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the firm has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with the firm's goals of attracting, retaining and motivating the highest-quality professionals.

MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2022, portfolio manager total cash compensation is a combination of base salary and performance bonus:

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*Base Salary*. Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.

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*Performance Bonus*. Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.

The performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter.

The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each fund and, when available, 10-, 5- and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indexes ("benchmarks"). As of December 31, 2022, the MSCI EAFE (Europe, Australasia, Far East) Growth Index (gross dividend) was used to measure the portfolio managers' performance for the fund. Benchmarks may include versions and components of indices, custom indices and linked indices that combine performance of different indices for different portions of the time period, where appropriate.

The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts and traders) and management's assessment of overall portfolio manager contribution to the MFS investment process and the client experience (distinct from fund and other account performance).

The performance bonus is generally a combination of cash and a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of the firm or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS Fund(s) selected by the portfolio manager.

*MFS Equity Plan*. Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.

Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.

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*Neuberger Berman Investment Advisers LLC ("Neuberger Berman").* Neuberger Berman's compensation philosophy is one that focuses on rewarding performance and incentivizing employees. Neuberger Berman is also focused on creating a compensation process that the firm believes is fair, transparent, and competitive with the market.

Compensation for portfolio managers consists of fixed (salary) and variable (bonus) compensation but is more heavily weighted on the variable portion of total compensation and is paid from a team compensation pool made available to the portfolio management team with which a portfolio manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The bonus portion of the compensation is discretionary and is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management and overall contribution to the success of Neuberger Berman. Certain portfolio managers may manage products other than mutual funds, such as high net worth separate accounts. For the management of these accounts, a portfolio manager may generally receive a percentage of pre-tax revenue determined on a monthly basis less certain deductions. The percentage of revenue a portfolio manager receives pursuant to this arrangement will vary based on certain revenue thresholds.

The terms of Neuberger Berman's long-term retention incentives are as follows:

*Employee-Owned Equity.* Certain employees (primarily senior leadership and investment professionals) participate in Neuberger Berman's equity ownership structure, which was designed to incentivize and retain key personnel. In addition, in prior years, certain employees may have elected to have a portion of their compensation delivered in the form of equity. Neuberger Berman also offers an equity acquisition program which allows employees a more direct opportunity to invest in Neuberger Berman. For confidentiality and privacy reasons, Neuberger Berman cannot disclose individual equity holdings or program participation.

*Contingent Compensation.* Certain employees may participate in the Neuberger Berman Group Contingent Compensation Plan (the "CCP") to serve as a means to further align the interests of employees with the success of the firm and the interests of clients and to reward continued employment. Under the CCP, up to 20% of a participant's annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of NB investment strategies, as specified by the firm on an employee-by-employee basis. By having a participant's contingent compensation tied to Neuberger Berman investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including Portfolio Managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger Berman portfolio.

*Restrictive Covenants.* Most investment professionals, including Portfolio Managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions. For confidentiality and privacy reasons, Neuberger Berman cannot disclose individual restrictive covenant arrangements.

*Pacific Investment Management Company LLC ("PIMCO").* PIMCO's approach to compensation seeks to provide professionals with a Total Compensation Plan and process that is driven by PIMCO's mission and CORE values of collaboration, openness, responsibility and excellence.

Key Principles on Compensation Philosophy include:

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PIMCO's compensation practices are designed to attract and retain high performers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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PIMCO's compensation philosophy embraces a corporate culture of rewarding behaviors aligned to PIMCO's CORE values;

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PIMCO's goal is to ensure key professionals are aligned to PIMCO's long-term success through awards linked to firm performance; and

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PIMCO's "Discern and Differentiate" discipline incorporates individual performance rating to guide total compensation outcomes.

The Total Compensation Plan consists of three components. The compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for PIMCO's clients. A portfolio manager's compensation is not based solely on the performance of any Fund or any other account managed by that portfolio manager:

*Base Salary*. Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position or a significant change in market levels.

*Performance Bonus*. Performance bonuses are designed to reward risk-adjusted performance and contributions to PIMCO's broader investment process. The compensation process is not formulaic, and the following non-exhaustive list of qualitative and quantitative criteria are considered when determining the total compensation for portfolio managers:

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Performance measured over a variety of longer- and shorter-term periods, including five-year, four-year, three-year, two-year and one-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Funds) and relative to applicable industry peer groups; greatest emphasis is placed on five-year and three-year performance, followed by one-year performance;

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Consistency of investment performance across portfolios of similar mandate and guidelines, rewarding low dispersion and consistency of outperformance;

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Appropriate risk positioning and risk management mindset which includes consistency with PIMCO's investment philosophy, the Investment Committee's positioning guidance, absence of defaults, and appropriate alignment with client objectives;

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Contributions to mentoring, coaching and/or supervising members of team;

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Collaboration, idea generation, and contribution of investment ideas in the context of PIMCO's investment process, Investment Committee meetings, and day-to-day management of portfolios; and

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With much lesser importance than the aforementioned factors: amount and nature of assets managed by the portfolio manager, contributions to asset retention, and client satisfaction.

PIMCO's partnership culture further rewards strong long term risk adjusted returns with promotion decisions almost entirely tied to long term contributions to the investment process. 10-year performance can also be considered, though not explicitly as part of the compensation process.

*Deferred Compensation*. Long Term Incentive Plan ("LTIP") and/or the Carried Interest Compensation Plan ("CICP") is awarded to key professionals. Employees who reach a total compensation threshold are delivered their annual compensation in a mix of cash and/or deferred compensation. PIMCO incorporates a progressive allocation of deferred compensation as a percentage of total compensation, which is in line with market practices.

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The LTIP provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. The plan provides a link between longer term company performance and participant pay, further motivating participants to make a long-term commitment to PIMCO's success and the firm's clients' success.

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The CICP awards eligible individuals who provide services to PIMCO's Alternative Funds a percentage (" <br>points") of the carried interest otherwise payable to PIMCO in the event that the applicable performance measurements described in the Alternative Fund's partnership agreements are achieved. The awards are granted before any payments are made in respect of the awards and payout is contingent on long term performance and are intended to align the interests of the employees with that of PIMCO and the investors in the Alternative Funds. While subject to forfeiture and vesting terms, payments to participants are generally made if and when the applicable carried interest payments are made to PIMCO.

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Eligibility to participate in LTIP and CICP is contingent upon continued employment at PIMCO and all other applicable eligibility requirements.

*Profit Sharing Plan.* Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual's overall contribution to the firm.

*Parametric Portfolio Associates LLC ("Parametric")*. Parametric believes that its compensation packages, which are described below, are adequate to attract and retain high-caliber professional employees. Please note that compensation for investment professionals is not based directly on investment performance or assets managed, but rather on the overall performance of responsibilities. In this way, the interests of portfolio managers are aligned with the interests of investors without providing incentive to take undue or insufficient investment risk. It also removes a potential motivation for fraud. Parametric is a subsidiary of Morgan Stanley. Violations of Parametric's or Morgan Stanley's policies would be a contributing factor when evaluating an employee's discretionary bonus.

Compensation of Parametric employees has the following components:

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Base salary

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Discretionary bonus

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This bonus may be paid in cash, or for those who meet the eligibility for deferred compensation, may be paid in a combination of cash and deferred awards that may include Morgan Stanley restricted stock and Deferred Cash awards.

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Deferred awards vest after 3 years.

Parametric employees also receive certain retirement, health and welfare insurance, and other benefits that are broadly available to Morgan Stanley employees. Compensation of employees is reviewed on an annual basis. Considerations for adjustments in base salary and bonus decisions are typically paid and/or put into effect at, or shortly after, the firm's fiscal year-end.

The firm also maintains the following arrangements:

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Employment contracts for key investment professionals and senior leadership.

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Notice and Non-Solicit agreements for Managing Directors and Executive Directors of the company.

*Method to Determine Compensation*. Parametric seeks to compensate investment professionals commensurate with responsibilities and performance while remaining competitive with other firms within the investment management industry.

Compensation is also influenced by the operating performance of Parametric and Morgan Stanley. While the salaries of investment professionals are comparatively fixed, variable compensation in the form of bonuses may fluctuate from year-to-year, based on changes in financial performance and other factors. Parametric also offers opportunities to move within the organization, as well as incentives to grow within the organization by promotion.

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Additionally, Parametric participates in compensation surveys that benchmark salaries against other firms in the industry. This data is reviewed, along with a number of other factors, so that compensation remains competitive with other firms in the industry.

*Payden & Rygel.* Portfolio managers and other investment personnel are paid competitive salaries by Payden & Rygel. An employee's base salary is contingent on many factors, such as (but not limited to) educational background and previous work experience. In addition, they may receive bonuses based on the overall profit of the firm and their contribution to the investment team(s) on which they participate. The relative mix of compensation represented by salary and bonus will vary depending on the individual's contribution to the investment team(s), contributions to the firm overall and other factors.

*P/E Global LLC ("P/E Global").* The firm's compensation philosophy is one that focuses on rewarding performance and incentivizing employees. P/E Global is also focused on creating a compensation process the firm believes is fair, transparent and competitive with the market. Compensation for portfolio managers consists of fixed (salary) and variable (bonus) compensation, which is based on overall firm performance. In some cases, variable compensation may be paid from a team compensation pool made available to senior employees at P/E Global. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by P/E Global. Portfolio managers manage products other than mutual funds, such as separate accounts, some of which may pay performance fees. For the management of accounts that pay performance fees, a portfolio manager may generally receive a percentage of pre-tax revenue less certain deductions in the form of distributions from the team compensation pool. The percentage of revenue the team compensation pool receives pursuant to this arrangement will vary based on certain revenue thresholds. Additionally, certain employees indirectly own equity in P/E Global and receive distributions of pre-tax revenue less certain deductions.

*PGIM Quantitative Solutions LLC ("PGIM QS").* PGIM QS's investment professionals are compensated through a combination of base salary, a performance-based annual cash incentive bonus and an annual long-term incentive grant. PGIM QS regularly utilizes third party surveys to compare the firm's compensation program against leading asset management firms to monitor competitiveness.

An investment professional's incentive compensation, including both the annual cash bonus and long-term incentive grant, is largely driven by a person's contribution to PGIM QS's goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters, as well as such person's qualitative contributions to the organization. An investment professional's long-term incentive grant is currently divided into two components: (i) 80% of the value of the grant is subject to increase or decrease based on the performance of certain PGIM QS strategies; and (ii) 20% of the value of the grant consists of restricted stock of Prudential Financial, Inc. (PGIM QS's ultimate parent company). The long-term incentive grants are subject to vesting requirements. The incentive compensation of each investment professional is not based solely or directly on the performance of a fund (or any other individual account managed by PGIM QS).

The annual cash bonus pool is determined quantitatively based on business results as measured by PGIM QS's pre-tax income.

*RBC Global Asset Management (U.K.) Limited ("RBC GAM UK").* The compensation program for investment staff and management team members is comprised of fixed pay and variable pay. In addition, they are eligible to participate in pension and benefit plans which are available generally to all employees. Variable pay may be comprised of one or a combination of the following components:

*Annual Discretionary Bonus.* All RBC GAM UK employees are eligible to be considered for a discretionary bonus from the eligible pool which is impacted both by business and RBC financial performance as well as client metrics. Determination of the discretionary bonus is based on an assessment of individual performance and behaviors against a combination of quantitative and qualitative objectives, including adherence to the firm's risk

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and compliance policies and procedures and RBC's Code of Conduct and Values, during the financial year. In some cases, and depending on the type of role, only a qualitative assessment is possible.

*Profit Sharing Plan ("PSP").* Certain senior investment staff members are eligible to participate in the PSP. The pool is calculated quarterly based on a fixed percentage of the Net Income before Taxes ("NIBT") of the investment management division of RBC GAM UK. The distribution for each PSP unit is calculated on a quarterly basis and distributed to each participant based on the number of units held. PSP units are reviewed annually and approved by the global RBC Global Asset Management Chief Investment Officer and Chief Executive Officer. The number of units held by each individual does not normally change during the year.

*Team Profit Sharing Plan ("TPS").* Certain teams of investment staff members may be selected to participate in the TPS. The pool is based on a fixed proportion of the fund's quarterly net revenue. Allocation of the pool to eligible participants is at the discretion of senior management, based on individual performance, behaviors and contribution to RBC GAM UK's business performance as a team member during the financial year.

*Deferral.* Consistent with best practices, and dependent on the total level of variable compensation, a portion of the investment staff member's variable compensation (Annual Discretionary Bonus plus PSP/TPS awards) is subject to a three-year mandatory deferral.

The compensation of any individual identified as a Material Risk Taker under the U.K. Regulators' Remuneration Code is awarded in accordance with the U.K. Regulators' Remuneration Rules.

*RBC Global Asset Management (U.S.) Inc. ("RBC GAM US").* RBC GAM US's compensation program is designed to align the firm's investment professionals' objectives with those of clients. Compensation for investment professionals consists of: (i) competitive salary; (ii) annual bonus; (iii) profit sharing. RBC GAM US calibrates salaries based on competitive criteria for asset class, seniority and performance record. Annual bonuses are determined by one-, three- and five-year performance measures, with emphasis on three- and five-year performance, and align the firm's investment professionals' objectives with the long-term performance objectives of clients. RBC GAM US's most senior investment professionals are awarded participation in team and firm profit sharing plans. These plans enable the top investment professionals to participate in the success of their teams and the firm and are important in RBC GAM US's ability to attract and retain outstanding investment talent. For key investment professionals, arrangements also include a mandatory three-year deferral of a portion of variable compensation, and employment agreements with non-solicit and non-compete terms.

*RREEF America L.L.C. ("RREEF).* RREEF and its affiliates are part of DWS. The brand DWS represents DWS Group GmbH & Co. KGaA ("DWS Group") and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF which offers advisory services. DWS seeks to offer its investment professionals competitive short- and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short- and long-term performance against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes fixed pay (base salary) and variable compensation, as follows:

*Fixed Pay ("FP").* FP is the key and primary element of compensation for the majority of DWS employees and reflects the value of the individual's role and function within the organization. FP rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional (*i.e.,* DWS) specifics. FP levels play a significant role in ensuring competitiveness of the sub-adviser and its affiliates in the labor market, thus benchmarking provides a valuable input when determining FP levels.

*Variable Compensation ("VC").* VC is a discretionary compensation element that enables DWS Group, which the sub-adviser and their affiliates are a part of, to provide additional reward to employees for their performance and behaviors, while reflecting DWS Group's affordability and the financial situation of Deutsche Bank AG (the "Bank") and DWS. VC aims to: (i) recognize that every employee contributes to the DWS' success through the franchise component of VC ("Franchise Component"); (ii) reflect individual performance, investment

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performance, behaviors and culture through discretionary individual VC ("Individual Component"); and (iii) reward outstanding contributions at the junior levels through the discretionary Recognition Award.

Employee seniority as well as divisional and regional specifics determine which VC elements are applicable for a given employee and the conditions under which they apply. Both Franchise Components and Individual Components may be awarded in shares or other share-based instruments and other deferral arrangements.

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VC can be delivered via cash, restricted equity awards and/or restricted incentive awards or restricted compensation. Restricted compensation may include notional fund investments, restricted equity, notional equity, restricted cash or such other form as DWS may decide in its sole discretion.

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VC comprises a greater proportion of total compensation as an employee's seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which is subject to performance and forfeiture provisions, will increase significantly as the amount of the VC increases.

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Additional forfeiture and claw back provisions, including complete forfeiture and claw back of VC, may apply in certain events if an employee is an InstVV (CRD IV EU Directive4) Material Risk Taker.

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For key investment professionals, in particular, a portion of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage.

In general, each of the sub-adviser and their advisory affiliates seeks to offer its investment professionals competitive short- and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short- and long-term performance against industry and portfolio benchmarks. To evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the sub-adviser and its affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with respect to a fund, I MoneyNet peer group with respect to a money market fund or relevant benchmark index (*i.e.,* FTSE EPRA/NAREIT Developed Index) set forth in the governing documents with respect to each other account type. The ultimate goal of this process is to evaluate the degree to which investment professionals deliver investment performance that meets or exceeds their clients' risk and return objectives. When determining total compensation, the sub-adviser and its affiliates consider a number of quantitative, qualitative and other factors:

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Quantitative measures (*e.g.,* one-, three- and five-year pre-tax returns versus the appropriate Morningstar peer group universe for a fund or benchmark index set forth in the governing documents with respect to each other account type, taking risk targets into account) are utilized to measure performance.

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Qualitative measures (*e.g.,* adherence to, as well as contributions to, the enhancement of the investment process) are included in the performance review.

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Other factors (*e.g.,* non-investment related performance, teamwork, adherence to compliance rules, risk management and "living the values" of the sub-adviser and its affiliates) are included as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance on a subjective basis.

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Furthermore, it is important to note that DWS Group functions within a controlled environment based upon the risk limits established by DWS Group's Risk Division, in conjunction with DWS Group management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee's ability to assess and manage risk.

*Sands Capital Management, LLC ("Sands").* Investment professionals benefit from a salary competitive in the industry, an annual qualitative bonus based on subjective review of the employee's overall contribution and a standard profit sharing plan and 401(k) plan. Additional incentives include equity participation. The investment professionals also participate in an investment results bonus. The investment results bonus is calculated from the pre-tax performance variance of the Sands Capital composite returns and their respective benchmarks over one-, three- and five-year periods, weighted towards the three- and five-year results.

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*Shenkman Capital Management, Inc. ("Shenkman").* Each portfolio manager receives a fixed base salary and an annual bonus predicated on individual and firm performance. Individuals are compensated based on their ability to implement the firm's investment strategy, their ability to effectively perform their respective managerial functions, the overall investment performance of the firm, as well as the firm's growth and profitability. Portfolio managers' compensation is not based on the performance of the Fund or the value of assets held in its portfolio.

*SSI Investment Management LLC ("SSI")*. SSI compensates the firm's investment professionals through a combination of base salary, an annual performance-based bonus and stock options. The performance bonus is based on the investment professional's individual contribution to the product's performance, the team's performance and success of the firm. SSI generally reviews performance over the prior 12 months compared against a broad-based benchmark (*e.g.,* Bloomberg 1-3 Month US Treasury Bill Index). The firm also compares performance against an internal proprietary peer group over the same period. This peer group includes peers that are market neutral but may not be the same strategy.

*TCW Investment Management Company, LLC ("TCW").* The overall objective of the firm's compensation program for portfolio managers is to attract experienced and expert investment professionals and to retain them over the long-term. Compensation is comprised of several components which, in the aggregate, are designed to achieve these objectives and to reward the portfolio managers for their contributions to the successful performance of the accounts they manage. Portfolio managers are compensated through a combination of base salary, fee sharing based compensation ("fee sharing"), bonus and equity incentive participation in TCW's parent company ("equity incentives"). Fee sharing and equity incentives generally represent most of the portfolio managers' compensation. In some cases, portfolio managers are eligible for discretionary bonuses.

*Salary.* Salary is agreed to with portfolio managers at the time of employment and is reviewed from time to time. It does not change significantly and often does not constitute a significant part of a portfolio manager's compensation.

*Fee Sharing.* Fee sharing for investment professionals is based on revenues generated by accounts in the investment strategy area for which the investment professionals are responsible. In most cases, revenues are allocated to a pool and fee sharing compensation is allocated among members of the investment team after the deduction of certain expenses (including compensation over a threshold level) related to the strategy group. The allocations are based on the investment professionals' contributions to TCW and its clients, including qualitative and quantitative contributions.

In general, the same fee sharing percentage is used to compensate a portfolio manager for investment services related to the Value Equity Fund is generally the same as that used to compensate portfolio managers for other client accounts in the same strategy managed by TCW or an affiliate of TCW (collectively the "TCW Group"). In some cases, the fee sharing pool includes revenues related to more than one product, in which case each participant in the pool is entitled to fee sharing derived from his or her contributions to all the included products.

Investment professionals are not directly compensated for generating performance fees. In some cases, the overall fee sharing pool is subject to fluctuation based on the relative pre-tax performance of the investment strategy composite returns, net of fees and expenses, to that of the benchmark. The measurement of performance relative to the benchmark can be based on single year or multiple year metrics, or a combination thereof. The benchmark used is the one associated with the Value Equity Fund managed by the portfolio manager as disclosed in the prospectus. Benchmarks vary from strategy to strategy but, within a given strategy, the same benchmark applies to all accounts, including the Value Equity Fund.

*Discretionary Bonus/Guaranteed Minimums.* Discretionary bonuses may be paid out of an investment team's fee sharing pool, as determined by the supervisor(s) in the department. In other cases where portfolio managers do not receive fee sharing or where it is determined that the combination of salary and fee sharing does not adequately compensate the portfolio manager, discretionary bonuses may be paid by the applicable TCW entity. Also, pursuant to contractual arrangements, some portfolio managers received minimum bonuses.

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*Equity Incentives.* Management believes that equity ownership aligns the interests of portfolio managers with the interests of the firm and its clients. Accordingly, TCW Group's key investment professionals participate in equity incentives through ownership or participation in restricted unit plans that vest over time or unit appreciation plans of TCW's parent company. The plans include the Fixed Income Retention Plan, Restricted Unit Plan and 2013 Equity Unit Incentive Plan.

Under the Fixed Income Retention Plan, certain portfolio managers in the fixed income area were awarded cash and/or partnership units in TCW's parent company, either on a contractually-determined basis or on a discretionary basis. Awards under this plan were made in 2010 and vested over time.

Under the Restricted Unit Plan, certain portfolio managers in the fixed income and equity areas may be awarded partnership units in TCW's parent company. Awards under this plan have vested over time subject to satisfaction of performance criteria.

Under the 2013 Equity Unit Incentive Plan, certain portfolio managers in the fixed income and equity areas may be awarded options to acquire partnership units in TCW's parent company with a strike price equal to the fair market value of the option at the date of grant. The options granted under this plan are subject to vesting and other conditions.

*Other Plans and Compensation Vehicles.* Portfolio managers may also elect to participate in the applicable TCW Group's 401(k) plan, to which they may contribute a portion of their pre- and post-tax compensation to the plan for investment on a tax-deferred basis.

*TimesSquare Capital Management, LLC ("TSCM")*. TSCM's compensation program rewards top performing portfolio managers and investment analysts, promotes retention of key personnel and provides senior leaders with an equity-based stake in the firm. The program is tied exclusively to client's investment performance and financial results of the firm and TSCM's investment business. Moreover, the program is based on a series of clear metrics with investment performance, relative to the appropriate comparative universe and benchmark, carrying the greatest weighting for portfolio managers. Investment professionals' compensation is comprised of the following three components: base salaries, an annual bonus plan and significant equity in the firm.

*Base Salaries.* Base salaries for investment professionals are targeted at the upper end of relevant peer groups of other institutional investment managers. TSCM adjusts base salaries when performance, market data, career path progression or position scope warrant an increase to encourage retention and development of top performers. For key investment decision-makers, variable performance-driven elements, such as the annual bonus and equity in the firm, comprise the substantial majority of total compensation.

*Annual Bonus Plan.* Bonuses for portfolio managers and investment analysts are determined primarily by investment performance (and not assets under management) using both manager-relative and benchmark-relative measures over multiple time horizons. Such performance is measured over the one- and three-year periods, versus the relative benchmarks, with greater weight given to the one year period. Performance is analyzed on a pre-tax basis.

*Equity Ownership.* Senior investment professionals receive significant equity ownership in the firm, subject to a five-year vesting period. Once vested, certain components with vested value are not immediately accessible to further encourage retention. Through this stake in TSCM's business, portfolio managers should benefit from client retention and business growth.

*WCM Investment Management, LLC ("WCM").* Compensation for WCM portfolio management personnel consists of a salary with a possible bonus, fee-share and ownership component. Salary levels are based on the individual's degree of industry tenure, experience and responsibilities at the firm. The bonus component is discretionary based on the portfolio manager's individual performance and the overall performance of WCM, taking into account both qualitative and quantitative performance measures in the management of their funds, other responsibilities and

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other firm factors, including assets under management and company profitability. Portfolio managers may share in the revenue generated by the investment strategy for which they are responsible. Finally, portfolio managers may also receive long-term incentive bonus in the form of shares of the firm.

Portfolio managers are also eligible to participate in a 401(k) program which has a company match that includes a contribution based on the profitability of the firm.

*Wellington Management Company LLP ("Wellington").* Wellington's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to clients. Wellington's compensation of each fund's manager listed in the prospectus who is primarily responsible for the day-to-day management of the fund ("investment professional") includes a base salary and incentive components. The base salary for each investment professional who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington, is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. Each investment professional is eligible to receive an incentive payment based on the revenues earned by Wellington from the fund managed by the investment professional and generally each other account managed by such investment professional. The investment professional's incentive payment relating to the relevant fund is linked to the gross pre-tax performance of the portion of the fund managed by the investment professional compared to the MSCI Emerging Markets Index (Net) over one-, three- and five-year periods, with an emphasis on five-year results. Wellington applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the investment professional, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The investment professional may also be eligible for bonus payments based on her overall contribution to Wellington's business operations. Senior management at Wellington may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Ms. Meunier is a Partner.

*Western Asset Management Company, LLC ("Western Asset").* At Western Asset, one compensation methodology covers all employees, including investment professionals. Standard compensation includes competitive base salaries, generous employee benefits, incentive bonus and a retirement plan which includes an employer match and discretionary profit sharing. Incentive bonuses are usually distributed in November. The firm's compensation philosophy is to manage fixed costs by paying competitive base salaries, but reward performance through the incentive bonus. A total compensation range for each position within Western Asset is derived from annual market surveys and other relevant compensation-related data that benchmark each role to their job function and peer universe. This method is designed to base the reward for employees with total compensation reflective of the external market value of their skills, experience and ability to produce desired results. The incentive bonus makes up the variable component of total compensation. Each employee participates in the annual review process in which a formal performance review is conducted at the end of the year and also a midyear review is conducted halfway through the fiscal year. The incentive bonus is based on one's individual contributions to the success of one's team performance and the firm. The overall success of the firm will determine the amount of funds available to distribute for all incentive bonuses. Incentive compensation is the primary focus of management decisions when determining total compensation, as base salaries are purely targeting to pay a competitive rate for the role. Western Asset offers long-term incentives (in the form of deferred cash) as part of the discretionary bonus for eligible employees. The eligibility requirements are discretionary, and the plan participants include all investment professionals, sales and relationship management professionals and senior managers. The purpose of the plan is to retain key employees by allowing them to participate in the plans where the awards are deferred and can be invested into a variety of Western Asset funds until the vesting date. These contributions plus the investment gains are paid to the employee if he or she remains employed and in good standing with Western Asset until the discretionary contributions become vested. Discretionary contributions made to the plan will be placed in a special trust that restricts management's use of and access to the money. For portfolio managers, the

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formal review process also includes the use of a balanced scorecard to measure performance. The balanced scorecard includes one-, three- and five-year investment performance, monitoring of risk (portfolio dispersion and tracking error), client support activities, adherence to client portfolio objectives and guidelines and certain financial measures (assets under management and revenue trends). In reviewing investment performance, one-, three- and five-year annualized returns are measured against appropriate market peer groups and to each fund's benchmark index. These are structured to reward sector specialists for contributions to the firm as well as relative performance of their specific portfolios/product and are determined by the professional's job function and performance as measured by the review process.

*Westwood Management Corp. ("Westwood") and Broadmark Asset Management LLC ("Broadmark").* Westwood has engaged Broadmark to provide investment advisory services (*i.e.,* serve as a sub-subadviser). Broadmark compensates its portfolio managers through a fixed annual salary, a discretionary bonus based upon the profitability of the firm. Senior portfolio managers also have equity in the firm.

Westwood's compensation package includes a full benefits package, base salary, variable cash bonus, and all employees are eligible for either equity-based incentive compensation via restricted stock or deferred cash incentive, including those involved in the product. Westwood annually reviews all forms of compensation for all employees of the company. Base salary levels are maintained at levels that the compensation committee deems to be commensurate with similar companies in the asset management industry. Beginning in 2021, Westwood investment team members are compensated under a revenue share agreement. In determining incentive compensation, annual merit-based salary increases, and revenue share calculations for investment team members, components of this evaluation are based in part upon individual security selection, product performance, and discretionary performance.

*William Blair Investment Management, LLC ("William Blair")*. The compensation of William Blair's portfolio managers, analysts, traders, marketers and client service professionals is based on the firm's mission: "Empower Colleagues, Deliver Client Success and Engage in our Communities." The portfolio managers, analysts and traders who are partners of the firm have compensation consisting of a performance-adjusted market value based on that partner's role and performance in the role, and a share of the firm's profits based on firm profitability and that partner's contributions to the firm. Each partner's ownership stake and bonus (if any) can vary over time and is determined by the individual's sustained contribution to the firm's revenue, profitability, long-term investment performance, intellectual capital and brand reputation. Compensation for non-partner portfolio managers is based upon the same factors, with the exception of their ownership interest in the firm.

All employees are provided competitive compensation that consists of a salary and a discretionary bonus that is based on individual, department and firm performance. Based on merit, many investment professionals will have an opportunity to benefit from equity ownership in the firm as well.

The bonus program is designed using fully discretionary bonuses. While the program is funded by firm and department performance, managers award bonuses based on each individual's sustained contribution, as summarized above. In addition, managers typically review annually each individual's total compensation versus both that individual's peers and the overall compensation market for that individual's responsibilities to ensure proper alignment.

*Securities Ownership.* Portfolio managers of the Sub-Advisers do not beneficially own any shares of the Funds. The following table sets forth the dollar range of equity securities beneficially owned by each portfolio manager of the Adviser in each of the Funds as of December 31, 2022.

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| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in each Series of the Trust** |
| Tim Bray, CFA, CAIA, CDDA | &nbsp;&nbsp;&nbsp; $500,001-$1,000,000 in the MyDestination 2035 Fund<br> $50,001-$100,000 in the International Equity Fund<br> $50,001-$100,000 in the Defensive Market Strategies Fund<br> $50,001-$100,000 in the Emerging Markets Equity Fund<br>|

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| **Name of Portfolio Manager** |
| Brandon Pizzurro, CFP<sup>®</sup><br> &nbsp;&nbsp;&nbsp; $10,001-$50,000 in the MyDestination 2055 Fund<br> $10,001-$50,000 in the Global Impact Fund<sup>1</sup> <br>$1-$10,000 in the Defensive Market Strategies Fund<br> $1-$10,000 in the Global Real Estate Securities Fund<br> $10,001-$50,000 in the Value Equity Fund<br> $10,001-$50,000 in the Growth Equity Fund<br> $10,001-$50,000 in the Small Cap Equity Fund<br> $10,001-$50,000 in the International Equity Fund<br> $10,001-$50,000 in the Emerging Markets Equity Fund<br>|
| David S. Spika, CFA<br> &nbsp;&nbsp;&nbsp; $500,001-$1,000,000 in the MyDestination 2025 Fund<br> $500,001-$1,000,000 in the MyDestination 2035 Fund<br> $100,001-$500,000 in the Global Impact Fund<br> $50,001-$100,000 in the Global Bond Fund<sup>1</sup> <br>$100,001-$500,000 in the Strategic Alternatives Fund<br> $100,001-$500,000 in the Defensive Market Strategies Fund<br> $100,001-$500,000 in the Equity Index Fund<br> $100,001-$500,000 in the Global Real Estate Securities Fund<br> $100,001-$500,000 in the Small Cap Equity Fund<br> $100,001-$500,000 in the International Equity Fund<br> $100,001-$500,000 in the Emerging Markets Equity Fund<br>|

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(1) The Global Impact Fund was liquidated and terminated on January 27, 2023.

*Fund Brokerage.* The Adviser and Sub-Advisers, in effecting the purchases and sales of portfolio securities for the account of the Funds, will seek execution of trades either (1) at the most favorable and competitive rate of commission charged by any broker, dealer or member of an exchange; or (2) at a higher rate of commission charged, if reasonable in relation to brokerage and research services provided to the Trust or the Adviser or Sub-Adviser by such member, broker or dealer. Such services may include, but are not limited to, information as to the availability of securities for purchase or sale and statistical or factual information or opinions pertaining to investments. The Adviser or Sub-Advisers may use research and services provided to it by brokers and dealers in servicing all its clients.

The Adviser or Sub-Adviser may, from time to time, receive services and products which serve both research and non-research functions. In such event, the Adviser or Sub-Adviser makes a good faith determination of the anticipated research and non-research use of the product or service and allocates brokerage only with respect to the research component.

Subject to its obligation to seek best execution, the Adviser may direct the Sub-Advisers to place trades through designated brokers who have agreed to pay certain transfer agency, custody or other operating expenses that the Funds would otherwise be obligated to pay. Fund orders may be placed with an affiliated broker-dealer. Portfolio orders will be placed with an affiliated broker-dealer only where the price being charged and the services being provided compare favorably with those charged to the Funds by non-affiliated broker-dealers. OTC transactions are usually placed with a principal market-maker unless a better net security price is obtainable elsewhere.

If the Adviser or Sub-Adviser provides investment advisory services to individuals and other institutional clients, there may be occasions on which these investment advisory clients may also invest in the same securities as the Fund. When these clients buy or sell the same securities at substantially the same time, the Adviser or Sub-Adviser may average the transactions as to price and allocate the amount of available investments in a manner which the Adviser or Sub-Adviser believes to be equitable to each client, including a Fund. On the other hand, to the extent permitted by law, the Adviser or Sub-Adviser may aggregate the securities to be sold or purchased a Fund with those to be sold or purchased for other clients managed by it in order to obtain lower brokerage commissions, if any.

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The Trust has obtained an order from the SEC that allows, subject to certain conditions, each Sub-Adviser that provides investment advice to a Select Fund or a portion thereof to, with respect to the assets under its control: (A) engage in certain principal and brokerage transactions that would otherwise be proscribed by the 1940 Act with a broker-dealer that is either (i) a Sub-Adviser to another portion of the same Select Fund or to another Select Fund, or (ii) an affiliated person of a Sub-Adviser to another portion of the same Select Fund; and (B) acquire securities of a Sub-Adviser, or its affiliate, to another portion of the same Select Fund. The Adviser believes that allowing a Select Fund or a portion thereof advised by one Sub-Adviser to purchase securities from another Sub-Adviser or its affiliates will expand the Select Funds' investment options without exposing the Select Funds to the potential abuses of self-dealing.

For the fiscal years ended December 31, the aggregate dollar amount of brokerage commissions paid by each Fund are shown in the following table. [Brokerage commissions paid in 2020 were lower than 2019 and 2021 for the Target Date Funds and Target Risk Funds as a result of the suspension of the overlay program in these Funds in 2020. Certain Select Funds experienced variation in brokerage commissions paid during the last three fiscal years: (i) the Global Bond Fund paid higher brokerage commissions in 2019 as a result of Sub-Adviser changes in the Fund; (ii) the Strategic Alternatives Fund paid higher brokerage commissions in 2019 and 2020 due to Sub-Adviser changes; (iii) the Equity Index Fund paid higher brokerage commissions in 2020 due to glide path changes within the Target Date Funds; (iv) the Value Equity Fund paid higher brokerage commissions in 2019 and 2020 due to Sub-Adviser changes; (v) the Growth Equity Fund paid higher brokerage commissions in 2020 as a result of targeted Adviser trading; (vi) the Small Cap Equity Fund paid higher brokerage commissions in 2020 due to Sub-Adviser changes; (vii) the International Equity Index Fund paid higher brokerage commissions in 2020 and 2021 than the previous year, respectively, due to glide path changes within the Target Date Funds; and (viii) the International Equity Fund paid higher brokerage commissions in 2020 due to Sub-Adviser changes.]

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** |
| **Fund** | **2022** | **2021** | **2020** |
| MyDestination 2015 |  | $2171 | $952 |
| MyDestination 2025 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5675 | &nbsp;&nbsp;&nbsp;&nbsp; 1715 |
| MyDestination 2035 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6046 | &nbsp;&nbsp;&nbsp;&nbsp; 1394 |
| MyDestination 2045 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4766 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| MyDestination 2055 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| Conservative Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 |
| Balanced Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp; 7783 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
| Growth Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp; 7126 | &nbsp;&nbsp;&nbsp;&nbsp; 1849 |
| Aggressive Allocation |  | &nbsp;&nbsp;&nbsp;&nbsp; 5828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781 |
| Money Market |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond |  | &nbsp;&nbsp;&nbsp; 50894 | &nbsp;&nbsp;&nbsp; 52447 |
| Medium-Duration Bond |  | &nbsp;&nbsp; 206048 | &nbsp;&nbsp; 227357 |
| Global Bond |  | &nbsp;&nbsp;&nbsp; 41478 | &nbsp;&nbsp;&nbsp; 55403 |
| Strategic Alternatives |  | &nbsp;&nbsp;&nbsp; 81203 | &nbsp;&nbsp; 254687 |
| Defensive Market Strategies |  | &nbsp;&nbsp; 106657 | &nbsp;&nbsp; 124833 |
| Impact Bond(1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Equity(1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index |  | &nbsp;&nbsp;&nbsp; 57561 | &nbsp;&nbsp;&nbsp; 31381 |
| Global Real Estate Securities |  | &nbsp;&nbsp; 444206 | &nbsp;&nbsp; 429405 |
| Value Equity Index(2) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Value Equity |  | &nbsp;&nbsp; 333200 | &nbsp;&nbsp; 609824 |
| Growth Equity Index(2) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Equity |  | &nbsp;&nbsp; 219002 | &nbsp;&nbsp; 259780 |
| Small Cap Equity |  | &nbsp;&nbsp; 402469 | &nbsp;&nbsp; 609098 |

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Statement of Additional Information

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount of**<br> **Brokerage Commissions Paid** |
| **Fund** | **2022** | **2021** | **2020** |
| International Equity Index |  | &nbsp;&nbsp;&nbsp; 89243 | &nbsp;&nbsp;&nbsp; 61498 |
| International Equity |  | &nbsp;&nbsp; 567698 | &nbsp;&nbsp; 844526 |
| Emerging Markets Equity |  | &nbsp;&nbsp; 642584 | &nbsp;&nbsp; 583904 |

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(1) Inception date was January 27, 2023.

(2) Inception date was August 31, 2022.

During the fiscal years ended December 2022, 2021 and 2020 certain portfolio transactions for the [Medium-Duration Bond Fund, Defensive Market Strategies Fund and Emerging Markets Equity Fund] were executed through broker-dealers affiliated with the respective Fund's Sub-Adviser or Adviser directing applicable transactions as specified below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp; **Aggregate Dollar Amount**<br> **of Brokerage Commissions**<br> **Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount**<br> **of Brokerage Commissions**<br> **Paid** | &nbsp;&nbsp; **Aggregate Dollar Amount**<br> **of Brokerage Commissions**<br> **Paid** |
| **Fund** | **Broker-Dealer** | **Affiliate** | **2022** | **2021** | **2020** |
| Medium-Duration Bond | Goldman, Sachs & Co. | &nbsp;&nbsp; Goldman Sachs Asset <br> Management, L.P.<br>|  | $56047  | $46348 |
| Defensive Market Strategies | &nbsp;&nbsp; Morgan Stanley & Co. <br> Inc.<br>| &nbsp;&nbsp; Parametric Portfolio <br> Associates, LLC<br>|  | $455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Emerging Markets Equity | Goldman, Sachs & Co. | &nbsp;&nbsp; Goldman Sachs Asset <br> Management, L.P.<br>|  | $417 | $25 |

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As of the close of the fiscal period ended December 31, 2022, the Funds' aggregate holdings of securities of their regular broker-dealers or their parent company were as follows:

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **Dollar Value of Securities**<br> **Owned**<br> **(000's Omitted)**<br>|
| **Low-Duration Bond Fund** | **Low-Duration Bond Fund** |
| BNP Paribas Securities Corp. |  |
| Citigroup Global Markets |  |
| Deutsche Bank Securities |  |
| Goldman Sachs & Co |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co, LLC |  |
| Nomura Securities International |  |
| UBS Securities LLC |  |
| **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** |
| Barclays Capital Inc. |  |
| BNP Paribas Securities Corp. |  |
| Citigroup Global Markets |  |
| Credit Suisse Securities (USA) LLC |  |
| Deutsche Bank Securities |  |
| Goldman Sachs & Co |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co, LLC |  |
| UBS Securities LLC |  |
| Wells Fargo Securities |  |

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **Dollar Value of Securities**<br> **Owned**<br> **(000's Omitted)**<br>|
| **Global Bond Fund** | **Global Bond Fund** |
| BofA Securities Inc. |  |
| BNP Paribas Securities Corp. |  |
| Citigroup Global Markets |  |
| Credit Suisse Securities (USA) LLC |  |
| Goldman Sachs & Co |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co, LLC |  |
| UBS Securities LLC |  |
| Wells Fargo Securities |  |
| **Strategic Alternatives Fund** | **Strategic Alternatives Fund** |
| BofA Securities Inc. |  |
| Citigroup Global Markets |  |
| Evercore Group LLC |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co, LLC |  |
| Wells Fargo Securities |  |
| **Defensive Market Strategies Fund** | **Defensive Market Strategies Fund** |
| BofA Securities Inc. |  |
| Citigroup Global Markets |  |
| J.P. Morgan Securities, LLC |  |
| **Equity Index Fund** | **Equity Index Fund** |
| BofA Securities Inc. |  |
| Citigroup Global Markets |  |
| Goldman Sachs & Co |  |
| J.P. Morgan Securities, LLC |  |
| Morgan Stanley & Co, LLC |  |
| **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
| Nomura Securities International |  |
| **Value Equity Fund** | **Value Equity Fund** |
| Citigroup Global Markets |  |
| J.P. Morgan Securities, LLC |  |
| **Small Cap Equity Fund** | **Small Cap Equity Fund** |
| Cowen & Company, LLC |  |
| Stifel Nicolaus & Co Inc. |  |
| **International Equity Index Fund** | **International Equity Index Fund** |
| Credit Suisse Securities (USA) LLC |  |
| Macquarie Bank Limited |  |
| UBS Securities LLC |  |

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Statement of Additional Information

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| | |
|:---|:---|
|  | &nbsp;&nbsp; **Dollar Value of Securities**<br> **Owned**<br> **(000's Omitted)**<br>|
| **International Equity Fund** | **International Equity Fund** |
| Barclays Capital Inc. |  |
| Credit Suisse Securities (USA) LLC |  |
| UBS Securities LLC |  |
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
| BTG Pactual US Capital, LLC |  |

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During the fiscal period ended December 31, 2022, the following Funds through an agreement or understanding with a broker, or through an internal allocation policy, directed brokerage transactions to the brokers specified below because of research services provided, as follows:

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| | | |
|:---|:---|:---|
| **Name of Broker** | **Aggregate Dollar**<br> **Amount of Transactions**<br> **Directed**<br>| **Aggregate Dollar**<br> **Amount of Related**<br> **Brokerage Commissions**<br> **Paid**<br>|
| **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
| Russell Investments | [$26,492,052] | [$29,213] |
| **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp;&nbsp;&nbsp; [23,761,865] | &nbsp;&nbsp;&nbsp;&nbsp; [2,585] |
| Russell Investments | &nbsp;&nbsp;&nbsp;&nbsp; [73,795,517] | &nbsp;&nbsp; [26,441] |
| **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** |
| Russell Investments | &nbsp;&nbsp; [267,437,794] | &nbsp;&nbsp; [57,854] |
| **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp;&nbsp;&nbsp; [99,307,677] | &nbsp;&nbsp; [65,535] |
| Russell Investments | &nbsp;&nbsp;&nbsp;&nbsp; [20,379,909] | &nbsp;&nbsp; [19,868] |
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
| Cowen and Company, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [237,624] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [455] |
| Russell Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [4,311,125] | &nbsp;&nbsp;&nbsp;&nbsp; [3,298] |

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*Codes of Ethics.* The Trust, the Adviser, each of the Sub-Advisers and the Underwriter (as defined below) have adopted codes of ethics addressing personal securities transactions and other conduct by investment personnel and access persons who may have access to information about the Funds' securities transactions. The codes are intended to address potential conflicts of interest that can arise in connection with personal trading activities of such persons. Persons subject to the codes are generally permitted to engage in personal securities transactions, including investing in securities eligible for investment by the Funds, subject to certain prohibitions, which may include pre-clearance requirements, blackout periods, annual and quarterly reporting of personal securities holdings and limitations on personal trading of initial public offerings. Violations of the codes are subject to review by the Board of Trustees and could result in penalties.

**Proxy Voting**

Please refer to Appendix B of this SAI for the policies and procedures adopted by the Adviser and the Trust. Please refer to Appendix C of this SAI for a description of the policies and procedures adopted by each of the Sub-Advisers.

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available by visiting the Trust's website at *GuideStoneFunds.com* or by visiting the SEC's website at *http://www.sec.gov*.

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**Other Service Providers**

*Underwriter.* Foreside Funds Distributors LLC, Three Canal Plaza Suite 100, Portland, ME 04101, serves as the Underwriter of each Fund's shares pursuant to a Distribution Agreement (the "Agreement"). The Agreement was for an initial two-year term and is renewable annually thereafter. The Agreement is terminable without penalty on 60 days' written notice by the Board of Trustees, by vote of a majority of the outstanding voting securities of the Fund or by the Underwriter. The Agreement will also terminate automatically in the event of its assignment. The Funds do not pay any fees to the Underwriter in its capacity as underwriter. The Underwriter may enter into agreements with affiliates of the Adviser in connection with distribution. The Underwriter has agreed to use efforts deemed appropriate by it to facilitate the distribution of the Funds' shares, which are offered on a continuous basis.

*Transfer Agency Services.* BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), which has its principal business address at 103 Bellevue Parkway, Wilmington, Delaware 19809, provides transfer agency and dividend disbursing agent services for the Funds. As part of these services, BNY Mellon maintains records pertaining to the sale, redemption and transfer of Fund shares and distributes each Fund's cash distributions to shareholders.

*Administrative and Accounting Services.* The Northern Trust Company, 333 South Wabash Avenue, Chicago, Illinois 60604, provides administrative and accounting services to the Funds. The services include certain accounting, clerical and bookkeeping services; assistance in the preparation of reports to shareholders; preparation for signature by an officer of the Trust of documents required to be filed for compliance by the Trust with applicable laws and regulations including those of the SEC and the securities laws of various states; arranging for the computation of data, including daily computation of NAV; and arranging for the maintenance of books and records of the Trust and providing, at its own expense, office facilities, equipment and personnel necessary to carry out its duties. The Trust's administrator does not have any responsibility or authority for the management of the Funds or the determination of investment policy. In consideration of the services provided pursuant to the Administration and Accounting Services Agreement, The Northern Trust Company receives from each Fund a fee computed daily and paid monthly. For the fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020, The Northern Trust Company received [$4,094,752, $3,643,984 and $3,329,348], respectively, after waivers from the Trust for its administrative and accounting services.

*Custodian.* The Northern Trust Company, 333 South Wabash Avenue, Chicago, Illinois 60604, serves as custodian for the Funds pursuant to a custody agreement. As custodian, The Northern Trust Company holds or arranges for the holding of all portfolio securities and other assets of the Funds in connection with the custody agreement.

*Securities Lending Agent.* The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as securities lending agent for the Select Funds, except the Money Market Fund, and in that role administers the Trust's securities lending program pursuant to the securities lending agreement entered into between the Trust, on behalf of the Funds, and The Northern Trust Company.

*Independent Registered Public Accounting Firm.* [ ] serves as the independent registered public accounting firm to the Trust.

*Legal Counsel.* The law firm of Stradley Ronon Stevens & Young, LLP, 2000 K Street, N.W., Suite 700, Washington, DC 20006, serves as counsel to the Trust.

*Counsel to Independent Trustees.* The law firm of Eversheds Sutherland (US) LLP, 700 Sixth Street, N.W., Suite 700, Washington, DC 20001-3980, serves as counsel to the Independent Trustees.

Statement of Additional Information

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**Shares of Beneficial Interest**

The Trust's Trust Instrument authorizes the issuance of an unlimited number of shares for each of the Funds and their Classes, and each share has a par value of $0.001 per share. There are no conversions or preemptive rights in connection with any shares. All issued shares will be fully paid and non-assessable and will be redeemable at NAV per share. Certificates certifying the ownership of shares will not be issued.

In accordance with the Trust's Trust Instrument, GuideStone Financial Resources will, at all times, directly or indirectly own, control or hold the power to vote of at least 60% of the outstanding shares of the Trust. The Funds of the Trust will refuse to accept any investment that would result in a change of such control. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of the outstanding shares of the Trust.

The assets belonging to a Fund shall be held and accounted for separately from other assets of the Trust. Each share of a Fund represents an equal beneficial interest in the net assets of such Fund. Each Class of a Fund represents interests in the assets of that Fund and has identical voting, dividend, liquidation and other rights, except that expenses allocated to a Class will be borne by such Class. Expenses of the Trust which are not readily identifiable as belonging to a particular Fund or Class are allocated among all the Funds in a manner the Trustees believe to be fair and equitable.

The Board of Trustees has authority, without necessity of a shareholder vote, to create any number of new funds or classes and to issue an unlimited number of shares of beneficial interest of the Trust. The Trustees have established 27 Funds of the Trust and two Classes of shares to be issued currently. The Trust offers the Institutional Class and Investor Class shares. Expenses borne by each Class differ because of the allocation of class-specific expenses. For example, shareholder service fees may vary from class to class. The relative impact of ongoing annual expenses will depend on the length of time a share is held.

Each share is entitled to one vote and each fractional share is entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares will generally be voted by shareholders of the individual Fund or Class, except in the case of election or removal of Trustees, the amendment of the Trust's Trust Instrument, when required by the 1940 Act or when the Trustees have determined that the matter affects the interests of more than one fund of the Trust or Class.

The Trust is not required to and does not currently intend to hold annual meetings of shareholders. Special meetings of shareholders may be called by the Board of Trustees or upon the written request of shareholders owning a majority of the outstanding shares of the Trust. Amendments and supplements to the Trust's Trust Instrument may be made only by majority of the outstanding shares of the Trust. The Trust shall have perpetual existence. Only a majority of the Board of Trustees, including a majority of the Independent Trustees, and not an individual Fund of the Trust, may approve the dissolution of a Fund of the Trust or the Trust.

**Redemptions In-Kind for Affiliated Persons**

As described in the Prospectus, each Fund reserves the right, taking into account the best interests of its shareholders, to honor a redemption request by certain affiliated shareholders by transferring some of the securities held by the Fund directly to a redeeming shareholder ("redemptions in-kind"). Specifically, redemptions in-kind may be effected for redeeming shareholders who are considered "affiliated persons" of a Fund by virtue of controlling, being controlled by or under common control with the Adviser (an "affiliated shareholder"). The Board has adopted procedures for redemptions in-kind of affiliated persons of a Fund. These procedures provide that a redemption in-kind shall be effected at approximately the affiliated shareholder's proportionate share of the Fund's current net assets, and require the Adviser to determine: (i) that the redemption in-kind will not favor the affiliated shareholder to the detriment of any of the Fund's remaining shareholders; (ii) in the context of another Fund redeeming from the distributing Fund, the redemption in-kind will not favor the distributing Fund to the

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detriment of the redeeming Fund; and (iii) the redemption in-kind is in the best interest of the distributing Fund. The procedures also require that the distributed securities be valued in the same manner as they are valued for purposes of computing the distributing Fund's NAV and that neither the affiliated shareholder nor any other party with the ability and pecuniary incentive to influence the redemption in-kind selects, or influences the selection of, the distributed securities.

**Shareholder Servicing Arrangements**

The Board of Trustees adopted a Shareholder Service Plan for the Investor Class ("Service Plan"). Under its Service Plan, the Investor Class is authorized to pay service fees of 0.25% of average daily net assets. Service fees are paid to parties that provide service for and maintain shareholder accounts.

Pursuant to the Service Plan, each Fund may pay GuideStone Financial Resources and/or GuideStone Resource Management, Inc. ("GSRM") for service activities. Service activities include, but are not limited to, such services as answering shareholder inquiries; establishing and maintaining shareholder accounts; providing account statements and documents; delivering reports and other communication from a Fund, as may be required by applicable law and regulation; aggregating and processing purchase and redemption orders; processing dividend payments; monitoring shareholder compliance with applicable frequent trading policy; cooperating with the Trust to facilitate implementation of its anti-money laundering program; and providing such other related personal and/or elective services as the shareholder may request. Any "service fee" paid by a Fund, as that term is defined in subparagraph (b)(9) of Rule 2830 of the Conduct Rules of FINRA, shall not exceed 0.25% of the Fund's average annual net assets.

The Funds may pay up to the entire amount of the shareholder service fee to GuideStone Financial Resources and/or GSRM or to unaffiliated service providers who provide these services to the Funds. In addition, the Adviser has agreed to make payments from its own resources to an unaffiliated financial intermediary under a distribution support agreement in the amount of 0.10% annualized of the average daily aggregate value of a Fund's shares held by that intermediary's customers.

**Taxation**

**General**

The following discussion of certain federal income tax matters concerning the Funds and the purchase, ownership and disposition of Fund shares is not complete and may not deal with all aspects of federal income taxation that may be relevant to you in light of your particular circumstances. This discussion is based on the Code, the regulations promulgated thereunder and judicial and administrative interpretations thereof, all as of the date hereof; all these authorities are subject to change, which may be applied retroactively. If you invest in Fund shares through a tax-advantaged account (such as a retirement plan account, including a 403(b)(7) or 401(k) account or an individual retirement account ("IRA") (a "Tax-Advantaged Account")), special tax rules apply. You should consult your own tax adviser(s) with regard to the federal tax consequences to you of the purchase, ownership and disposition of Fund shares, as well as the tax consequences to you arising under the laws of any state, locality, foreign country or other taxing jurisdiction.

*Tax Character of Distributions.* As described in the Prospectus, unless your investment is held in a Tax-Advantaged Account, (1) dividends from net investment income and distributions from the excess of net short-term capital gain over net long-term capital loss ("net short-term capital gain") and net gains from certain foreign currency transactions, if any (collectively, "dividends"), generally are taxable to you as ordinary income (except that a Fund's dividends attributable to its "qualified dividend income" ("QDI") generally are subject to federal income tax for individual and certain other non-corporate shareholders (each, a "non-corporate shareholder") who satisfy certain restrictions with respect to their Fund shares at a maximum rate of 15% (20% for a single

Statement of Additional Information

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shareholder with taxable income exceeding $459,751 or $517,201 for married persons filing jointly, which amounts apply for the 2022 tax year and will be adjusted for inflation annually thereafter); and (2) distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) ("capital gain distributions") are taxable to you as long-term capital gains, at those rates for non-corporate shareholders, whether received in cash or reinvested in additional Fund shares.

A portion of a Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations ("DRD").

The eligible portion of any Fund dividend for purposes of the QDI rates may not exceed the aggregate dividends it receives from most domestic corporations and certain foreign corporations, whereas only dividends a Fund receives from domestic corporations are eligible for purposes of the DRD. Accordingly, a Fund's distributions of interest income, net short-term capital gain and net foreign currency gains do not qualify for the reduced QDI tax rates or the DRD. The Funds will inform you of the amount of your dividends and capital gain distributions, if any, when they are paid and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year.

Under the Tax Cuts and Jobs Act ("Act"), "qualified REIT dividends" (*i.e.,* ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. Proposed regulations issued by the IRS, which can be relied on currently, enable a Fund to pass through the special character of "qualified REIT dividends" to a shareholder, provided both the Fund and shareholder meet certain holding period requirements with respect to their shares.

You should be aware that if you purchase Fund shares shortly before the record date for a dividend or capital gain distribution, you will pay full price for the shares and receive some portion of the price back as a taxable distribution. At any time, a Fund may distribute to you, as ordinary income or capital gain, an amount that exceeds your proportionate share of the actual amount of such income or gain earned or realized during the period of your investment in the Fund.

*Redemption and Exchange of Fund Shares.* As discussed in the Prospectus, unless your investment is held in a Tax-Advantaged Account, redemptions (including those pursuant to exchanges) of Fund shares are taxable transactions. If you hold your shares as capital assets, the gain or loss that you realize will be capital gain or loss and will be long-term if you held your redeemed shares for more than one year. Any capital gain a non-corporate shareholder recognizes on a redemption of his or her Fund shares held for more than one year will qualify for the maximum tax rates referred to above. Any loss you realize on the redemption of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain distributions you received on those shares.

All or a portion of any loss that you realize on the redemption of your Fund shares will be disallowed to the extent that you buy other shares in the same Fund (through reinvestment of dividends or capital gain distributions or otherwise) within 30 days before or after the redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares you buy.

A shareholder's basis in shares of a Fund that he or she acquired or acquires on or after January 1, 2012 ("Covered Shares"), will be determined in accordance with the Fund's default method, which is average basis, unless the shareholder affirmatively elects in writing (which may be electronic) to use a different acceptable basis determination method, such as a specific identification method. The basis determination method a Fund shareholder elects (or the default method) may not be changed with respect to a redemption of Covered Shares after the settlement date of the redemption.

In addition to the requirement to report the gross proceeds from redemptions of shares, each Fund (or its administrative agent) must report to the Internal Revenue Service ("IRS") and furnish to its shareholders the basis

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information for Covered Shares and indicate whether they had a short-term (one year or less) or long-term (more than one year) holding period. You should consult with your tax adviser(s) to determine the best IRS-accepted basis determination method for your tax situation and to obtain more information about how the basis reporting law applies to you.

*Treatment as a Regulated Investment Company.* Each Fund has elected to be a "regulated investment company" under Subchapter M of Chapter 1 of Subtitle A of the Code ("RIC") and intends to continue to qualify for treatment as a RIC for its current taxable year. As a RIC that so qualifies, a Fund will pay no federal income tax on its net income and net realized gains it distributes to you. The Board of Trustees reserves the right not to maintain a Fund's qualification for treatment as a RIC if the Board of Trustees determines that course of action to be beneficial to its shareholders. In such a case, or if a Fund otherwise fails to maintain that qualification for any taxable year — either (1) by failing to satisfy the distribution requirement applicable to RICs ("Distribution Requirement"), even if it satisfied the source-of-income and diversification requirements applicable thereto ("Income Requirement" and "Diversification Requirements," respectively); or (2) by failing to satisfy the Income Requirement and/or either Diversification Requirement and was unable to, or determined not to, avail itself of Code provisions that enable a RIC to cure a failure to satisfy any of the Income and Diversification Requirements as long as the failure "is due to reasonable cause and not due to willful neglect" and the RIC pays a deductible tax calculated in accordance with those provisions and meets certain other requirements — then for federal tax purposes the Fund would be taxed as an ordinary corporation on the full amount of its taxable income for that year without being able to deduct the distributions it makes to its shareholders. In addition, for those purposes, the shareholders would treat all those distributions, including capital gain distributions, as dividends to the extent of the Fund's earnings and profits, taxable as ordinary income (except that, for non-corporate shareholders those dividends would be QDI subject to federal income tax at the 15% and 20% maximum rates described above), and those dividends would be eligible for the DRD. Furthermore, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying for RIC treatment.

*Excise Tax.* To avoid a nondeductible 4% federal excise tax ("Excise Tax"), a Fund must distribute to its shareholders by December 31 of each year at least the sum of the following amounts: 98% of its ordinary income earned during the calendar year, 98.2% of its capital gain net income earned during the 12-month period ending October 31 in that year, plus 100% of any undistributed amounts from the prior year. Each Fund intends to declare and pay at least that sum through periodic distributions during each year and any balance in December (or to pay the balance in January under a rule that treats such distributions as received by you in December) to avoid the Excise Tax, but the Funds can give no assurance that their distributions will be sufficient to eliminate all Excise Tax.

*Backup Withholding.* Each Fund must withhold and remit to the U.S. Treasury 24% of all dividends and (except in the case of the Money Market Fund) capital gain distributions and redemption proceeds (regardless of the extent to which a gain or loss may be realized) otherwise payable to you ("backup withholding") if (1) you are a noncorporate shareholder and (2) you fail to furnish the Fund with your correct social security or other taxpayer identification number. Withholding at that rate also is required from a Fund's dividends and (except for the Money Market Fund) capital gain distributions otherwise payable to you if you are such a shareholder and (a) the IRS notifies you or the Funds that you have failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect or (b) when required to do so, you fail to certify that you are not subject to backup withholding. Any amounts withheld may be credited against your federal income tax liability.

*Pass-through of Foreign Taxes.* If more than 50% of the value of a Fund's total assets at the end of a taxable year is invested in securities of foreign corporations, the Fund may elect to pass-through to you your *pro rata* share of withholding or other taxes imposed by foreign countries or U.S. possessions (collectively, "foreign taxes"). If a Fund makes this election, the year-end statement you receive will show more taxable dividends than it actually distributed to you, because you will be required to include in gross income, and treat as paid by you, your proportionate share of those foreign taxes (the amount of which will be included on your statement with other dividends, if any, the Fund paid). However, you will be entitled to either deduct your share of those taxes in computing your taxable income or (subject to limitations) claim a foreign tax credit for that share against your

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federal income tax. (The exception, again, is a Tax-Advantaged Account.) You will be provided with the information necessary to complete your individual income tax return if a Fund makes this election.

*Other Taxation.* Distributions may be subject to state, local and foreign taxes, depending on your particular situation.

**Tax Treatment of Fund Investments**

Securities transactions are accounted for on a trade date basis. Net realized gains or losses from sales of securities are determined by comparing the identified cost of the securities lot sold with the net proceeds pursuant to applicable federal income tax rules.

Each Target Date Fund and Target Risk Fund invests primarily in shares of the Select Funds. Accordingly, a Fund-of-Fund's income will consist of distributions from Select Funds and net gains realized from the disposition of Select Fund shares. If a Select Fund continues to qualify for treatment as a RIC — as noted above, each Fund, including the Select Funds, intends to continue to do so for its current taxable year — (1) dividends paid to a Fund of Funds from the Select Fund's "investment company taxable income" will be taxable to the Fund of Funds as ordinary income to the extent of the Select Fund's earnings and profits and (2) distributions paid to a Fund of Funds from the Select Fund's net capital gain will be taxable to the Fund of Funds as long-term capital gains, regardless of how long the Fund of Funds has held the Select Fund's shares. (As noted above, a Fund of Funds will be able to avoid having to pay entity-level federal income tax on those distributions by distributing the amount thereof to its shareholders.) If a Fund of Funds purchases shares of a Select Fund within 30 days before or after redeeming other shares of that Select Fund at a loss (whether pursuant to a rebalancing of the Fund of Fund's portfolio or otherwise), all or a part of the loss will not be deductible by the Fund of Funds and instead will increase its basis in the newly purchased shares.

*Market Discount.* If a Fund purchases a debt security in the secondary market at a price lower than its stated redemption price, the difference is "market discount." If the amount of market discount is more than *de minimis*, a Fund must include in its gross income a portion of the market discount as ordinary income (not capital gain) in each taxable year in which the Fund receives a principal payment on the security. In general, the amount of market discount that must be included is equal to the lesser of (1) the amount of market discount accrued during the taxable year (plus any accrued market discount for prior taxable years not previously included in gross income) or (2) the amount of the principal payment(s) received during the taxable year. Generally, market discount accrues on a daily basis for each day a Fund holds a debt security at a constant rate over the time remaining to the security's maturity or, at the Fund's election, at a constant yield to maturity that takes into account the semi-annual compounding of interest. Gain realized on the disposition of a market discount obligation must be recognized as interest income (not capital gain) to the extent of the accrued market discount.

*Original Issue Discount and PIK Securities.* Certain debt securities a Fund acquires may be originally issued at a discount. Very generally, "original issue discount" is defined as the difference between the price at which a security was issued and its stated redemption price at maturity. Although a Fund currently receives no cash on account of the original issue discount that accrues on a debt security in a given taxable year, that discount generally is treated for federal income tax purposes as interest that is includable in gross income in that year and, therefore, is subject to the Distribution Requirement. Similar treatment is required for "interest" on PIK securities paid in the form of additional securities rather than cash. A Fund may purchase some debt securities at a discount that exceeds the original issue discount on them, if any. This additional discount represents market discount for federal income tax purposes (see above).

*Foreign Investments.* Most foreign exchange gains and losses realized on the sale of debt securities generally are treated as ordinary income and loss by the Funds. These gains, when distributed, will be taxable to you as ordinary dividends (unless your investment is held in a Tax-Advantaged Account), and any such losses will reduce the Fund's ordinary income otherwise available for distribution to you. This treatment could increase or

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reduce ordinary income distributions to you and may cause some or all of a Fund's previously distributed income to be classified as a return of capital.

The Funds may be subject to foreign taxes on income from, and gains realized on, certain foreign securities. Tax treaties between certain countries and the United States may reduce or eliminate foreign taxes, however, and many foreign countries do not impose taxes on capital gains with respect to investments by foreign investors.

*Passive Foreign Investment Companies.* Each Select Fund may invest in shares of foreign corporations that are "passive foreign investment companies" ("PFICs"). A PFIC is any foreign corporation (with certain exceptions) that, in general, meets either of the following tests for the taxable year: (1) at least 75% of its gross income is passive or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Under certain circumstances, a Fund will be subject to federal income tax on a portion of any "excess distribution" it receives on the stock of a PFIC and of any gain on its disposition of that stock (collectively, "PFIC income"), plus interest thereon, even if the Fund distributes the PFIC income as a dividend to its shareholders. The balance of the PFIC income will be included in the Fund's investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its shareholders. Fund distributions thereof will not be eligible for the maximum federal income tax rates on non-corporate shareholders' QDI.

If a Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" ("QEF"), then in lieu of the foregoing tax and interest obligation, the Fund would be required to include in income each taxable year its *pro rata* share of the QEF's annual ordinary earnings and net capital gain — which the Fund likely would have to distribute to satisfy the Distribution Requirement and avoid imposition of the Excise Tax — even if the Fund did not receive those earnings and gain from the QEF. In most instances, it will be very difficult, if not impossible, to make this election because of certain requirements thereof.

A Fund may elect to "mark-to-market" its stock in any PFIC. "Marking-to-market," in this context, means including in gross income each taxable year (and treating as ordinary income) the excess, if any, of the fair market value of the stock over a Fund's adjusted basis therein as of the end of that year. Pursuant to the election, a Fund also would be allowed to deduct (as an ordinary, not a capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock the Fund included in income for prior taxable years under the election. A Fund's adjusted basis in each PFIC's stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder.

You should be aware that determining whether a foreign corporation is a PFIC is a fact-intensive determination that is based on various facts and circumstances and thus is subject to change, and the principles and methodology used therein are subject to interpretation. As a result, a Fund may not be able, at the time it acquires a foreign corporation's shares, to ascertain whether the corporation is a PFIC, and a foreign corporation may become a PFIC after a Fund acquires shares therein. While each Fund generally will seek to minimize its investments in PFIC shares, and to make appropriate elections when they are available, to lessen the adverse tax consequences detailed above, there are no guarantees that it will be able to do so and it reserves the right to make such investments as a matter of its investment policy.

*Hedging Strategies.* The use of hedging strategies, such as writing (selling) and purchasing options and futures contracts and entering into forward contracts, involves complex rules that will determine for income tax purposes the amount, character, and timing of recognition of the gains and losses a Fund realizes in connection therewith. Gain from the disposition of foreign currencies (except certain gains that may be excluded by future regulations), and gains from options, futures contracts and forward contracts a Fund derives with respect to its business of investing in securities or foreign currencies, will be treated as "qualifying income" under the Income Requirement.

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Some futures contracts, "nonequity" options (*i.e.*, certain listed options, such as those on a "broad-based" securities index) and foreign currency options and forward contracts — except any "securities futures contract" that is not a "dealer securities futures contract" (both as defined in the Code) and any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement — in which a Fund invests may be subject to Code section 1256 (collectively, "section 1256 contracts"). Any section 1256 contracts a Fund holds at the end of its taxable year generally must be "marked-to-market" (that is, treated as having been sold at that time for their fair market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they were realized. Sixty percent of any net gain or loss recognized on these deemed sales, and 60% of any net realized gain or loss from any actual sales of section 1256 contracts, will be treated as long-term capital gain or loss, and the balance will be treated as short-term capital gain or loss. Section 1256 contracts may also be marked-to-market for purposes of the Excise Tax. These rules may operate to increase the amount that a Fund must distribute to satisfy the Distribution Requirement (*i.e.*, with respect to the portion treated as short-term capital gain), which will be taxable to its shareholders as ordinary income when distributed to them, and to increase the net capital gain a Fund recognizes, without in either case increasing the cash available to the Fund.

Offsetting positions a Fund enters into or holds in any actively traded security, option, futures contract or forward contract may constitute a "straddle" for federal income tax purposes. Straddles are subject to certain rules that may affect the amount, character and timing of recognition of a Fund's gains and losses with respect to positions of the straddle by requiring, among other things, that (1) loss realized on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an offsetting position until the latter position is disposed of, (2) the Fund's holding period in certain straddle positions not begin until the straddle is terminated (possibly resulting in gain being treated as short-term rather than long-term capital gain), and (3) losses recognized with respect to certain straddle positions that otherwise would constitute short-term capital losses be treated as long-term capital losses. Applicable regulations also provide certain "wash sale" rules, which apply to transactions where a position is sold at a loss and a new offsetting position is acquired within a prescribed period, and "short sale" rules applicable to straddles. Different elections are available to the Funds, which may mitigate the effects of the straddle rules, particularly with respect to "mixed straddles" (*i.e.*, a straddle of which at least one, but not all, positions are section 1256 contracts).

If an option written (sold) by a Fund expires, it will realize a short-term capital gain equal to the amount of the premium it received for writing the option. If a Fund terminates its obligations under an option by entering into a closing transaction, it will realize a short-term capital gain (or loss), depending on whether the cost of the closing transaction is less (or more) than the premium it received when it wrote the option. If a covered call option written by a Fund is exercised, it will be treated as having sold the underlying security, producing long-term or short-term capital gain or loss, depending on the holding period of the underlying security and whether the sum of the option price received on the exercise plus the premium it received when it wrote the option is more or less than the underlying security's basis.

If a Fund has an "appreciated financial position" — generally, an interest (including an interest through an option, futures or forward contract or short sale) with respect to any stock, debt instrument (other than "straight debt"), or partnership interest the fair market value of which exceeds its adjusted basis — and enters into a "constructive sale" of the position, the Fund will be treated as having made an actual sale thereof, with the result that it will recognize gain at that time. A constructive sale generally consists of a short sale, an offsetting notional principal contract or a futures or forward contract a Fund or a related person enters into with respect to the same or substantially identical property. In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property will be deemed a constructive sale. The foregoing will not apply, however, to any transaction by a Fund during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the Fund holds the appreciated financial position unhedged for 60 days after that closing (*i.e.*, at no time during that 60-day period is the Fund's risk of loss regarding that position reduced by reason of certain specified

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transactions with respect to substantially identical or related property, such as having an option to sell, being contractually obligated to sell, making a short sale or granting an option to buy substantially identical stock or securities).

*Investments in REITs*. Certain Funds may invest in REITs that (1) hold residual interests in REMICs (*i.e.*, "real estate mortgage investment conduits") or (2) engage in mortgage securitization transactions that cause the REITs to be taxable mortgage pools ("TMPs") or have a qualified REIT subsidiary that is a TMP. A part of the net income allocable to REMIC residual interest holders may be an "excess inclusion." The Code authorizes the issuance of regulations dealing with the taxation and reporting of excess inclusion income of REITs and RICs that hold residual REMIC interests and of REITs, or qualified REIT subsidiaries, that are TMPs. Although those regulations have not yet been issued, the U.S. Treasury and the IRS issued a notice in 2006 ("Notice") announcing that, pending the issuance of further guidance (which has not yet been issued), the IRS would apply the principles in the following paragraphs to all excess inclusion income, whether from REMIC residual interests or TMPs.

The Notice provides that a REIT must (1) determine whether it or its qualified REIT subsidiary (or a part of either) is a TMP and, if so, calculate the TMP's excess inclusion income under a "reasonable method," (2) allocate its excess inclusion income to its shareholders generally in proportion to dividends paid, (3) inform shareholders that are not "disqualified organizations" (*i.e.*, governmental units and tax-exempt entities that are not subject to tax on their "unrelated business taxable income" ("UBTI")) of the amount and character of the excess inclusion income allocated thereto, (4) pay tax (at the corporate income tax rate) on the excess inclusion income allocable to its shareholders that are disqualified organizations, and (5) apply the withholding tax provisions with respect to the excess inclusion part of dividends paid to foreign persons without regard to any treaty exception or reduction in tax rate. Excess inclusion income allocated to certain tax-exempt entities (including qualified retirement plans, IRAs, and public charities) constitutes UBTI to them.

A RIC with excess inclusion income is subject to rules identical to those in clauses (2) through (5) above (substituting "that are nominees" for "that are not 'disqualified organizations'" in clause (3) and inserting "record" after "its" in clause (4)). The Notice further provides that a RIC is not required to report the amount and character of the excess inclusion income allocated to its shareholders who are not nominees, except that (1) a RIC with excess inclusion income from all sources that exceeds 1% of its gross income must do so and (2) any other RIC must do so by taking into account only excess inclusion income allocated to the RIC from REITs the excess inclusion income of which exceeded 3% of its dividends. A Fund will not invest directly in REMIC residual interests and does not intend to invest in REITs that, to its knowledge, invest in those interests or are TMPs or have a qualified REIT subsidiary that is a TMP.

After calendar year-end, REITs can and often do change the category (*e.g.*, ordinary income dividend, capital gain distribution, or return of capital) of one or more of the distributions they made during that year. If a Fund invests in a REIT that does so, the Fund also would have to re-categorize some of the distributions it made to its shareholders. Those changes would be reflected in your annual Form 1099, together with other tax information. Although those forms generally will be distributed to you in February of each year, a Fund may, in one or more years, request from the IRS an extension of time to distribute those forms until mid-March to enable it to receive the latest information it can from the REITs in which it invests and thereby accurately report that information to you on a single form (rather than having to send you an amended form).

A Fund may invest in the equity securities of corporations or other entities that invest in U.S. real property, including REITs. The sale of a U.S. real property interest by a REIT or "United States real property holding corporation" in which a Fund invests may trigger special tax consequences to the Fund's foreign shareholders, who are urged to consult their tax advisers regarding those consequences.

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**Non-U.S. Investors**

Fund shares generally are not sold outside the United States. However, non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

*In General.* Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Foreign Account Tax Compliance Act ("FATCA").* Under FATCA, a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. After December 31, 2020, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**Tax-Advantaged Accounts**

*Traditional IRAs.* Certain shareholders may obtain tax advantages by establishing an IRA. Specifically, except as noted below, if neither you nor your spouse is an active participant in a qualified employer or government retirement plan or if either you or your spouse is an active participant in such a plan and your adjusted gross income does not exceed a certain level, each of you may deduct cash contributions made to an IRA in an amount for each taxable year not exceeding the lesser of your earned income or $6,500 (increased by a "catch-up contribution" of $1,000 if you attain age 50 before the end of the year ("Catch-up Contribution")). Notwithstanding the foregoing, a married shareholder who is not an active participant in such a plan and files a joint income tax return with his or her spouse (and their combined "modified adjusted gross income" does not exceed $218,000 for 2023) is not affected by the spouse's active participant status. In addition, if your spouse is not employed and you file a joint return, you may also establish a separate IRA for your spouse and contribute up to a total of $13,000 to the two IRAs, provided that neither contribution exceeds $6,500 (in each case, if applicable, increased by a Catch-up Contribution of $1,000). If your employer's plan qualifies as a SIMPLE, permits voluntary contributions and meets certain requirements, you may make voluntary contributions to that plan that are treated as deductible IRA contributions.

Even if you are not in one of the categories described in the preceding paragraph, you may find it advantageous to invest in Fund shares through nondeductible IRA contributions, up to certain limits, because all dividends and other distributions on your shares are then not immediately taxable to you or the IRA; they become taxable only when distributed to you. To avoid penalties, your interest in an IRA must be distributed, or start to be distributed, to you not later than April 1 following the calendar year in which you attain age 70<sup>1</sup>/2. Distributions made before

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age 59<sup>1</sup>/2, in addition to being taxable, generally are subject to a penalty equal to 10% of the distribution, except in the case of death or disability or where the distribution is rolled over into another qualified plan or certain other situations.

*Roth IRAs.* A shareholder whose adjusted gross income (or combined adjusted gross income with his or her spouse) does not exceed certain levels may establish and contribute up to $6,500 per taxable year (increased by a Catch-up Contribution of $1,000) to a Roth IRA (or to any combination of Roth and traditional IRAs). Certain distributions from traditional IRAs may be rolled over to a Roth IRA, and any of a shareholder's traditional IRAs may be converted to a Roth IRA; these rollover distributions and conversions are, however, subject to federal income tax.

Contributions to a Roth IRA are not deductible; however, earnings accumulate tax-free in a Roth IRA, and withdrawals of earnings are not subject to federal income tax if the account has been held for at least five years (or in the case of earnings attributable to rollover contributions from or conversions of a traditional IRA, the rollover or conversion occurred more than five years before the withdrawal) and the account holder has reached age 59<sup>1</sup>/2 (or certain other conditions apply).

*Section 403(b)(7) Arrangements.* Eligible investors in individual Section 403(b)(7) custodial accounts may purchase Investor Class shares of the Funds. GuideStone Trust Services, an affiliate of GuideStone Financial Resources and an affiliate of the Adviser, serves as non-bank custodian of those accounts. To participate in a Section 403(b)(7) custodial account, your employer must have a service agreement with GuideStone Financial Resources.

*Withholding.* Withholding at the rate of 20% is required for federal income tax purposes on certain distributions (excluding, for example, certain periodic payments) from the foregoing retirement plans (except IRAs), unless the recipient transfers the distribution directly to an "eligible retirement plan" (including an IRA and other qualified plan) that accepts those distributions. Other distributions generally are subject to regular wage withholding or withholding at the rate of 10% (depending on the type and amount of the distribution), unless the recipient elects not to have any withholding apply. You should consult your plan administrator or tax adviser for further information.

**Third-Party Line of Credit**

The Trust, on behalf of the Funds, participates in a line of credit arrangement with The Northern Trust Company for a $50,000,000 unsecured, committed revolving line of credit ("LOC"). The proceeds of the loans under the LOC are to be used solely for short-term liquidity to support redemptions of investors in a borrowing Fund and settlement of trades. The Trust's ability to borrow under the LOC is also subject to its organization documents, the limitations of the 1940 Act and various conditions precedent that must be satisfied before a Fund can borrow. Additionally, inter-fund lending is permitted under the LOC; however, a Fund may not be a lender of an inter-fund loan at any time during which such Fund has a loan under the LOC outstanding. Loans under the LOC are charged an interest rate on the outstanding principal amount at a rate per annum equal to the greater of (i) the federal funds rate plus 1.00%; or (ii) 1.50%. If any amount of a loan is not paid when due, all amounts due shall bear interest at a rate equal to the rate otherwise applicable and 2.00% per annum for each day until all past due amounts and any interest thereon are paid in full. The LOC also requires each Fund to pay its pro rata share of a facility fee based on the amount of the LOC.

**Valuation of Shares**

Each Fund's shares are bought or sold at a price that is the Fund's NAV per share. The NAV for each Fund is calculated by subtracting total liabilities from total assets (the market value of the securities the Fund holds plus cash and other assets). Each Fund's per share NAV is calculated by dividing its NAV by the number of Fund

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shares outstanding. Because each Target Date Fund and Target Risk Fund invests primarily in shares of the Select Funds, the price of a share of a Target Date Fund or Target Risk Fund is based upon the NAVs of the shares of those underlying investments. In turn, the NAV per share of each underlying investment is based upon the values of the obligations, stocks and other investments held by the underlying fund. Therefore, the price of a share of a Target Date Fund or Target Risk Fund will fluctuate in relation to its asset allocation among the underlying investments and the value of the portfolio investments of the underlying investments.

The Funds value their portfolio securities and compute their NAVs per share as of the close of regular trading on the NYSE, which is generally 4:00 p.m. Eastern Time on each day that the NYSE is open for trading or such other times as the NYSE may officially close ("Business Day"), in accordance with the procedures discussed in the Prospectus. This section provides a more detailed description of the Funds' methods for valuing their portfolio securities. Fund shares will generally not be priced on any day the NYSE is closed for trading (market holidays). The Funds also remain closed on days when the NYSE is closed and the Securities Industry and Financial Markets Association recommends that the bond markets remain open. The valuation of the Funds' investments is subject to oversight of the Board of Trustees. The Board of Trustees has designated the Adviser as the valuation designee pursuant to Rule 2a-5 under the 1940 Act ("Rule 2a-5"). The Adviser, as the valuation designee, performs the fair value determinations relating to Fund investments, subject to oversight by the Board of Trustees. The Adviser, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. The Adviser has established a Valuation Committee to assist with its designated responsibilities as valuation designee.

The Funds (except the Money Market Fund) each value portfolio securities listed on an exchange at current market value on the basis of the last sale price or official closing price prior to the time the valuation is made. Securities traded primarily on the Nasdaq Stock Market are normally valued by the Fund at the Nasdaq Official Closing Price ("NOCP") provided by Nasdaq each business day. The NOCP is the most recently reported price as of 4:00 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (*i.e.*, the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, Nasdaq will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there has been no sale since the immediately previous valuation, then the official close price is used. Quotations are taken from the exchange where the security is primarily traded.

Portfolio securities which are primarily traded on foreign exchanges are generally valued at the preceding closing values of such securities on their respective exchanges. The Funds translate prices for investments quoted in foreign currencies into U.S. dollars at current exchange rates. As a result, changes in the value of those currencies in relation to the U.S. dollar may affect a Fund's NAVs. Because foreign markets may be open at different times than the NYSE, the value of Fund shares, particularly shares of the Bond Funds, the Impact Equity Fund, the Global Real Estate Securities Fund, the International Equity Index Fund, the International Equity Fund and the Emerging Markets Equity Fund, may change on days when shareholders will not be able to buy or redeem Fund shares. When an occurrence subsequent to the time that a foreign security is valued is likely to have changed such value, then such foreign security will be valued at its fair value, as determined through procedures established by, or under the direction of, the Board of Trustees. In addition, foreign equity securities will be valued at fair values provided by Interactive Data Corporation on certain days determined upon movements in a broad-based index in relation to the close of a foreign market. To the extent available, valuations of portfolio securities (except those valued using amortized cost) will be provided by reliable independent pricing services.

Notwithstanding the above, bonds and other fixed income securities are valued by using market quotations and may be valued on the basis of evaluated prices provided by a pricing service approved by the Board of Trustees. Portfolio securities not currently quoted as indicated above will be valued through procedures established by, or under the direction of, the Board of Trustees.

GuideStone Funds

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If official closing prices, market quotations or the estimates of value provided by an independent pricing service are insufficient or not readily available on a Business Day; (2) it is determined by the Valuation Committee or a Fund's applicable Sub-Adviser that the available prices or values do not represent the fair value of the security; or (3) the security is determined to be illiquid in accordance with guidelines approved by the Board of Trustees, then the Fund will value the security based on a method that the Board of Trustees believes accurately reflects fair value. The fair value ascertained for a security is an estimate and there is no assurance, given the limited information available at the time of fair valuation, that a security's fair value will be the same as or close to the subsequent opening market price for that security.

The Money Market Fund uses the amortized cost method to determine the value of its portfolio securities pursuant to Rule 2a-7 under the 1940 Act. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which the value, as determined by amortized cost, is higher or lower than the price which the Fund would receive if the security were sold. During these periods, the yield to a shareholder may differ somewhat from that which could be obtained from a similar fund which utilizes a method of valuation based upon market prices. Thus, during periods of declining interest rates, if the use of the amortized cost method resulted in a lower value of the Fund's portfolio on a particular day, a prospective investor in the Fund would be able to obtain a somewhat higher yield than would result from an investment in a fund utilizing solely market values and existing Fund shareholders would receive correspondingly less income. The converse would apply during periods of rising interest rates.

Rule 2a-7 provides that in order to value its portfolio using the amortized cost method, the Money Market Fund must maintain a dollar-weighted average portfolio maturity of 60 calendar days or less and a dollar-weighted average life portfolio maturity of 120 calendar days or less, purchase securities having remaining maturities of 397 days or less and invest in U.S. dollar-denominated securities that at the time of acquisition are Eligible Securities (as defined in Rule 2a-7). U.S. Treasury and U.S. government securities and securities of government money market funds are Eligible Securities, as are securities that the Money Market Fund's Sub-Adviser has determined present minimal credit risks based on an analysis of the issuer's or guarantor's capacity to meet its financial obligations.

Pursuant to Rule 2a-7, the Board of Trustees is also required to establish procedures designed to stabilize the price per share of the Money Market Fund, as computed for the purpose of sales and redemptions, at $1.00. Such procedures include review of the Fund's portfolio holdings by the Board of Trustees, at such intervals as it may deem appropriate, to determine whether the NAV of the Fund calculated by using available market quotations deviates from $1.00 per share based on amortized cost. The extent of any deviation will be reviewed by the Board of Trustees. If such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, will be initiated. In the event the Board of Trustees determines that a deviation exists which may result in material dilution or other unfair results to investors or existing shareholders, the Board of Trustees will take such corrective action as it regards as necessary and appropriate, which may include, for example, redeeming shares in kind, selling portfolio instruments prior to maturity to realize capital gains or losses or to shorten average portfolio maturity, withholding dividends or establishing a NAV per share by using available market quotations. The Money Market Fund does not currently intend to impose liquidity fees or redemption gates on Fund redemptions. The Board reserves the ability to impose liquidity fees or redemption gates in the future, after providing prior notice to shareholders and in accordance with Rule 2a-7 under the 1940 Act. In accordance with applicable legal requirements, the Money Market Fund may suspend redemptions if: (i) the Money Market Fund, at the end of a business day, has invested less than 10% of its total assets in weekly liquid assets of the Money Market Fund's price per share as computed for the purpose of distribution, redemption and repurchase, rounded to the nearest one percent, has deviated from the stable price established by the Board of Trustees, including a majority of its Independent Trustees, determines that such a deviation is likely to occur; (ii) the Board, including a majority of its Independent Trustees, irrevocably approve the liquidation of the Fund; and (iii) the Fund, prior to suspending redemptions, has notified the SEC of the decision to liquidate the Fund and suspend redemptions.

Statement of Additional Information

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**Portfolio Holdings Information**

It is the Trust's policy to protect the confidentiality of the Funds' current portfolio holdings information and to prevent the selective disclosure and misuse of such information. The Trust maintains portfolio holdings disclosure policies that govern the timing and circumstances of disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. These portfolio holdings disclosure policies have been approved by the Board of Trustees. It is prohibited for the Trust, the Adviser, the Adviser's affiliates or any other person to receive compensation in connection with their disclosure of the Funds' portfolio holdings information.

Each Fund will publicly disclose its portfolio holdings in accordance with regulatory requirements, such as periodic portfolio disclosure in filings with the SEC. The Funds also may disclose portfolio holdings information as required by law or in response to requests from regulators. In accordance with SEC regulatory requirements, each Fund (except the Money Market Fund) files a complete schedule of its portfolio holdings with the SEC for each semi-annual and annual period of its fiscal year on Form N-CSR and for the third month of each quarter of each fiscal year on Form N-PORT. In addition, the Money Market Fund files a complete schedule of its portfolio holdings with the SEC on a monthly basis on Form N-MFP. Each Fund also includes a schedule of its portfolio holdings in its annual and semi-annual reports to shareholders.

These reports (1) are available on the EDGAR database on the SEC's website at *http://www.sec.gov*; and (2) copies may be requested (you will be charged a duplicating fee) via electronic request by emailing *publicinfo@sec.gov*. The Trust's annual and semi-annual reports to shareholders are available without charge on the Trust's website (*GuideStoneFunds.com*). A Fund's portfolio holdings information is publicly available at the time such information is filed with the SEC.

Each Fund, other than the Money Market Fund, may post on the Trust's website a detailed list of the Fund's portfolio holdings as of the end of each calendar quarter 15 calendar days after the end of the quarter. The Money Market Fund publishes its complete schedule of portfolio holdings on a monthly basis on the Trust's website. Fund holdings information that is posted to the Trust's website will remain available on the website at least until the date on which the Fund files a Form N-CSR or Form N-PORT for the period that includes the date as of which the website information is current. A Fund may publish on the website complete portfolio holdings information more frequently if it has a legitimate business purpose for doing so. Each Fund may also distribute analytical or portfolio characteristics data that is based on its quarter-end portfolio holdings provided that (1) at least 15 calendar days have elapsed since the quarter-end to which the information relates; and (2) the information has been made publicly available via the Trust's website or otherwise (but not earlier than the 15 calendar day restriction).

Each Fund may disclose current, non-public portfolio holdings information as frequently as daily as part of the legitimate business purposes of each Fund to service providers that have contracted to provide services to the Trust and to other organizations. The entities to which each Fund provides non-public holdings information are subject to a duty of confidentiality either by explicit agreement or by virtue of their respective duties to each Fund, and include:

a)

the Adviser;

b)

Sub-Adviser(s) to the Funds, including newly hired Sub-Advisers prior to the commencement of duties;

c)

Administrator to the Funds;

d)

Fund Accountant;

e)

Auditors of the Funds;

f)

Legal counsels to the Funds and the independent Trustees;

g)

Custodian or sub-custodian to the Funds;

h)

Companies that provide research and analytical services to the Funds, the Adviser or a Sub-Adviser;

GuideStone Funds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

i)

Pricing services employed by the Funds;

j)

Proxy voting services employed by the Funds;

k)

Broker-dealers who provide execution or research services for the Funds (including identifying potential buyers and sellers for securities that are held by the Funds, and including transition management services);

l)

Broker-dealers who provide quotations that are used in pricing when a pricing service is unable to provide a price or the price is determined to be unreliable;

m)

Financial printer employed by the Funds;

n)

Securities lending agent employed by the Funds;

o)

Index provider(s) to the Funds; and

p)

Companies that provide other services that are deemed to be beneficial to the Funds.

The Funds may distribute (or authorize a service provider to distribute) complete or partial lists of portfolio holdings to ratings and ranking agencies or organizations (such as Morningstar, Inc.) for a legitimate business purpose (which shall not include the receipt of compensation as consideration for the disclosure).

**Telephone Instructions**

Neither the Funds nor any of their service providers will be liable for any loss or expense in acting upon telephone instructions that are reasonably believed to be genuine. In attempting to confirm that telephone instructions are genuine, they will use procedures that are considered reasonable. Shareholders assume the risk to the full extent of their accounts that telephone requests may be unauthorized. To the extent that the Funds or their service providers fail to use reasonable procedures to verify the genuineness of telephone instructions, the Funds or their service providers may be liable for any such instructions that prove to be fraudulent or unauthorized. All telephone conversations with the Funds, GuideStone Financial Resources and BNY Mellon may be recorded.

**Control Persons and Principal Holders of Securities**

As of [April 15, 2023], the following persons owned of record or were known by the Funds to own beneficially 5% or more of a Class of shares of a Fund. Persons are deemed to control a Fund when they own beneficially over 25% of the Fund's outstanding shares. Principal holders are persons that own beneficially 5% or more of any Class of a Fund's outstanding shares.

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| MyDestination 2015 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2015 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2035 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| MyDestination 2035 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Balanced Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Balanced Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Fixed Benefit Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Medium-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Voluntary Annuity Plan (VAP)<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Value Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Growth Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Operating Reserves Tier 2<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Church Retirement Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC<br> For the Exclusive Benefit of Our Customers<br> Attn: Mutual Funds Department 4th Floor<br> 499 Washington Blvd<br> Jersey City NJ 07310-2010<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial<br> FBO Customer Accounts<br> Attn: Mutual Fund Operations<br> PO Box 509046<br> San Diego CA 92150-9046<br>| [ ]% |
| Emerging Markets Equity Fund<br> Investor Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Protection Benefit Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2015 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2015 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2025 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| MyDestination 2035 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2035 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2045 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| MyDestination 2055 Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Conservative Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; TIAA FSB CUST TTEE (FBO)<br> Retirement Plans For Which TIAA<br> Acts as Record Keeper<br> Attn: Trust Operations<br> 211 North Broadway Suite 1000<br> St Louis MO 63102-2733<br>| [ ]% |
| Balanced Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Balanced Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; TIAA FSB CUST TTEE (FBO)<br> Retirement Plans For Which TIAA<br> Acts as Record Keeper<br> Attn: Trust Operations<br> 211 North Broadway Suite 1000<br> St Louis MO 63102-2733<br>| [ ]% |
| Balanced Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; TIAA FSB CUST TTEE (FBO)<br> Retirement Plans For Which TIAA<br> Acts as Record Keeper<br> Attn: Trust Operations<br> 211 North Broadway Suite 1000<br> St Louis MO 63102-2733<br>| [ ]% |
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(7) Employer Plans-XM<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Variable Benefit Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Aggressive Allocation Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; TIAA FSB CUST TTEE (FBO)<br> Retirement Plans For Which TIAA<br> Acts as Record Keeper<br> Attn: Trust Operations<br> 211 North Broadway Suite 1000<br> St Louis MO 63102-2733<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> Growth Equity Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> Capital Preservation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> Equity Index Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> Medium-Duration Bond Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Money Market Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Money Market Liquidity<br> International Equity Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Conservative Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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GuideStone Funds

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Low-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Medium-Duration Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Bond Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Fixed Benefit Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Conservative Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Strategic Alternatives Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Defensive Market Strategies Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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GuideStone Funds

------

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Global Real Estate Securities Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Value Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

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Statement of Additional Information

------

---

| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| Growth Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Small Cap Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Index Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2015 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

---

GuideStone Funds

------

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| | | |
|:---|:---|:---|
| **Name of Fund (Class)** | &nbsp;&nbsp;&nbsp;&nbsp; **Shareholder Name**<br> **and Address**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Percentage of Shares**<br> **Owned (rounded to the**<br> **nearest whole percentage)**<br>|
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| International Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone 403(b)(9) Employer Plan<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Aggressive Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2035 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2045 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Growth Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2025 Fund <br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> Balanced Allocation Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |
| Emerging Markets Equity Fund<br> Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp; GuideStone Financial Resources<br> MyDestination 2055 Fund<br> PO Box 819109<br> Dallas TX 75381-9109<br>| [ ]% |

---

In accordance with the Trust's trust instrument, GuideStone Financial Resources will, at all times, directly or indirectly control the vote of at least 60% of the outstanding shares of the Trust. The Trust will refuse to accept any investment in any Fund that would result in a change of such control. This means that GuideStone Financial Resources will control the vote on any matter that requires the approval of the outstanding shares of the Trust. GuideStone Financial Resources is a Texas non-profit corporation, of which the Southern Baptist Convention is the sole member.

Statement of Additional Information

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**Calculation of Performance Data**

The Funds may, from time to time, include their yield, effective yield, tax-equivalent yield, average annual total return, average annual total return after taxes on distributions and average annual total return after taxes on distributions and redemptions in advertisements or shareholder reports or other communications to shareholders or prospective investors. The Funds may also, with respect to certain periods of less than one year, provide total return information for that period that is not annualized. The Funds may also show quotations of total return for other periods. Any such information would be accompanied by standardized total return information. Performance is calculated separately for each Class of a Fund. Since each Class of shares has its own expenses and distributions, the performance for each Class over the same period will vary.

**Financial Statements**

[[The Funds' Annual Report for the fiscal year ended December 31, 2022, has been filed with the SEC. The](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[audited financial statements, including the notes thereto, in the Annual Report (the "Audited Financial](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[Statements") and the financial highlights in the Annual Report are incorporated by reference into this SAI. The](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[Audited Financial Statements and the financial highlights have been audited by the Funds' independent registered](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[public accounting firm, \[ \] whose report thereon also appears in the Annual Report and is incorporated herein by](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)[reference.](http://www.sec.gov/Archives/edgar/data/0001131013/000119312522065518/d209029dncsr.htm)

The Impact Bond Fund and Impact Equity Fund commenced operations on January 27, 2023, and as such, no audited financial statements, including any notes, nor financial highlights for either Fund are incorporated by reference within this SAI.]

GuideStone Funds

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**Appendix A — Descriptions of Securities Ratings** 

A description of the rating policies of Moody's Investors Services Inc. ("Moody's"), S&P Global Ratings and Fitch, Inc./Fitch Ratings Ltd. ("Fitch") with respect to bonds and commercial paper appears below.

***Moody's Global Long-Term Obligation Rating Scale*** 

Moody's long-term ratings are opinions of the relative credit risk of financial obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Scale and reflect both the likelihood of default and any financial loss suffered in the event of default.

Aaa — Obligations rated "Aaa" are judged to be of the highest quality, with minimal credit risk.

Aa — Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

A — Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

Baa — Obligations rated "Baa" are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics.

Ba — Obligations rated "Ba" are judged to have speculative elements and are subject to substantial credit risk.

B — Obligations rated "B" are considered speculative and are subject to high credit risk.

Caa — Obligations rated "Caa" are judged to be of poor standing and are subject to very high credit risk.

Ca — Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C — Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

By their terms, hybrid securities allow for the omission of scheduled dividends, interest or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid security indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

***S&P Global Ratings Long-Term Issue Credit Ratings*** 

Issue credit ratings are based, in varying degrees, on S&P Global Ratings' analysis of the following considerations: a) the likelihood of payment (capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation); b) the nature and provisions of the financial obligation, and the promise imputed; and c) the protection afforded by, and relative position of, the financial obligation in the event of bankruptcy, reorganization or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights. Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation

Statement of Additional Information

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may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations or operating company and holding company obligations.)

AAA — An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

AA — An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

A — An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

BBB — An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

Obligations rated "BB", "B", "CCC", "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

BB — An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

B — An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

CCC — An obligation rated "CCC" is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

CC — An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

C — An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D — An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Note: The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

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***Fitch's International Long-Term Issuer Credit Ratings*** 

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned Issuer Default Ratings ("IDRs"). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts. In aggregate, IDRs provide an ordinal ranking of issuers based on Fitch's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

AAA — Highest credit quality. "AAA" ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA — Very high credit quality. "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A — High credit quality. "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB — Good credit quality. "BBB" ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

BB — Speculative. "BB" ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.

B — Highly speculative. "B" ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

CCC — Substantial credit risk. Very low margin for safety. Default is a real possibility.

CC — Very high levels of credit risk. Default of some kind appears probable.

C — Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a "C" category rating for an issuer include: (a) the issuer has entered into a grace or cure period following non-payment of a material financial obligation; (b) the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; (c) the formal announcement by the issuer or their agent of a distressed debt exchange; and (d) a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

RD — Restricted default. "RD" ratings indicate an issuer, in Fitch's opinion, has experienced: (a) an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but (b) has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and (c) has not otherwise ceased operating. This would include: (i) the selective payment default on a specific class or currency of debt; (ii) the uncured expiry of any applicable grace period, cure period or default

Statement of Additional Information

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forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; (iii) the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel, or; (iv) ordinary execution of a distressed debt exchange on one or more material financial obligations.

D — Default. "D" ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

Note: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" ratings and ratings below the "CCC" category.

***Moody's Global Short-Term Rating Scale*** 

Moody's short-term ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding 13 months, unless explicitly noted. Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

P-1 — Issuers (or supporting institutions) rated "Prime-1" have a superior ability to repay short-term debt obligations.

P-2 — Issuers (or supporting institutions) rated "Prime-2" have a strong ability to repay short-term debt obligations.

P-3 — Issuers (or supporting institutions) rated "Prime-3" have an acceptable ability to repay short-term obligations.

NP — Issuers (or supporting institutions) rated "Not Prime" do not fall within any of the Prime rating categories.

***S&P Global Ratings Short-Term Issue Credit Ratings*** 

Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the United States, for example, this means obligations with an original maturity of no more than 365 days, including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term ratings.

A-1 — A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

A-2 — A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

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A-3 — A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

B — A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

C — A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation.

D — A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Dual Ratings: S&P Global Ratings may assign "dual" ratings to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, "AAA/A-1+" or "A-1+/A-1"). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, "SP-1+/A-1+").

***Fitch's International Short-Term Issuer Credit Ratings*** 

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign and structured obligations and up to 36 months for obligations in U.S. public finance markets.

F1 — Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2 — Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 — Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B — Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C — High short-term default risk. Default is a real possibility.

RD — Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D — Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

Statement of Additional Information

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**Appendix B — GuideStone Capital Management, LLC and GuideStone Funds Proxy Voting Policies and Procedures** 

Provided below are the proxy voting policies and procedures adopted by GuideStone Capital Management, LLC ("GSCM") and GuideStone Funds (the "Trust").

**Purposes** 

Each series of the Trust, a Delaware statutory trust (each a "Fund," and together, the "Funds"), uses the following policies and procedures to address how its proxies relating to portfolio securities will be voted, which include the procedures used when a vote presents a conflict between the interests of Fund shareholders, on the one hand, and those of the Fund's Adviser, its sub-advisers or its principal underwriter, on the other.

The Board of Trustees of the Trust (the "Board" or "Board of Trustees") has delegated its proxy voting duties to the Adviser, and accordingly, the following includes the policies and procedures of the Adviser that will be used on the Funds' behalf to determine how to vote proxies relating to portfolio securities.

Under the Advisory Agreement between the Trust and the Adviser, subject to the approval of the Board of Trustees, the Adviser is permitted to retain one or more investment sub-advisers (each, a "Sub-Adviser") for each Fund. The Adviser is responsible for, among other things, timely monitoring each Sub-Adviser's discharge of its duties, including providing general oversight of the voting of proxies by the Sub-Adviser(s); however, the Adviser is not responsible for the specific actions (or inactions) of a Sub-Adviser in the performance of the duties assigned to the Sub-Adviser. The Sub-Advisory Agreements among the Trust, the Adviser and each Sub-Adviser further delegate proxy voting duties to the Sub-Adviser. Accordingly, the following also includes the policies and procedures that the Adviser uses in overseeing proxy voting by the Sub-Advisers to the Funds, who use their own policies and procedures on the Funds' behalf to determine how to vote proxies relating to portfolio securities.

The policies and procedures that each Sub-Adviser uses to determine how to vote proxies relating to a Fund's portfolio securities are described in the Funds' statement of additional information ("SAI").

**The Trust's Proxy Voting Program** 

*Select Funds* 

<sup>•</sup>

<u>Sub-Advisers</u>. These policies and procedures (and the Funds' prospectus and SAI) refer to certain Funds as "Select Funds." The Adviser has retained one or more Sub-Advisers who are primarily responsible for the day-to-day management of each Select Fund's portfolio (or a portion thereof). The Adviser is a fiduciary and owes each Fund a fiduciary duty with respect to services undertaken on each Fund's behalf, including voting. The Board and the Adviser believe that each Sub-Adviser, itself a fiduciary of the Fund(s) it sub-advises, is best positioned (*i.e.*, as among the Board, the Adviser and the Sub-Adviser) to conduct investigation into matters submitted to votes of shareholders of portfolio companies that the Sub-Adviser has purchased for the Fund(s). The Board and the Adviser also believe that the person(s) responsible for the day-to-day management of each Fund's portfolio (which, for each Select Fund, is the applicable Sub-Adviser(s)) is best positioned to consider factors particular to the issuer (when particular discretion and judgment should be brought to bear) on the voting matter under consideration. Also, for each Select Fund, the Sub-Adviser(s) is positioned to be able to consider the potential effect of a vote on the value of the Fund's investment(s). For these reasons, the Adviser has, with the Board's approval, delegated its proxy voting duties to the Sub-Adviser(s) of each Select Fund with respect to the assets of the Fund(s) that the Sub-Adviser(s) manage(s).

<sup>•</sup>

<u>Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

From time to time, the Adviser utilizes the brokerage and execution services of a transition manager to transfer all or a portion of a Select Fund's assets from the management of one Sub-Adviser to another

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(such event, a "Transition"). If, during a Transition, a proxy is received for a portfolio security in the account for which the transition manager is serving, the Adviser is responsible to vote the proxy or proxies in accordance with these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

From time to time, the Adviser may cause a Select Fund to acquire voting securities of an issuer. When this occurs, the Adviser is responsible to vote any proxies associated with the securities it purchases for the Select Fund's portfolio in accordance with these policies and procedures.

<sup>•</sup>

<u>Proxy Advisory Firm(s)</u>. The Adviser has not retained a proxy advisory firm to assist it in discharging its proxy voting duties. Each Sub-Adviser, however, may retain a proxy advisory firm to provide research or voting recommendations as an input to its voting decisions. In such a case, the Sub-Adviser is responsible for taking into account the appropriate considerations in selecting such a firm, evaluating its services (including any material changes in services or operations) in determining whether to continue to retain the firm and for taking appropriate steps when the Sub-Adviser becomes aware of potential factual errors, potential incompleteness or potential methodological weaknesses in the proxy advisory firm's analysis that may materially affect one or more of the Sub-Adviser's voting determinations.

Where a proxy advisory firm assists a Sub-Adviser with voting execution, including through an electronic vote management system that allows the proxy advisory firm to pre-populate the Sub-Adviser's votes shown on the proxy advisory firm's electronic voting platform with the proxy advisory firm's recommendations based on the Sub-Adviser's voting instructions to the firm, and/or automatically submit the Sub-Adviser's votes to be counted, the Sub-Adviser is responsible for taking appropriate steps to demonstrate that it is making voting determinations in a Fund's best interest.

As noted below, the Trust has retained a proxy voting service for limited administrative purposes.

<sup>•</sup>

<u>Proxies Not Voted</u>. There may be times when the Adviser or a Sub-Adviser may refrain from voting a proxy on behalf of a Fund if it has determined that refraining is in the best interest of the Fund, such as when the Adviser or Sub-Adviser determines that the cost of voting the proxy (which may include the opportunity cost of recalling shares out on loan for the purposes of proxy voting) exceeds the expected benefit to the Fund.

*Fund of Funds (Target Date Funds and Target Risk Funds)* 

The Adviser is responsible for the day-to-day management of each Fund that primarily invests in Select Funds (each, a "Fund of Funds" and collectively, the "Funds of Funds"), and for voting any proxies associated with the securities it purchases for the Funds of Funds in accordance with these policies and procedures.

**The Adviser's Proxy Voting Policies and Procedures** 

These policies and procedures are reasonably designed to ensure that the Adviser votes proxies in the best interests of the Funds in accordance with its fiduciary duty and Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Advisers Act").

*Proxy Voting in the Best Interests of the Funds* 

<sup>•</sup>

<u>Policies</u>*.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

To satisfy its fiduciary duty in making any voting determination with respect to portfolio securities held by a Fund either during a Transition or that the Adviser acquired for the Fund's portfolio, the Adviser will make the determination in the best interest of the Fund(s) and will not place the Adviser's own interests ahead of the interests of the Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The Adviser will conduct an investigation reasonably designed to ensure that the voting determination is not based on materially inaccurate or incomplete information (*e.g.*, the Adviser will monitor corporate events with respect to those portfolio securities).

Statement of Additional Information

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

As deemed necessary and appropriate, the Adviser will also consider whether certain types of matters may necessitate that the Adviser conduct a more detailed analysis than what may be entailed by application of its general voting guidelines (set forth below), to consider factors particular to the issuer or the voting matter under consideration (*e.g.*, corporate events (mergers and acquisition transactions, dissolutions, conversions or consolidations) or contested elections for directors). When determining whether to conduct such an issuer-specific analysis, or an analysis specific to the matter to be voted on, the Adviser will consider the potential effect of the vote on the value of a Fund's investments.

<sup>•</sup>

<u>Guidelines</u>. When the Adviser votes portfolio securities held by a Fund, the following guidelines generally apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Proxy votes are cast FOR proposals that the Adviser reasonably believes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

maintain or strengthen the shared interests of shareholders and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

increase shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

maintain or increase shareholder influence over the issuer's board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

maintain or increase the rights of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

encourage alignment of corporate actions with GuideStone's faith-based investing policy so as to allow the Fund to continue to hold companies' securities that the Adviser believes offer financial benefits to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Proxy votes are cast AGAINST proposals having the opposite effect, or where the Adviser does not have adequate objective facts available to it to make a reasonably informed decision as to whether the proposal is in the best interest of the Fund.

<sup>•</sup>

<u>Procedures</u>. When voting portfolio securities held by a Fund, the Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Obtain and evaluate such information as deemed reasonably necessary, such as the proxy statement and other information provided by the companies whose securities are being voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Analyze and evaluate the voting matters on the proxy statement and the disclosure contained therein, including the recommendations of management of the issuer, and any shareholder proposal(s), considering the potential effect of the vote on the value of the Fund's investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Assess whether the expected benefit to the Fund of voting exceeds the cost of voting the proxy (including the opportunity cost of recalling shares out on loan for the purposes of proxy voting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Arrange for the submission of those vote(s) to the shareholder meeting(s) in a timely manner.

*Conflicts of Interest* 

From time to time, the Adviser or its portfolio manager(s) may have a conflict of interest in making voting determinations with respect to a Fund's portfolio securities (*e.g.*, if the Adviser's and/or a portfolio manager's interests in an issuer or voting matter differ from those of the Fund(s) voting a proxy). A conflict of interest could arise, for example, because of a business relationship with an issuer, or a direct or indirect pecuniary interest in the issuer or matter being voted upon, or because of a personal relationship with corporate directors or candidates for directorships. Whether a material conflict of interest exists depends upon the facts and circumstances.

The personnel of the Adviser involved in making proxy voting determinations for a Fund (the "Advisory personnel") will seek to identify any potential conflict(s) of interest, and provide full, fair and timely disclosure of such conflict(s) to the Chief Compliance Officer of the Funds and the Adviser (the "CCO"), and obtain his informed consent before proceeding further (as set forth below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

<u>Identifying Conflicts of Interest</u>. For purposes of identifying conflicts of interest under these procedures, the Advisory personnel will rely upon the objective facts available to them about an issuer and its voting matters from reliable sources. It may be determined that a conflict of interest exists for the following reasons, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Significant Business Relationships – A matter could involve an issuer or proponent with which the Adviser has a significant business relationship, such as other investment advisory firms, service providers and vendors, clients and financial intermediaries. For this purpose, a "significant business relationship" is one that might create a pecuniary incentive for the Adviser to vote in favor of the issuer's management. The CCO may reasonably determine that a business relationship with an issuer does not entail any pecuniary incentive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Direct or Indirect Pecuniary Interest in Issuers or Voting Matters – The Adviser or its personnel could have beneficial ownership of securities of an issuer (including securities in an issuer's capital structure different from those owned by a Fund), and thus an opportunity to profit from changes in the value of an issuer's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Significant Personal or Family Relationships – A matter could involve an issuer, proponent, or individual with which Advisory personnel with decision making authority, including a portfolio manager, has a significant personal or family relationship. For this purpose, a "significant personal or family relationship" is one that would be reasonably likely to influence how the portfolio manager votes the proxy.

<sup>•</sup>

<u>Mitigating Conflicts of Interest</u>. If Advisory personnel become aware of a potential conflict of interest with respect to an issuer or a matter being voted upon (including those described above), the Advisory personnel will promptly disclose the conflict(s) to the CCO. If the CCO determines that there is an actual material conflict of interest, the CCO will take such steps as deemed reasonably necessary to address the conflict, including but not limited to the use of a third party to vote the proxies, and disclosure to the Board of Trustees (or an appropriate committee of the Board) so that the Board (or committee) could make a determination on how to vote the proxy.

<sup>•</sup>

<u>The CCO and the Board</u>. In the event that the CCO determines that the Adviser has a material conflict of interest with respect to an issuer's proxy voting matter(s), the CCO will provide full and fair disclosure of the fact, nature and scope of the conflict to the Chairman of the Board and/or the Chairman of the Compliance and Risk Committee of the Board (both of whom are not "interested persons" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustees")), and as deemed necessary and appropriate obtain his (their) consent (or instruction) before permitting the Adviser to vote on the matter(s).

<sup>•</sup>

<u>Voting shares of the Select Funds</u>. Because the Adviser is the investment adviser both to the Funds of Funds and the Select Funds, the Adviser will either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Seek instructions from a Fund of Funds' shareholders with regard to the voting of proxies with respect to shares of the Select Funds held by the Fund of Funds and vote those proxies only in accordance with those instructions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Vote the shares held by the Fund of Funds in the same proportion as the vote of all other shareholders of the Select Fund(s).

**Policies and Procedures for the Oversight of Proxy Voting by the Adviser and each Sub-Adviser** 

*Responsibilities of the Trust* 

<sup>•</sup>

<u>Delegation and Oversight</u>. The Board of Trustees has delegated its proxy voting duties to the Adviser, and therefore, it generally oversees the voting of proxies by the Adviser in accordance with these policies and procedures. As discussed above, the Sub-Advisory Agreements among the Trust, the Adviser and each Sub-Adviser further delegate proxy voting duties to the Sub-Advisers.

Statement of Additional Information

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

<u>Board Approval</u>. As required by Rule 38a-1(a)(2) under the 1940 Act, each Fund obtains the approval of the Board, including a majority of Independent Trustees, of these policies and procedures and those of each Sub-Adviser, based on a finding by the Board that the policies and procedures are reasonably designed to prevent violation of the federal securities laws (including Rule 206(4)-6 under the Advisers Act).

<sup>•</sup>

<u>Annual Review</u>. The CCO reviews, no less frequently than annually, the adequacy of these policies and procedures, and those of each Sub-Adviser (including proxy voting policies and procedures), and the effectiveness of their implementation. The CCO, no less frequently than annually, provides a written report to the Board that, at a minimum, addresses, the operation of the proxy voting policies and procedures of the Adviser and the Sub-Advisers, material changes thereto, and "Material Compliance Matters" thereunder (as defined in Rule 38a-1(e)(2) under the 1940 Act).

*Responsibilities of the Adviser* 

<sup>•</sup>

<u>Voting in the Funds' Best Interest and Addressing Material Conflicts</u>. The Adviser is responsible for voting the securities that it purchases for the Funds (or during a Transition) in the best interest of the Funds, and addressing material conflicts that may arise between the Adviser's interests and those of the Funds, in accordance with these policies and procedures.

<sup>•</sup>

<u>Monitoring and Oversight of Proxy Voting by Sub-Advisers</u>. The Adviser is responsible for the general oversight of the voting of proxies by the Sub-Adviser(s); however, the Adviser is not responsible for the specific actions (or inactions) of a Sub-Adviser in the performance of the duties assigned to the Sub-Adviser. The Adviser uses the following policies and procedures in overseeing proxy voting by the Sub-Advisers to the Funds, who use their own policies and procedures on the Funds' behalf to determine how to vote proxies relating to portfolio securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

The CCO obtains initially and annually thereafter a copy of the then-current proxy voting policies and procedures of each Sub-Adviser, and reviews them to form a view as to whether, to the best of his knowledge and belief, are reasonably designed to comply with Rule 206(4)-6 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

In performing this review, the CCO considers a number of factors, including, but not limited to, any provisions relating to: issuer-specific evaluations and contested proxies; identification and resolution of conflicts of interest; oversight of proxy advisory firms; and the recording and reviewing of the Sub-Adviser's votes for adherence to its policies, procedures and intentions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

As deemed necessary and appropriate, the CCO will discuss the Sub-Adviser's proxy voting program with the Sub-Adviser during the on-site or other due diligence meetings that are held periodically.

<sup>•</sup>

<u>Annual Review</u>. As part of the Adviser's ongoing compliance program, the Adviser reviews and documents, no less frequently than annually, the adequacy of these voting policies and procedures to ensure that they have been formulated reasonably and implemented effectively, including whether these policies and procedures continue to be reasonably designed to ensure that the Adviser casts votes on behalf of the Funds in the best interest of the Fund, as required by Rule 204-2(a)(17)(ii) and Rule 206(4)-7(b) under the Advisers Act. The Adviser takes reasonable measures to determine that it is casting votes on behalf of the Funds consistently with these voting policies and procedures. The Adviser reviews the proxy votes it casts on behalf of the Funds as part of this annual review.

<sup>•</sup>

<u>Periodic Review of ISS</u>. As deemed necessary and appropriate, the Adviser reviews the services of ISS and The Northern Trust Company (Regulatory Administration) ("NTRA") with respect to the timely and accurate voting of the Funds' proxies, the filing of the Funds' proxy voting records with the U.S. Securities and Exchange Commission ("SEC"), and the disclosure of the Funds' proxy voting records on the Trust's website.

**Disclosure of Proxy Voting Policies and Proxy Voting Records** 

*Disclosure of Policies and Procedures with respect to Voting Proxies Relating to Portfolio Securities* 

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The Funds include a copy of these policies and procedures in their SAI. The policies and procedures that each Sub-Adviser uses to determine how to vote proxies relating to a Fund's portfolio securities are described in Appendix C of the SAI.

*Disclosure of Proxy Voting Record* 

The Funds file with the SEC their proxy voting records annually on Form N-PX. The Funds make available free of charge the information disclosed in the Funds' most recently filed report on Form N-PX on the website as soon as reasonably practicable after filing the report with the SEC.

The Funds employ ISS to record and report all proxies voted by the Adviser and the Sub-Advisers on all portfolio securities. The proxy voting information on the website is provided by ISS. The Form N-PX report is filed annually with the SEC by NTRA with the proxy voting information provided by ISS.

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**Appendix C — Descriptions of Proxy Voting Policies and Procedures of Sub-Advisers** 

Provided below are descriptions of the proxy voting policies and procedures of each Sub-Adviser. These descriptions are not an exhaustive list of all of the issues that may arise in proxy voting, nor can the Sub-Advisers anticipate all future situations. Copies of each Sub-Adviser's full proxy voting policies and procedures are available upon request.

***Altrinsic Global Investors, LLC ("Altrinsic").*** Altrinsic believes proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When Altrinsic has discretion to vote the proxies of clients, the firm will vote those proxies in the best interest of clients and in accordance with the firm's Proxy Voting Policy and Procedures (the "Procedures"). Certain clients may retain proxy voting authority, and in those circumstances, Altrinsic has no proxy voting responsibility.

All proxies received by Altrinsic will be forwarded to one of the firm's portfolio managers, or his/her designee, with a list of accounts that hold the security, together with the number of votes each account controls (reconciling duplications), and the date by which Altrinsic must vote the proxy in order to allow enough time for the completed proxy to be returned to the issuer prior to the vote taking place. Altrinsic Operations ("Operations") will keep a record or be able to readily access a report from the electronic filing of each proxy received.

Absent material conflicts as addressed below, a portfolio manager, or his/her designee, will determine how Altrinsic should vote the proxy. The portfolio manager, or his/her designee, will provide the proxy voting ballot to Operations. Operations will provide the proxy with the proposed vote to Altrinsic Compliance ("Compliance") for review. Upon completion of review, Compliance will sign the proxy ballot and return it to Operations. Operations is responsible for voting the proxy either by mail or electronically in a timely and appropriate manner.

After a vote has been cast, Operations will provide Compliance with a proxy vote report. Compliance will review this report to confirm the proxy was voted in accordance with the provided instructions and was voted in a timely manner. Altrinsic or the firm's clients may retain a third party to assist in coordinating and voting proxies with respect to client securities. Currently, Altrinsic does not directly engage with any third-party voting companies for research.

In the absence of specific voting guidelines from the client, Altrinsic will vote proxies in the best interest of clients. Each proposal will be evaluated separately, but the following guidelines will generally be followed: (i) Altrinsic will vote in favor of routine corporate housekeeping proposals, including election of directors (where no corporate governance issues are implicated) and selection of auditors; (ii) Altrinsic will vote against proposals that make it more difficult to replace members of the issuer's board of directors, including proposals to stagger the board, cause management to be overrepresented on the board, introduce cumulative voting, introduce unequal voting rights and create supermajority voting; (iii) Altrinsic will vote against any resolution that gives boards authorization to issue more than 15% of share capital without shareholder approval, either through a rights issue or direct issuance; and (iv) Altrinsic will vote against any resolution that gives boards authority to waive pre-emption rights.

For other proposals, Altrinsic shall determine on a case-by-case basis the vote which is in the best interests of clients and may take into account certain factors, including, but not limited to: (i) whether the proposal was recommended by management and Altrinsic's opinion of management; (ii) the effect on shareholder value; (iii) the issuer's business practices; (iv) stock dilution and equity-based compensation; (v) whether the proposal acts to entrench existing management; and (vi) whether the proposal fairly compensates management for past and future performance.

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Compliance will review the proxy vote proposed by the portfolio manager, or his/her designee, and identify any conflicts of interest that exist between Altrinsic and clients. Such conflicts could include, but are not limited to, Altrinsic's or the firm's affiliates' relationships with the issuer or its affiliates. If a potential or actual conflict exists, Altrinsic will determine whether voting in accordance with the voting guidelines and factors described above is in the best interests of the client. If Altrinsic determines that a material conflict exists and that voting in accordance with the voting guidelines and factors described above is not in the best interests of clients, Altrinsic will make the appropriate disclosures to clients and either request that the client vote the proxy(ies) or abstain from voting.

***American Century Investment Management, Inc. ("American Century").*** American Century is the investment manager for a variety of advisory clients, including the American Century family of funds. In such capacity, American Century has been delegated the authority to vote proxies with respect to investments held in the accounts the firm manages. In the exercise of proxy voting authority which has been delegated to the firm by particular clients, American Century will apply proxy voting policies in accordance with, and subject to, any specific policies that have been adopted by the client and communicated to and accepted by the Advisor in writing. In providing the service of voting client proxies, American Century is guided by general fiduciary principles, must act prudently, solely in the interest of clients, and must not subordinate client interests to unrelated objectives.

American Century (along with the boards of the American Century Investments mutual funds) have agreed on certain significant contributors to shareholder value with respect to a number of matters that are often the subject of proxy solicitations for shareholder meetings. The proxy voting policies specifically address these considerations and establish a framework for the firm's consideration of the vote that would be appropriate for, and in the best interest of, clients. In particular, the proxy voting policies outline principles and factors to be considered in the exercise of voting authority for proposals addressing: election of directors; ratification of selection of auditors; compensation matters; executive compensation; equity-based compensation plans; anti-takeover proposals; cumulative voting; staggered boards; blank check" preferred stock; elimination of preemptive rights; non-targeted share repurchase; increase in authorized common stock; supermajority" voting provisions or "super voting" share classes; fair price" amendments; limiting the right to call special shareholder meetings; poison pills or shareholder rights plans; golden parachutes; reincorporation; confidential voting; opting in or out of state takeover laws; transaction related proposals; proposals involving environmental, social and governance matters; anti-greenmail proposals; changes to indemnification provisions; non-stock incentive plans; director tenure; directors' stock option plans; director share ownership; and non-U.S. proxies.

Except as otherwise indicated in these proxy voting policies, American Century will vote all proxies with respect to investments held in the client accounts the firm manages. American Century will attempt to consider all factors of the firm's vote that could affect the value of the investment. Although in most instances American Century will vote proxies consistently across all client accounts, the votes will be based on the best interests of each client. As a result, accounts managed by American Century may at times vote differently on the same proposals. Examples of when an account's vote might differ from other accounts managed by the firm include, but are not limited to, proxy contests and proposed mergers. In short, American Century will vote proxies in the manner that the firm believes will do the most to maximize shareholder value. Under certain circumstances, American Century may not be able to timely exercise the voting associated with particular securities held in a client's account, including, but not limited to, when securities are out on loan pursuant to a securities lending program.

American Century may retain proxy advisory firms to provide services in connection with voting proxies, including, without limitation, to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals and voting recommendations in accordance with the proxy voting policies, provide systems to assist with casting the proxy votes and provide reports and assist with preparation of filings concerning the proxies voted.

Prior to the selection of a proxy advisory firm and periodically thereafter, American Century will consider whether the proxy advisory firm has the capacity and competency to adequately analyze proxy issues and the

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ability to make recommendations based on material accurate information in an impartial manner. Such considerations may include some or all of the following: (i) periodic sampling of votes cast through the proxy advisory firm's systems to determine that votes are in accordance with American Century's proxy voting policies and the firm's clients best interests; (ii) onsite visits to the proxy advisory firm's office and/or discussions with the proxy advisory firm to determine whether it continues to have the resources (*e.g.*, staffing, personnel, technology, etc.) capacity and competency to carry out the obligations to American Century; (iii) a review of the proxy advisory firm's policies and procedures, with a focus on those relating to identifying and addressing conflicts of interest and monitoring that current and accurate information is used in creating recommendations; (iv) requesting that the proxy advisory firm notify American Century if there is a change in the proxy voting firm's material policies and procedures, particularly with respect to conflicts, or material business practices (*e.g.*, entering or exiting new lines of business), and reviewing any such change; and (v) in case of an error made by the proxy advisory firm, discussing the error with the proxy advisory firm and determining whether appropriate corrective and preventative action is being taken. In the event an error is discovered in the research or voting recommendations provided by the proxy advisory firm, American Century will take reasonable steps to investigate the error and seek to determine whether the proxy advisory firm is taking reasonable steps to reduce similar errors in the future.

While American Century takes into account information from many different sources, including independent proxy advisory services, the decision on how to vote proxies will be made in accordance with the firm's proxy voting policies.

Corporate management has a strong interest in the outcome of proposals submitted to shareholders. As a consequence, management often seeks to influence large shareholders to vote with management's recommendations on particularly controversial matters. In the vast majority of cases, these communications with large shareholders amount to little more than advocacy for management's positions and give the American Century's staff the opportunity to ask additional questions about the matter being presented. Companies with which American Century has direct business relationships could theoretically use these relationships to attempt to unduly influence the manner in which American Century votes on matters for clients. To ensure that such a conflict of interest does not affect proxy votes cast for the firm's clients, American Century proxy voting personnel regularly catalog companies with whom the firm has significant business relationships; all discretionary (including case-by-case) voting for these companies will be voted by the client or an appropriate fiduciary responsible for the client (*e.g.*, a committee of the independent directors of a fund or the trustee of a retirement plan).

***AQR Capital Management, LLC ("AQR").*** AQR's authority to vote proxies for clients, if granted, is established by the firm's investment advisory agreements or comparable documents. AQR has established proxy voting policies and procedures (the "Policy"), and AQR's Stewardship Committee (the "Committee"), is responsible for the implementation of the Policy, including the oversight and use of third-party proxy advisers, the manner in which AQR votes the firm's proxies and fulfilling AQR's obligation voting proxies in the best interest clients. AQR has retained an independent third-party proxy advisory firm for a variety of services including, but not limited to, receiving proxy ballots, working with custodian banks, proxy voting research and recommendations and executing votes. AQR may also engage other proxy advisory firms as appropriate for proxy voting research and other services. The Committee periodically assess the performance of the proxy advisory firm.

AQR requires any proxy advisory firm the firm engages with to identify and provide information regarding any material business changes or conflicts of interest on an ongoing basis. Where a conflict of interest may exist, AQR requires information on how the conflict is being addressed. If AQR determines that a material conflict of interest exists and is not sufficiently mitigated, the Committee will determine whether the conflict has an impact on the proxy advisory firm's voting recommendations, research or other services, and will determine if any action should be taken.

In relation to stocks held in accounts where AQR has proxy voting discretion, AQR will, as a general rule, seek to vote in accordance with the firm's Policy and the applicable guidelines AQR has developed to govern voting

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recommendations from the proxy advisory firm (the "AQR Voting Guidelines"). In instances where a client has provided AQR with specific instructions and/or custom proxy voting guidelines, AQR will seek to vote proxies in line with such instructions or custom guidelines.

AQR may refrain from voting in certain situations unless otherwise agreed to with a client, including, but not limited to, when (i) the cost of voting a proxy outweighs the benefit of voting; (ii) AQR is not given enough time to process a vote; (iii) AQR has an outstanding sell order or intends to sell the applicable security prior to the voting date; (iv) there are restrictions on trading resulting from the exercise of a proxy; (v) voting would cause an undue burden to AQR (*e.g.*, votes occurring in jurisdictions with beneficial ownership disclosure and/or power of attorney requirements); or (vi) AQR has agreed with the client in advance of the vote not to vote in certain situations or on specific issues. AQR generally does not notify clients of non-voted proxy ballots.

Some of AQR's strategies primarily focus on portfolio management and research related to macro trading strategies, which are implemented through the use of derivatives. These strategies typically do not hold equity securities with voting rights, but may, in certain circumstances, hold an exchange-traded fund ("ETF") for the purposes of managing market exposure. For AQR funds and managed accounts that only have a de minimis exposure to equities via an ETF, AQR will generally not vote proxies.

AQR takes a sustainable approach to proxy voting in relation to the firm's commingled client assets as evidenced in the AQR Voting Guidelines. The aim is to promote sustainable best practices in portfolio companies, which includes advocating for environmental protection, human rights, fair labor and anti-discrimination practices. When evaluating and adopting these guidelines and to encourage best sustainability practices, the Policy takes into account generally accepted frameworks such as those defined by the United Nations Principles for Responsible Investment and United Nations Global Compact.

AQR may review individual ballots (for example, in relation to specific corporate events such as mergers or acquisitions) using a more detailed analysis than is generally applied through the AQR Voting Guidelines. This analysis may, but does not always, result in deviation from the voting recommendation that would result from the AQR Voting Guidelines assigned to a given AQR fund or managed account. When determining whether to conduct an issuer-specific analysis, AQR will consider the potential effect of the vote on the value of the investment. To the extent that issuer-specific analysis results in a voting recommendation that deviates from a recommendation produced by the AQR Voting Guidelines, AQR will be required to vote proxies in a way that, in AQR's reasonable judgment, is in the best interest of AQR's clients. Unless prior approval is obtained from the AQR Chief Compliance Officer, Head of AQR's Stewardship or an AQR designee, the following principles will generally be adhered to when deviating from the AQR Voting Guidelines, AQR will not (i) engage in conduct that involves an attempt to change or influence the control of a public company; (ii) announce the firm's voting intentions and the reasons thereof; or (iii) initiate a proxy solicitation or otherwise seek proxy voting authority from any other public company shareholder.

AQR mitigates potential conflicts of interest by generally voting in accordance with the AQR Voting Guidelines and/or specific voting guidelines provided by clients. However, from time to time, AQR may determine to vote contrary to AQR Voting Guidelines with respect to AQR funds or accounts for which AQR has voting discretion, which could give rise to potential conflicts of interest. If AQR intends to directly vote a proxy in a manner that is inconsistent with the AQR Voting Guidelines, the AQR compliance department ("Compliance") will examine any conflicts that exist between the interest of AQR and clients. This examination includes, but is not limited to, a review of any material economic interest, including outside business activities of AQR, its personnel and its affiliates with the issuer of the security in question. Upon completion of its examination, Compliance will submit the findings to the Committee. If, based on a review of these findings, the Committee concludes that a material conflict of interest exists, the Committee will determine whether: (i) voting inconsistent with the AQR Voting Guidelines is in the best interests of the client; (ii) AQR should follow the AQR Voting Guidelines; or (iii) the client should approve the recommendation.

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***Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley").*** Barrow Hanley has accepted authority to vote proxies for clients who have delegated this responsibility to the firm, and Barrow Hanley's policy is to vote clients' proxies in the best economic interests of clients, the beneficial owners of the shares. Barrow Hanley has adopted this Proxy Voting Policy and procedures for handling research, voting, reporting and disclosing proxy votes, and this set of Guidelines ("Guidelines") that provide a framework for assessing proxy proposals.

Barrow Hanley votes all clients' proxies the same based on the Firm's Policy and Guidelines. If or when additional costs for voting proxies are identified, Barrow Hanley will determine whether such costs exceed the expected economic benefit of voting the proxy and may abstain from voting proxies for ERISA Plan clients. However, if/when such voting costs are borne by Barrow Hanley and not by the client, all proxies will be voted for all clients.

Disclosure information about the Firm's Proxy Voting Policy & Guidelines is provided in the firm's Form ADV Part 2.

To assist in the proxy voting process, at the firm's own expense, Barrow Hanley retains Glass Lewis & Co. ("Glass Lewis") as proxy service provider. Glass Lewis provides:

<sup>•</sup>

Research on corporate governance, financial statements, business, legal and accounting risks.

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Proxy voting recommendations, including ESG voting Guidelines.

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Portfolio accounting and reconciliation of shareholdings for voting purposes.

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Proxy voting execution, record keeping and reporting services.

<sup>•</sup>

Barrow Hanley's Proxy Oversight Committee is responsible for implementing and monitoring Barrow Hanley's proxy voting policy, procedures, disclosures and recordkeeping. The Proxy Oversight Committee conducts periodic reviews of proxy votes to ensure that the firm's policy is observed, implemented properly and amended or updated, as appropriate. The Proxy Oversight Committee is comprised of the chief compliance officer, the Responsible Investing Committee Lead, the Head of Investment Operations, the ESG Research Coordinator and an At-Large Portfolio Manager. Proxy Coordinators are responsible for organizing and reviewing the data and recommendations of Glass Lewis. Proxy Coordinators are responsible for ensuring that the proxy ballots are routed to the appropriate research analyst based on industry sector coverage.

<sup>•</sup>

Research Analysts are responsible for review and evaluate proposals and make recommendations to the Proxy Voting Committee to ensure that votes are consistent with the firm's analysis. Equity Portfolio Managers are members of the Proxy Voting Committee and vote proxy proposals based on the firm's Guidelines, internal research recommendations and the research from Glass Lewis. Proxy votes must be approved by the Proxy Voting Committee before submitting to Glass Lewis.

<sup>•</sup>

Proxies for the Diversified Small Cap Value accounts are voted in accordance with Glass Lewis' recommendations for the following reasons.

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Investment selection is based on a quantitative model.

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The holding period is too short to justify the time for analysis necessary to vote.

<sup>•</sup>

When voting proxies, potential conflicts may arise when:

<sup>•</sup>

Clients elect to participate in securities lending arrangements; in such cases, the votes follow the shares. Barrow Hanley is not a party to the client's lending arrangement and typically does not have information about shares on loan. Under these circumstances the proxies for those shares may not be voted.

<sup>•</sup>

If/when a proxy voting issue is determined to be financially material, the firm makes a best-efforts attempt to alert clients and their custodial bank to recall shares from loan to be voted. In this context, Barrow Hanley defines a financially material issue to be issues deemed by our investment team to have significant economic impact. The ultimate decision on whether to recall shares is the responsibility of the client.

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<sup>•</sup>

Barrow Hanley invests in equity securities of corporations who are also clients of the firm; in such cases, Barrow Hanley seeks to mitigate potential conflicts by:

<sup>•</sup>

Making voting decisions for the benefit of the shareholder(s), the firm's clients;

<sup>•</sup>

Uniformly voting every proxy based on Barrow Hanley's internal research and consideration of Glass Lewis' recommendations; and

<sup>•</sup>

Documenting the votes of companies who are also clients of the firm.

<sup>•</sup>

If a material conflict of interest exists, members from the Proxy Voting and Oversight Committees will determine if the affected clients should have an opportunity to vote their proxies themselves, or whether Barrow Hanley will address the specific voting issue through other objective means, such as voting the proxies in a manner consistent with a predetermined voting policy or accepting the voting recommendation of Glass Lewis.

<sup>•</sup>

Clients may elect to participate in securities lending programs through their custodial bank. Typically, Barrow Hanley is not notified of shares on loan, and whether shares are loaned is not considered when the portfolio manager's make and implement investment selection. When the firm determines a proxy voting issue to be of material significance, Barrow Hanley makes a best-efforts attempt to alert clients and their custodial bank to recall shares from loan so that they firm can vote the proxies. In this context, Barrow Hanley defines material significance to be any proxy issue deemed by the investment team to have significant economic impact or likely cause a market movement. The ultimate decision on whether or not to recall shares is the responsibility of the client.

***BlackRock Financial Management, Inc. ("BlackRock Financial"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL" and together with BlackRock Financial and BIL, "BlackRock").*** BlackRock votes (or refrains from voting) proxies for each client for which the firm has voting authority based on BlackRock's evaluation of the best long-term economic interests of shareholders, in the exercise of the firm's independent business judgment, and without regard to the relationship of the issuer of the proxy (or any dissident shareholder) to the client, the client's affiliates (if any), BlackRock or BlackRock's affiliates.

When exercising voting rights, BlackRock will normally vote on specific proxy issues in accordance with BlackRock's proxy voting guidelines ("Guidelines") for the relevant market. The Guidelines are reviewed regularly and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by BlackRock's Corporate Governance Committees ("Committees"). The Committees may, in the exercise of their business judgment, conclude that the Guidelines do not cover the specific matter upon which a proxy vote is requested or that an exception to the Guidelines would be in the best long-term economic interests of BlackRock's clients.

In certain markets, proxy voting involves logistical issues which can affect BlackRock's ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: (i) untimely notice of shareholder meetings; (ii) restrictions on a foreigner's ability to exercise votes; (iii) requirements to vote proxies in person; (iv) "share blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); (v) potential difficulties in translating the proxy; and (vi) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions.

As a consequence, BlackRock votes proxies in these markets only on a "best-efforts" basis. In addition, the Committees may determine that it is generally in the best interests of BlackRock clients not to vote proxies of companies in certain countries if the Committees determine that the costs (including, but not limited to, opportunity costs associated with share blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client will derive by voting on the issuer's proposal.

While it is expected that BlackRock, as a fiduciary, will generally seek to vote proxies over which BlackRock exercises voting authority in a uniform manner for all BlackRock clients, the portfolio manager of an account, in

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consultation with the Corporate Governance Group, may determine that the specific circumstances of an account require that account's proxies be voted differently due to such account's investment objective or other factors that differentiate it from other accounts. In addition, BlackRock believes portfolio managers may from time to time legitimately reach differing but equally valid views, for their funds and the client assets in those funds, on how best to maximize economic value in respect of a particular investment. Accordingly, portfolio managers retain full discretion to vote the shares in the accounts they manage based on their analysis of the economic impact of a particular ballot item.

BlackRock maintains policies and procedures that are designed to prevent undue influence on BlackRock's proxy voting activity that might stem from any relationship between the issuer of a proxy (or any dissident shareholder) and BlackRock, BlackRock's affiliates, a fund or a fund's affiliates. BlackRock manages most conflicts through the structural separation of the Corporate Governance Group from employees with sales responsibilities. In certain instances, BlackRock may determine to engage an independent third party voting service provider to provide voting recommendation for certain proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law. Use of an independent third party voting provider has been adopted for voting the proxies related to any company that is affiliated with BlackRock, or any company that includes BlackRock employees on its board of directors.

Clients that have not granted BlackRock voting authority over securities held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers. BlackRock generally does not provide proxy voting recommendations to clients who have not granted BlackRock voting authority over their securities.

***Broadmark Asset Management LLC ("Broadmark").*** Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When Broadmark has discretion to vote the proxies of clients, the firm will vote those proxies in the best interest of clients and in accordance with these policies and procedures. Broadmark employs the services of Broadridge, an un-affiliated proxy firm, to assist in the electronic record keeping and management of the proxy process with respect to client securities.

Broadridge, through its ProxyEdge voting service, notifies Broadmark of annual meetings and ballots and provides the ability to manage, track, reconcile and report proxy voting through electronic delivery of ballots, online voting, integrated reporting and recordkeeping. The director of investment operations is responsible for monitoring and cross referencing holdings and account information pertaining to the proxy received from ProxyEdge while the chief compliance officer oversees the process to assure that all proxies are being properly voted and appropriate records are being retained.

All proxies received by Broadmark are sent to the portfolio manager. The portfolio manager then reviews the information and votes according to the guidelines set forth below.

In the absence of specific voting guidelines from the client, Broadmark will vote proxies in the best interests of each particular client, which may result in different voting results for proxies for the same issuer. Broadmark believes that voting proxies in accordance with the following guidelines is in the best interests of clients.

<sup>•</sup>

Generally, Broadmark will vote in favor of routine corporate housekeeping proposals, including election of directors (where no corporate governance issues are implicated), selection of auditors and increases in or reclassification of common stock.

<sup>•</sup>

Generally, Broadmark will vote against proposals that make it more difficult to replace members of the issuer's board of directors, including proposals to stagger the board, cause management to be overrepresented on the board, introduce cumulative voting, introduce unequal voting rights and create supermajority voting.

For other proposals, Broadmark shall determine whether a proposal is in the best interests of clients and may take into account the following factors, among others: (i) whether the proposal was recommended by management and

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Broadmark's opinion of management; (ii) whether the proposal acts to entrench existing management; and (iii) whether the proposal fairly compensates management for past and future performance.

The chief compliance officer with the portfolio manager will identify any conflicts that exist between the interests of Broadmark and the firm's clients. This examination will include a review of the relationship of Broadmark and the firm's affiliates with the issuer of each security and any of the issuer's affiliates to determine if the issuer is a client of Broadmark or an affiliate of Broadmark or has some other relationship with Broadmark or a client of Broadmark. If a material conflict exists, Broadmark will determine whether voting in accordance with the voting guidelines and factors described previously is in the best interests of the client. Broadmark will also determine whether it is appropriate to disclose the conflict to the affected clients and, except in the case of clients that are subject to the Employee Retirement Income Security Act of 1974, as amended, give the clients the opportunity to vote their proxies themselves.

***Delaware Investments Fund Advisers ("DIFA").*** DIFA is a series of Macquarie Investment Management Business Trust ("MIMBT"). If and when proxies need to be voted on behalf of clients, DIFA will vote such proxies pursuant to its Proxy Voting Policies and Procedures (the "Procedures"). DIFA has established a Proxy Voting Committee (the "Committee") which is responsible for overseeing DIFA's proxy voting process for the Fund. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow DIFA to vote proxies in a manner consistent with the goal of voting in the best interests of the Fund. In order to facilitate the actual process of voting proxies, DIFA has contracted Institutional Shareholder Services ("ISS") to analyze proxy statements on behalf of the Fund and other DIFA clients and provide DIFA with research recommendations on upcoming proxy votes in accordance with the Procedures. The Committee is responsible for overseeing ISS's proxy voting activities. If a proxy has been voted for the Fund, ISS will create a record of the vote.

When determining whether to invest in a particular company, one of the factors DIFA may consider is the quality and depth of the company's management. As a result, DIFA believes that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, DIFA's votes are cast in accordance with the recommendations of the company's management. However, DIFA may vote against management's position when it runs counter to DIFA's specific Proxy Voting Guidelines (the "Guidelines"), and DIFA will also vote against management's recommendation when it believes that such position is not in the best interests of the Fund.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of clients. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote for management or shareholder proposals to reduce supermajority vote requirements, taking into account: ownership structure, quorum requirements and vote requirements; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis; (iv) generally vote re-incorporation proposals on a case-by-case basis; (v) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; (vi) generally vote for proposals requesting that a company report on its policies, initiatives, oversight mechanisms and ethical standards related to social, economic and environmental sustainability, unless the company already provides similar reports through other means or the company has formally committed to the implementation of a reporting program based on Global Reporting Initiative guidelines or a similar standard; and (vii) generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

DIFA has a section in its Procedures that addresses the possibility of conflicts of interest. Most of the proxies which DIFA receives on behalf of its clients are voted in accordance with the Procedures. Since the Procedures are pre-determined by the Committee, application of the Procedures by DIFA's portfolio management teams when voting proxies after reviewing the proxy and research provided by ISS should in most instances adequately address any potential conflicts of interest. If DIFA becomes aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee's delegates for review. If the portfolio management team for such proxy intends to vote in accordance with ISS's recommendation pursuant to

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DIFA's Procedures, then no further action is needed to be taken by the Committee. If DIFA's portfolio management team is considering voting a proxy contrary to ISS's research recommendation under the Procedures, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between DIFA and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with ISS's research recommendation or abstain from voting.

***Goldman Sachs Asset Management, L.P.* *("GSAM").*** Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services GSAM provides its advisory clients who have authorized the firm to address these matters on their behalf. GSAM's guiding principles in performing proxy voting are to make decisions that favor proposals that in the firm's view maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect GSAM's belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. GSAM recognizes that Environmental, Social and Governance (ESG) factors can affect investment performance, expose potential investment risks and provide an indication of management excellence and leadership. When evaluating ESG proxy issues, GSAM balances the purpose of a proposal with the overall benefit to shareholders.

To implement these guiding principles for investments in publicly traded equities for which the firm have voting power on any record date, GSAM follows customized proxy voting guidelines that have been developed by the firm's portfolio management and Global Stewardship Team (the "Guidelines"). The Guidelines embody the positions and factors GSAM generally considers important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and various shareholder proposals. Recognizing the complexity and fact-specific nature of many corporate governance issues, the Guidelines identify factors GSAM considers in determining how the vote should be cast.

The principles and positions reflected are designed to guide GSAM in voting proxies, and not necessarily in making investment decisions. GSAM's portfolio management teams (each, a "Portfolio Management Team") base their determinations of whether to invest in a particular company on a variety of factors, and while corporate governance may be one such factor, it may not be the primary consideration.

GSAM has adopted the policies and procedures set out below regarding the voting of proxies (the "Policy"). The Global Stewardship Team periodically reviews this Policy to ensure it continues to be consistent with GSAM's guiding principles.

*The Proxy Voting Process.* 

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*Public Equity Investments.* The Fundamental Equity Team views the analysis of corporate governance practices as an integral part of the investment research and stock valuation process. In forming their views on particular matters, these Portfolio Management Teams may consider applicable regional rules and practices, including codes of conduct and other guides, regarding proxy voting, in addition to the Guidelines and Recommendations (as defined below). The Quantitative Investment Strategies Portfolio Management Teams have decided to generally follow the Guidelines and Recommendations based on such Portfolio Management Teams' investment philosophy and approach to portfolio construction, as well as their participation in the creation of the Guidelines. The Quantitative Investment Strategies Portfolio Management Teams may from time to time, however, review and individually assess any specific shareholder vote.

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*Fixed Income and Private Investments*. Voting decisions with respect to client investments in fixed income securities and the securities of privately held issuers generally will be made by the relevant Portfolio

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Management Teams based on their assessment of the particular transactions or other matters at issue. Those Portfolio Management Teams may also adopt policies related to the fixed income or private investments they make that supplement this Policy.

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*GS Investment Strategies Portfolio Management.* Voting decisions with respect to client investments in the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. To the extent the portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will generally follow the Guidelines and Recommendations as discussed below unless an override is requested.

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*Alternative Investment and Manager Selection ("AIMS") and Externally Managed Strategies*. Where GSAM places client assets with managers outside of Asset Management, for example within GSAM's AIMS business unit, such external managers generally will be responsible for voting proxies in accordance with the managers' own policies. AIMS may, however, retain proxy voting responsibilities where it deems appropriate or necessary under prevailing circumstances. To the extent AIMS portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will follow the Guidelines and Recommendations as discussed below unless an override is requested. Any other voting decision will be conducted in accordance with AIMS' policies governing voting decisions with respect to public and non-publicly traded equity securities held by their clients.

*Implementation.* GSAM has retained a third-party proxy voting service (the "Proxy Service") to assist in the implementation of certain proxy voting-related functions, including, without limitation, operational, recordkeeping and reporting services. Among its responsibilities, the Proxy Service prepares a written analysis and recommendation (a "Recommendation") of each proxy vote that reflects the Proxy Service's application of the Guidelines to the particular proxy issues. In addition, in order to facilitate the casting of votes in an efficient manner, the Proxy Service generally prepopulates and automatically submits votes for all proxy matters in accordance with such Recommendations, subject to GSAM's ability to recall such automatically submitted votes. If the Proxy Service or Asset Management becomes aware that an issuer has filed, or will file, additional proxy solicitation materials sufficiently in advance of the voting deadline, GSAM will generally endeavor to consider such information where such information is viewed as material in the firm's discretion when casting its vote, which may, but need not, result in a change to the Recommendation, which may take the form of an override (as described below) or a revised Recommendation issued by the Proxy Service. GSAM retains the responsibility for proxy voting decisions. GSAM conducts an annual due diligence meeting with the Proxy Service to review the processes and procedures the Proxy Service follows when making proxy voting recommendations based on the Guidelines and to discuss any material changes in the services, operations, staffing or processes.

GSAM's Portfolio Management Teams generally cast proxy votes consistently with the Guidelines and the Recommendations. Each Portfolio Management Team, however, may on certain proxy votes seek approval to diverge from the Guidelines or a Recommendation by following a process that seeks to ensure that override decisions are not influenced by any conflict of interest. As a result of the override process, different Portfolio Management Teams may vote differently for particular votes for the same company. In addition, the Global Stewardship Team may on certain proxy votes also seek approval to diverge from the Guidelines or a Recommendation and follow the override process described above that seeks to ensure these decisions are not influenced by any conflict of interest. In these instances, all shares voted are voted in the same manner.

GSAM's clients who have delegated voting responsibility to the firm with respect to their account may from time to time contact their client representative if they would like to direct GSAM to vote in a particular manner for a particular solicitation. GSAM will use commercially reasonable efforts to vote according to the client's request in these circumstances, however, the firm's ability to implement such voting instruction will be dependent on operational matters such as the timing of the request.

From time to time, GSAM's ability to vote proxies may be affected by regulatory requirements and compliance, legal or logistical considerations. As a result, from time to time, GSAM may determine that it is not practicable or desirable to vote proxies. In certain circumstances, such as if a security is on loan through a securities lending

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program, the Portfolio Management Teams may not be able to participate in certain proxy votes unless the shares of the particular issuer are recalled in time to cast the vote. A determination of whether to seek a recall will be based on whether the applicable Portfolio Management Team determines that the benefit of voting outweighs the costs, lost revenue, and/or other detriments of retrieving the securities, recognizing that the handling of such recall requests is beyond the firm's control and may not be satisfied in time for GSAM to vote the shares in question.

GSAM discloses the firm's voting publicly each year in a filing with the US Securities and Exchange Commission and on GSAM's website for all GSAM US registered mutual funds. GSAM also generally discloses the firm's voting publicly on a quarterly basis on the firm's website for company proxies voted according to the Guidelines and Recommendations

*Conflicts of Interest.* GSAM has implemented processes designed to prevent conflicts of interest from influencing its proxy voting decisions. These processes include information barriers as well as the use of the Guidelines and Recommendations and the override process described above in instances when a Portfolio Management Team is interested in voting in a manner that diverges from the initial Recommendation based on the Guidelines. To mitigate perceived or potential conflicts of interest when a proxy is for shares of The Goldman Sachs Group Inc. or a Goldman Sachs Asset Management managed fund, the firm will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements.

***Guggenheim Partners Investment Management, LLC ("Guggenheim").*** Guggenheim's Proxy Voting Policies and Procedures (the "Procedures") are designed to ensure that proxies are voted in the best interests of clients. Where Guggenheim has been delegated the responsibility for voting proxies, the firm will take reasonable steps under the Procedures to ensure that proxies are received and voted in the best long-term interests of clients. Guggenheim will consider all relevant factors and will not give undue weight to the opinions of other individuals or groups who may have an economic interest in the outcome of the proxy vote.

The financial interest of Guggenheim's clients is the primary consideration in determining how proxies should be voted. Any material conflicts of interest between Guggenheim and the firm's clients with respect to proxy voting are resolved in the best interests of clients. Corporate actions, such as rights offerings, tender offers and stock splits or actions initiated by holders of a security rather than the issuer (such as reset rights for a CLO) or legal actions, such as bankruptcy proceedings or class action lawsuits are outside the scope of the Procedures.

Guggenheim has adopted the proxy voting guidelines of an outside proxy voting firm, Institutional Shareholder Services Inc. ("ISS"), as Guggenheim's proxy voting guidelines (the "Guidelines"). Guggenheim has also engaged ISS to act as agent for the proxy process, to maintain records on proxy votes for the firm's clients and to provide independent research on corporate governance, proxy and corporate responsibility issues. At inception, Guggenheim will assess the Procedures to determine which Guidelines will be followed. Guggenheim reviews the Guidelines and conducts a due diligence assessment of ISS and the performance of its duties as agent at least annually. Guggenheim may override the Guidelines recommending a vote on a particular proposal if the firm determines a different vote to be in the best interest of the client or if required to deviate under applicable law, rule or regulation. If a proposal is voted contrary to the ISS Guidelines, the reasons will be documented in writing by Guggenheim.

Guggenheim seeks to vote securities in the best interests of clients and will apply the Guidelines regardless of whether the issuer, a third party or both solicit Guggenheim's vote.

In the absence of contrary instructions received from Guggenheim, ISS will vote proxies in accordance with the ISS Guidelines, as such Guidelines may be revised from time to time. Guggenheim will typically vote proxies itself in two scenarios: (1) the Guidelines do not address the proposal; and (2) Guggenheim has decided to vote some or all of the shares contrary to the Guidelines.

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*Proposals not addressed by Guidelines:* ISS will notify Guggenheim of all proxy proposals that do not fall within the Guidelines (*i.e.,* proposals which are either not addressed in the Guidelines or proposals for which

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the firm has indicated that a decision will be made on a case-by-case basis, such as fixed income securities). If the investment team(s) responsible, together with the Proxy Voting Advisory Committee ("PVAC"), comprising of representatives from investment management, compliance, risk operations and legal, determines that there are no material conflicts of interest, the proposal will be voted in accordance with the recommendation of said team(s) and approval from the PVAC. If there is a material conflict of interest, Guggenheim will follow the procedures outlined below.

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*Proposal to be voted contrary to Guidelines:* When an investment team decides that a proposal should be voted contrary to the Guidelines, because it believes it is in the best interest of the client to do so, the investment team will consult with the PVAC to determine whether there is a material conflict of interest as to that proposal. If the investment team(s) responsible, together with the PVAC, determines that there is no material conflict of interest, Guggenheim will override the proposal from ISS in accordance with the recommendation of said team(s) and approval from the PVAC. If there is a material conflict of interest, Guggenheim will follow the procedures outlined below.

Guggenheim occasionally will be subject to conflicts of interest in the voting of proxies due to relationships the firm maintains with persons having an interest in the outcome of particular votes. Common examples of conflicts in the voting of proxies are: (a) Guggenheim or an affiliate of Guggenheim provides or is seeking to provide services to the company on whose behalf proxies are being solicited; (b) an employee of Guggenheim or its affiliate has a personal relationship with the company's management or another proponent of a proxy issue; or (c) an immediate family member of the employee of Guggenheim or its affiliates is a director or executive officer of the company. Senior members of the investment team(s) responsible for voting the proxy, in consultation with compliance, will decide whether a material conflict of interest exists. If a material conflict of interest exists, the investment team(s) will consult with the PVAC to determine how to resolve the conflict consistent with the procedures below. In certain cases, Guggenheim occasionally engages and appoints an independent party to provide independent analysis or recommendations with respect to consents, proxy voting or other similar shareholder or debt holder rights decision (or a series of consents, votes or similar decisions) pertaining to a client.

If the Guidelines do not address a proposal, or Guggenheim wishes to vote a proposal contrary to the Guidelines, or ISS does not provide a recommendation on a proposal, and Guggenheim has a material conflict of interest as to the vote, then Guggenheim will seek to resolve the conflict in any of the following ways, as recommended by the PVAC:

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Refer Proposal to the Client – Guggenheim may refer the proposal to the client and obtain instructions from the client on how to vote the proxy relating to that proposal.

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Obtain Client Ratification – If Guggenheim is in a position to disclose the conflict to the client (*i.e.,* such information is not confidential), the firm may determine how it proposes to vote the proposal on which it has a conflict, fully disclose the nature of the conflict to the client and obtain the client's consent for how Guggenheim will vote on the proposal (or otherwise obtain instructions from the client on how the proxy on the proposal should be voted).

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Abstain from voting.

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Use another Independent Third Party for All Proposals – Subject to any client-imposed proxy voting policies, Guggenheim may vote all proposals in a single proxy according to the policies of an independent third party other than ISS (or have the third party vote such proxies).

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Use another Independent Third Party to Vote Only the Specific Proposals that Involve a Conflict – Subject to any client-imposed proxy voting policies, Guggenheim may use an independent third party other than ISS to recommend how the proxy for specific proposals that involve a conflict should be voted (or have the third party vote such proxies).

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The method selected by Guggenheim to resolve the conflict may vary from one instance to another depending upon the facts and circumstances of the situation, but in each case, consistent with the firm's duty of loyalty and care.

***Heitman Real Estate Securities LLC ("HRES").*** HRES's general policy with respect to all clients where HRES has authority to vote proxies, such proxies will always be voted, or not voted, in the best interest of such clients. HRES utilizes the services of one or more independent unaffiliated proxy firms, which are responsible for: notifying the applicable HRES adviser in advance of the shareholder meeting at which such proxies will be voted; providing the appropriate proxies to be voted; providing independent research on corporate governance, proxy and corporate responsibility issues; recommending actions with respect to proxies which are always deemed by the applicable proxy firm to be in the best interests of the shareholders; and maintaining records of proxy statements received and votes cast.

HRES considers each corporate proxy statement on a case-by-case basis and may vote a proxy in a manner different from that recommended by the applicable proxy firm when deemed appropriate. There may also be occasions when HRES determines, contrary to the proxy voting firm recommendation that not voting such proxy may be in the best interest of clients, such as: (i) when the cost of voting such proxy exceeds the expected benefit to the client; or (ii) if the applicable HRES adviser is required to re-register shares of a company in order to vote a proxy and that re-registration process imposes trading and transfer restrictions on the shares, commonly referred to as "blocking." The firm generally votes with the recommendations from the proxy firm unless a client investment management agreement has a different requirement or HRES's Proxy Policies and Procedures Oversight Committee (the "Proxy Committee") rejects the recommendations.

HRES has established the Proxy Committee, consisting of: (i) a Public Securities portfolio manager; (ii) the chief legal officer of Heitman LLC, or if the chief legal officer is unavailable, a reserve designee as may be appointed by HRES from time to time; and (iii) either one of the Co-Heads of Global Public Real Estate Securities, or their designee. The Public Securities lead portfolio manager that is appointed to the Proxy Committee will be from a HRES adviser other than the HRES adviser that proposed rejecting the recommendation. The Proxy Committee is responsible for reviewing and addressing any instance where a portfolio manager determines that a proxy firm recommendation is not in the best interest of clients and wants to vote a proxy in a manner inconsistent with the recommendation of the proxy firm, HRES's proxy voting policy or identifies actual or perceived conflicts of interests in the context of voting proxies.

On an annual basis, the Proxy Committee shall review this policy and procedure, and the proxy firm(s) and will recommend changes, as needed.

As a general rule, a representative of the HRES Operations group ("Operations") processes all proxies which any HRES adviser is entitled to vote. When a proxy is received, Operations will send a Proxy Analysis Report to the portfolio manager within HRES who is responsible for review of the company conducting the proxy. In reviewing the recommendations to determine how to respond to the proxy in the best interest of clients, the portfolio manager may consider information from various sources, including, without limitation, another HRES portfolio manager or research analyst, management personnel of the company conducting the proxy and shareholder groups, as well as the possibility of any actual or perceived potential conflicts of interest between the applicable HRES adviser and any of its clients with respect to such proxy. The portfolio manager returns the Proxy Analysis Report to Operations indicating his or her voting recommendation for the proxy, as well as a description and explanation of any actual or perceived potential conflicts of interest between the applicable HRES adviser and its clients with respect to such proxy. If a portfolio manager recommends responding to a particular proxy contrary to the proxy firm recommendation or perceives an actual or potential conflict of interest, the exception is noted and set aside for consideration by the portfolio manager. Operations compiles all exceptions and forwards such exceptions promptly to the members of the Proxy Committee, selecting an applicable Public Securities lead portfolio manager. The Proxy Committee convenes to review the exceptions. Proxy Committee meetings may be

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conducted in person, via teleconference/ videoconference or via e-mail. Regardless of the manner in which the Proxy Committee meeting has been conducted, Operations will participate and will document the actions of the Proxy Committee.

In instances where suspected conflicts of interest have been identified, the Proxy Committee will evaluate whether an actual or potential material conflict of interest exists and, if so, how it should be addressed in voting or not voting the particular proxy. In such cases, the Proxy Committee may decide (i) to independently determine that no material conflict of interest exists or will likely potentially exist; (ii) to respond to such proxy in strict accordance with the recommendations of the proxy firm; or (iii) to take another course of action that, in the opinion of the Proxy Committee, adequately addresses the conflict of interests issue. At or following the Proxy Committee meeting, the Proxy Committee may confirm or overturn, in any case, either in whole or in part, any recommendations made by the portfolio manager. The vote of a majority of the Proxy Committee shall be required to confirm any recommendations by the portfolio manager to vote any proxy contrary to the proxy firm recommendation as to how to vote that issue.

In cases other than those requiring a Proxy Committee meeting, Operations will respond to the proxy in accordance with the recommendations of the proxy firm except in instances where a client has advised HRES in writing that particular proxies or proxies of a certain type should be responded to in a particular fashion, in which circumstance Operations will respond to the proxy in question in accordance with such advice. Upon request from any member of the Proxy Committee or Compliance department, Operations will prepare a Proxy Voting Summary ("Summary") for the Proxy Committee containing all of the proxy firm's proxy vote recommendations that were overridden during the period. The Summary will also highlight any proxy issues that were identified as presenting actual and/or potential conflicts of interest and how they were addressed.

***Jacobs Levy Equity Management, Inc. ("Jacobs Levy").*** Proxy voting is an important right of shareholders. Jacobs Levy recognizes that reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When Jacobs Levy has discretion to vote the proxies of clients, proxies will be voted in their best interests in accordance with Jacobs Levy's policies and procedures.

The chief compliance officer is responsible for ensuring proxies are voted in accordance with the Jacobs Levy guidelines. Unless a client has provided specific voting guidelines, Jacobs Levy will generally vote proxies in accordance with recommendations provided by Institutional Shareholder Services ("ISS"), a third-party provider of proxy analyses and voting recommendations. However, there are specific proxy issues that Jacobs Levy has identified with respect to which it will vote with management and others with respect to which it will vote against management. Jacobs Levy generally votes in favor of routine corporate governance proposals. Jacobs Levy's policy is generally to vote against proposals that act to entrench management. There are other circumstances in which Jacobs Levy may vote in a manner which differs from ISS's recommendation. Jacobs Levy does not typically make case-by-case judgments regarding how a proxy vote will affect a particular investment.

The chief compliance officer will identify any conflicts that exist between the interests of Jacobs Levy and its clients. If a material conflict of interest arises, Jacobs Levy will determine whether voting in accordance with the voting guidelines and factors described above is in the best interests of the clients or whether some alternative action is appropriate, including, without limitation, following the ISS recommendation.

***Janus Henderson Investors US LLC ("Janus Henderson").*** Janus Henderson seeks to vote proxies in the best interest of shareholders and without regard to any other Janus Henderson relationship (business or otherwise). Janus Henderson has adopted Proxy Voting Procedures and Proxy Voting Guidelines (the "Guidelines") and has established a Proxy Voting Committee ("Committee") to oversee their development and implementation.

The Proxy Voting Procedures set forth how proxy voting policy is developed, how proxy votes are cast, how conflicts of interest are addressed and how the proxy voting process is overseen. The Committee develops the Proxy Voting Procedures and the Guidelines, manages conflicts of interest related to proxy voting and supervises the voting process generally. The Committee is comprised of representatives from the Office of the Treasurer,

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Operations Control, Compliance, as well as the Governance and Stewardship team (the "G&S Team") and equity portfolio management who provide input on behalf of investments team. Internal legal counsel serves as a consultant to the Committee and is a non-voting member. Operations Control is responsible for the day-to-day administration of the proxy voting process for the portfolio, and the Guidelines outline how Janus Henderson will generally vote proxies on securities held by the portfolio Janus Henderson manages. The Guidelines, which include recommendations on most major corporate issues, have been developed by the Committee in consultation with Janus Henderson's portfolio managers, assistant portfolio managers and analysts (together, "Portfolio Management") and the G&S Team.

In creating proxy voting recommendations, the Committee reviews Janus Henderson's proxy voting record over the prior year, including exceptions to the Guidelines directed by Portfolio Management, to determine whether any adjustments should be made. The Committee also reviews changes to the Guidelines recommended by its proxy advisory firm, Institutional Shareholder Services ("ISS") (the "Proxy Voting Service"), discusses such changes with the Proxy Voting Service, and solicits feedback from Investments on such changes. Once the Committee approves changes to the Guidelines, they are distributed to Operations Control and the Proxy Voting Service for implementation. The Committee provides oversight of the proxy voting process, which includes reviewing results of diligence on the Proxy Voting Service. For proxy issues addressed by the Guidelines, Janus Henderson will vote in accordance with the Guidelines absent an instruction to the contrary by the relevant Portfolio Management (an "exception vote"). For proxy issues not addressed by the Guidelines ("refer items"), Janus Henderson will only vote as instructed by the relevant Portfolio Management.

In addition to automatically receiving refer items, a portfolio manager may elect to receive a summary of all vote recommendations or all vote recommendations against management. Although Janus Henderson will generally vote in accordance with the Guidelines, portfolio managers have ultimate discretion and responsibility for determining how to vote proxies with respect to securities held in the portfolios they manage. The Committee does not have authority to direct votes for any client or account except as otherwise set forth in the Proxy Voting Procedures. In deciding how to cast their votes, Portfolio Management may reference their own perspectives, knowledge and research as well as the research and recommendations of the Proxy Voting Service. While Portfolio Management generally cast votes consistently across accounts, they may reasonably reach different conclusions as to what is in the best interest of specific accounts based on differences in strategies, objectives or perspectives. Janus Henderson recognizes that in certain circumstances the cost to Funds associated with casting a proxy vote may exceed the benefits received by clients from doing so. In those situations, Janus Henderson may decide to abstain from voting. For instance, certain portfolios may participate in a securities lending program under which shares of an issuer may be on loan while that issuer is conducting a proxy solicitation. Generally, if shares of an issuer are on loan during a proxy solicitation, a portfolio cannot vote the shares. In deciding whether to recall securities on loan, Janus Henderson will evaluate whether the benefit of voting the proxies outweighs the cost of recalling them. Similarly, in many foreign markets, shareholders who vote proxies for shares of a foreign issuer are not able to trade in that company's stock within a given period of time on or around the shareholder meeting date ("share blocking"). In countries where share blocking is practiced, Janus Henderson will evaluate whether the benefit of voting the proxies outweighs the risk of not being able to sell the securities.

A conflict of interest may arise from a number of situations including, but not limited to, a business relationship between Janus Henderson and the issuer, an inducement provided to portfolio management by the issuer or its agents or a personal relationship between portfolio management and the management of the issuer. Janus Henderson believes that default application of the Guidelines should, in most cases, adequately address any possible conflicts of interest. For situations where Portfolio Management or the G&S Team seeks to exercise discretion, Janus Henderson has implemented a number of additional policies and controls to mitigate any conflicts of interest. Portfolio Management and the G&S Team are required to disclose any actual or potential conflicts of interest that may affect the exercise of voting discretion. This includes, but is not limited to, the existence of any communications from the issuer, proxy solicitors, or others designed to improperly influence Portfolio Management or the G&S Team in exercising their discretion. In addition, Janus Henderson maintains a list of significant relationships for purposes of proxy voting, which includes significant intermediaries, vendors, service providers, clients and other relationships.

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In the event Portfolio Management or the G&S Team intend to vote contrary to the Guidelines or contrary to the ISS recommendations and with management as to an issuer where a conflict has been identified, the Committee will review the rationale provided by Portfolio Management or the G&S Team in advance of the vote. If the Committee finds that Portfolio Management's or the G&S Team's rationale is inadequate with regard to a potential or actual personal conflict of interest, the proxy vote will be cast in accordance with the Guidelines or as instructed by the Chief Investment Officer or a delegate. If the Committee finds that Portfolio Management's or the G&S Team's rationale is inadequate with regards to a potential or actual business conflict of interest, the proxy vote will be cast in accordance with the Guidelines or as instructed by the Committee. Compliance also reviews all exception votes and all refer votes contrary to the ISS recommendations and with management to identify any undisclosed conflicts of interest.

***J.P. Morgan Investment Management, Inc. ("JPMIM").*** JPMIM may be granted by clients the authority to vote the proxies of the securities held in client portfolios. In such cases, JPMIM's objective is to vote proxies in the best interests of its clients. This document describes how JPMorgan Asset Management ("JPMAM") meets that objective.

JPMIM incorporates detailed guidelines for voting proxies on specific types of issues (the "Guidelines"). The Guidelines have been developed and approved by the relevant Proxy Committee (as defined below) with the objective of encouraging corporate action that enhances shareholder value. Because proxy proposals and individual company facts and circumstances may vary, JPMIM may not always vote proxies in accordance with the Guidelines.

To oversee the proxy-voting process on an ongoing basis, a Proxy Committee has been established for each global location where proxy-voting decisions are made. Each Proxy Committee is composed of a Proxy Administrator (as defined below) and senior officers from among the Investment, Legal, Compliance and Risk Management departments. The primary functions of each Proxy Committee include: (1) determining the independence of any third-party vendor which the firm has delegated proxy voting responsibilities and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities; (2) review and approval of the Guidelines annually; and (3) the provision of advice and recommendations on general proxy voting matters as well as on specific voting issues to be implemented by JPMIM. The Proxy Committee may delegate certain of its responsibilities to subgroups composed of at least three Proxy Committee members. The Proxy Committee meets at least quarterly, or more frequently as circumstances dictate. The Global Head of Investing Stewardship is a member of each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues, including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committee escalate to the AM Business Control Committee and/or the AM Bank of Fiduciary Committee for issues and errors while strategy related matters for escalation will be escalated to the Sustainable Investing Oversight Committee.

JPMIM investment professionals monitor the corporate actions of the companies held in their clients' portfolios. To assist investment professionals with public companies' proxy voting proposals, JPMIM may, but shall not be obligated to, retain the services of an independent proxy voting service ("Independent Voting Service"). The Independent Voting Service is assigned responsibility for various functions, which may include one or more of the following: coordinating with client custodians to ensure that all proxy materials are processed in a timely fashion; providing JPMIM with a comprehensive analysis of each proxy proposal and providing JPMIM with recommendations on how to vote each proxy proposal based on the Guidelines or, where no Guideline exists or where the Guidelines require a case-by-case analysis, on the Independent Voting Service's analysis; and executing the voting of the proxies in accordance with Guidelines and its recommendation, except when a recommendation is overridden by JPMIM, as described below. If those functions are not assigned to an Independent Voting Service, they are performed or coordinated by a Proxy Administrator (as defined below). The Proxy Voting Committee has adopted procedures to identify significant proxies and to recall shares on loan.<sup>1</sup>

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JPMIM has appointed a JPMIM professional to act as a proxy administrator ("Proxy Administrator") for each global location of such entity where proxy voting decisions are made. The Proxy Administrators are charged with oversight of these Procedures and the entire proxy voting process. Their duties, in the event an Independent Voting Service is retained, include the following: evaluating the quality of services provided by the Independent Voting Service; escalating proposals identified by the Independent Voting Service as non-routine, but for which a Guideline exists (including, but not limited to, compensation plans, anti-takeover proposals, reincorporation, mergers, acquisitions and proxy-voting contests) to the attention of the appropriate investment professionals and confirming the Independent Voting Service's recommendation with the appropriate JPMIM investment professional (documentation of those confirmations will be retained by the appropriate Proxy Administrator); escalating proposals identified by the Independent Voting Service as not being covered by the Guidelines (including proposals requiring a case-by-case determination under the Guidelines) to the appropriate investment professional and obtaining a recommendation with respect thereto; reviewing recommendations of JPMIM investment professionals with respect to proposals not covered by the Guidelines (including proposals requiring a case-by-case determination under the Guidelines) or, within the U.S., to override the Guidelines (collectively, "Overrides"); referring investment considerations regarding Overrides to the Proxy Committee, if necessary; determining, in the case of Overrides, whether a material conflict, as described below, exists; escalating material conflicts to the Proxy Committee; and maintaining the records required by these Procedures.

In the event investment professionals are charged with recommending how to vote the proxies, the Proxy Administrator's duties include the following: reviewing recommendations of investment professionals with respect to Overrides; referring investment considerations regarding such Overrides to the Proxy Committee, if necessary; determining, in the case of such Overrides, whether a material conflict, as described below, exists; escalating material conflicts to the Proxy Committee; and maintaining the records required by these Procedures.

In the event a JPMIM investment professional makes a recommendation in connection with an Override, the investment professional must provide the appropriate Proxy Administrator with a written certification ("Certification") which shall contain an analysis supporting his or her recommendation and a certification that he or she (A) received no communication in regard to the proxy that would violate either the J.P. Morgan Chase ("JPMC") Safeguard Policy (as defined below) or written policy on information barriers, or received any communication in connection with the proxy solicitation or otherwise that would suggest the existence of an actual or potential conflict between JPMIM'S interests and that of its clients and (B) was not aware of any personal or other relationship that could present an actual or potential conflict of interest with the clients' interests.

The Investment Advisers Act of 1940, as amended, requires that the proxy voting procedures adopted and implemented by a U.S. investment adviser include procedures that address material conflicts of interest that may arise between the investment adviser's interests and those of its clients. To address such material potential conflicts of interest, JPMIM relies on certain policies and procedures. In order to maintain the integrity and independence of JPMIM's investment processes and decisions, including proxy voting decisions, and to protect JPMIM's decisions from influences that could lead to a vote other than in the clients' best interests, JPMC (including JPMIM) has adopted several policies including: the Conflicts of Interest Policy – Firmwide, Information Safeguarding and Barriers Policy – Firmwide and Information Safeguarding and Barriers Policy – MNPI Firmwide Supplement. Material conflicts of interest are further avoided by voting in accordance with JPMIM's predetermined Guidelines.

Given the breadth of JPMIM's products and service offerings, it is not possible to enumerate every circumstance that could give rise to a material conflict. Examples of such material conflicts of interest that could arise include, without limitation, circumstances in which: (i) management of a JPMIM client or prospective client, distributor or prospective distributor of its investment management products, or critical vendor, is soliciting proxies and failure to vote in favor of management may harm JPMIM's relationship with such company and materially impact JPMIM's business; (ii) a personal relationship between a JPMIM officer and management of a company or other proponent of a proxy proposal could impact JPMIM's voting decision; (iii) the proxy being voted is for JPMorgan

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Chase & Co stock or for J.P. Morgan Funds; and (iv) the proxy administrator has actual knowledge that a JPMIM affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote.

Depending on the nature of the Conflict, JPMIM may elect to take one or more of the following measures, or other appropriate action: (i) Removing certain Adviser personnel from the proxy voting process; (ii) "Walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; (iii) Voting in accordance with the applicable Proxy Guidelines, if any, if the application of the Proxy Guidelines would objectively result in the casting of a proxy vote in a predetermined manner; or (iv) Deferring the vote to an independent voting service, if any, that will vote in accordance with its own recommendation. However, JPMIM may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMIM affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of a proxy vote. The Proxy Committee shall review the Exception Request and shall determine whether JPMIM should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

When an Override occurs, the investment professional must complete the Certification and the Proxy Administrator will review the circumstances surrounding such Certification. When a potential material conflict of interest has been identified, the Proxy Administrator, and as necessary, a legal and/or compliance representative from the Proxy Committee will evaluate the potential conflict and determine whether an actual material conflict of interest exists, and if so, will recommend how the relevant JPMIM entity will vote the proxy. Sales and marketing professionals will be precluded from participating in the decision-making process.

The resolution of all potential and actual material conflict issues will be documented in order to demonstrate that JPMIM acted in the best interests of the firm's clients.

<sup>1</sup> The Proxy Voting Committee may determine: (a) not to recall securities on loan if, in its judgment, the negative consequences to clients of recalling the loaned securities would outweigh the benefits of voting in the particular instance or (b) not to vote certain foreign securities positions if, in its judgment, the expense and administration inconvenience or other burdens outweigh the benefits to clients of voting the securities.

***Legal & General Investment Management America, Inc. ("LGIM America").*** LGIM America has adopted the Corporate Governance and Responsible Investment Principles, as amended from time to time and incorporated herein by reference (the "Principles"). LGIM America believes that these Principles align with both the best interest of the firm's clients and the long-term success of companies. Further, LGIM America has engaged, via the firm's affiliate LGIM International Ltd. ("LGIMI"), the Investment Stewardship team to research, engage and make proxy voting recommendations on behalf of LGIM America clients. LGIM America has engaged Institutional Shareholder Services ("ISS") to administer these proxy votes. Proxy votes cast on LGIM America's behalf will be based on the aforesaid Principles, which are intended to vote proxies in client's best interest.

LGIM America also acts as the investment adviser to equity index segregated, or separately managed accounts, as well as sub-adviser to several mutual funds and other collective investment trusts, collectively referred to as "Index Segregated Accounts". In their investment management agreements, those accounts can elect to delegate proxy voting authority to LGIM America (which would be exercised in the same manner as described in the paragraph above) or to have LGIM America engage ISS to research and administer the proxy votes in accordance with the ISS pre-determined policy (rather than the Principles). Investors can access ISS's predetermined proxy voting policy through *issgovernance.com*.

LGIM America has adopted strict guidelines for voting the firm's proxies in accordance with these stated policies. However, due to certain mitigating circumstances including, but not limited to, (i) cost; (ii) effort; (iii) variety of regulatory schemes; and (iv) corporate governance requirements. LGIM America may determine that the benefit of not voting proxies will outweigh the benefit of voting proxies. LGIM America will review local proxy voting

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requirements when making these decisions. For Index Segregated Accounts that delegate proxy voting to ISS rather than LGIM America, ISS makes the determination of when to vote proxies in accordance with ISS own internal policies and processes.

***The London Company of Virginia, LLC ("London Company").*** The London Company acts as discretionary investment adviser for various clients and the authority to vote proxies is established through the delegation of discretionary authority under the firm's investment advisory contracts with clients. Therefore, unless a client reserves the right, in writing, to vote its own proxies, the London Company will vote all proxies in a timely manner as part of the firm's full discretionary authority over client assets in accordance with the Proxy Voting Policies and Procedures (the "Procedures"). When voting proxies, the London Company's utmost concern is that all decisions be made solely in the best interest of the client and will act in a prudent and diligent manner intended to enhance the economic value of the assets of the client's account.

The London Company's Proxy Voting Committee (the "Committee") meets periodically to monitor the firm's overall adherence to the current policies and procedures, as well as provide advice for the revisions thereof. The Committee also reviews the rationale for proxy votes not covered by the Procedures, or that present a potential conflict of interest. Where a proxy proposal raises a material conflict between the London Company's interests and a client's interest, the London Company will resolve the matter on a case-by-case basis by abstaining from the vote, voting in accordance with the guidelines set forth by the proxy voting service or vote the way the London Company feels is in the best interest of the client. In certain circumstances, in accordance with a client's investment advisory contract (or other written directive) or where the London Company has determined that it is in the client's best interest, the firm will not vote proxies received. The following are certain circumstances where the London Company will limit the firm's role in voting proxies:

<sup>•</sup>

*Client Maintains Proxy Voting Authority.* Where a client specifies in writing that it will maintain the authority to vote proxies itself or that it has delegated the right to vote proxies to a third party, the London Company will not vote the securities and will direct the relevant custodian to send the proxy material directly to the client. If any proxy material is received by the London Company, the proxy will promptly be forwarded to the client or specified third party.

<sup>•</sup>

*Terminated Account.* Once a client account has been terminated with the London Company, in accordance with the investment advisory agreement, the firm will not vote any proxies received after the termination. However, the client may choose to specify, in writing, that proxies should be directed to the client (or a specified third party) for action. There may be occurrences in which a proxy may be voted by the London Company for a terminated account (*i.e.,* the record date of a proxy vote occurs prior to termination).

<sup>•</sup>

*Limited Value.* If the London Company determines that the value of a client's economic interest, or portfolio holding, is indeterminable or insignificant, the firm may abstain from voting proxies.

<sup>•</sup>

*Securities Lending Programs.* When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. However, where the London Company determines that a proxy vote (or other shareholder action) is materially important to the client's account, the firm may recall the security for purposes of voting.

<sup>•</sup>

*Unjustifiable Costs.* In certain circumstances, after doing a cost-benefit analysis, the London Company may abstain from voting where the cost of voting a client's proxy would exceed any anticipated benefits to the client of the proxy proposal.

<sup>•</sup>

*Paper Ballot Does Not Arrive in the Mail.* On occasion, a paper ballot will not arrive in the mail until after the voting deadline. In this circumstance, the London Company is unable to vote the client's proxy.

In accordance with Rule 204-2 under the Investment Advisers Act of 1940, the London Company will maintain for the time periods set forth in the Rule (i) these Procedures, and all amendments thereto; (ii) all proxy statements received regarding client securities (provided however, that the London Company may rely on the proxy statement filed on EDGAR as the firm's records); (iii) a record of all votes cast on behalf of clients; (iv) records of all client requests for proxy voting information; (v) any documents prepared by the London Company

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that were material to making a decision how to vote or that memorialized the basis for the decision; and (vi) all records relating to requests made to clients regarding conflicts of interest in voting the proxy.

***Loomis, Sayles & Company, L.P. ("Loomis Sayles").*** Loomis Sayles uses the services of third parties ("Proxy Voting Services") to research and administer the vote on proxies for those accounts and funds for which Loomis Sayles has voting authority. One of Loomis Sayles' Proxy Voting Services provides vote recommendations and/or analysis to Loomis Sayles based on the Proxy Voting Services' own research. Loomis Sayles will generally follow its express policy with input from the Proxy Voting Service unless Loomis Sayles' Proxy Committee determines that the client's best interests are served by voting otherwise. All issues presented for shareholder vote will be considered under the oversight of the Proxy Committee. All non-routine issues will be directly considered by the Proxy Committee and, when necessary, the equity analyst following the company and/or the portfolio manager of the fund holding the security and will be voted in the best investment interests of the fund. All routine issues will be voted according to Loomis Sayles' policy approved by the Proxy Committee unless special factors require that they be considered by the Proxy Committee and, when necessary, the equity analyst following the company and/or the portfolio manager of the fund holding the security. Loomis Sayles' Proxy Committee has established these routine policies in what it believes are the best investment interests of Loomis Sayles' clients.

The specific responsibilities of the Proxy Committee include (1) the development, authorization, implementation and updating of the Loomis Sayles' Proxy Voting Policies and Procedures ("Procedures"), including an annual review of the Procedures, existing voting guidelines and the proxy voting process in general, (2) oversight of the proxy voting process including oversight of the vote on proposals according to the predetermined policies in the voting guidelines, directing the vote on proposals where there is reason not to vote according to the predetermined policies in the voting guidelines or where proposals require special consideration, and consultation with the portfolio managers and analysts for the fund holding the security when necessary or appropriate and, periodically sampling or engaging an outside party to sample proxy votes to ensure they comply with the Procedures and are cast in accordance with the clients' best interests and, (3) engagement and oversight of third-party vendors, including determining whether a Proxy Voting Service has the capacity and competency to adequately analyze proxy issues, providing ongoing oversight of the Proxy Voting Services to ensure that proxies continue to be voted in the best interests of clients, receiving and reviewing updates from the Proxy Voting Services regarding relevant business changes or changes to the Proxy Voting Services' conflict policies and procedures, and in the event that the Proxy Committee becomes aware that a Proxy Voting Service's recommendation was based on a material factual error: investigating the error, considering the nature of the error and the related recommendation, and determining whether the Proxy Voting Service has taken reasonable steps to reduce the likelihood of similar errors in the future.

Loomis Sayles has established several policies to ensure that proxies are voted in its clients' best interest and are not affected by any possible conflicts of interest. First, except in certain limited instances, Loomis Sayles votes in accordance with its pre-determined policies set forth in the Procedures. Second, where these Procedures allow for discretion, Loomis Sayles will generally consider the recommendations of the Proxy Voting Services in making its voting decisions. However, if the Proxy Committee determines that the Proxy Voting Services' recommendation is not in the best interest of its clients, then the Proxy Committee may use its discretion to vote against the Proxy Voting Services' recommendation, but only after taking the following steps: (1) conducting a review for any material conflict of interest Loomis Sayles may have; and, (2) if any material conflict is found to exist, excluding anyone at Loomis Sayles who is subject to that conflict of interest from participating in the voting decision in any way. However, if deemed necessary or appropriate by the Proxy Committee after full prior disclosure of any conflict, that person may provide information, opinions or recommendations on any proposal to the Proxy Committee. In such event the Proxy Committee will make reasonable efforts to obtain and consider, prior to directing any vote information, opinions or recommendations from or about the opposing position on any proposal.

***MFS Institutional Advisors, Inc. ("MFSI").*** Massachusetts Financial Services Company, MFSI, MFS International (UK) Limited, MFS Heritage Trust Company, MFS Investment Management (Canada) Limited, MFS Investment Management Company (Lux) S.à r.l., MFS International Singapore Pte. Ltd., MFS Investment

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Management K.K., MFS International Australia Pty. Ltd. and MFS' other subsidiaries that perform discretionary investment management activities (collectively, "MFS") have adopted proxy voting policies and procedures ("MFS Proxy Voting Policies and Procedures") with respect to securities owned by the clients for which MFS serves as investment adviser and has the power to vote proxies, including the pooled investment vehicles sponsored by MFS (the "MFS Funds"). References to "clients" in these policies and procedures include the MFS Funds and other clients of MFS, such as funds organized offshore, sub-advised funds and separate account clients, to the extent these clients have delegated to MFS the responsibility to vote proxies on their behalf under the MFS Proxy Voting Policies and Procedures.

MFS' policy is that proxy voting decisions are made in what MFS believes to be the best long-term economic interests of MFS' clients and not in the interests of any other party or in MFS' corporate interests, including interests such as the distribution of MFS Fund shares and institutional client relationships.

MFS reviews corporate governance issues and proxy voting matters that are presented for shareholder vote by either management or shareholders of public companies. Based on the overall principle that all votes cast by MFS on behalf of clients must be in what MFS believes to be the best long-term economic interests of such clients, MFS has adopted proxy voting guidelines that govern how MFS generally will vote on specific matters presented for shareholder vote.

As a general matter, MFS votes consistently on similar proxy proposals across all shareholder meetings. However, some proxy proposals, such as certain excessive executive compensation, environmental, social and governance matters, are analyzed on a case-by-case basis in light of all the relevant facts and circumstances of the proposal. Therefore, MFS may vote similar proposals differently at different shareholder meetings based on the specific facts and circumstances of the issuer or the terms of the proposal. In addition, MFS also reserves the right to override the guidelines with respect to a particular proxy proposal when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients.

While MFS generally votes consistently on the same matter when securities of an issuer are held by multiple client accounts, MFS may vote differently on the matter for different client portfolios under certain circumstances. One reason why MFS may vote differently is if MFS has received explicit voting instructions to vote differently from a client for its own account. Likewise, MFS may vote differently if the portfolio management team responsible for a particular client account believes that a different voting instruction is in the best long-term economic interest of such account.

From time to time, MFS may receive comments on the MFS Proxy Voting Policies and Procedures from clients. These comments are carefully considered when MFS reviews these guidelines and revises them as appropriate, in MFS' sole judgment.

The administration of the MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which includes senior personnel from the MFS Legal and Global Investment and Client Support Departments as well as members of the investment team. The Proxy Voting Committee does not include individuals whose primary duties relate to client relationship management, marketing or sales. The MFS Proxy Voting Committee:

<sup>•</sup>

Reviews the MFS Proxy Voting Policies and Procedures at least annually and recommends any amendments considered to be necessary or advisable;

<sup>•</sup>

Determines whether any potential material conflict of interest exists with respect to instances in which MFS (i) seeks to override the MFS Proxy Voting Policies and Procedures; (ii) votes on ballot items not governed by the MFS Proxy Voting Policies and Procedures; (iii) evaluates an excessive executive compensation issue in relation to the election of directors; or (iv) requests a vote recommendation from an MFS portfolio manager or investment analyst (*e.g.*, mergers and acquisitions);

<sup>•</sup>

Considers special proxy issues as they may arise from time to time; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

Determines engagement priorities and strategies with respect to MFS' proxy voting activities

The MFS Proxy Voting Committee is responsible for monitoring potential material conflicts of interest on the part of MFS or MFS subsidiaries that could arise in connection with the voting of proxies on behalf of MFS' clients. Due to the client focus of the firm's investment management business, MFS believes that the potential for actual material conflict of interest issues is small. Nonetheless, precautions have been developed to assure that all proxy votes are cast in the best long-term economic interest of clients. Other MFS internal policies require all MFS employees to avoid actual and potential conflicts of interests between personal activities and MFS' client activities. If an employee (including investment professionals) identifies an actual or potential conflict of interest with respect to any voting decision (including the ownership of securities in their individual portfolio), then that employee must recuse himself/herself from participating in the voting process. Any significant attempt by an employee of MFS or an MFS subsidiary to influence MFS' voting on a particular proxy matter should also be reported to the MFS Proxy Voting Committee.

In cases where proxies are voted in accordance with the MFS Proxy Voting Policies and Procedures, no material conflict of interest will be deemed to exist. In cases where (i) MFS is considering overriding the MFS Proxy Voting Policies and Procedures; (ii) matters presented for vote are not governed by the MFS Proxy Voting Policies and Procedures; (iii) MFS evaluates a potentially excessive executive compensation issue in relation to the election of directors or advisory pay or severance package vote; or (iv) a vote recommendation is requested from an MFS portfolio manager or investment analyst (*e.g.*, mergers and acquisitions) (collectively, "Non-Standard Votes"), the MFS Proxy Voting Committee will follow these procedures:

<sup>•</sup>

Compare the name of the issuer of such proxy against a list of significant current (i) distributors of MFS Fund shares, and (ii) MFS institutional clients (the "MFS Significant Distributor and Client List");

<sup>•</sup>

If the name of the issuer does not appear on the MFS Significant Distributor and Client List, then no material conflict of interest will be deemed to exist, and the proxy will be voted as otherwise determined by the MFS Proxy Voting Committee;

<sup>•</sup>

If the name of the issuer appears on the MFS Significant Distributor and Client List, then the MFS Proxy Voting Committee will be apprised of that fact and each member of the MFS Proxy Voting Committee (with the participation of MFS' Conflicts Officer) will carefully evaluate the proposed vote in order to ensure that the proxy ultimately is voted in what MFS believes to be the best long-term economic interests of MFS' clients, and not in MFS' corporate interests; and

<sup>•</sup>

For all potential material conflicts of interest identified in the prior bullet, the MFS Proxy Voting Committee will document: the name of the issuer, the issuer's relationship to MFS, the analysis of the matters submitted for proxy vote, the votes as to be cast and the reasons why the MFS Proxy Voting Committee determined that the votes were cast in the best long-term economic interests of MFS' clients, and not in MFS' corporate interests. A copy of the foregoing documentation will be provided to MFS' Conflicts Officer.

The members of the MFS Proxy Voting Committee are responsible for creating and maintaining the MFS Significant Distributor and Client List, in consultation with MFS' distribution and institutional business units. The MFS Significant Distributor and Client List will be reviewed and updated periodically, as appropriate.

If an MFS client has the right to vote on a matter submitted to shareholders by Sun Life Financial, Inc. or any of its affiliates (collectively, "Sun Life"), MFS will cast a vote on behalf of such MFS clients as such client instructs or in the event that a client instruction is unavailable pursuant to the recommendations of Institutional Shareholder Services, Inc.'s ("ISS") benchmark policy, or as required by law. Likewise, if an MFS client has the right to vote on a matter submitted to shareholders by a public company for which an MFS Fund director/trustee serves as an executive officer, MFS will cast a vote on behalf of such MFS client as such client instructs or in the event that client instruction is unavailable pursuant to the recommendations of ISS or as required by law.

MFS, on behalf of the firm and certain clients (including the MFS Funds), has entered into an agreement with an independent proxy administration firm pursuant to which the proxy administration firm performs various proxy

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vote related administrative services, such as vote processing and recordkeeping functions. Except as noted below, the proxy administration firm for MFS and clients, including the MFS Funds, ISS. ISS is hereinafter referred to as the "Proxy Administrator". Proxies are voted in accordance with the MFS Proxy Voting Policies and Procedures. The Proxy Administrator, at the prior direction of MFS, automatically votes all proxy matters that do not require the particular exercise of discretion or judgment with respect to the MFS Proxy Voting Policies and Procedures as determined by MFS. In these circumstances, if the Proxy Administrator, based on MFS' prior direction, expects to vote against management with respect to a proxy matter and MFS becomes aware that the issuer has filed or will file additional soliciting materials sufficiently in advance of the deadline for casting a vote at the meeting, MFS will consider such information when casting its vote. With respect to proxy matters that require the particular exercise of discretion or judgment, the MFS Proxy Voting Committee considers and votes on those proxy matters. In analyzing all proxy matters, MFS uses a variety of materials and information, including, but not limited to, the issuer's proxy statement and other proxy solicitation materials (including supplemental materials), MFS' own research and research and recommendations provided by other third parties (including research of the Proxy Administrator). MFS also uses the firm's own internal research, the research of the Proxy Administrator and/or other third party research tools and vendors to identify (i) circumstances in which a board may have approved an executive compensation plan that is excessive or poorly aligned with the portfolio company's business or its shareholders; (ii) environmental and social proposals that warrant further consideration; or (iii) circumstances in which a non-U.S. company is not in compliance with local governance or compensation best practices. Representatives of the MFS Proxy Voting Committee review, as appropriate, votes cast to ensure conformity with the MFS Proxy Voting Policies and Procedures.

For certain types of votes *(e.g.,* mergers and acquisitions, proxy contests and capitalization matters), the MFS Proxy Voting Committee or its representatives will seek a recommendation from the MFS investment analyst and/or portfolio managers. For certain other votes that require a case-by-case analysis per the MFS Proxy Policies (*e.g.*, potentially excessive executive compensation issues, or certain shareholder proposals), the MFS Proxy Voting Committee or its representatives will likewise consult with MFS investment analysts and/or portfolio managers. However, the MFS Proxy Voting Committee will ultimately be responsible for the manner in which all proxies are voted.

As noted, MFS reserves the right to override the guidelines when such an override is, in MFS' best judgment, consistent with the overall principle of voting proxies in the best long-term economic interests of MFS' clients. Any such override of the guidelines shall be analyzed, documented and reported in accordance with the procedures set forth in the policies.

***Neuberger Berman Investment Advisers LLC ("Neuberger Berman").*** Neuberger Berman has implemented written Proxy Voting Policies and Procedures ("Proxy Voting Policy") that are designed to reasonably ensure that Neuberger Berman votes proxies prudently and in the best interest of its advisory clients for whom Neuberger Berman has voting authority. The Proxy Voting Policy also describes how Neuberger Berman addresses any conflicts that may arise between its interests and those of its clients with respect to proxy voting. The following is a summary of the Proxy Voting Policy.

Neuberger Berman's Governance and Proxy Committee ("Proxy Committee") is responsible for developing, authorizing, implementing and updating the Proxy Voting Policy, administering and overseeing the proxy voting process, and engaging and overseeing any independent third-party vendors as voting delegates to review, monitor and/or vote proxies. In order to apply the Proxy Voting Policy noted above in a timely and consistent manner, Neuberger Berman utilizes Glass, Lewis & Co. ("Glass Lewis") to vote proxies in accordance with Neuberger Berman's voting guidelines or, in instances where a material conflict has been determined to exist, in accordance with the voting recommendations of Glass Lewis, an independent third party.

Neuberger Berman retains final authority and fiduciary responsibility for proxy voting. Neuberger Berman believes that this process is reasonably designed to address material conflicts of interest that may arise between Neuberger Berman and a client as to how proxies are voted.

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In the event that an investment professional at Neuberger Berman believes that it is in the best interest of a client or clients to vote proxies in a manner inconsistent with Neuberger Berman proxy voting guidelines, the Proxy Committee will review information submitted by the investment professional to determine that there is no material conflict of interest between Neuberger Berman and the client with respect to the voting of the proxy in the requested manner.

If the Proxy Committee determines that the voting of a proxy as recommended by the investment professional would not be appropriate, the Proxy Committee shall: (i) take no further action, in which case Glass Lewis shall vote such proxy in accordance with the voting guidelines; (ii) disclose such conflict to the client or clients and obtain written direction from the client as to how to vote the proxy; (iii) suggest that the client or clients engage another party to determine how to vote the proxy; or (iv) engage another independent third party to determine how to vote the proxy.

***Pacific Investment Management Company LLC ("PIMCO").*** PIMCO has adopted a written proxy voting policy ("Proxy Policy") as required by Rule 206(4)-6 under the Advisers Act. The Proxy Policy is intended to foster PIMCO's compliance with the firm's fiduciary obligations and applicable law. The Proxy Policy applies to any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority. The Proxy Policy is designed in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO's clients.

As a general matter, PIMCO will adhere to its fiduciary obligations for any proxies it has the authority to vote on behalf of clients. Each proxy is voted on a case-by-case basis, taking into account relevant facts and circumstances. When considering client proxies, PIMCO may determine not to vote a proxy in limited circumstances.

*Equity Securities.* PIMCO has retained an industry service provider ("ISP") to provide research and voting recommendations for proxies relating to equity securities in accordance with the ISP's guidelines. By following the guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest the firm may have with respect to proxies covered by the ISP. PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting recommendation; or (ii) a portfolio manager/analyst decides to override the ISP's voting recommendation. In either such case as described previously, the Legal and Compliance department will review the proxy to determine whether an actual or potential conflict of interest exists. When the ISP does not provide a voting recommendation, the relevant portfolio manager/analyst will make a determination regarding how, or if, the proxy will be voted by completing required documentation.

*Fixed Income Securities.* Fixed income securities can be processed as proxy ballots or corporate action-consents at the discretion of the issuer/custodian. When processed as proxy ballots, the ISP generally does not provide a voting recommendation and its role is limited to election processing and recordkeeping. In such instances, any elections would follow the standard process discussed above for equity securities. When processed as corporate action consents, the Legal and Compliance department will review all election forms to determine whether an actual or potential conflict of interest exists with respect to the portfolio manager's consent election. PIMCO's Credit Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporation action consents with respect to fixed income securities.

The Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a working group to assess and resolve the conflict (the "Proxy Working Group"); or (ii) vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO's Legal and Compliance department or PIMCO's Conflict Committee with respect to specific types of conflicts.

PIMCO will supervise and periodically review the firm's proxy voting activities and the implementation of the Proxy Policy.

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*ISP Oversight.* Consistent with its fiduciary obligations, PIMCO will perform periodic due diligence and oversight of ISPs engaged to provide PIMCO with proxy voting research and recommendations. PIMCO's due diligence and oversight process includes, but is not limited to, the evaluation of the ISP's capacity and competency to provide proxy voting research and recommendations and the ISP's compliance program.

***Parametric Portfolio Associates LLC ("Parametric").*** Parametric has adopted and implemented these policies and procedures which the firm believes are reasonably designed to ensure that proxies are voted in the best interests of clients, in accordance with the firm's fiduciary obligations and applicable regulatory requirements. When it has been delegated the responsibility to vote proxies on behalf of a client, Parametric will generally vote them in accordance with the firm's Proxy Voting Guidelines (the "Guidelines"). The Guidelines are set and annually reviewed by the firm's Proxy Voting Committee (the "Committee"). Parametric will consider potential conflicts of interest when voting proxies and disclose material conflicts to clients. Parametric will promptly provide these policies and procedures, as well as proxy voting records, to clients upon request. As required, Parametric will retain appropriate proxy voting books and records. In the event that Parametric engages a third-party proxy adviser to administer and vote proxies, the firm will evaluate conflicts of interest procedures and confirm the firm's abilities to vote proxies in the client's best interest.

*Regulatory Requirements.* Rule 206(4)-6 under the Investment Advisers Act requires that an investment adviser that exercises voting authority over client proxies to adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of the client. The rule specifically requires that the policies and procedures describe how the adviser addresses material conflicts of interest with respect to proxy voting. The rule also requires an adviser to disclose to its clients information about those policies and procedures, and how the client may obtain information on how the adviser has voted the client's proxies. In addition, Rule 204-2 under the Act requires an adviser to retain certain records related to proxy voting.

*Responsibility.* The associate investment strategist (the "Coordinator") is responsible for the day-to-day administration of the firm's proxy voting practices. One or more Investment Strategy personnel are responsible for ensuring proxy ballots are received and voted in accordance with the Guidelines. The director of Responsible Investing (the "Director") is responsible for providing guidance with regard to the Guidelines. The Committee is responsible for monitoring Parametric's proxy voting practices and evaluating proxy advisers engaged to vote proxies on behalf of clients. The Committee is responsible for setting and annually reviewing the firm's Proxy Voting Policies and Procedures and the Guidelines. The Compliance Department is responsible for annually reviewing these policies and procedures to verify that they are adequate, appropriate and effective.

*Procedures.* Parametric has adopted and implemented procedures to ensure the firm's proxy voting policies are observed, executed properly and amended or updated, as appropriate. The procedures are summarized as follows:

*New Accounts.* 

<sup>•</sup>

Parametric is generally delegated the responsibility to vote proxies on behalf of clients. (This responsibility is typically established in the investment advisory agreement between the client and Parametric. If not set forth in the advisory agreement, Parametric will assume the responsibility to vote proxies on the client's behalf unless the firm has received written instruction from the client not to.

<sup>•</sup>

When a new client account is established, Parametric will instruct the client's custodian to forward all proxy materials to Institutional Shareholder Services (ISS).

<sup>•</sup>

On a weekly basis, the Coordinator performs a reconciliation of all new accounts to ensure that ISS is receiving the proxy ballots for all client accounts over which Parametric has voting authority. The Coordinator will work with a designated person in the Client Relations Group ("CRG") with any discrepancies to Parametric's proxy voting responsibilities are carried out.

*Proxy Voting Administration*.

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<sup>•</sup>

Parametric's proxy voting is oversighted on a daily basis by the Coordinator, who is a member of Parametric's Investment Strategy. The Coordinator is responsible for ensuring proxies are voted in accordance with the Guidelines.

<sup>•</sup>

The Director will review research and guidance issued by third-party proxy voting analysts regarding proxy voting issues relevant to Parametric's clients and monitor upcoming shareholder meetings and votes. The Director will provide guidance to the Coordinator with regard to the Guidelines and how they apply to proxy ballots. The Director will ensure that rationale for votes cast is properly documented and reviewed by other Committee members, as warranted.

<sup>•</sup>

Parametric utilizes the ISS ProxyExchange platform to manage, track, reconcile and report proxy voting. Parametric relies on this application to ensure that all proxies are received and voted in timely manner.

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In the unlikely event that a ballot proposal is not addressed by the Guidelines, the Coordinator will consult with the Director to confirm that the Guidelines do not address the proxy issue. If confirmed, the Director may escalate the issue to the Committee for their consideration. The Committee can review research and guidance issued by third-party proxy adviser when making a vote determination. A vote determination must be approved in writing by not less than two Committee members. The rationale for making the determination will be documented.

<sup>•</sup>

The Coordinator may abstain from voting a proxy on behalf of a client account if the economic effect on shareholders' interests or the value of the holding is indeterminable or insignificant (*e.g.,* the security is no longer held in the client portfolio) or if the cost of voting the proxy outweighs the potential benefit (*e.g.,* international proxies in which share blocking practices may impose trading restrictions).

<sup>•</sup>

In the rare occasions that accounts that do not hold public equities receive ballots, the Operations team is responsible for monitoring those ballots. The Operations team may work with the Coordinator or the Portfolio Management team to vote the ballots in the best interests of holders.

<sup>•</sup>

The Coordinator also conducts periodic reviews for all active accounts of proxies that are not voted or that are voted inconsistent with firm policy to ensure that appropriate action was taken and documented. As needed the Coordinator will work with a designated person in CRG that handles proxy voting to reconcile any discrepancies in client accounts.

*Proxy Voting Committee.* 

<sup>•</sup>

Parametric has established a Committee which shall meet on a quarterly basis to oversee and monitor the firm's proxy voting practices.

<sup>•</sup>

On an annual basis, the Committee will approve the firm's Proxy Voting Policies and Procedures and the Guidelines to ensure they are current, appropriate and designed to serve the best interests of clients and fund shareholders.

*Proxy Adviser Due Diligence.* 

<sup>•</sup>

In the event that Parametric deems it to be in a client's best interest to engage a third-party proxy adviser, Parametric will exercise due diligence to ensure that the firm can provide objective research and recommendations. This evaluation will consider the proxy adviser's business and conflict of interest procedures and confirm that the procedures address the firm's conflicts.

<sup>•</sup>

On an annual basis, Parametric will monitor the performance of the proxy adviser and assess if changes have impacted the conflict of interest procedures. Initial and ongoing due diligence evaluations shall be documented in writing.

*Conflicts of Interest.* 

<sup>•</sup>

The Compliance Department will identify and actively monitor potential conflicts of interest which may compromise the firm's ability to vote a proxy ballot in the best interest of clients. Eaton Vance/Morgan

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Stanley Compliance will maintain a List of Potentially Conflicted Companies and provide it to Investment Strategy whenever it is updated. The list shall identify potential conflicts resulting from business relationships with clients, potential clients, service providers, and the firm's affiliates.

<sup>•</sup>

All proxies are voted by Parametric in accordance with the firm's Guidelines. If a proxy ballot is received from an issuer on the List of Conflicted Companies and a proposal is not addressed by the Guidelines, the Coordinator will forward the issue to the Director to confirm that the Guidelines do not address the proposal. If confirmed, the Director will escalate the proposal to the Committee.

<sup>•</sup>

If the Committee determines a material conflict exists and a proposal is not addressed by the Guidelines, it will make a good faith determination as how to vote the proxy (which may include voting abstain on the proposal not covered by the Proxy Voting Guidelines). The Committee will provide appropriate instructions to the Coordinator.

*Proxy Voting Disclosure Responsibilities.* 

<sup>•</sup>

As a sub-adviser to various mutual funds registered under the Investment Company Act of 1940, Parametric will, upon each fund's request, compile and transmit in a timely manner all data required to be filed on Form N-PX to the appropriate fund's administrator or third-party service provider designated by the fund's administrator.

<sup>•</sup>

Parametric will promptly report any material changes to these policies and procedures to mutual fund clients to ensure that the revised policies and procedures may be properly reviewed by the funds' boards of trustees and included in the funds' annual registration statements.

*Solicitations and Information Requests.* 

<sup>•</sup>

Parametric's proxy voting policies and procedures are summarized and described to clients in Item 17 of the firm's Form ADV Brochure (Form ADV Part 2A). Parametric will promptly provide a copy of these proxy voting policies and procedures, which may be updated from time to time, to a client upon request.

<sup>•</sup>

Parametric's Form ADV Brochure discloses to clients how they may obtain information from Parametric about how proxies were voted on their behalf. Parametric will provide proxy voting information free of charge upon written request.

<sup>•</sup>

Parametric will not reveal or disclose to any third-party how the firm may have voted or intends to vote a proxy until the vote has been counted at the respective shareholder's meeting. Parametric may in any event disclose the firm's general voting guidelines. No employee of Parametric may accept any benefit in the solicitation of proxies.

*Compliance Review*. On an annual basis, the Compliance Department will review the firm's proxy voting policies and procedures, as required under Rule 206(4)-7 of the Investment Advisers Act of 1940, to confirm that they are adequate, effective, and designed to ensure that proxies are voted in clients' best interests.

*Recordkeeping*. Parametric will maintain, in an easily accessible place for a period of seven years, all requisite proxy voting books and records, including, but not limited to: (i) proxy voting policies and procedures; (ii) proxy statements received on behalf of client accounts; (iii) proxies voted; (ix) copies of any documents that were material to making a decision how to vote proxies; and (v) client requests for proxy voting records and Parametric's written response to any client request.

***Payden & Rygel.*** Payden & Rygel expects to fulfill the firm's fiduciary obligation to clients by monitoring events concerning the issuer of the security and then voting the proxies in a manner that is consistent with the best interests of that client and that does not subordinate the client's interests to its own. To that end, Payden & Rygel has a Proxy Voting Committee to consider any issues related to proxy matters. Payden & Rygel considers all aspects of the issues presented by a proxy matter, and depending upon the particular client requirement, Payden & Rygel may vote differently for different clients on the same proxy issue.

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Payden & Rygel carefully considers all aspects of each issue as it relates to a company, and the firm works with Glass Lewis & Co.'s proxy research service, which provides additional, detailed information on issues to be voted upon.

***P/E Global LLC ("P/E Global").*** P/E Global generally does not invest in voting securities on behalf of the firm's clients. Some pooled investment vehicles managed by P/E Global may invest in money market or other securities from time to time. In voting proxies, P/E Global seeks to maximize the long-term value of client assets.

***PGIM Quantitative Solutions LLC ("PGIM QS")*.** It is the policy of PGIM QS to vote proxies on client securities in the best long-term economic interest of clients (*i.e.*, the mutual interests of clients in seeing the appreciation in value of a common investment over time). In the case of pooled accounts, PGIM QS's policy is to vote proxies on securities in such account in the best long-term economic interest of the pooled account. In the event of any actual or potential conflict of interest between PGIM QS and its clients or affiliates, PGIM QS votes in accordance with the policy of its proxy voting advisor rather than its own policy.

PGIM QS's proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect PGIM QS's judgment of how to further the best long-range economic interest of clients through the shareholder voting process. They also reflect PGIM QS's general philosophy on corporate governance matters and its approach to governance and other issues that may often arise when voting ballots on the various securities held in client accounts. PGIM QS's guidelines are not intended to limit the analysis of individual issues at specific companies nor do they indicate how the firm will vote in every instance. Rather, they express PGIM QS's views about various ballot issues generally, and provide insight into how the firm typically approaches such issues. PGIM QS may consider Environmental, Social and Governance (ESG) factors in its voting decisions. Where ballot issues are not addressed by PGIM QS's policy, or when circumstances may suggest a vote not in accordance with the firm's established guidelines, PGIM QS's voting decisions are made on a case-by-case basis taking into consideration the potential economic impact of the proposal, as well as any circumstances that may result in restrictions on trading the security. Case-by-case, or manual, evaluation of a ballot item entails consideration of various, specific factors as they relate to a particular issuer and/or proposed action. For example, when performing manual evaluation of a ballot item relating to executive compensation (which will generally occur if PGIM QS receives research suggesting a vote "against" the item), the firm considers such factors as stock performance, financial position and compensation practices of the issuer relative to its peers, change in control, tax gross-up and clawback policies of the issuer, pay inequality and other corporate practices, although not all factors may be relevant or of equal significance to a specific matter. With respect to contested meetings, which the firm always vote on a case-by-case basis, PGIM QS considers research provided by the firm's proxy advisor as well as other sources of information available in the marketplace, in order to understand the issues on both sides of the contest and determine the firm's view. With respect to mergers and acquisitions, PGIM QS considers whether a fairness opinion as to valuation has been obtained. With respect to non-U.S. holdings, PGIM QS takes into account additional restrictions in some countries that might impair the firm's ability to trade those securities or have other potentially adverse economic consequences, and generally votes non-U.S. securities on a best efforts basis if PGIM QS determines that voting is in the best economic interest of clients. PGIM QS may be unable to vote proxies in countries where clients or their custodians do not have the ability to cast votes due to lack of documentation or operational capacity, or otherwise. A fund determines whether fund securities out on loan are to be recalled for voting purposes, and PGIM QS is not involved in any such decision. PGIM QS's Proxy Voting Committee includes representatives of PGIM QS's Investment, Operations, Compliance, Risk and Legal teams. This committee is responsible for interpreting the proxy voting policy, identifying conflicts of interest and periodically assessing the effectiveness of the policies and procedures.

PGIM QS utilizes the services of a third party proxy voting advisor, and has directed the proxy advisor, upon receipt of proxies, to vote in a manner consistent with PGIM QS's established proxy voting guidelines described above (assuming timely receipt of proxy materials from issuers and custodians). PGIM QS conducts regular due diligence on its proxy advisor. In accordance with its obligations under the Advisers Act, PGIM QS provides full

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disclosure of its proxy voting policy, guidelines and procedures to its clients upon their request, and will also provide to any client, upon request, the proxy voting records for that client's securities.

***RBC Global Asset Management (U.K.) Limited ("RBC GAM UK").*** RBC GAM UK has adopted the Royal Bank of Canada Global Asset Management group (the "RBC GAM group") Proxy Voting Policy and Guidelines ("Guidelines") and the related procedures which apply to all funds and client accounts over which the RBC GAM group entities have been delegated the authority to vote proxies.

The Guidelines are comprehensive and set out detailed guidelines on areas that include (i) structure and independence of the board of directors; (ii) management and director compensation; (iii) takeover protection; (iv) shareholder rights; and (v) environmental and social shareholder proposals. The Guidelines are reviewed and updated on an annual basis as corporate governance best practice evolves.

A Proxy Voting Committee (the "Committee") has been formed and is responsible for (i) instances where it is in the best interests of a client to deviate from the Guidelines based on the unique circumstances of a certain ballot item; (ii) where the proxy voting may give rise to an actual or perceived conflict of interest; or (iii) unique circumstances regarding corporate action items. Proxy voting decisions are made by the Committee based on a review of the voting matter with the portfolio managers and, if the chief investment officer deems necessary, with the chief executive officer and/or Board of Directors of the relevant RBC GAM group entity. If any member of the Committee is aware of a conflict of interest related to himself or herself and the exercise of the proxy voting rights, that member will excuse himself/herself from any discussions or decision making process concerning that proxy voting matter.

Institutional Shareholder Services Inc. ("ISS") provides proxy voting administration services. ISS makes a recommendation as to how each ballot item should be voted in accordance with the Guidelines. Each recommendation is reviewed by an internal proxy analyst prior to the vote being submitted.

***RBC Global Asset Management (U.S.) Inc. ("RBC GAM US").*** RBC GAM US has adopted the Royal Bank of Canada Global Asset Management group (the "RBC GAM group") Proxy Voting Policy and Guidelines ("Guidelines") and the related procedures which apply to all funds and client accounts over which the RBC GAM group entities have been delegated the authority to vote proxies.

The Guidelines are comprehensive and set out detailed guidelines on areas that include (i) structure and independence of the board of directors; (ii) management and director compensation; (iii) takeover protection; (iv) shareholder rights; and (v) environmental and social shareholder proposals. The Guidelines are reviewed and updated on an annual basis as corporate governance best practice evolves.

A Proxy Voting Committee (the "Committee") has been formed and is responsible for (i) instances where it is in the best interests of a client to deviate from the Guidelines based on the unique circumstances of a certain ballot item; (ii) where the proxy voting may give rise to an actual or perceived conflict of interest; or (iii) unique circumstances regarding corporate action items. Proxy voting decisions are made by the Committee based on a review of the voting matter with the portfolio managers and, if the chief investment officer deems necessary, with the chief executive officer and/or Board of Directors of the relevant RBC GAM group entity. If any member of the Committee is aware of a conflict of interest related to himself or herself and the exercise of the proxy voting rights, that member will excuse himself/herself from any discussions or decision making process concerning that proxy voting matter.

Institutional Shareholder Services Inc. ("ISS") provides proxy voting administration services. ISS makes a recommendation as to how each ballot item should be voted in accordance with the Guidelines. Each recommendation is reviewed by an internal proxy analyst prior to the vote being submitted.

***RREEF America L.L.C. ("RREEF")***. RREEF follows the DWS Proxy Voting Policy and Guidelines (the "Policy"). The Policy implements standards that are reasonably designed to ensure that proxies are voted in the

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best economic interest of clients and in accordance with its fiduciary duties and local regulation. The Policy outlines the responsibilities of the Proxy Voting Sub-Committee ("PVSC"), which oversees DWS's proxy voting activities. The Policy also provides standards to address conflicts of interest and improper influence in reference to proxy voting. The proxy voting policies set forth standards that are designed to ensure that material conflicts of interest are avoided and/or resolved in a manner consistent with DWS's fiduciary role and the best economic interests of clients. Generally, under normal circumstances, DWS votes proxies in accordance with the firm's pre-determined proxy voting guidelines. In the limited circumstances where the PVSC evaluates and votes a particular proxy, the PVSC shall vote those proxies in accordance with what PVSC, in good faith, determines to be the best economic interests of clients. If DWS determines, however, that a material conflict of interest exists with respect to a particular proxy that is being considered by the PVSC, DWS will either follow (i) the instructions obtained from affected clients, if time permits; or (ii) the recommendations of an independent third-party proxy voting specialist.

***Sands Capital Management, LLC ("Sands").*** Sands' policies and procedures are designed to ensure that Sands is administering proxy voting matters in a manner consistent with the best interests of clients and with the firm's fiduciary duties under applicable law. Sands seeks to discharge the firm's fiduciary duty to clients for whom Sands has proxy voting authority by monitoring corporate events and voting proxies solely in the best interests of clients. In voting proxies, Sands is neither an activist in corporate governance nor an automatic supporter of management. However, because Sands believes that the management teams of most companies it invests in generally seek to serve shareholder interests, Sands believes that voting proxy proposals in the client's best economic interests usually means voting with the recommendations of these management teams. Accordingly, Sands believes that the recommendation of management on any issue should be given substantial weight in determining how proxy issues are resolved.

Sands has established a Proxy Committee that is responsible for (i) the oversight and administration of proxy voting on behalf of Sands' clients, including developing, authorizing, implementing and updating Sands' proxy voting policies and procedures; (ii) overseeing the proxy voting process; and (iii) engaging and overseeing any third party service provider as voting agent to receive proxy statements and/or to provide information, research and other services intended to facilitate the proxy voting decisions made by Sands. The Proxy Committee has established guidelines that are applied generally and not absolutely, such that Sands' evaluation of each proposal will be performed in the context of the guidelines considering the circumstances of the company whose proxy is being voted. In evaluating a proxy proposal, a research team member may consider information from many sources, including management of the company, shareholder groups and independent proxy research services.

For routine matters, which generally means that such matter will not measurably change the structure, management, control or operation of the company and are consistent with customary industry standards and practices, as well as the laws of the state of incorporation applicable to the company, Sands will vote in accordance with the recommendation of the company's management, unless, in Sands' opinion, such recommendation is not conducive to long term value creation. Non-routine matters involve a variety of issues including, but not limited to, directors' liability and indemnity proposals, executive compensation plans, mergers, acquisitions and other restructurings submitted to a shareholder vote, anti-takeover and related provisions and shareholder proposals and will require company specific and a case-by-case review and analysis. With respect to matters that do not fit in the categories stated above, Sands will exercise best judgment as a fiduciary to vote in accordance with the best interest of clients.

When a Sands client participates in a securities lending program, Sands will not be able to vote the proxy of the shares out on loan. Sands will generally not seek to recall for voting the client shares on loan. However, under rare circumstances, for voting issues that may have a particularly significant impact on the investment, Sands may request a client to recall securities that are on loan if it is determined that the benefit of voting outweighs the costs and lost revenue to the client and the administrative burden of retrieving the securities. The research team member who is responsible for voting the proxy will notify the Proxy Committee in the event he/she believes a recall of loaned securities is necessary. In determining whether a recall of a security is warranted ("Significant Event"), Sands will take into consideration whether the benefit of the vote would be in the client's best interest

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despite the costs and the lost revenue to the client and the administrative burden of retrieving the securities. Sands may utilize third-party service providers to assist it in identifying and evaluating whether an event constitutes a Significant Event. The Proxy Committee will review the proxy proposals that have been determined to be Significant Events from time to time and will adjust the foregoing standard as it deems necessary.

For purposes of identifying conflicts, the Proxy Committee will rely on publicly available information about a company and its affiliates, information about the company and its affiliates that is generally known by Sands' employees and other information known by a member of the Proxy Committee. The Proxy Voting Committee may determine that Sands has a conflict of interest as a result of the following: (1) significant business relationship which may create an incentive for Sands to vote in favor of management; (2) significant personal or family relationships, meaning those that would be reasonably likely to influence how Sands votes the proxy; and (3) contact with Proxy Committee members for the purpose of influencing how a proxy is to be voted.

In the event that the Proxy Committee determines that Sands has a conflict of interest with respect to a proxy proposal, the Proxy Committee shall also determine whether the conflict is "material" to that proposal. The Proxy Committee may determine on a case-by-case basis that a particular proposal does not involve a material conflict of interest. To make this determination, the Proxy Committee must conclude that the proposal is not directly related to Sands' conflict with the issuer. If the Proxy Committee determines that a conflict is not material, then Sands may vote the proxy in accordance with the recommendation of the research team member. In the event that the Proxy Committee determines that Sands has a material conflict of interest with respect to a proxy proposal, Sands will vote on the proposal in accordance with the determination of the Proxy Committee. Alternatively, prior to voting on the proposal, Sands may (i) contact an independent third party to recommend how to vote on the proposal and vote in accordance with the recommendation of such third party; or (ii) with respect to client accounts that are not subject to ERISA, fully disclose the nature of the conflict to the client and obtain the client's consent as to how Sands will vote on the proposal. Sands may not address a material conflict of interest by abstaining from voting, unless the Proxy Committee has determined that abstaining from voting on the proposal is in the best interests of clients.

***Shenkman Capital Management, Inc. ("Shenkman").*** Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Unless stated otherwise in a Client's investment management agreement or offering documents, Shenkman will instruct each custodian for a discretionary client account to deliver to Shenkman all proxy solicitation materials received with respect to the account. Shenkman will carefully consider all proxy solicitation materials and other information and facts the firm deems relevant in determining how to vote a proxy. If appropriate, Shenkman will vote the relevant proxy on behalf of its discretionary client accounts. On the other hand, Shenkman may refrain from voting a proxy and provide such proxy to the client to vote. A Portfolio Manager will make all voting decisions on behalf of a discretionary client account based solely on his/her determination of the best interests of that client. Shenkman will use reasonable efforts to respond to each proxy solicitation by the deadline for such response.

Shenkman will review all proxy solicitation materials it receives concerning instruments held in a discretionary client account. Shenkman will evaluate such information and may seek additional information from the party soliciting the proxy and independent corroboration of such information when Shenkman considers it appropriate and when it is reasonably available. In the absence of specific voting guidelines from the client, Shenkman will vote proxies in the best interests of each particular client, which may result in different voting results for proxies for the same issuer. Shenkman believes that voting proxies in accordance with the following guidelines is in the best interests of its clients.

Generally, Shenkman will vote for a proposal when it believes that the proposal serves the best interests of the discretionary client account whose proxy is solicited because, on balance, the following factors predominate: (i) the proposal has a positive economic effect on shareholder value; (ii) the proposal poses no threat to existing rights of shareholders; (iii) the dilution, if any, of existing shares that would result from approval of the proposal

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is warranted by the benefits of the proposal; and (iv) the proposal does not limit or impair accountability to shareholders on the part of management and the board of directors.

Generally, Shenkman will vote against a proposal if it believes that, on balance, the following factors predominate: (i) the proposal has an adverse economic effect on shareholder value; (ii) the proposal limits the rights of shareholders in a manner or to an extent that is not warranted by the benefits of the proposal; (iii) the proposal causes significant dilution of shares that is not warranted by the benefits of the proposal; (iv) the proposal limits or impairs accountability to the shareholders on the part of management or the board of directors; or (v) the proposal is a shareholder initiative that Shenkman believes wastes time and resources of the company or reflects the grievance of one individual.

Shenkman will abstain from voting proxies when it believes that it is appropriate. This may occur when, without limitation, Shenkman believes that a proposal will not have a material effect on the investment strategy it pursues for its discretionary client accounts, or Shenkman believes that the cost of voting exceeds the benefit of voting.

Due to the size and nature of Shenkman's operations and its limited affiliations in the securities industry, Shenkman does not expect that material conflicts of interest will arise between it and a discretionary client account over proxy voting. Shenkman recognizes, however, that such conflicts may arise from time-to-time, such as, for example, when Shenkman or one of its affiliates has a business arrangement that could be affected by the outcome of a proxy vote or has a personal or business relationship with a person seeking appointment or re-appointment as a director of a company. If a material conflict of interest arises, Shenkman will determine whether voting in accordance with the voting guidelines and factors described above is in the best interests of the client. Under no circumstances will Shenkman place its own interests ahead of the interests of its discretionary client accounts in voting proxies.

If Shenkman determines that the proxy voting policies do not adequately address a material conflict of interest related to a proxy, Shenkman will provide the affected client with copies of all proxy solicitation materials received by Shenkman with respect to that proxy, notify that client of the actual or potential conflict of interest, and of Shenkman's intended response to the proxy request (which response will be in accordance with the policies set forth in this statement), and request that the client consent to Shenkman's intended response. If the client consents to Shenkman's intended response or fails to respond to the notice within a reasonable period of time specified in the notice (provided that Shenkman has exercised reasonable efforts to obtain the client's response), Shenkman will vote the proxy as described in the notice. If the client objects to Shenkman's intended response, Shenkman will vote the proxy as directed by the client.

***SSI Investment Management LLC ("SSI").*** SSI votes proxies for the investment portfolio of any client with respect to which that client has granted the firm (a) discretionary proxy voting authority; or (b) discretionary investment authority without expressly retaining proxy voting authority ("Discretionary Accounts").

SSI has retained an independent third party proxy service provider, Institutional Shareholder Services ("ISS"), to provide research and recommendations on proxy issues, assistance in the administration of the proxy process, including maintaining complete proxy voting records. ISS has authority to vote the proxies for each Discretionary Account, in accordance with the Proxy Voting Policies.

SSI monitors ISS's capacity, competency and conflict management procedures to ensure that the firm continues to vote proxies in the best interests of the Discretionary Accounts. As part of SSI's ongoing oversight of ISS, the firm performs periodic due diligence and review a reasonable sample of votes to confirm ISS has cast the votes in a manner consistent with the Proxy Voting Policies set forth below. SSI will review a sample of proxy votes to ensure ISS will vote in manner consistent with the firm's expectations.

SSI, through ISS, will vote all proxies on behalf of the Discretionary Accounts after carefully considering all proxy solicitation materials and other relevant facts. SSI has instructed ISS to make all voting decisions on behalf of a Discretionary Account based solely on the determination of the best interests of that Discretionary Account.

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The firm will use reasonable efforts respond to each proxy solicitation by the deadline for such response. The individual responsible for overseeing the adherence to the policies and procedures related to proxy voting (Proxy Control Associate) may designate an appropriate employee of SSI to be responsible for ensuring that all proxy statements are received and that the firm responds to them in a timely manner.

The Proxy Voting Polices of SSI are as follows:

<sup>•</sup>

SSI will vote for a proposal when the firm believes that the proposal serves the best interests of a Discretionary Account whose proxy is solicited because, on balance, the following factors predominate: (i) the proposal has a positive economic effect on shareholder value; (ii) the proposal poses no threat to existing rights of shareholders; (iii) the dilution, if any, of existing shares that would result from approval of the proposal is warranted by the benefits of the proposal; and (iv) the proposal does not limit or impair accountability to shareholders on the part of management and the board of directors.

<sup>•</sup>

SSI will vote against a proposal if the firm believes that, on balance, the following factors predominate: (i) the proposal has an adverse effect on shareholder value; (ii) the proposal limits the rights of shareholders in a manner or to an extent that is not warranted by the benefits of the proposal; (iii) the proposal causes significant dilution of shares that is not warranted by the benefits of the proposal; (iv) the proposal limits or impairs accountability to the shareholders on the part of management or the board of directors; and (v) the proposal is a shareholder initiative that the firm believes wastes time and resources of the company or reflects the grievance of one individual.

<sup>•</sup>

SSI will abstain from voting proxies when the firm believes that it is appropriate. Usually this occurs when the firm believes that a proposal holds negative but non-quantifiable implications for shareholder value but may express a legitimate concern.

<sup>•</sup>

From time to time, ISS provides the firm more detailed proxy voting guidelines, in accordance with the Proxy Voting Policies, the most recent version of which SSI maintains and will be followed by ISS when voting proxies.

Due to the size and nature of SSI's operations and the firm's limited affiliations in the securities industry, SSI does not expect that material conflicts of interest will arise between the firm and a Discretionary Account over proxy voting. SSI recognizes, however, that such conflicts may arise from time to time, such as, for example, when the firm or one of its affiliates has a business arrangement that could be affected by the outcome of a proxy vote or has a personal or business relationship with a person seeking appointment or re-appointment as a director of a company. If a material conflict of interest arises, SSI will vote all proxies in accordance with the firm's Proxy Voting Policies. SSI does not place its own interests ahead of interests of the firm's Discretionary Accounts in voting proxies. When voting proxies, the firm does not consider any conflicts of interest that any other affiliate of a client (such as another service provider to an investment company client) may have.

If SSI determines that the Proxy Voting Policies do not adequately address a material conflict of interest related to a proxy, the firm will provide the affected client with copies of all proxy solicitation materials received by the firm with respect to that proxy, notify that client of the actual or potential conflict of interest and of the firm's intended response to the proxy request (which response will be in accordance with the Proxy Voting Policies), and request that the client consent to the firm's intended response. With respect to any investment fund of which the SSI serves as manager or general partner or in a similar capacity, the firm will provide the foregoing notices to all investors in the Investment Fund and request the consent of a majority in interest of such investors. If the client (or a majority in interest of the investors in an Investment Fund) consents to the firm's intended response or fails to respond to the notice within a reasonable period of time specified in the notice, SSI will vote the proxy as described in the notice. If the client (or a majority in interest of the investors in an Investment Fund) objects to the firm's intended response, SSI will vote the proxy as directed by the client (or a majority in interest of the investors in an Investment Fund).

***TCW Investment Management Company, LLC ("TCW").*** TCW, through certain subsidiaries and affiliates of acts as investment advisor for a variety of clients, including U.S.-registered investment companies. TCW has the right

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to vote proxies on behalf of its registered investment company clients, and believes that proxy voting rights can be a significant asset of its clients' holdings. Accordingly, TCW seeks to exercise that right consistent with its fiduciary duties on behalf of its clients. This policy applies to all discretionary accounts over which TCW has proxy voting responsibility or an obligation to provide proxy voting guidance with respect to the holdings it advises on a model or wrap basis.

While the Global Portfolio Proxy Voting Guidelines (the "Guidelines") outlined here are written to apply internationally, differences in local practice and law make a universal application of these guidelines impractical. As a consequence, it is important to note that each proposal is considered individually, reflecting the effects on the specific company and unique attributes of the industry and/or geography. In addition, this document serves as a set of general guidelines, not hardcoded rules, which are designed to aid TCW in voting proxies for the firm and not necessarily in making investment decisions. TCW reserves the right in all cases to vote in contravention of these Guidelines, where doing so is judged to represent the best interests of the firm's clients in the specific situation.

*Engagement Philosophy.* Engagement and stewardship are integral components of TCW's research and investment processes, as the firm seeks to deliver on its clients' financial objectives. TCW is guided by the firm's role as fiduciaries and have implemented stewardship practices in pursuit of strong financial performance. TCW believes its deep fundamental research model positions the firm well for constructive engagement, including proxy voting, with issuers around the world. Through informed, active ownership, TCW is confident the firm can impact issuer behavior by encouraging what it considers best practices on material issues to benefit clients, financial markets and the global economy. Accordingly, TCW's engagement practices are continuing to evolve.

TCW has a large and important platform, providing opportunity to engage with issuers. Direct engagement with issuers covers a range of issues, including balance sheet management, corporate strategy, financial performance and risk, governance, adaptability and sustainability themes. This engagement is an essential and a growing part of TCW's investment process. Portfolio managers, industry analysts and environmental, social and governance ("ESG") analysts all collaborate in an ongoing dialogue with issuers, as well as suppliers, customers and competitors. Maintaining this ongoing dialogue is central to how TCW implements the firm's stewardship responsibilities and informs the investment decisions the firm makes on behalf of its clients. For ESG engagement in particular, it should be noted that just dialoguing with issuers that already demonstrate a comprehensive approach to ESG is only one key facet of engagement. It's also important to engage with issuers that have less advanced sustainability practices. By engaging with those early in their sustainability journey, or those that have begun to implement sustainability goals but not yet fully achieved the desired results, TCW may be able to have a direct influence with issuers. Such engagement may benefit all stakeholders, including financial market participants, the global community, environment, and individual constituents. TCW is continuing to evaluate and build on its ability to have impactful dialogues that will lead to such benefits.

Engagement is a long-term and dynamic process that evolves over multiple years. While change may take years to materialize, analysts will continue to enhance, reinforce and monitor ESG engagement objectives as part of a regular interaction with issuers. The lack of response or progress from issuers will be reflected in ESG assessments. Insufficient progress on engagement themes and/or reluctance to engage with TCW will be flagged and may result in investment changes.

*Proxy Voting Procedures.* TCW will make every reasonable effort to execute on proxy votes on behalf of the firm's clients prior to the applicable deadlines. However, TCW often relies on third parties, including custodians and clients, for the timely provision of proxy ballots. TCW may be unable to execute on proxy votes if it does not receive requisite materials with sufficient time to review and process them.

*Proxy Committee.* In order to carry out TCW's fiduciary responsibilities in the voting of proxies for the firm's clients, TCW has established a proxy voting committee (the "Proxy Committee"). The Proxy Committee generally meets quarterly (or at such other frequency as determined by the Proxy Committee), and its duties include establishing and maintaining proxy voting guidelines and procedures (the "Guidelines"), overseeing the internal

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proxy voting process, and reviewing proxy voting proposals and issues that may not be covered by the Guidelines. The Proxy Committee has been working with TCW's equity investment teams to evolve TCW's engagement process, proxy voting philosophy, scope of coverage and execution.

*Proxy Voting Services.* TCW also uses outside proxy voting services (each an "Outside Service") to help manage the proxy voting process. An Outside Service facilitates TCW's voting according to the Guidelines (or, if applicable, according to guidelines submitted by TCW's clients) by providing proxy research, an enhanced voting technology solution, and record keeping and reporting system(s). To supplement its own research and analysis in determining how best to vote a particular proxy proposal, TCW may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-case basis. TCW does not as a policy follow the assessments or recommendations provided by the proxy voting service without its own determination and review. Under specified circumstances described below involving potential conflicts of interest, an Outside Service may also be requested to help decide certain proxy votes. In those instances, the Proxy Committee shall review and evaluate the voting recommendations of such Outside Service to ensure that recommendations are consistent with TCW's clients' best interests.

*Sub-Advisor.* Where TCW has retained the services of a sub-adviser to provide day-to-day portfolio management for the portfolio, the Adviser may delegate proxy voting authority to the sub-adviser; provided that the sub-adviser either (1) follows the Adviser's Proxy Voting Policy and Procedures; or (2) has demonstrated that its proxy voting policies and procedures ("Sub-Adviser's Proxy Voting Policies and Procedures") are in the best interests of the Adviser's clients and appear to comply with governing regulations. TCW also shall be provided the opportunity to review a sub-adviser's Proxy Voting Policy and Procedures as deemed necessary or appropriate by TCW.

*Conflicts of Interest.* In the event a potential conflict of interest arises in the context of voting proxies for TCW's clients, TCW will cast its votes according to the Guidelines or any applicable guidelines provided by TCW's clients. In cases where a conflict of interest exists and there is no predetermined vote, the Proxy Committee will vote the proposals in a manner consistent with established conflict of interest procedures.

*Proxy Voting Information and Recordkeeping.* Upon request, TCW provides proxy voting records to its clients. TCW shall disclose the present policy as well as the results of its implementation (including the way TCW has voted) on its website in accordance with applicable law.

TCW or an Outside Service will keep records of the following items: (i) these Proxy Voting Guidelines and any other proxy voting procedures; (ii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iii) records of votes cast on behalf of clients (if maintained by an Outside Service, that Outside Service will provide copies of those records promptly upon request); (iv) records of written requests for proxy voting information and TCW's response; and (v) any documents prepared by TCW that were material to making a decision how to vote, or that memorialized the basis for the decision. Additionally, TCW or an Outside Service will maintain any documentation related to an identified material conflict of interest.

TCW or an Outside Service will maintain these records in an easily accessible place for at least five years from the end of the fiscal year during which the last entry was made on such record. For the most recent two years, TCW or an Outside Service will store such records at its principal office.

*International Proxy Voting.* While TCW utilizes these Proxy Voting Guidelines for both international and domestic portfolios and clients, there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is relatively easy to vote proxies, as the proxies are automatically received and may be voted by mail or electronically.

For proxies of non-U.S. companies, although it is typically both difficult and costly to vote proxies, TCW will make every reasonable effort to vote such proxies.

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*TCW's Approach to Proxy Voting.* The Guidelines reflect TCW's general position and practice on certain key issues, including ESG issues. To preserve the ability of its portfolio managers to make the best decisions in each case as stated previously, the Guidelines listed are intended only to provide context on topical issues. The full set of Guidelines are reviewed and updated as necessary, but at least annually, by the Proxy Committee.

In making proxy voting decisions, one key consideration, among other themes discussed below, is the materiality of ESG to a company's business activity and relevance to shareholder value. TCW believes that ESG issues can affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and through time). As a signatory to the United Nations Principles for Responsible Investment, TCW also recognizes that applying certain ESG principles may better align investors with broader objectives of society.

ESG factors constitute an increasingly important component of TCW's overall proxy voting philosophy, which continues to be founded on the investment teams' assessment of the best interests of our clients, always guided by their particular investment objectives. In addressing corporate issues, ESG factors typically play a role consistent with TCW's analysis. It is ultimately the portfolio manager's decision, what is in the best interests of the clients in each particular case.

***TimesSquare Capital Management, LLC ("TSCM").*** TSCM may exercise voting authority for certain clients. TSCM has written policies and procedures with respect to the voting of proxies that are reasonably designed to ensure that TSCM votes proxies in the best interests of clients and that such votes are properly and timely exercised. Such policies include voting guidelines, which assist in evaluating proxy proposals, and procedures for dealing with conflicts of interest that may arise between the interests of TSCM, including the firm's affiliates, and clients. TSCM will vote for proposals the firm believes will maximize shareholder value over the long-term and vote against proposals that are judged to have a material adverse impact on shareholder value or reduce shareholder rights. In exercising voting authority, TSCM considers the firm's own research and the proxy research of an independent proxy agent. TSCM also utilizes an independent proxy agent to perform certain proxy administrative services, including monitoring positions for upcoming votes, obtaining proxies, voting proxies in accordance with TSCM's authorization and recording proxy votes.

***WCM Investment Management, LLC ("WCM").*** WCM accepts responsibility for voting proxies whenever requested by a client or as required by law. Each client's investment management agreement should specify whether WCM is to vote proxies relating to securities held for the client's account. If the agreement is silent as to the proxy voting and no instructions from the client are on file, WCM will assume responsibility of proxy voting.

In cases in which WCM has proxy voting authority for securities held by the firm's advisory clients, WCM will ensure securities are voted for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the general antifraud provisions of the Investment Advisers Act of 1940 (the "Advisers Act"), the Proxy Voting Rule, Rule 206(4)-6 of the Advisers Act, and for ERISA accounts, the DOL's Proxy Voting Rule, as well as with WCM's fiduciary duties under federal and state law to act in the best interests of clients. Even when WCM has proxy voting authority, a client may request that WCM vote in a certain manner. Any such instructions shall be provided to WCM, in writing or electronic communication, saved in the client files and communicated to the portfolio associate and proxy administrator.

*Special Rules for ERISA.* Unless proxy voting responsibility has been expressly reserved by the plan, trust document or investment management agreement, and is being exercised by another "named fiduciary" for an ERISA Plan client, WCM, as the investment manager for the account, has the exclusive authority to vote proxies or exercise other shareholder relating to securities held for the Plan's account. The interests or desires of plan sponsors should not be considered. In addition, if a "named fiduciary" for the plan has provided WCM with written proxy voting guidelines, those guidelines must be followed, unless the guidelines, or the results of following the guidelines, would be contrary to the economic interests of the plan's participants or beneficiaries, imprudent or otherwise contrary to ERISA.

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Investors in WCM Private Funds which are deemed to hold "plan assets" under ERISA accept WCM's investment policy statement and a proxy voting policy before they are allowed to invest.

*Role of the Independent Proxy Adviser.* WCM utilizes the proxy voting recommendations of Glass, Lewis & Co. ("Proxy Adviser"). The purpose of the Proxy Advisers proxy research and advice is to facilitate shareholder voting in favor of governance structures that will drive performance, create shareholder value and maintain a proper tone at the top. Because the Proxy Adviser is not in the business of providing consulting services to public companies, it can focus solely on the best interests of investors. The Proxy Adviser's approach to corporate governance is to look at each company individually and determine what is in the best interests of the shareholders of each particular company. Research on proxies covers more than just corporate governance – the Proxy Adviser analyzes accounting, executive compensation, compliance with regulation and law, risks and risk disclosure, litigation and other matters that reflect on the quality of board oversight and company transparency.

The voting recommendations of the Proxy Adviser are strongly considered; however, the final determination for voting in the best economic interest of the clients is the responsibility of the relevant strategy Investment Strategy Group ("ISG"). When a decision is reached to vote contrary to the recommendation of the Proxy Adviser, the ISG will address any potential conflicts of interest (as described in this policy) and proceed accordingly. The firm will maintain documentation to support the decision, which will be reviewed by the Compliance team.

WCM will take reasonable steps under the circumstances to make sure that all proxies are received and for those that WCM has determined should be voted, are voted in a timely manner.

*Role of the Portfolio Associate.* The portfolio associate is responsible for the onboarding and maintenance of client accounts. For each client, the portfolio associate: (i) determines whether WCM is vested with proxy voting responsibility or whether voting is reserved to the client or delegated to another designee; (ii) instructs registered owners of record (*e.g.,* the client, trustee or custodian) that receive proxy materials from the issuer or its information agent to send proxies electronically to Broadridge/ProxyEdge, a third party service provider to: (a) provide notification of impending votes; (b) vote proxies based on the Proxy Adviser and/or WCM recommendations; and (c) maintain records of such votes electronically; (iii) assigns the appropriate proxy voting guidelines based on a client's Investment Policy Guidelines; and (iv) reports proxy voting record to client, as requested.

*Role of the Proxy Administrator.* The proxy administrator circulates proxy ballot information and administers the proxy vote execution process. The proxy administrator: (i) monitors the integrity of the data feed between the client's registered owner of record and Broadridge/ProxyEdge; (ii) executes votes based on the recommendation of the Proxy Adviser or ISG; and (iii) ensures all votes are cast in a timely manner.

*Role of the Analyst and ISG.* With the support of the Analysts, and in consideration of the voting recommendation of the Proxy Adviser, the ISG is responsible for review of the Proxy Adviser policy and final vote determination. The ISG: (i) annually, reviews the policy of the Proxy Adviser to ensure voting recommendations are based on a client's best interest; (ii) reviews the ballot voting recommendations of the Proxy Adviser; and (iii) investigates ballot voting issues during the normal course of research, company visits or discussions with company representatives. If the ISG agrees with the voting recommendation of the Proxy Adviser, no further action is required. If the ISG disagrees with the voting recommendation of the Proxy Adviser, they will: (i) deal with conflicts of interest, as described below; (ii) provide updated voting instructions to the proxy administrator; and (iii) document the rationale for the decision, which is provided to WCM's Compliance.

*Certain Proxy Votes May Not Be Cast.* In some cases, WCM may determine that it is in the best interests of the firm's clients to abstain from voting certain proxies. WCM will abstain from voting in the event any of the following conditions are met with regard to a proxy proposal: (i) neither the Proxy Adviser's recommendation nor specific client instructions cover an issue; or (ii) in circumstances where, in WCM's judgment, the costs of voting the proxy exceed the expected benefits to the client.

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In addition, WCM will only seek to vote proxies for securities on loan when such a vote is deemed to have a material impact on the account. In such cases, materiality is determined and documented by the ISG. Further, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder meeting and ending on the day following the meeting ("share blocking"). Depending on the country in which a company is domiciled, the blocking period may begin a stated number of days prior to the meeting (*e.g.,* one, three or five days) or on a date established by the company. While practices vary, in many countries the block period can be continued for a longer period if the shareholder meeting is adjourned and postponed to a later date. Similarly, practices vary widely as to the ability of a shareholder to have the "block" restriction lifted early (*e.g.,* in some countries shares generally can be "unblocked" up to two days prior to the meeting whereas in other countries the removal of the block appears to be discretionary with the issuer's transfer agent). WCM believes that the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items. Accordingly, WCM generally will not vote those proxies subject to "share blocking."

*Identifying and Dealing with Material Conflicts of Interest between WCM and Proxy Issuer.* WCM believes the use of the Proxy Adviser's independent guidelines helps to mitigate proxy voting related conflicts between the firm and the firm's clients. Notwithstanding WCM may choose to vote a proxy against the recommendation of the Proxy Adviser, if WCM believes such vote is in the best economic interest of its clients. Such a decision will be made and documented by the ISG. Because WCM retains this authority, it creates a potential conflict of interest between WCM and the proxy issuer. As a result, WCM may not overrule the Proxy Adviser's recommendation with respect to a proxy unless the following steps are taken by the chief compliance officer ("CCO"):

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The CCO must determine whether WCM has a conflict of interest with respect to the issuer that is the subject of the proxy. The CCO will use the following standards to identify issuers with which WCM may have a conflict of interest.

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*Significant Business Relationships*. The CCO will determine whether WCM may have a significant business relationship with the issuer, such as, for example, where WCM manages a pension plan. For this purpose, a "significant business relationship" is one that: (i) represents 1% or $1,000,000 of WCM's revenues for the fiscal year, whichever is less, or is reasonably expected to represent this amount for the current fiscal year; or (ii) may not directly involve revenue to WCM but is otherwise determined by the CCO to be significant to WCM.

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*Significant Personal/Family Relationships*. The CCO will determine whether any supervised persons who are involved in the proxy voting process may have a significant personal/family relationship with the issuer. For this purpose, a "significant personal/family relationship" is one that would be reasonably likely to influence how WCM votes proxies. To identify any such relationships, the CCO shall obtain information about any significant personal/family relationship between any employee of WCM who is involved in the proxy voting process (*e.g.,* ISG members) and senior employees of issuers for which WCM may vote proxies.

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If the CCO determines that WCM has a conflict of interest with respect to the issuer, the CCO shall determine whether the conflict is "material" to any specific proposal included within the proxy. The CCO shall determine whether a proposal is material as follows:

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*Routine Proxy Proposals*. Proxy proposals that are "routine" shall be presumed not to involve a material conflict of interest for WCM, unless the ISG has actual knowledge that a routine proposal should be treated as material. For this purpose, "routine" proposals would typically include matters such as the selection of an accountant, uncontested election of directors, meeting formalities and approval of an annual report/financial statements.

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*Non-Routine Proxy Proposals*. Proxy proposals that are "non-routine" shall be presumed to involve a material conflict of interest for WCM, unless the CCO determines that WCM's conflict is unrelated to the proposal in question (see (c) below). For this purpose, "non-routine" proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial

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assets, a change in the articles of incorporation that materially affects the rights of shareholders and compensation matters for management (*e.g.,* stock option plans, retirement plans, profit sharing or other special remuneration plans).

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*Determining that a Non-Routine Proposal is Not Material*. As discussed above, although non-routine proposals are presumed to involve a material conflict of interest, the CCO may determine on a case-by-case basis that particular non-routine proposals do not involve a material conflict of interest. To make this determination, the CCO must conclude that a proposal is not directly related to WCM's conflict with the issuer or that it otherwise would not be considered important by a reasonable investor. The CCO shall record in writing the basis for any such determination.

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For any proposal where the CCO determines that WCM has a material conflict of interest, WCM may vote a proxy regarding that proposal in any of the following manners:

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*Obtain Client Consent or Direction* – If the CCO approves the proposal to overrule the recommendation of the Proxy Adviser, WCM shall fully disclose to each client holding the security at issue the nature of the conflict and obtain the client's consent to how WCM will vote on the proposal (or otherwise obtain instructions from the client as to how the proxy on the proposal should be voted).

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*Use the Proxy Adviser's Recommendation* – Vote in accordance with the Proxy Adviser's recommendation.

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For any proposal where the CCO determines that WCM does not have a material conflict of interest, the ISG may overrule the Proxy Adviser's recommendation if the ISG reasonably determines that doing so is in the best interests of WCM's clients. If the ISG decides to overrule the Proxy Adviser's recommendation, the ISG will maintain documentation to support their decision.

*Dealing with Material Conflicts of Interest between a Client and the Proxy Adviser or Proxy Issuer.* In the event that WCM is notified by a client regarding a conflict of interest between them and the Proxy Adviser or the proxy issuer, the CCO will evaluate the circumstances and either: (i) elevate the decision to the ISG who will make a determination as to what would be in the client's best interest; (ii) if practical, seek a waiver from the client of the conflict; or (iii) if agreed upon in writing with the clients, forward the proxies to affected clients allowing them to vote their own proxies.

*Maintenance of Proxy Voting Records.* As required by Rule 204-2 under the Advisers Act, and for ERISA accounts, the DOL's Proxy Voting Rule, WCM will maintain or procure the maintenance of the following records relating to proxy voting for a period of at least five years:

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a copy of these Proxy Policies, as they may be amended from time to time;

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copies of proxy statements received regarding client securities, unless these materials are available electronically through the SEC's EDGAR system;

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a record of each proxy vote cast on behalf of its clients;

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each written client request for information on how WCM voted proxies on behalf of the client and each written response by WCM to oral or written client requests for this information.

As permitted by Rule 204-2(c), electronic proxy statements and the record of each vote cast on behalf of each client account will be maintained by ProxyEdge. WCM shall obtain and maintain an undertaking from ProxyEdge to provide it with copies of proxy voting records and other documents relating to the firm's clients' votes promptly upon request. WCM and ProxyEdge may rely on the SEC's EDGAR system to keep records of certain proxy statements if the proxy statements are maintained by issuers on that system (*e.g.,* large U.S.-based issuers).

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*Disclosure.* WCM will provide all clients a summary of these Proxy Policies, either directly or by delivery to the client of a copy of the firm's Form ADV, Part 2A containing such a summary, and information on how to obtain a copy of the full text of these Proxy Policies and a record of how WCM has voted the client's proxies. Upon receipt of a client's request for more information, WCM will provide to the client a copy of these Proxy Policies and/or in accordance with the client's stated requirements, how the client's proxies were voted during the period requested. Such periodic reports will not be made available to third parties absent the express written request of the client. However, to the extent that WCM serves as a sub-adviser to another adviser to a client, WCM will be deemed to be authorized to provide proxy voting records on such client accounts to such other adviser.

*Oversight of the Proxy Adviser.* Prior to adopting the proxy guidelines and recommendations of a Proxy Adviser, WCM will exercise prudence and diligence to determine that the guidelines for proxy recommendations are consistent with WCM's fiduciary obligations. Each year, Compliance, in conjunction with input from the proxy administrator, the ISG and others as determined by the CCO, will review WCM's relationship with, and services provided by the Proxy Adviser. To facilitate this review, WCM will request information from the Proxy Adviser in consideration of the Proxy Adviser processes, policies and procedures to:

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Analyze and formulate voting recommendations on the matters for which WCM is responsible for voting and to disclose its information sources and methods used to develop such voting recommendations;

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Ensure that it has complete and accurate information about issuers when making recommendations and to provide its clients and issuers timely opportunities to provide input on certain matters;

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Resolve any identified material deficiencies in the completeness or accuracy of information about issuers for whom voting recommendations are made; and

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Identify, resolve and disclose actual and potential conflicts of interest associated with its recommendations;

Additionally, WCM will review the Proxy Adviser's proposed changes to its proxy voting guidelines to ensure alignment with the ISG's expectations. The Proxy Adviser typically distributes proposed changes to its guidelines annually; therefore, WCM's review of these proposed changes will typically coincide with the Proxy Adviser's schedule.

***Wellington Management Company LLP ("Wellington").*** Wellington has adopted and implemented policies and procedures that the firm believes are reasonably designed to ensure that proxies are voted in the best economic interests of clients for whom the firm exercises proxy voting discretion. Wellington's Proxy Voting Guidelines (the "Guidelines") set forth broad guidelines and positions on common proxy issues that Wellington uses in voting on proxies. In addition, Wellington also considers each proposal in the context of the issuer, industry and country or countries in which the issuer's business is conducted. The Guidelines are not rigid rules, and the merits of a particular proposal may cause Wellington to enter a vote that differs from the Guidelines. Wellington seeks to vote all proxies with the goal of increasing long-term client value and, while client investment strategies may differ, applying this common set of guidelines is consistent with the investment objective of achieving positive long-term investment performance for each client.

Wellington (i) votes client proxies for which clients have affirmatively delegated proxy voting authority, in writing, unless the firm has arranged in advance with the client to limit the circumstances in which it would exercise voting authority or determines that it is in the best interest of one or more clients to refrain from voting a given proxy; (ii) votes all proxies in the best interests of the client for whom the firm is voting; and (iii) identifies and resolves all material proxy-related conflicts of interest between the firm and clients in the best interests of the client.

The Investment Research Group ("Investment Research") monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. Investment Research also acts as a resource for portfolio managers and research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of Investment Research. The Investment Stewardship Committee is responsible for

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oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, identification and resolution of conflicts of interest and providing advice and guidance on specific proxy votes for individual issuers. The Investment Stewardship Committee reviews the Global Proxy Policy and Procedures annually.

Wellington uses the services of a third-party voting agent for research, voting recommendations and to manage the administrative aspects of proxy voting. The voting agent processes proxies for client accounts, casts votes based on the Guidelines and maintains records of proxies voted. Wellington complements the research received by its primary voting agent with research from another voting agent.

If a client requests that Wellington vote proxies on its behalf, the client must instruct the custodian bank to deliver all relevant voting material to Wellington or its voting agent. Each public security proxy received by electronic means is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due. This reconciliation is performed at the ballot level. Although proxies received for private securities, as well as those received in non-electronic format, are voted as received, Wellington is not able to reconcile these ballots, nor does the firm notify custodians of non-receipt.

In addition to proprietary research undertaken by Wellington investment professionals, Investment Research conducts proxy research internally and uses the resources of a number of external sources including third-party agents to keep abreast of developments in corporate governance and of current practices of specific companies.

Following the reconciliation process, each proxy is compared against the Guidelines, and handled as follows:

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Generally, issues for which explicit proxy voting guidance is provided in the Guidelines (*i.e.,* "For", "Against", "Abstain") are reviewed by Investment Research and voted in accordance with the Guidelines.

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Issues identified as "case-by-case" in the Guidelines are further reviewed by Investment Research. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

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Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients' proxies.

Wellington reviews a subset of the voting record to ensure that proxies are voted in accordance with the Global Proxy Policy and Procedures and the Guidelines and ensures that documentation and reports, for clients and for internal purposes, relating to the voting of proxies are promptly and properly prepared and disseminated.

Wellington's broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest the firm faces in voting proxies. Annually, the Investment Stewardship Committee sets standards for identifying material conflicts based on client, vendor and lender relationships and publishes those standards to individuals involved in the proxy voting process. In addition, the Investment Stewardship Committee encourages all personnel to contact Investment Research about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Investment Stewardship Committee to determine if there is a conflict and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Investment Stewardship Committee should convene.

In certain instances, Wellington may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered:

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*Securities Lending* – In general, Wellington does not know when securities have been lent out pursuant to a client's securities lending program and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but in rare circumstances, Wellington may determine voting would outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have the custodian recall the security to permit voting of related proxies.

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*Share Blocking and Re-registration* – Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

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*Lack of Adequate Information, Untimely Receipt of Proxy Materials or Excessive Costs* – Wellington may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote, when the proxy materials are not delivered in a timely fashion or when, in Wellington's judgment, the costs exceed the expected benefits to clients (such as when powers of attorney or consularization are required).

***Western Asset Management Company, LLC ("Western Asset").*** As a fixed income only manager, the occasion to vote proxies is very rare. However, Western Asset has adopted and implemented policies and procedures that the firm believes are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with the firm's fiduciary duties and SEC Rule 206(4)-6 under the Investment Advisers Acts of 1940 ("Advisers Act"). In addition to SEC requirements governing advisers, Western Asset's proxy voting policies reflect the long-standing fiduciary standards and responsibilities for ERISA accounts. Unless a manager of ERISA assets has been expressly precluded from voting proxies, the Department of Labor has determined that the responsibility for these votes lies with the investment manager.

While the guidelines included in the procedures are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration the firm's contractual obligations to clients and all other relevant facts and circumstances at the time of the vote (such that these guidelines may be overridden to the extent the firm deems appropriate).

In exercising its voting authority, Western Asset will not consult or enter into agreements with officers, directors or employees of Franklin Resources (Franklin Resources includes Franklin Resources, Inc. and organizations operating as Franklin Resources) or any of its affiliates (other than Western Asset affiliated companies) regarding the voting of any securities owned by clients.

Once proxy materials are received by Western Asset's Corporate Actions department, they are forwarded to the Legal and Compliance department for coordination and the following actions: (a) proxies are reviewed to determine accounts impacted; (b) impacted accounts are checked to confirm Western Asset's voting authority; (c) Legal and Compliance department staff reviews proxy issues to determine any material conflicts of interest; (d) if a material conflict of interest exists, (i) to the extent reasonably practicable and permitted by applicable law, the client is promptly notified, the conflict is disclosed and the firm obtains the client's proxy voting instructions, and (ii) to the extent that it is not reasonably practicable or permitted by applicable law to notify the client and obtain such instructions (*e.g.*, the client is a mutual fund or other commingled vehicle or is an ERISA plan client), Western Asset seeks voting instructions from an independent third party; (e) Legal and Compliance department staff provides proxy material to the appropriate research analysts or portfolio managers to obtain their recommended vote. Research analysts and portfolio managers determine votes on a case-by-case basis taking into account the voting guidelines contained in these procedures. For avoidance of doubt, depending on the best interest of each individual client, Western Asset may vote the same proxy differently for different clients. The analyst's or portfolio manager's basis for their decision is documented and maintained by the Legal and Compliance department (f) Legal and Compliance department staff votes the proxy pursuant to the instructions received as noted in (d) or (e) and returns the voted proxy as indicated in the proxy materials.

Statement of Additional Information

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Western Asset's Legal and Compliance department staff act in such a manner to ensure that, absent special circumstances, the proxy gathering and proxy voting steps noted above can be completed before the applicable deadline for returning proxy votes.

***Westwood Management Corp.*** The Investment Adviser Policies and Procedures Manual of Westwood Holdings Group, Inc. includes Westwood Management Corp. and another registered investment adviser affiliate (collectively, "Westwood"). Westwood's proxy voting is an important right of shareholders, and reasonable care and diligence must be taken to ensure that such rights are properly and timely exercised. Westwood has adopted the following procedures to implement the firm's proxy voting policy, in addition to adopting the Glass Lewis & Co., LLC ("Glass Lewis") Proxy Voting Guidelines (general guidelines and guidelines specific to Taft-Hartley). Westwood conducts reviews to monitor and ensure the firm's policy is observed, implemented properly and amended or updated, as appropriate.

*Voting Procedures* 

<sup>•</sup>

All employees forward proxy materials received on behalf of clients to Broadridge Financial Solutions, Inc. ("Broadridge"). Westwood has engaged Broadridge for assistance with the proxy voting process for clients and Glass Lewis provides voting recommendations;

<sup>•</sup>

Broadridge has access to holders' records and determines which client accounts hold the security to which the proxy relates;

<sup>•</sup>

Absent material conflicts, Broadridge, with the vote recommendations from Glass Lewis, determines how Westwood should vote the proxy in accordance with applicable voting guidelines;

<sup>•</sup>

Westwood's analysts review the Glass Lewis proxy voting recommendations on a bi-monthly basis. The analysts may choose to vote differently than Glass Lewis if believed to be in the best interest of a client or where a different vote is warranted in light of the respective investment strategy;

<sup>•</sup>

If Westwood chooses to vote differently than Glass Lewis, then Westwood overwrites the Glass Lewis recommendation on the ProxyEdge platform;

<sup>•</sup>

If Westwood agrees with the Glass Lewis recommendations, no action is necessary; and

<sup>•</sup>

Broadridge completes the proxy in a timely and appropriate manner.

<sup>•</sup>

For certain investment companies managed by Westwood and approved by the Chief Compliance Officer (each, a "Westwood 12d1F Fund"), Westwood will implement echo voting for shares of other investment companies (each an "Acquired Fund") held by a Westwood 12d1F Fund. The Data Management team will override any Glass Lewis proxy voting recommendations with respect to shares of an Acquired Fund held by a Westwood 12d1F Fund and, will instead, vote all such Acquired Fund shares pro rata with all other shareholders of each respective Acquired Fund. The Data Management team will record any votes made with echo voting as overrides to the Glass Lewis recommendations.

*Disclosure* 

<sup>•</sup>

Westwood provides required disclosures in Form ADV Part 2A, which summarizes the firm's proxy voting policies and procedures and includes information whereby clients may request information regarding how Westwood voted their respective proxies; and

<sup>•</sup>

Westwood's disclosure summary includes a description of how clients may obtain a copy of the firm's proxy voting policies and procedures. Westwood's proxy voting practice is disclosed in the firm's advisory agreements.

*Client Requests for Information* 

<sup>•</sup>

All client requests for information regarding proxy votes, or regarding policies and procedures that are received by any supervised person, should be forwarded to the Operations team; and

GuideStone Funds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>•</sup>

In response to any request, the Data Management team prepares a written response with the information requested and, as applicable, includes the name of the issuer, the proposal voted upon and how Westwood voted the client's proxy with respect to each proposal about which the client inquired.

*Voting Guidelines* 

<sup>•</sup>

Westwood has engaged Broadridge and Glass Lewis for assistance with the proxy voting process for clients.

<sup>•</sup>

Westwood analysts review the Glass Lewis proxy voting recommendations using the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

In the absence of specific voting guidelines from the client, Westwood votes proxies in the best interests of each client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Westwood's policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions or other mandates from a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Clients are permitted to place reasonable restrictions and mandates on Westwood's voting authority in the same manner that they may place such restrictions on the actual selection of account securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Westwood generally votes in favor of routine corporate housekeeping proposals, such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor's non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

Westwood generally votes against proposals that cause board members to become entrenched or cause unequal voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup>

In reviewing proposals, Westwood further considers the opinion of management, the effect on management and the effect on shareholder value and the issuer's business practices.

*Conflicts of Interest* 

<sup>•</sup>

Westwood conducts periodic reviews to identify any conflicts that exist between the interests of the firm and the client by (i) reviewing the relationship of Westwood with the issuer of each security, and (ii) determining if Westwood or any of the firm's supervised persons has any financial, business or personal relationship with the issuer;

<sup>•</sup>

If a material conflict of interest exists, Westwood will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves or to address the voting issue through other objective means, such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation; and

<sup>•</sup>

Westwood will maintain a record of the voting resolution of any conflict of interest.

*Proxy Voting Vendor Oversight.* Westwood conducts initial and ongoing oversight of proxy voting vendors with participation by the Client Service, Compliance, Operations and Investment teams. In addition to conducting initial due diligence, Westwood monitors and reviews all third-party proxy services to evaluate any conflicts of interest, consistency of voting with guidelines, fees and disclosures and technical and operational capabilities, among other things. At least annually, Westwood audits, on a sampling basis, the recommendations received from Glass Lewis to assess the consistency of its recommendations with Glass Lewis' published guidelines.

***William Blair Investment Management, LLC ("William Blair").*** William Blair's Proxy Voting Policy Statement and Procedures (the "Proxy Voting Policy") provide that the firm will vote proxies solely in the best interests of clients, in their capacity as shareholders of a company. The Proxy Voting Policy addresses, among other things, conflicts of interest that will likely arise between the interests of William Blair and the firm's affiliates and the interests of clients and sets forth the firm's procedures for voting proxies.

William Blair has engaged Institutional Shareholder Services Inc. (the "Proxy Administrator") to assist in the administration and voting of proxies. William Blair's U.S. Proxy Voting Guidelines and International Proxy Voting Guidelines (the "Guidelines") set forth the firm's general position on frequent proxy proposals, such as routine matters, shareholder rights, anti-takeover matters, proxy contests, capital structure, executive and director

Statement of Additional Information

------

compensation and social and environmental issues. To the extent a particular proposal is not covered by the Guidelines or the Guidelines provide for voting on a "case-by-case" basis, the Proxy Administrator will consult William Blair's Proxy Committee, which will review the issues and vote proxies based on information from the company, the firm's internal analysis and third-party research services. Although the Guidelines set forth William Blair's general position on various proposals, the firm may determine under some circumstances to vote contrary to those positions. William Blair will report any such contrary votes to clients, as needed.

As indicated above, the Proxy Voting Policy describes the way in which William Blair will address potential conflicts of interest. If any of the potential conflicts that William Blair has identified in the Proxy Voting Policy arise with respect to a matter, the Proxy Committee will vote all such proxies in accordance with the Guidelines, unless the Guidelines have no recommendation or provide for a vote on a "case-by-case" basis. In such case, the Proxy Committee will vote consistent with the voting recommendation provided by the Proxy Administrator. In international markets where share blocking applies, William Blair typically will not vote proxies due to liquidity constraints. Share blocking is the "freezing" of shares for trading purposes in order to vote proxies. Share blocking typically takes place between one and 20 days before a shareholder meeting, depending on the market. While shares are frozen, they may not be traded. Therefore, there is the potential for a pending trade to fail if trade settlement falls on a date during the blocking period or a fund would not be able to sell a security if portfolio management believed it advisable if share blocking were in effect.

GuideStone Funds

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

![](g677134botprismbw.gif)

![](g677134lgwhttxtbw.gif)

Funds distributed by Foreside Funds Distributors LLC <br>Three Canal Plaza Suite 100, Portland, ME 04101

**1-888-GS-FUNDS** (1-888-473-8637)

***GuideStoneFunds.com*** 

5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

811-10263© 2023 GuideStone Funds® 2126 05/23

------

GUIDESTONE FUNDS <br>N-1A <br>PART C: OTHER INFORMATION

---

| | | | |
|:---|:---|:---|:---|
| Item 28. | EXHIBITS |  |  |
| (a) |  |  | Trust Instrument. |
|  |  | 1. | &nbsp;&nbsp; [Certificate of Trust, dated February 29, 2000, filed in the State of Delaware, is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000089322001000022/w43557aex99-a_1.txt)<br> [by reference to the Initial Registration Statement on Form N-1A (No. 333-53432) filed with the U.S.](http://www.sec.gov/Archives/edgar/data/1131013/000089322001000022/w43557aex99-a_1.txt)<br> [Securities and Exchange Commission (the "SEC") on January 9, 2001.](http://www.sec.gov/Archives/edgar/data/1131013/000089322001000022/w43557aex99-a_1.txt)<br>|
|  |  | 2. | &nbsp;&nbsp; [Certificate of Amendment to Certificate of Trust, dated March 12, 2001, filed in the State of](http://www.sec.gov/Archives/edgar/data/1131013/000119312509040854/dex99a3.htm)<br> [Delaware, is incorporated herein by reference to Post-Effective Amendment No. 21 to the](http://www.sec.gov/Archives/edgar/data/1131013/000119312509040854/dex99a3.htm)<br> [Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on February 27, 2009.](http://www.sec.gov/Archives/edgar/data/1131013/000119312509040854/dex99a3.htm)<br>|
|  |  | 3. | &nbsp;&nbsp; [Certificate of Amendment to Certificate of Trust, dated September 13, 2005, filed in the State of](http://www.sec.gov/Archives/edgar/data/1131013/000119312519129166/d658530dex99a7.htm)<br> [Delaware, is incorporated herein by reference to Post-Effective Amendment No. 77 to the](http://www.sec.gov/Archives/edgar/data/1131013/000119312519129166/d658530dex99a7.htm)<br> [Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on April 30, 2019.](http://www.sec.gov/Archives/edgar/data/1131013/000119312519129166/d658530dex99a7.htm)<br>|
|  |  | 4. | &nbsp;&nbsp; [Amended and Restated Trust Instrument, dated October 1, 2020, is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99a4.htm)<br> [to Post-Effective Amendment No. 83 to the Registration Statement on Form N-1A (No. 333-53432)](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99a4.htm)<br> [filed with the SEC on November 13, 2020 ("PEA No. 83").](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99a4.htm)<br>|
|  |  | 5. | &nbsp;&nbsp; [Schedule A to Amended and Restated Trust Instrument, dated February 25, 2022, is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99a5.htm)<br> [herein by reference to Post-Effective Amendment No. 87 to the Registration Statement on Form](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99a5.htm)<br> [N-1A (No. 333-53432) filed with the SEC on February 25, 2022 ("PEA No. 87").](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99a5.htm)<br>|
|  |  | 6. | &nbsp;&nbsp; [Schedule A to Amended and Restated Trust Instrument, dated August 31, 2022, is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99a6.htm)<br> [herein by reference to Post-Effective Amendment No. 90 to the Registration Statement on Form](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99a6.htm)<br> [N-1A (No. 333-53432) filed with the SEC on August 30, 2022 ("PEA No. 90").](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99a6.htm)<br>|
|  |  | 7. | &nbsp;&nbsp; [Schedule A to Amended and Restated Trust Instrument, dated January 27, 2023, is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99a7.htm)<br> [herein by reference to Post-Effective Amendment No. 93 to the Registration Statement on Form](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99a7.htm)<br> [N-1A (No. 333-53432) filed with the SEC on January 27, 2023 ("PEA No. 93").](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99a7.htm)<br>|
| (b) |  |  | By-laws. |
|  |  | 1. | &nbsp;&nbsp; [Amended and Restated By-laws, dated October 1, 2020, are incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99b1.htm)<br> [No. 83.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99b1.htm)<br>|
| (c) |  |  | &nbsp;&nbsp; Instruments Defining Rights of Security Holders.<br> [Articles IV – VI and Article IX, Section 4 of the Amended and Restated Trust Instrument, dated](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99a4.htm)<br> [October 1, 2020, are incorporated herein by reference to PEA No. 83](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99a4.htm); [Articles IV – V of the](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99b1.htm)<br> [Amended and Restated By-laws dated October 1, 2020, are incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99b1.htm)<br> [herein by reference to PEA No. 83.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99b1.htm)<br>|
| (d) |  |  | Investment Advisory Contracts. |
|  |  | 1. | &nbsp;&nbsp; [Form of Amended and Restated Advisory Agreement with GuideStone Capital Management, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d1.htm)<br> [incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d1.htm)<br>|
|  |  | 2. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with Altrinsic Global Advisors, LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d3.htm)<br> [reference to Post-Effective Amendment No. 85 to the Registration Statement on Form N-1A (No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d3.htm)<br> [333-53432) filed with the SEC on March 1, 2021 ("PEA No. 85").](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d3.htm)<br>|
|  |  | 3. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with American Century Investment Management, Inc. is](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d4.htm)<br> [incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d4.htm)<br>|
|  |  | 4. | &nbsp;&nbsp; [Form of Amended and Restated Sub-Advisory Agreement with AQR Capital Management, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99d4.htm)<br> [incorporated herein by reference to Post-Effective Amendment No. 86 to the Registration Statement](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99d4.htm)<br> [on Form N-1A (No. 333-53432) filed with the SEC on April 29, 2021 ("PEA No. 86").](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99d4.htm)<br>|
|  |  | 5. | &nbsp;&nbsp; [Form of Sub-Advisory Agreement with Barrow, Hanley, Mewhinney & Strauss, LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d6.htm)<br> [herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d6.htm)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Form of Sub-Advisory Agreement with BlackRock Advisors, LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d7.htm) [reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Form of Sub-Advisory Agreement with BlackRock Financial Management, Inc. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d8.htm) [herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Form of Sub-Sub-Investment Advisory Agreement with BlackRock Financial Management, Inc. and](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d8.htm) [BlackRock International Limited is incorporated herein by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Form of Sub-Sub-Investment Advisory Agreement with BlackRock Financial Management, Inc. and](https://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d9.htm) [BlackRock (Singapore) Limited is incorporated herein by reference to PEA No. 87.](https://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Form of Sub-Subadvisory Agreement with Broadmark Asset Management LLC is filed herewith as](d456053dex99d10.htm) [Exhibit EX-99(d)(10).](d456053dex99d10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Form of Sub-Advisory Agreement with Delaware Investments Fund Advisers is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d11.htm) [by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Form of Sub-Advisory Agreement with Goldman Sachs Asset Management, L.P. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d12.htm) [herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Form of Sub-Advisory Agreement with Heitman Real Estate Securities LLC is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d14.htm) [by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Form of Sub-Advisory Agreement with Jacobs Levy Equity Management, Inc. is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d15.htm) [by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Form of Sub-Advisory Agreement with Janus Henderson Investors US LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d2.htm) [reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Form of Sub-Advisory Agreement with Legal & General Investment Management America, Inc. is](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99d2.htm) [incorporated herein by reference to PEA No. 90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Form of Sub-Advisory Agreement with Loomis, Sayles & Company, L.P. is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d17.htm) [reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Form of Amended and Restated Sub-Advisory Agreement with MFS Institutional Advisors, Inc. is](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d18.htm) [incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. [Form of Sub-Advisory Agreement with Neuberger Berman Investment Advisers LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d23.htm) [herein by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99d23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. [Form of Sub-Advisory Agreement with P/E Global LLC is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d20.htm) [No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. [Form of Sub-Advisory Agreement with Pacific Investment Management Company LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d21.htm) [incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. [Form of Amended and Restated Sub-Advisory Agreement with Parametric Portfolio Associates LLC](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d3.htm) [is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. [Form of Amended and Restated Sub-Advisory Agreement with Parametric Portfolio Associates LLC](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d4.htm) [is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. [Form of Sub-Advisory Agreement with Payden & Rygel is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d24.htm) [No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. [Form of Sub-Advisory Agreement with QMA LLC (renamed PGIM Quantitative Solutions LLC](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99d29.htm) [effective September 28, 2021) is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99d29.htm) [88 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on April 28,](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99d29.htm) [2022](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99d29.htm) ("PEA No. 88").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. [Form of Sub-Advisory Agreement with RBC Global Asset Management (U.K.) Limited is](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99d50.htm) [incorporated herein by reference to Post-Effective Amendment No. 79 to the Registration Statement](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99d50.htm) [on Form N-1A (No. 333-53432) filed with the SEC on February 28, 2020 ("PEA No. 79").](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99d50.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. [Form of Sub-Advisory Agreement with RBC Global Asset Management (U.S.) Inc. is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d5.htm) [herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. [Form of Sub-Advisory Agreement with RREEF America L.L.C. is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d26.htm) [to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. [Form of Sub-Advisory Agreement with Sands Capital Management, LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d27.htm) [reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. [Form of Sub-Advisory Agreement with Shenkman Capital Management, Inc. is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d28.htm) [by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. [Form of Sub-Advisory Agreement with SSI Investment Management LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99d32.htm) [reference to PEA No. 86.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99d32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. [Form of Sub-Advisory Agreement with TCW Investment Management Company, LLC is](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d29.htm) [incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. [Form of Sub-Advisory Agreement with The London Company of Virginia, LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99d54.htm) [herein by reference to Post-Effective Amendment No. 80 to the Registration Statement on Form](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99d54.htm) [N-1A (No. 333-53432) filed with the SEC on April 28, 2020 ("PEA No. 80").](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99d54.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. [Form of Sub-Advisory Agreement with TimesSquare Capital Management, LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d31.htm) [herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. [Form of Sub-Advisory Agreement with WCM Investment Management, LLC is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d32.htm) [by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. [Form of Amended and Restated Sub-Advisory Agreement with Wellington Management Company](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d33.htm) [LLP is incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d33.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. [Form of Sub-Advisory Agreement with Western Asset Management Company, LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d34.htm) [herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99d34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. [Form of Sub-Advisory Agreement with J.P. Morgan Management Inc. is filed herewith as Exhibit](d456053dex99d38.htm) [EX-99(d)(38).](d456053dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. [Form of Sub-Advisory Agreement with William Blair Investment Management, LLC is filed](d456053dex99d39.htm) [herewith as Exhibit EX-99(d)(39).](d456053dex99d39.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. [Form of Sub-Advisory Agreement with Guggenheim Partners Investment Management, LLC is filed](d456053dex99d40.htm) [herewith as Exhibit EX-99(d)(40).](d456053dex99d40.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. [Form of Sub-Advisory Agreement with Westwood Management Corp. is filed herewith as Exhibit](d456053dex99d41.htm) [EX-99(d)(41).](d456053dex99d41.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. [Expense Cap Letter with GuideStone Capital Management, LLC for the Target Date Funds is filed](d456053dex99d42.htm) [herewith as Exhibit EX-99(d)(42).](d456053dex99d42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. [Expense Cap Letter with GuideStone Capital Management, LLC for the Strategic Alternatives Fund](d456053dex99d43.htm) [and the International Equity Index Fund is filed herewith as Exhibit EX-99(d)(43).](d456053dex99d43.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. [Expense Cap Letter with GuideStone Capital Management, LLC for the Value Equity Index Fund](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99d4.htm) [and Growth Equity Index Fund is incorporated herein by reference to PEA No. 90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. [Expense Cap Letter with GuideStone Capital Management, LLC for the Impact Bond Fund and](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d6.htm) [Impact Equity Fund is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Underwriting Contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Underwriting Agreement with Foreside Funds Distributors LLC incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99e1.htm) [PEA No. 88.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99e1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Exhibit A to Underwriting Agreement with Foreside Funds Distributors LLC, dated January 27,](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99e2.htm) [2023, is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bonus or Profit Sharing Contracts. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodian Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Custody Agreement with The Northern Trust Company dated April 1, 2021,](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99g1.htm) [is incorporated herein by reference to PEA No. 86.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [First Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99g2.htm) [Company dated August 31, 2022, is incorporated herein by reference to PEA No. 90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Second Amendment to the Amended and Restated Custody Agreement with The Northern Trust](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99g3.htm) [Company dated January 27, 2023, is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99g3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Fund Administration and Accounting Services Agreement with The Northern](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99h1.htm) [Trust Company dated April 1, 2021, is incorporated herein by reference to PEA No. 86.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [First Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h2.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Second Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h3.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Third Amendment to the Amended and Restated Fund Administration and Accounting Services](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h4.htm) [Agreement with The Northern Trust Company is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Fourth Amendment to the Amended and Restated Fund Administration and Accounting Services](d456053dex99h5.htm) [Agreement with The Northern Trust Company is filed herewith as Exhibit EX-99(h)(5).](d456053dex99h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Transfer Agency and Shareholder Services Agreement with BNY Mellon Investment Servicing (US)](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm) [Inc. is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registration](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm) [Statement on Form N-1A (No. 333-53432) filed with the SEC on February 28, 2013.](http://www.sec.gov/Archives/edgar/data/1131013/000119312513084829/d486661dex99h18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Amendment No. 1 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312514076542/d678097dex99h23.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312514076542/d678097dex99h23.htm) [53 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on February 28,](http://www.sec.gov/Archives/edgar/data/1131013/000119312514076542/d678097dex99h23.htm) &nbsp;&nbsp;&nbsp;&nbsp; [2014.](http://www.sec.gov/Archives/edgar/data/1131013/000119312514076542/d678097dex99h23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Amendment No. 2 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm) [58 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on April 29,](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm) &nbsp;&nbsp;&nbsp;&nbsp; [2015.](http://www.sec.gov/Archives/edgar/data/1131013/000119312515156795/d868058dex99h24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Amendment No. 3 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) [62 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on February 26,](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) [2016](http://www.sec.gov/Archives/edgar/data/1131013/000119312516482315/d139824dex99h28.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Termination Amendment to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm) [66 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on February 28,](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm) [2017 ("PEA No. 66").](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99h32.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Amendment No. 5 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm) [71 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on June 29,](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm) [2017 ("PEA No. 71").](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h33.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Amendment No. 6 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h34.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to PEA No. 71.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517218455/d411413dex99h34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Amendment No. 7 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h11.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to PEA No. 80.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Amendment No. 8 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to Post-Effective Amendment No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm) [84 to the Registration Statement on Form N-1A (No. 333-53432) filed with the SEC on January 26,](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm) &nbsp;&nbsp;&nbsp;&nbsp; [2021.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521017890/d22374dex99h13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Amendment No. 9 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99h11.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99h11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Amendment No. 10 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h13.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to PEA No. 90.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522234086/d295412dex99h13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Amendment No. 11 to Transfer Agency and Shareholder Services Agreement with BNY Mellon](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h16.htm) [Investment Servicing (US) Inc. is incorporated herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99h16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Transfer on Death Exception Procedures Agreement with BNY Mellon Investment Servicing (US)](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h12.htm) [Inc. is incorporated herein by reference to PEA No. 80.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal Opinion. [Opinion of \[ \] to be filed by amendment.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other Opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Consent of Independent Registered Public Accounting Firm. Consent of \[ \] to be filed by](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99j1.htm) [amendment.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522127817/d310473dex99j1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Powers of Attorney. [Power of Attorney for William Craig George, dated November 7, 2019, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm) [reference to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Power of Attorney for Randall T. Hahn, D.Min, dated November 7, 2019, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm) [reference to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Power of Attorney for Grady R. Hazel, dated November 7, 2019, is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm) [to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Power of Attorney for Ronald D. Murff, dated November 7, 2019, is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm) [to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Power of Attorney for David B. McMillan, dated November 7, 2019, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm) [reference to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Power of Attorney for Franklin R. Morgan, dated November 7, 2019, is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm) [reference to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99j22.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Power of Attorney for Thomas G. Evans, dated May 1, 2020, is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d3.htm) [Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A (No. 333-53432)](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d3.htm) [filed with the SEC on May 20, 2020 ("PEA No. 82").](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Power of Attorney for David Cox, Sr., dated October 15, 2020, is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99j10.htm) [PEA No. 83.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520293200/d22798dex99j10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Omitted Financial Statements. Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Initial Capital Agreements. [Letter Agreement with GuideStone Financial Resources of the Southern Baptist Convention](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt) [(formerly, Annuity Board of the Southern Baptist Convention) is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt) [Pre-Effective Amendment No. 2 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt) [with the SEC on June 18, 2001.](http://www.sec.gov/Archives/edgar/data/1131013/000089322001500382/w43557cex99-l.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plan. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Rule 18f-3 Plan. [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99n.htm) [reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Code of Ethics of GuideStone Capital Management, LLC and GuideStone Funds is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99p.htm) [herein by reference to PEA No. 93.](http://www.sec.gov/Archives/edgar/data/1131013/000119312523016394/d400905dex99p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Code of Ethics of Barrow, Hanley, Mewhinney & Strauss, LLC is filed herewith as Exhibit](d456053dex99p2.htm) [EX-99(p)(2).](d456053dex99p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Code of Ethics of BlackRock Advisors, LLC, BlackRock Financial Management, Inc., BlackRock](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d5.htm) [International Limited and BlackRock (Singapore) Limited is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d5.htm) [PEA No. 82.](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Code of Ethics of Goldman Sachs Asset Management, L.P. is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d7.htm) [PEA No. 82.](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Code of Ethics of Loomis, Sayles & Company, L.P. is filed herewith as Exhibit EX-99(p)(5).](d456053dex99p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Code of Ethics of Pacific Investment Management Company LLC is incorporated herein by](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p6.htm) [reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Code of Ethics of Payden & Rygel is incorporated herein by reference to PEA No. 82.](http://www.sec.gov/Archives/edgar/data/1131013/000168386320009867/f5653d8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Code of Ethics of TCW Investment Management Company LLC is filed herewith as Exhibit](d456053dex99p8.htm) [EX-99(p)(8).](d456053dex99p8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Code of Ethics of Western Asset Management Company, LLC is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99p14.htm) [PEA No. 66.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Code of Ethics of TimesSquare Capital Management, LLC is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99p15.htm) [PEA No. 66.](http://www.sec.gov/Archives/edgar/data/1131013/000119312517062401/d362830dex99p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Code of Ethics of RREEF America L.L.C.is incorporated herein by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Code of Ethics of MFS Institutional Advisors, Inc. is filed herewith as Exhibit EX-99(p)(12).](d456053dex99p12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Code of Ethics of AQR Capital Management, LLC is filed herewith as Exhibit EX-99(p)(13).](d456053dex99p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Code of Ethics of Sands Capital Management, LLC is incorporated herein by reference to PEA No.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p14.htm) &nbsp;&nbsp;&nbsp;&nbsp; [85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Code of Ethics of Parametric Portfolio Associates LLC is filed herewith as Exhibit EX-99(p)(15).](d456053dex99p15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Code of Ethics of American Century Investment Management, Inc. is filed herewith as Exhibit](d456053dex99p16.htm) [EX-99(p)(16).](d456053dex99p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Code of Ethics of Shenkman Capital Management, Inc. is filed herewith as Exhibit EX-99(p)(17).](d456053dex99p17.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Code of Ethics of Heitman Real Estate Securities LLC is filed herewith as Exhibit EX-99(p)(18).](d456053dex99p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. [Code of Ethics of Legal & General Investment Management America, Inc. is filed herewith as](d456053dex99p19.htm) [Exhibit EX-99(p)(19).](d456053dex99p19.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. [Code of Ethics of Neuberger Berman Investment Advisers LLC is filed herewith as Exhibit](d456053dex99p20.htm) [EX-99(p)(20).](d456053dex99p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. [Code of Ethics of Wellington Management Company, LLP is incorporated herein by reference to](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p24.htm) [PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. [Code of Ethics of Delaware Investments Fund Advisers is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p26.htm) [No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. [Code of Ethics of Jacobs Levy Equity Management, Inc. is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1131013/000119312519060400/d658547dex99p34.htm) [Effective Amendment No. 76 to the Registration Statement on Form N-1A (No. 333-53432) filed](http://www.sec.gov/Archives/edgar/data/1131013/000119312519060400/d658547dex99p34.htm) [with the SEC on March 1, 2019.](http://www.sec.gov/Archives/edgar/data/1131013/000119312519060400/d658547dex99p34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. [Code of Ethics of WCM Investment Management, LLC is filed herewith as Exhibit EX-99(p)(24).](d456053dex99p24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. [Code of Ethics of RBC Global Asset Management (U.K.) Limited is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99p34.htm) [to PEA No. 79.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520055779/d869693dex99p34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. [Code of Ethics of The London Company of Virginia, LLC is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99p35.htm) [No. 80.](http://www.sec.gov/Archives/edgar/data/1131013/000119312520123361/d871487dex99p35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. [Code of Ethics of P/E Global LLC is incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. [Code of Ethics of Altrinsic Global Advisors, LLC is incorporated herein by reference to PEA No. 85.](http://www.sec.gov/Archives/edgar/data/1131013/000119312521063807/d36859dex99p32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. [Code of Ethics of Janus Henderson Investors US LLC is filed herewith as Exhibit EX-99(p)(29).](d456053dex99p29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. [Code of Ethics of RBC Global Asset Management (U.S.) Inc. is filed herewith as Exhibit](d456053dex99p30.htm) [EX-99(p)(30).](d456053dex99p30.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. [Code of Ethics of Broadmark Asset Management LLC is incorporated herein by reference to PEA](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p35.htm) [No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. [Code of Ethics of SSI Investment Management LLC is incorporated](http://www.sec.gov/Archives/edgar/data/1131013/000119312521140859/d99460dex99p36.htm) herein
by reference to PEA No. &nbsp;&nbsp;&nbsp;&nbsp; 86.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. [Code of Ethics of PGIM Quantitative Solutions LLC (formerly, QMA LLC) is incorporated herein](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p37.htm) [by reference to PEA No. 87.](http://www.sec.gov/Archives/edgar/data/1131013/000119312522054699/d306894dex99p37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. [Code of Ethics of Guggenheim Partners Investment Management, LLC is filed herewith as Exhibit](d456053dex99p34.htm) [EX-99(p)(34).](d456053dex99p34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. [Code of Ethics of J.P. Morgan Investment Management Inc. is filed herewith as Exhibit](d456053dex99p35.htm) [EX-99(p)(35).](d456053dex99p35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. [Code of Ethics of William Blair Investment Management, LLC. is filed herewith as Exhibit](d456053dex99p36.htm) [EX-99(p)(36).](d456053dex99p36.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. [Code of Ethics of Westwood Management Corp. is filed herewith as Exhibit EX-99(p)(37).](d456053dex99p37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Item 29.

PERSONS CONTROLLED BY OR UNDER COMMON CONTROL OF THE FUND.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Company</u>** | &nbsp;&nbsp; **<u>Controlling Person(s)</u>**<br> **<u>of Company</u>**<br>| &nbsp;&nbsp; **<u>% of Voting Securities</u>**<br> **<u>Owned by Controlling</u>**<br> **<u>Person(s) (or other</u>**<br> **<u>basis of control)</u>**<br>| &nbsp;&nbsp; **<u>State of Organization</u>**<br> **<u>of Company</u>**<br>|
| GuideStone Funds | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| 87.5% | Delaware |
| GuideStone Advisors | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Advisors, LLC | GuideStone Advisors | 80.0%; Manager | Texas |

---

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| | | | |
|:---|:---|:---|:---|
| **<u>Company</u>** | &nbsp;&nbsp; **<u>Controlling Person(s)</u>**<br> **<u>of Company</u>**<br>| &nbsp;&nbsp; **<u>% of Voting Securities</u>**<br> **<u>Owned by Controlling</u>**<br> **<u>Person(s) (or other</u>**<br> **<u>basis of control)</u>**<br>| &nbsp;&nbsp; **<u>State of Organization</u>**<br> **<u>of Company</u>**<br>|
| GuideStone Agency Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Capital Management, LLC | &nbsp;&nbsp; GuideStone Investment <br> Services<br>| 60.0%; Manager | Texas |
|  | &nbsp;&nbsp; GuideStone Resource <br> Management, Inc.<br>| 40.0% |  |
| GuideStone Financial Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Investment Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |
| GuideStone Resource Management, <br> Inc.<br>| &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| 100.0% | Texas |
| GuideStone Risk Management Co. | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Vermont |
| GuideStone Trust Services | &nbsp;&nbsp; GuideStone Financial <br> Resources<br>| Sole Member | Texas |

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Item 30.

INDEMNIFICATION.

A Delaware statutory trust may provide in its governing instrument for indemnification of its officers and trustees from and against any and all claims and demands whatsoever. Article IX, Section 3 of the Trust Instrument provides that, subject to the exceptions and limitations contained therein, every person who is, or has been, a Trustee or an officer, employee or agent of the Registrant (a "Covered Person") shall be indemnified by the Registrant and each series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any investigation, claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof. As used therein, the words "investigation," "claim," "action," "suit" or "proceeding" shall apply to all investigations, claims, actions, suits or proceedings (civil, criminal, investigative or other, including appeals), whether formal or informal, actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever. To the extent required under the Investment Company Act of 1940 (the "1940 Act"), but only to such extent, no indemnification shall be provided thereunder to a Covered Person: who shall have been finally adjudicated by a court or body before which the proceeding was brought to be liable to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office; or in the event of a settlement, unless there has been a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office by the court or other body approving the settlement, by at least a majority of those Trustees who are neither "interested persons" of the Registrant (within the meaning of section 2(a)(19) of the 1940 Act) nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry), or by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

Pursuant to Article IX, Section 4 of the Trust Instrument, if any present or former shareholder of any series ("Series") of the Registrant shall be held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some

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other reason, the present or former shareholder (or his or her heirs, executors, administrators or other legal representatives or in the case of any entity, its general successor) shall be entitled out of the assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Registrant, on behalf of the affected Series, shall, upon request by such shareholder, assume the defense of any claim made against such shareholder for any act or obligation of the Series and satisfy any judgment thereon from the assets of the Series.

Section 12 of the Advisory Agreement between the Adviser and the Registrant provides that the Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith or gross negligence, or breach of its duties or obligations thereunder, whether express or implied; provided, that this shall not be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

Section 5 of the Advisory Agreement between the Adviser and the Registrant provides that the Adviser shall indemnify the Registrant or any of its trustees, officers, employees or affiliates for all losses, damages, liabilities, costs and expenses (including legal) ("Losses") incurred by the Registrant by reason of or arising out of any act or omission by the Adviser under the Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the negligence, gross negligence, willful misfeasance or bad faith of the Registrant. Section 5 further provides that the Registrant shall indemnify the Adviser or any of its directors, officers, employees or affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Registrant under the Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the negligence, gross negligence, willful misfeasance or bad faith of the Adviser or the Adviser's breach of fiduciary duty to the Registrant.

Section 8 of the Sub-Advisory Agreements among the Registrant, the Adviser and each Sub-Adviser to one or more Series, provides that the Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

Section 9 of the Sub-Advisory Agreements among the Registrant, the Adviser and each Sub-Adviser to one or more Series provides that the Registrant and the Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Registrant and the Adviser under the Agreement, if such act or omission involves the Registrant's or the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under the Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under the Agreement.

Section 9 also provides that the Sub-Adviser shall indemnify the Registrant and the Adviser and any of their directors, officers, employees and affiliates for all Losses incurred by the Registrant and the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under the Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement thereunder, except to the extent that such Losses arise as a result of the Adviser's or the Registrant's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

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Section 10 of the Underwriting Agreement between the Registrant and Foreside Funds Distributors LLC ("the Distributor") provides that the Registrant agrees to indemnify and hold harmless the Distributor and its affiliates from all taxes, charges, expenses, assessments, claims and liabilities (including, without limitation, attorneys' fees and disbursements and liabilities arising under the Securities Laws and any state and foreign securities and blue sky laws) arising directly or indirectly from any action or omission to act which the Distributor takes under the Agreement. Neither the Distributor, nor any of its affiliates shall be indemnified against any liability caused by the Distributor's or its affiliates' own willful misfeasance, bad faith, negligence, gross negligence or reckless disregard of its duties and obligations under the Agreement.

Section 20 of the Underwriting Agreement between the Registrant and the Distributor provides that the Distributor is "expressly put on notice of the limitation of shareholder liability as set forth in the Trust's Declaration of Trust and notice is hereby given that this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of this Agreement are not binding upon any of the Trustees or Shareholders individually but are binding only upon the assets and property of the Trust."

Mutual fund and trustees and officers liability policies purchased by the Registrant insure such persons and their respective trustees, partners, officers and employees, subject to the policies' coverage limits and exclusions and varying deductibles, against loss resulting from claims by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, ("1933 Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

Item 31.

BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISERS.

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| | | | |
|:---|:---|:---|:---|
| 1. | &nbsp;&nbsp; **<u>GuideStone Capital Management, LLC</u>**<br> GuideStone Capital Management, LLC ("GSCM") is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, <br> Texas 75244. GSCM is a Texas non-profit corporation, is a registered investment adviser and offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the firm's officers is as follows: | &nbsp;&nbsp; **<u>GuideStone Capital Management, LLC</u>**<br> GuideStone Capital Management, LLC ("GSCM") is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, <br> Texas 75244. GSCM is a Texas non-profit corporation, is a registered investment adviser and offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the firm's officers is as follows: | &nbsp;&nbsp; **<u>GuideStone Capital Management, LLC</u>**<br> GuideStone Capital Management, LLC ("GSCM") is located at 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, <br> Texas 75244. GSCM is a Texas non-profit corporation, is a registered investment adviser and offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the firm's officers is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; David S. Spika<br> President and Chief Investment <br> Officer<br>| GuideStone Financial Resources | &nbsp;&nbsp; Vice President, Chief Investment <br> Officer<br>|
|  | &nbsp;&nbsp; Patrick Pattison<br> Vice President and Treasurer<br>| GuideStone Financial Resources | Chief Accounting Officer |
|  | &nbsp;&nbsp; Brandon Pizzurro<br> Vice President – Investment Officer<br>| GuideStone Financial Resources | Director of Public Investments |
|  | &nbsp;&nbsp; Melanie Childers<br> Vice President – Fund Operations and <br> Secretary<br>| GuideStone Financial Resources | Managing Director, Fund Operations |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Matthew A. Wolfe<br> Chief Compliance Officer<br>| GuideStone Financial Resources | &nbsp;&nbsp; Managing Director, Compliance and <br> Legal<br>|
|  | &nbsp;&nbsp; Reagan Bennos<br> Risk Officer<br>| GuideStone Financial Resources | &nbsp;&nbsp; Senior Manager, Investment <br> Regulatory Risk<br>|
| 2. | &nbsp;&nbsp; **<u>Altrinsic Global Advisors, LLC</u>**<br> Altrinsic Global Advisors, LLC ("Altrinsic") is located at 8 Sound Shore Drive, Greenwich, Connecticut 06830, is <br> registered under the Investment Advisers Act of 1940, as amended, and is employee-controlled and majority-owned. <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of Altrinsic during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Altrinsic Global Advisors, LLC</u>**<br> Altrinsic Global Advisors, LLC ("Altrinsic") is located at 8 Sound Shore Drive, Greenwich, Connecticut 06830, is <br> registered under the Investment Advisers Act of 1940, as amended, and is employee-controlled and majority-owned. <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of Altrinsic during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Altrinsic Global Advisors, LLC</u>**<br> Altrinsic Global Advisors, LLC ("Altrinsic") is located at 8 Sound Shore Drive, Greenwich, Connecticut 06830, is <br> registered under the Investment Advisers Act of 1940, as amended, and is employee-controlled and majority-owned. <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of Altrinsic during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; John Hock<br> CEO, CIO, Chairman<br>| Waterside School | Board Member |
|  | &nbsp;&nbsp; Greg Rogers<br> Director<br>| RayLign LLC | Owner and Managing Partner |
|  |  | RayLign Foundation | President |
|  |  | Rogers Investment Partners | Member |
|  |  | D. Rogers Family Trust | Trustee |
|  |  | Rogers Family Foundation | Director |
|  |  | Ackerman Institute for the Family | Board Trustee |
|  |  | Greenwich Academy | Board Trustee |
| 3. | &nbsp;&nbsp; **<u>American Century Investment Management, Inc.</u>**<br> American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri <br> 64111, is a wholly owned, privately held subsidiary of American Century Companies Inc. ("ACC") and is registered <br> under the Investment Advisers Act of 1940, as amended. American Century provides portfolio management services for <br> investment companies as well as for other business and institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of American Century during <br> the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>American Century Investment Management, Inc.</u>**<br> American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri <br> 64111, is a wholly owned, privately held subsidiary of American Century Companies Inc. ("ACC") and is registered <br> under the Investment Advisers Act of 1940, as amended. American Century provides portfolio management services for <br> investment companies as well as for other business and institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of American Century during <br> the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>American Century Investment Management, Inc.</u>**<br> American Century Investment Management, Inc. ("American Century"), 4500 Main Street, Kansas City, Missouri <br> 64111, is a wholly owned, privately held subsidiary of American Century Companies Inc. ("ACC") and is registered <br> under the Investment Advisers Act of 1940, as amended. American Century provides portfolio management services for <br> investment companies as well as for other business and institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of American Century during <br> the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Peter Van Gelderen<br> Vice President<br>| Guggenheim Partners | Co-Head of Structured Credit Group |
|  | &nbsp;&nbsp; John Pak<br> General Counsel, Senior Vice <br> President<br>| The Bank of New York Mellon | &nbsp;&nbsp; Chief Legal Officer of Investment and <br> Wealth Management<br>|
|  | Lynn Chen | Aberdeen Standard Investments | Head of the Total Return Bond Team |
|  | &nbsp;&nbsp; Sarah Bratton Hughes, Senior Vice <br> President<br>| &nbsp;&nbsp; Schroders Investment Management <br> North America Inc.<br>| &nbsp;&nbsp; Global Head of Sustainability <br> Solutions and Head of Sustainability<br>|
|  | Arun Daniel, Vice President | &nbsp;&nbsp; Global Equities, J O Hambro Capital <br> Management Group<br>| &nbsp;&nbsp; Senior Portfolio Manager/Senior <br> Research Analyst<br>|
|  | Lindsey Spink, Vice President | HSBC Asset Management | Served as Head of Trading Americas |

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|:---|:---|:---|:---|
| 4. | &nbsp;&nbsp; **<u>AQR Capital Management, LLC</u>**<br> AQR Capital Management, LLC ("AQR"), is located at One Greenwich Plaza, Greenwich Connecticut 06830. AQR is a <br> registered investment adviser under the Investment Advisers Act of 1940, as amended. AQR offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the principals and executive officers of AQR during the <br> past two fiscal years is as follows: | &nbsp;&nbsp; **<u>AQR Capital Management, LLC</u>**<br> AQR Capital Management, LLC ("AQR"), is located at One Greenwich Plaza, Greenwich Connecticut 06830. AQR is a <br> registered investment adviser under the Investment Advisers Act of 1940, as amended. AQR offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the principals and executive officers of AQR during the <br> past two fiscal years is as follows: | &nbsp;&nbsp; **<u>AQR Capital Management, LLC</u>**<br> AQR Capital Management, LLC ("AQR"), is located at One Greenwich Plaza, Greenwich Connecticut 06830. AQR is a <br> registered investment adviser under the Investment Advisers Act of 1940, as amended. AQR offers investment <br> management services to investment companies and other types of investors. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the principals and executive officers of AQR during the <br> past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Lasse Pedersen<br> Principal<br>| Copenhagen Business School | Professor (2011-present) |
|  | &nbsp;&nbsp; Tobias Moskowitz<br> Principal<br>| &nbsp;&nbsp; Yale University School of <br> Management<br>| &nbsp;&nbsp; Dean Takahashi Professor of Finance <br> (2016-present)<br>|
|  |  | Commonfund | Board Member |
|  | David Kabiller, Principal | Arqitel Investment Management, LP | &nbsp;&nbsp; Chairman and Founding Partner <br> (2022-present)<br>|
| 5. | &nbsp;&nbsp; **<u>Barrow, Hanley, Mewhinney & Strauss, LLC</u>**<br> The sole business activity of Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st <br> Floor, Dallas, Texas 75201, is to serve as an investment adviser. Barrow Hanley is registered under the Investment <br> Advisers Act of 1940, as amended. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the trustees and officers of Barrow Hanley during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Barrow, Hanley, Mewhinney & Strauss, LLC</u>**<br> The sole business activity of Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st <br> Floor, Dallas, Texas 75201, is to serve as an investment adviser. Barrow Hanley is registered under the Investment <br> Advisers Act of 1940, as amended. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the trustees and officers of Barrow Hanley during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Barrow, Hanley, Mewhinney & Strauss, LLC</u>**<br> The sole business activity of Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), 2200 Ross Avenue, 31st <br> Floor, Dallas, Texas 75201, is to serve as an investment adviser. Barrow Hanley is registered under the Investment <br> Advisers Act of 1940, as amended. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the trustees and officers of Barrow Hanley during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; David Lane<br> Member Board of Managers<br>| Perpetual Limited (Parent Company) | Perpetual Executive |
|  | &nbsp;&nbsp; Chris Green<br> Member Board of Managers<br>| Perpetual Limited (Parent Company) | Perpetual Executive |
|  | &nbsp;&nbsp; Simone Mosse<br> Member Board of Managers<br>| Perpetual Limited (Parent Company) | Perpetual Executive |
|  | &nbsp;&nbsp; Chuck Thompson<br> Member Board of Managers<br>| Perpetual Limited (Parent Company) | Perpetual Executive |
| 6. | &nbsp;&nbsp; **<u>BlackRock Advisors, LLC</u>**<br> BlackRock Advisors, LLC's ("BA") principal business address is 415 10<sup>th</sup> Avenue, New York, New York 10055. BA is an <br> indirect wholly owned subsidiary of BlackRock, Inc. and was organized in 1994 for the purpose of providing advisory <br> services to investment companies and other types of clients. The directors and officers of BA have not been engaged in <br> any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a <br> director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Advisors, LLC</u>**<br> BlackRock Advisors, LLC's ("BA") principal business address is 415 10<sup>th</sup> Avenue, New York, New York 10055. BA is an <br> indirect wholly owned subsidiary of BlackRock, Inc. and was organized in 1994 for the purpose of providing advisory <br> services to investment companies and other types of clients. The directors and officers of BA have not been engaged in <br> any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a <br> director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Advisors, LLC</u>**<br> BlackRock Advisors, LLC's ("BA") principal business address is 415 10<sup>th</sup> Avenue, New York, New York 10055. BA is an <br> indirect wholly owned subsidiary of BlackRock, Inc. and was organized in 1994 for the purpose of providing advisory <br> services to investment companies and other types of clients. The directors and officers of BA have not been engaged in <br> any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a <br> director, officer or employee of affiliated entities. |
| 7. | &nbsp;&nbsp; **<u>BlackRock Financial Management, Inc.</u>**<br> BlackRock Financial Management, Inc.'s ("BFM") principal business address is 415 10<sup>th</sup> Avenue, New York, New York <br> 10055 and is an indirect wholly owned subsidiary of BlackRock, Inc. BFM was organized in.1994 for the purpose of <br> providing advisory services to investment companies and other types of clients. The directors and officers of BFM have <br> not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in <br> their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Financial Management, Inc.</u>**<br> BlackRock Financial Management, Inc.'s ("BFM") principal business address is 415 10<sup>th</sup> Avenue, New York, New York <br> 10055 and is an indirect wholly owned subsidiary of BlackRock, Inc. BFM was organized in.1994 for the purpose of <br> providing advisory services to investment companies and other types of clients. The directors and officers of BFM have <br> not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in <br> their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock Financial Management, Inc.</u>**<br> BlackRock Financial Management, Inc.'s ("BFM") principal business address is 415 10<sup>th</sup> Avenue, New York, New York <br> 10055 and is an indirect wholly owned subsidiary of BlackRock, Inc. BFM was organized in.1994 for the purpose of <br> providing advisory services to investment companies and other types of clients. The directors and officers of BFM have <br> not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in <br> their capacities as a director, officer or employee of affiliated entities. |
| 8. | &nbsp;&nbsp; **<u>BlackRock International Limited</u>**<br> BlackRock International Limited's ("BIL") principal business address is Exchange Place One, 1 Semple Street, <br> Edinburgh EH3 8BL, Scotland and is an indirect wholly owned subsidiary of BlackRock, Inc. BIL was organized in <br> 1995 for the purpose of providing advisory services to investment companies and other types of clients. The directors <br> and officers of BIL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock International Limited</u>**<br> BlackRock International Limited's ("BIL") principal business address is Exchange Place One, 1 Semple Street, <br> Edinburgh EH3 8BL, Scotland and is an indirect wholly owned subsidiary of BlackRock, Inc. BIL was organized in <br> 1995 for the purpose of providing advisory services to investment companies and other types of clients. The directors <br> and officers of BIL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock International Limited</u>**<br> BlackRock International Limited's ("BIL") principal business address is Exchange Place One, 1 Semple Street, <br> Edinburgh EH3 8BL, Scotland and is an indirect wholly owned subsidiary of BlackRock, Inc. BIL was organized in <br> 1995 for the purpose of providing advisory services to investment companies and other types of clients. The directors <br> and officers of BIL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. |

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| 9. | &nbsp;&nbsp; **<u>BlackRock (Singapore) Limited</u>**<br> BlackRock (Singapore) Limited's ("BSL") principal business address is Twenty Anson, 20 Anson Road, #18-01, <br> Singapore, Singapore 079912 and is an indirect wholly owned subsidiary of BlackRock, Inc. BSL was organized in 2000 <br> for the purpose of providing advisory services to investment companies and other types of clients. The directors and <br> officers of BSL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock (Singapore) Limited</u>**<br> BlackRock (Singapore) Limited's ("BSL") principal business address is Twenty Anson, 20 Anson Road, #18-01, <br> Singapore, Singapore 079912 and is an indirect wholly owned subsidiary of BlackRock, Inc. BSL was organized in 2000 <br> for the purpose of providing advisory services to investment companies and other types of clients. The directors and <br> officers of BSL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. | &nbsp;&nbsp; **<u>BlackRock (Singapore) Limited</u>**<br> BlackRock (Singapore) Limited's ("BSL") principal business address is Twenty Anson, 20 Anson Road, #18-01, <br> Singapore, Singapore 079912 and is an indirect wholly owned subsidiary of BlackRock, Inc. BSL was organized in 2000 <br> for the purpose of providing advisory services to investment companies and other types of clients. The directors and <br> officers of BSL have not been engaged in any other business or profession of a substantial nature during the past two <br> fiscal years other than in their capacities as a director, officer or employee of affiliated entities. |
| 10. | &nbsp;&nbsp; **<u>Broadmark Asset Management LLC</u>**<br> Broadmark Asset Management LLC ("Broadmark") is located at 1808 Wedemeyer Street, Suite 210, San Francisco, <br> California 94129: Information regarding other business, profession, vocation or employment of a substantial nature as to <br> the directors and officers of Broadmark during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Broadmark Asset Management LLC</u>**<br> Broadmark Asset Management LLC ("Broadmark") is located at 1808 Wedemeyer Street, Suite 210, San Francisco, <br> California 94129: Information regarding other business, profession, vocation or employment of a substantial nature as to <br> the directors and officers of Broadmark during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Broadmark Asset Management LLC</u>**<br> Broadmark Asset Management LLC ("Broadmark") is located at 1808 Wedemeyer Street, Suite 210, San Francisco, <br> California 94129: Information regarding other business, profession, vocation or employment of a substantial nature as to <br> the directors and officers of Broadmark during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Christopher J. Guptill<br> Co-Chief Executive Officer and Chief <br> Investment Officer and Manager, <br> Management Committee<br>| Revere Capital Advisors, LLC | &nbsp;&nbsp; Passive ownership in investment <br> management firm<br>|
|  | &nbsp;&nbsp; Laura A. Hespe<br> Chief Operating Officer<br>| Revere Capital Advisors, LLC | &nbsp;&nbsp; Passive ownership in investment <br> management firm Partner, fine art <br> gallery<br>|
|  | &nbsp;&nbsp; Mark T. Keeley<br> Manager, Management Committee<br>| Keeley Family Foundation | Director, charitable organization |
|  | &nbsp;&nbsp; Julie K. Gerron, CFA<sup>®</sup><br> Chief Compliance Officer<br>| Westwood Holdings Group, Inc. | General Counsel & CCO |
|  |  | Westwood Management Corp. | General Counsel & CCO |
|  |  | Texas State Bar Association | Member |
|  |  | Oklahoma State Bar Association | Member |
|  |  | CFA Institute | Member |
|  | &nbsp;&nbsp; William R. Hardcastle, Jr. CFA<sup>®</sup><br> Manager, Management Committee<br>| Westwood Holdings Group, Inc. | &nbsp;&nbsp; Head of Strategic Planning and <br> Program Management<br>|
|  |  | CFA Institute |  |
|  | &nbsp;&nbsp; John Porter Montgomery<br> Manager, Management Committee<br>| Westwood Holdings Group, Inc. | Chief Operating Officer |
|  |  | Westwood Management Corp. | Chief Operation Officer |
|  |  | &nbsp;&nbsp; Salesmanship Club of Dallas (in <br> support of the Momentous Institute)<br>| Member |
|  |  | &nbsp;&nbsp; Young Presidents' Organization <br> (YPO)<br>| Member |

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|:---|:---|:---|:---|
| 11. | &nbsp;&nbsp; **<u>Delaware Investments Fund Advisers</u>**<br> Delaware Investments Fund Advisers ("DIFA"), with principal offices at 100 Independence, 610 Market Street, <br> Philadelphia, Pennsylvania 19106, is a series of Macquarie Investment Management Business Trust ("MIMBT"). <br> MIMBT is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The principal <br> business address for Macquarie Asset Management, Delaware Funds by Macquarie, and Optimum Fund Trust is 100 <br> Independence, 610 Market Street, Philadelphia, Pennsylvania 19106. The primary business address of Macquarie Global <br> Infrastructure Total Return Fund, Inc. is 125 West 55th Street, New York, New York 10019. On April 30, 2021, <br> Macquarie Management Holdings, Inc. acquired Ivy Investments. Employees denoted with an (\*) represent employees <br> who were previously employed under Ivy Investments prior to the acquisition. Ivy Investments and its associated funds <br> are located at 6301 Glenwood Street, Overland Park, Kansas 66202. Unless otherwise noted, the following persons <br> serving as directors or officers of DIFA have held the following positions during the past two fiscal years. | &nbsp;&nbsp; **<u>Delaware Investments Fund Advisers</u>**<br> Delaware Investments Fund Advisers ("DIFA"), with principal offices at 100 Independence, 610 Market Street, <br> Philadelphia, Pennsylvania 19106, is a series of Macquarie Investment Management Business Trust ("MIMBT"). <br> MIMBT is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The principal <br> business address for Macquarie Asset Management, Delaware Funds by Macquarie, and Optimum Fund Trust is 100 <br> Independence, 610 Market Street, Philadelphia, Pennsylvania 19106. The primary business address of Macquarie Global <br> Infrastructure Total Return Fund, Inc. is 125 West 55th Street, New York, New York 10019. On April 30, 2021, <br> Macquarie Management Holdings, Inc. acquired Ivy Investments. Employees denoted with an (\*) represent employees <br> who were previously employed under Ivy Investments prior to the acquisition. Ivy Investments and its associated funds <br> are located at 6301 Glenwood Street, Overland Park, Kansas 66202. Unless otherwise noted, the following persons <br> serving as directors or officers of DIFA have held the following positions during the past two fiscal years. | &nbsp;&nbsp; **<u>Delaware Investments Fund Advisers</u>**<br> Delaware Investments Fund Advisers ("DIFA"), with principal offices at 100 Independence, 610 Market Street, <br> Philadelphia, Pennsylvania 19106, is a series of Macquarie Investment Management Business Trust ("MIMBT"). <br> MIMBT is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The principal <br> business address for Macquarie Asset Management, Delaware Funds by Macquarie, and Optimum Fund Trust is 100 <br> Independence, 610 Market Street, Philadelphia, Pennsylvania 19106. The primary business address of Macquarie Global <br> Infrastructure Total Return Fund, Inc. is 125 West 55th Street, New York, New York 10019. On April 30, 2021, <br> Macquarie Management Holdings, Inc. acquired Ivy Investments. Employees denoted with an (\*) represent employees <br> who were previously employed under Ivy Investments prior to the acquisition. Ivy Investments and its associated funds <br> are located at 6301 Glenwood Street, Overland Park, Kansas 66202. Unless otherwise noted, the following persons <br> serving as directors or officers of DIFA have held the following positions during the past two fiscal years. |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Shawn K. Lytle<br> President/Head of Global Macquarie <br> Investment Management/Executive <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | President/Chief Executive Officer |
|  |  | Macquarie Asset Management | Various executive capacities |
|  |  | Optimum Fund Trust | President/Chief Executive Officer |
|  | &nbsp;&nbsp; John Leonard<br> Executive Vice President/Global Head <br> of Equities/Executive Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Executive Vice President/Global Head <br> of Equities<br>|
|  |  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| Chief Executive Officer/President |
|  |  | Macquarie Asset Management | Various executive capacities |
|  | &nbsp;&nbsp; Alexander Alston<br> Senior Vice President/Co-Head of <br> Private Placements/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Co-Head of <br> Private Placements<br>|
|  |  | Macquarie Asset Management | Various executive capacities |
|  | &nbsp;&nbsp; Bryan J. Bailey\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  |  | Ivy Investments | Various capacities |
|  |  | Ivy Funds | Vice President |
|  | &nbsp;&nbsp; Christopher S. Beck<br> Senior Vice President/Chief <br> Investment Officer-Small Cap Value/<br> Mid-Cap Value Equity/Executive <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer-Small/Mid-Cap <br> Value<br>|
|  |  | Macquarie Asset Management | Various capacities |
|  | &nbsp;&nbsp; Erik R. Becker<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  |  | Macquarie Asset Management | Various capacities |
|  |  | Ivy Investments | Various capacities |
|  |  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Michael G. Beishel\*<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| John P. Bichelmeyer\* | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| Brent K. Bloss\* | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; David Brenner <br> Senior Vice President/Chief <br> Administration Officer/Chief of Staff <br> Macquarie Asset Management/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | Senior Vice President/Chief of Staff |
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Adam H. Brown<br> Senior Vice President/Senior Portfolio <br> Manager/Co-Head of High Yield/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Co-Head of <br> High Yield<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Nathan A. Brown\*<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; F. Chace Brundige\*<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios/InvestEd Portfolios<br>| Vice President |
| &nbsp;&nbsp; Stephen J. Busch<br> Senior Vice President, Managing <br> Director, Investments Business <br> Management/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Managing <br> Director, Investments Business <br> Management<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Investment <br> Accounting<br>|

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Michael F. Capuzzi<br> Senior Vice President/Head of <br> Investment Operations/US Chief <br> Operating Officer/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/US Chief <br> Operations Officer<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Liu-Er Chen<br> Senior Vice President/Chief <br> Investment Officer, Emerging Markets <br> and Healthcare/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer - Emerging <br> Markets and Healthcare<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; David F. Connor<br> Senior Vice President/General <br> Counsel/Secretary/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/General <br> Counsel/Secretary<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | Senior Vice President/Secretary |
| &nbsp;&nbsp; Michael J. Daley\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Craig C. Dembek<br> Senior Vice President/Head of Credit <br> Research/Executive Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of Credit <br> Research<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Joseph Devine<br> Senior Vice President/Chief <br> Investment Officer, Global Ex-US <br> Equities/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer, Global Ex-US <br> Equities<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Michael E. Dresnin<br> Senior Vice President/Associate <br> General Counsel/Assistant Secretary/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Associate <br> General Counsel/Assistant Secretary/<br> Division Director<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Associate <br> General Counsel/Assistant Secretary<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
| &nbsp;&nbsp; Jennifer Dulski\*<br> Senior Vice President/Associate <br> General Counsel<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios/ Ivy High Income <br> Opportunities Fund/InvestEd <br> Portfolios<br>| Secretary |
| &nbsp;&nbsp; Timothy L. Dykman\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; W. Alexander Ely<br> Senior Vice President/Chief <br> Investment Officer, Small/Mid-Cap <br> Growth Equity/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer, Small/Mid-Cap <br> Growth Equity<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Brad Frischberg<br> Senior Vice President/Chief <br> Investment Officer, Global Listed <br> Infrastructure/Division Director<br>| &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Senior Vice President/Portfolio <br> Manager<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Kenneth G. Gau\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios/<br>| Vice President |
| &nbsp;&nbsp; Daniel V. Geatens<br> Senior Vice President/Head of US <br> Fund Administration/Division <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | Senior Vice President/Treasurer |
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Chief Financial <br> Officer/Treasurer<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Senior Vice President/Chief Financial <br> Officer/Treasurer<br>|
| &nbsp;&nbsp; David P. Ginther\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios/<br>| Vice President |
| &nbsp;&nbsp; Gregory A. Gizzi<br> Senior Vice President/Managing <br> Director/Head of Municipal Bonds/<br> Senior Portfolio Manager<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of <br> Municipal Bonds<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Chad A. Gunther\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |

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| | | |
|:---|:---|:---|
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Bradley P. Halverson\*<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Daniel P. Hanson\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios/ Ivy High Income <br> Opportunities Fund/InvestEd <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Matthew Hekman\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; J. David Hillmeyer<br> Senior Vice President/Senior Portfolio <br> Manager/Head of Global and Multi-<br> Asset Credit/Executive Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of Global <br> and Multi-Asset Credit<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; James L. Hinkley<br> Senior Vice President/Head of Global <br> Product Development/Head of Special <br> Products/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of Global <br> Product Developmen/Head of Special <br> Products/Division Director<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Jerel A. Hopkins<br> Senior Vice President/Associate <br> General Counsel/Assistant Secretary/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Associate <br> General Counsel/Assistant Secretary<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Associate <br> General Counsel/Assistant Secretary<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Kashif Ishaq<br> Senior Vice President/Head of <br> Investment Grade Corporate Bond <br> Trading/Head of Credit Trading/<br> Portfolio Manager/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of <br> Investment Grade Corporate Bond <br> Trading<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Bradley M. Klapmeyer\*<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Michael Kopfler<br> Senior Vice President/Global Head of <br> Equity Trading/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Global Head of <br> Equity Trading<br>|
|  | Macquarie Asset Management | Various capacities |
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Senior Vice President/Head of Equity <br> Trading<br>|
| &nbsp;&nbsp; Alex Kozhemiakin<br> Senior Vice President/Head of <br> Emerging Markets Debt/Division <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of <br> Emerging Markets Debt<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Jonas M. Krumplys\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | Ivy Funds | Vice President |
| &nbsp;&nbsp; Nik Lalvani<br> Senior Vice President/Chief <br> Investment Officer – Large Cap <br> Value/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer – Large Cap Value<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Frank G. LaTorraca<br> Senior Vice President/Co-Head of <br> Private Placements/Division Director<br>| Macquarie Asset Management | Various capacities |
|  | Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Co-Head of <br> Private Placements/Division Director<br>|
| &nbsp;&nbsp; Stefan Lowenthal<br> Senior Vice President/Chief <br> Investment Officer – Global Multi <br> Asset/Division Director<br>| Macquarie Asset Management | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer – Global Multi-<br> Asset<br>|
|  | Macquarie Asset Management | Various capacities |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Daniel Mardarovici<br> Senior Vice President/Co-Head of US <br> Multisector/Core Plus Fixed Income/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Co-Head of US <br> Multisector/Core Plus Fixed Income<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; John C. Maxwell, III<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; John P. McCarthy<br> Senior Vice President/Senior Portfolio <br> Manager/Co-Head of High Yield/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Co-Head of <br> High Yield<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Kenneth G. McQuade\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Carleen Michalski<br> Senior Vice President/Head of Global <br> Product Development/Associate <br> Director<br>| Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Head of Global <br> Product Development<br>|
|  | Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of Global <br> Product Development<br>|
|  | Macquarie Asset Management | &nbsp;&nbsp; Senior Vice President/Head of Global <br> Product Development<br>|
| &nbsp;&nbsp; Timothy J. Miller<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Francis X. Morris<br> Senior Vice President/Chief <br> Investment Officer-Core Equity/<br> Executive Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Investment Officer-Core Equity<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Brian L. Murray, Jr.<br> Senior Vice President/Global Chief <br> Compliance Officer/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/ Chief <br> Compliance Officer<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Chief <br> Compliance Officer<br>|

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Catherine L. Murray\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Susan L. Natalini<br> Senior Vice President/Chief <br> Operations Officer-Equity and Fixed <br> Income Investments/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief <br> Operations Officer-Equity and Fixed <br> Income Operations<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Robert E. Nightingale\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | Ivy Funds | Vice President |
| &nbsp;&nbsp; Matthew T. Norris\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Philip O. Obazee<br> Senior Vice President/Head of <br> Derivatives/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/ Head of <br> Derivatives<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Terrance M. O'Brien<br> Senior Vice President/Head of <br> Portfolio Analytics/US Head of <br> Quantitative and Markets Research/<br> Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/US Head of <br> Quantitative and Markets Research<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Christopher J. Parker\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Mansur Z. Rasul<br> Senior Vice President/Senior Portfolio <br> Manager/Head of Emerging Markets <br> Credit Trading/Associate Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of <br> Emerging Markets Credit Trading<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Susan K. Regan\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Sarah C. Ross\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Richard Salus<br> Senior Vice President/Global Head of <br> Fund Services/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Chief Financial <br> Officer<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | Senior Vice President |
| &nbsp;&nbsp; Daniel G. Scherman\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Gilbert C. Scott\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| Kimberly A. Scott\* | Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Zachary H. Shafran\*<br> Senior Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Neil Siegel<br> Senior Vice President/Chief <br> Marketing and Product Officer/Global <br> Head of Marketing and Product/<br> Executive Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Global Head of <br> Marketing and Product<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; William Speacht<br> Senior Vice President/Deputy Chief <br> Compliance Officer/Division Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Deputy Chief <br> Compliance Officer<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; William J. Surles\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |

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| | | |
|:---|:---|:---|
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios/InvestEd Portfolios<br>| Vice President |
| &nbsp;&nbsp; John C. van Roden III<br> Senior Vice President/Head of <br> Municipal Trading/Senior Portfolio <br> Manager/Associate Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of <br> Municipal Trading<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Bradley J. Warden\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Kathryn R. Williams<br> Senior Vice President/Deputy General <br> Counsel/Assistant Secretary/Division <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Deputy General <br> Counsel/Assistant Secretary/Division <br> Director<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/Deputy General <br> Counsel/Assistant Secretary<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Senior Vice President/Associate <br> General Counsel/Assistant Secretary<br>|
| &nbsp;&nbsp; Brett D. Wright<br> Senior Vice President/Global Head of <br> Client Solutions Group/Executive <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Senior Vice President/Head of Client <br> Solutions Group<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; President/Chief Executive Officer/<br> Director<br>|
| &nbsp;&nbsp; Gustaf C. Zinn\*<br> Senior Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Ivy Funds/Ivy Variable Insurance <br> Portfolios<br>| Vice President |
| &nbsp;&nbsp; Gary T. Abrams<br> Vice President/Head of International <br> Equity Trading/Associate Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Head of International <br> Equity Trading<br>|
|  | Macquarie Asset Management | Various capacities |
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President Head of International <br> Equity Trading<br>|
| &nbsp;&nbsp; Douglas K. Briggs\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |

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| | | |
|:---|:---|:---|
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Sally J. Burk\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Jamie Charieri<br> Vice President/Senior Private <br> Placements Analyst/Senior Manager<br>| Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Anthony G. Ciavarelli<br> Vice President/Associate General <br> Counsel/Assistant Secretary/Associate <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Senior Vice President/General <br> Counsel/Assistant Secretary<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
| &nbsp;&nbsp; Kishor K. Daga<br> Vice President/Institutional Account <br> Services/Associate Director of US <br> Portfolio Administration/Associate <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/ Director of US <br> Portfolio Administration<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Euclyn Denton<br> Vice President/Senior Manager of US <br> Fund Administration<br>| Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Vice President/Financial <br> Administration<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/US Fund <br> Administration<br>|
| &nbsp;&nbsp; Benjamin J. Etsy\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Joel A. Ettinger<br> Vice President/Taxation/Associate <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President/Taxation |
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | Vice President/Taxation |
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| Vice President/Assistant Treasurer |
| &nbsp;&nbsp; William J. Fink<br> Vice President/Deputy Chief <br> Compliance Officer/Senior Manager<br>| Macquarie Asset Management | Various capacities |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Joseph Fiorilla<br> Vice President/Head of US Trading <br> Operations/Associate Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Head of US Trading <br> Operations<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Stephen Hoban<br> Vice President/Controller/Chief <br> Financial Officer/Treasurer/Associate <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President/Financial Management |
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Tom Jacobs, Jr.\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Earthen Johnson<br> Vice President/Associate General <br> Counsel/Assistant Secretary/Associate <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
|  | Macquarie Asset Management | Various capacities |
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
| &nbsp;&nbsp; Aditya Kapoor\*<br> Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  | Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Michael Q. Mahoney<br> Vice President/Fund Administration/<br> Head of US Service Provider <br> Management/Associate Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Head of US Service <br> Provider Management<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; Francis Magee<br> Vice President/Senior Manager, US <br> Fund Administration<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Financial <br> Administration<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | Vice President/Investment Accounting |
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/US Fund <br> Administration<br>|
| &nbsp;&nbsp; Andrew McEvoy<br> Vice President/Trade Settlements/<br> Associate US Director of US <br> Transaction Management<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Associate Director of <br> US Transaction Management<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | Vice President/Trade Settlements |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Peter T. Pan<br> Vice President/Head of US SMA <br> Trading/Associate Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Head of US SMA <br> Trading<br>|
|  | Macquarie Asset Management | Various capacities |
| &nbsp;&nbsp; John J. Richie\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Ricardo Rodriguez\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Sabrina K. Saxer\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Jennifer Shields<br> Vice President/Associate General <br> Counsel/Assistant Secretary/Associate <br> Director<br>| Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
| &nbsp;&nbsp; Mira Stevovich\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Emilia P. Wang<br> Vice President/Associate General <br> Counsel/Assistant Secretary/Associate <br> Director<br>| Delaware Funds by Macquarie<sup>®</sup> | &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
|  | Macquarie Asset Management | Various capacities |
|  | Optimum Fund Trust | &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Assistant Secretary<br>|
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/Associate General <br> Counsel/Secretary<br>|
| &nbsp;&nbsp; Lauren Weintraub<br> Vice President/Equity Trader/Senior <br> Manager<br>| Macquarie Asset Management | Various capacities |
|  | &nbsp;&nbsp; Macquarie Global Infrastructure Total <br> Return Fund, Inc.<br>| &nbsp;&nbsp; Vice President/Senior Equity Trader/<br> Senior Manager<br>|
| &nbsp;&nbsp; Michael T. Wolverton\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |
| &nbsp;&nbsp; Michael A. Yeager\*<br> Vice President<br>| Macquarie Asset Management | Various capacities |
|  | Ivy Investments | Various capacities |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Aaron D. Young\*<br> Vice President<br>| Delaware Funds by Macquarie<sup>®</sup> | Vice President |
|  |  | Macquarie Asset Management | Various capacities |
|  |  | Ivy Investments | Various capacities |
|  | &nbsp;&nbsp; Joseph Zalewski<br> Vice President/Senior Credit Analyst <br> – Distressed Debt/Associate Director<br>| Macquarie Asset Management | Various capacities |
| 12. | &nbsp;&nbsp; **<u>Goldman Sachs Asset Management, L.P.</u>**<br> The principal business address of Goldman Sachs Asset Management, L.P. ("GSAM") is 200 West Street, New York, <br> New York 10282. GSAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. <br> GSAM is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc., a public company that is a bank <br> holding company, financial holding company and a worldwide, full-service financial services organization. GSAM <br> Holdings LLC is the general partner and principal owner of GSAM and has been providing financial solutions for <br> investors since 1988. Information about the officers and partners of GSAM is included in its Form ADV filed with the <br> Commission (registration number 801-37591) and is incorporated herein by reference. | &nbsp;&nbsp; **<u>Goldman Sachs Asset Management, L.P.</u>**<br> The principal business address of Goldman Sachs Asset Management, L.P. ("GSAM") is 200 West Street, New York, <br> New York 10282. GSAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. <br> GSAM is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc., a public company that is a bank <br> holding company, financial holding company and a worldwide, full-service financial services organization. GSAM <br> Holdings LLC is the general partner and principal owner of GSAM and has been providing financial solutions for <br> investors since 1988. Information about the officers and partners of GSAM is included in its Form ADV filed with the <br> Commission (registration number 801-37591) and is incorporated herein by reference. | &nbsp;&nbsp; **<u>Goldman Sachs Asset Management, L.P.</u>**<br> The principal business address of Goldman Sachs Asset Management, L.P. ("GSAM") is 200 West Street, New York, <br> New York 10282. GSAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. <br> GSAM is an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc., a public company that is a bank <br> holding company, financial holding company and a worldwide, full-service financial services organization. GSAM <br> Holdings LLC is the general partner and principal owner of GSAM and has been providing financial solutions for <br> investors since 1988. Information about the officers and partners of GSAM is included in its Form ADV filed with the <br> Commission (registration number 801-37591) and is incorporated herein by reference. |
| 13. | &nbsp;&nbsp; **<u>Guggenheim Partners Investment Management, LLC</u>**<br> Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa <br> Monica, California 90401: Guggenheim is primarily engaged in the provision of investment advisory and management <br> services to registered investment companies, private funds and separately managed accounts. The executive officers of <br> Guggenheim consist primarily of persons who during the past two years have been active in the investment management <br> business. To the knowledge of Guggenheim, except as set forth below, as applicable, none of the executive officers of <br> Guggenheim is or has been at any time during the past two fiscal years engaged in any other business, profession, <br> vocation or employment of a substantial nature. Information as to the executive officers of Guggenheim is included in its <br> Form ADV as filed with the SEC (File No. 801-66786) pursuant to the Investment Advisers Act of 1940, as amended, <br> which is incorporated herein by reference. | &nbsp;&nbsp; **<u>Guggenheim Partners Investment Management, LLC</u>**<br> Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa <br> Monica, California 90401: Guggenheim is primarily engaged in the provision of investment advisory and management <br> services to registered investment companies, private funds and separately managed accounts. The executive officers of <br> Guggenheim consist primarily of persons who during the past two years have been active in the investment management <br> business. To the knowledge of Guggenheim, except as set forth below, as applicable, none of the executive officers of <br> Guggenheim is or has been at any time during the past two fiscal years engaged in any other business, profession, <br> vocation or employment of a substantial nature. Information as to the executive officers of Guggenheim is included in its <br> Form ADV as filed with the SEC (File No. 801-66786) pursuant to the Investment Advisers Act of 1940, as amended, <br> which is incorporated herein by reference. | &nbsp;&nbsp; **<u>Guggenheim Partners Investment Management, LLC</u>**<br> Guggenheim Partners Investment Management, LLC ("Guggenheim"), 100 Wilshire Boulevard., Suite 500, Santa <br> Monica, California 90401: Guggenheim is primarily engaged in the provision of investment advisory and management <br> services to registered investment companies, private funds and separately managed accounts. The executive officers of <br> Guggenheim consist primarily of persons who during the past two years have been active in the investment management <br> business. To the knowledge of Guggenheim, except as set forth below, as applicable, none of the executive officers of <br> Guggenheim is or has been at any time during the past two fiscal years engaged in any other business, profession, <br> vocation or employment of a substantial nature. Information as to the executive officers of Guggenheim is included in its <br> Form ADV as filed with the SEC (File No. 801-66786) pursuant to the Investment Advisers Act of 1940, as amended, <br> which is incorporated herein by reference. |
| 14. | &nbsp;&nbsp; **<u>Heitman Real Estate Securities LLC</u>**<br> Heitman Real Estate Securities LLC ("HRES"), at 191 North Wacker Drive, Suite 2500, Chicago, IL 60606, is an <br> investment adviser registered under the Investment Advisers Act of 1940, as amended. The directors and officers of <br> HRES have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>Heitman Real Estate Securities LLC</u>**<br> Heitman Real Estate Securities LLC ("HRES"), at 191 North Wacker Drive, Suite 2500, Chicago, IL 60606, is an <br> investment adviser registered under the Investment Advisers Act of 1940, as amended. The directors and officers of <br> HRES have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>Heitman Real Estate Securities LLC</u>**<br> Heitman Real Estate Securities LLC ("HRES"), at 191 North Wacker Drive, Suite 2500, Chicago, IL 60606, is an <br> investment adviser registered under the Investment Advisers Act of 1940, as amended. The directors and officers of <br> HRES have not held any positions with other companies during the past two fiscal years. |
| 15. | &nbsp;&nbsp; **<u>Jacobs Levy Equity Management, Inc.</u>**<br> Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), with principal offices at 100 Campus Drive, Florham Park, New <br> Jersey 07932, is a New Jersey based investment adviser founded in 1986, with approximately $15 billion in assets under <br> management as of December 31, 2022. The firm's core business activity is managing U.S. equity portfolios for clients, <br> which include institutions with separately managed accounts, registered investment companies and pooled investment <br> vehicles intended for sophisticated, institutional investors. The directors and officers of Jacobs Levy have not held any <br> positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>Jacobs Levy Equity Management, Inc.</u>**<br> Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), with principal offices at 100 Campus Drive, Florham Park, New <br> Jersey 07932, is a New Jersey based investment adviser founded in 1986, with approximately $15 billion in assets under <br> management as of December 31, 2022. The firm's core business activity is managing U.S. equity portfolios for clients, <br> which include institutions with separately managed accounts, registered investment companies and pooled investment <br> vehicles intended for sophisticated, institutional investors. The directors and officers of Jacobs Levy have not held any <br> positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>Jacobs Levy Equity Management, Inc.</u>**<br> Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), with principal offices at 100 Campus Drive, Florham Park, New <br> Jersey 07932, is a New Jersey based investment adviser founded in 1986, with approximately $15 billion in assets under <br> management as of December 31, 2022. The firm's core business activity is managing U.S. equity portfolios for clients, <br> which include institutions with separately managed accounts, registered investment companies and pooled investment <br> vehicles intended for sophisticated, institutional investors. The directors and officers of Jacobs Levy have not held any <br> positions with other companies during the past two fiscal years. |
| 16. | &nbsp;&nbsp; **<u>Janus Henderson Investors US LLC</u>**<br> Janus Henderson Investors US LLC, 151 Detroit Street, Denver, Colorado 80206, is registered under the Investment <br> Advisers Act of 1940, as amended, and is an indirect wholly owned subsidiary of Janus Henderson Group plc, which is a <br> dually-listed, publicly-traded company on the New York and Australian Stock Exchanges under ticker JHG. Business <br> backgrounds of the principal executive officers of the investment adviser and their position(s) with the adviser and <br> affiliated entities (in the last two years) are listed in Schedule A of the adviser's Form ADV as filed with the SEC (File <br> No. 801-13991, dated January 3, 2022), which information from such schedule is incorporated herein by reference. | &nbsp;&nbsp; **<u>Janus Henderson Investors US LLC</u>**<br> Janus Henderson Investors US LLC, 151 Detroit Street, Denver, Colorado 80206, is registered under the Investment <br> Advisers Act of 1940, as amended, and is an indirect wholly owned subsidiary of Janus Henderson Group plc, which is a <br> dually-listed, publicly-traded company on the New York and Australian Stock Exchanges under ticker JHG. Business <br> backgrounds of the principal executive officers of the investment adviser and their position(s) with the adviser and <br> affiliated entities (in the last two years) are listed in Schedule A of the adviser's Form ADV as filed with the SEC (File <br> No. 801-13991, dated January 3, 2022), which information from such schedule is incorporated herein by reference. | &nbsp;&nbsp; **<u>Janus Henderson Investors US LLC</u>**<br> Janus Henderson Investors US LLC, 151 Detroit Street, Denver, Colorado 80206, is registered under the Investment <br> Advisers Act of 1940, as amended, and is an indirect wholly owned subsidiary of Janus Henderson Group plc, which is a <br> dually-listed, publicly-traded company on the New York and Australian Stock Exchanges under ticker JHG. Business <br> backgrounds of the principal executive officers of the investment adviser and their position(s) with the adviser and <br> affiliated entities (in the last two years) are listed in Schedule A of the adviser's Form ADV as filed with the SEC (File <br> No. 801-13991, dated January 3, 2022), which information from such schedule is incorporated herein by reference. |
| 17. | &nbsp;&nbsp; **<u>J.P. Morgan Investment Management Inc.</u>**<br> J.P. Morgan Investment Management Inc. ("JMIM") is located at 383 Madison Avenue, New York, New York 10179, and <br> is registered under the Investment Advisers Act of 1940. Information regarding other business, profession, vocation, or <br> employment of a substantial nature as to the directors and officers of JPMIM is considered confidential. | &nbsp;&nbsp; **<u>J.P. Morgan Investment Management Inc.</u>**<br> J.P. Morgan Investment Management Inc. ("JMIM") is located at 383 Madison Avenue, New York, New York 10179, and <br> is registered under the Investment Advisers Act of 1940. Information regarding other business, profession, vocation, or <br> employment of a substantial nature as to the directors and officers of JPMIM is considered confidential. | &nbsp;&nbsp; **<u>J.P. Morgan Investment Management Inc.</u>**<br> J.P. Morgan Investment Management Inc. ("JMIM") is located at 383 Madison Avenue, New York, New York 10179, and <br> is registered under the Investment Advisers Act of 1940. Information regarding other business, profession, vocation, or <br> employment of a substantial nature as to the directors and officers of JPMIM is considered confidential. |

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| 18. | &nbsp;&nbsp; **<u>Legal & General Investment Management America, Inc.</u>**<br> Legal & General Investment Management America, Inc. is located at 71 South Wacker Drive, Suite 800, Chicago, <br> Illinois 60606 and is registered with the SEC under the Investment Advisers Act of 1940, as amended. Information as to <br> the directors and executive officers during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Legal & General Investment Management America, Inc.</u>**<br> Legal & General Investment Management America, Inc. is located at 71 South Wacker Drive, Suite 800, Chicago, <br> Illinois 60606 and is registered with the SEC under the Investment Advisers Act of 1940, as amended. Information as to <br> the directors and executive officers during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Legal & General Investment Management America, Inc.</u>**<br> Legal & General Investment Management America, Inc. is located at 71 South Wacker Drive, Suite 800, Chicago, <br> Illinois 60606 and is registered with the SEC under the Investment Advisers Act of 1940, as amended. Information as to <br> the directors and executive officers during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Michelle Scrimgeour<br> Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management (Holdings) Ltd.<br>| Director of affiliated entity |
|  |  | &nbsp;&nbsp; Legal & General Investment <br> Management Ltd.<br>| Director of affiliated entity |
|  |  | &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  |  | &nbsp;&nbsp; Legal & General Investment <br> Management Japan K.K.<br>| Director of affiliated entity |
|  |  | LGIM International Ltd. | Director of affiliated entity |
|  |  | The Investment Association | Board Member |
|  |  | FCA Practitioner Panel | Member |
|  | &nbsp;&nbsp; Aaron Meder<br> CEO, Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  |  | &nbsp;&nbsp; Legal & General Investment <br> Management Ltd.<br>| &nbsp;&nbsp; Management Committee member of <br> affiliated entity.<br>|
|  |  | CFA Society of Chicago | Director |
|  | &nbsp;&nbsp; Don Andrews<br> Head of Distribution and Client <br> Solutions, Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  |  | &nbsp;&nbsp; Ledgeview Commercial Partners, <br> LLC<br>| Founding Member |
|  |  | Lafayette Holdings, LLC | Founding Member/Manager |
|  |  | Rock Rimmon Holdings, LLC | Founding Member/Manager |
|  |  | Kigali Farm, LLC | Founding Member |
|  |  | Croydon Holdings, LLC | Member/Manager |
|  |  | Derryfield Holdings, LLC | Founding Member |
|  |  | Sweeney Holdings, LLC | Founding Member |
|  |  | Enright Holdings, LLC | Founding Member |
|  |  | Ascutney Holdings II, LLC | Founding Member |
|  |  | Ascutney Holdings, LLC | Founding Member |
|  | &nbsp;&nbsp; John Bender<br> Chief Investment Officer, Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; BethAnne Panos<br> Head of Human Resources, Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  | &nbsp;&nbsp; Pat Ryan<br> Chief Financial Officer, Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  | &nbsp;&nbsp; Christine Smith<br> Chief Operating Officer, Director<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  | &nbsp;&nbsp; Emma Rodriguez-Ayala<br> Chief Compliance Officer & General <br> Counsel, Secretary<br>| &nbsp;&nbsp; Legal & General Investment <br> Management United States <br> (Holdings), Inc.<br>| Director of affiliated entity |
|  |  | &nbsp;&nbsp; Association of Latino Professionals <br> for America, Inc.<br>| &nbsp;&nbsp; Member of the Chicago Board of <br> Directors, Non-Profit Board. Ms. <br> Rodriguez-Ayala stepped down from <br> the Board the end of 2020.<br>|
|  |  | Metropolitan Planning Council | &nbsp;&nbsp; Member of the Board of Governors, <br> Non-Profit Board<br>|
|  |  | &nbsp;&nbsp; WTTW/Chicago PBS and WFMT <br> Chicago<br>| &nbsp;&nbsp; Member of the Board of Trustees, <br> Non-Profit Board<br>|
|  |  | Angeles Investors | Board Member, Non-Profit Board |
| 19. | &nbsp;&nbsp; **<u>The London Company of Virginia, LLC</u>**<br> The London Company of Virginia, LLC's ("London Company") is located at 1800 Bayberry Court, Suite 301, <br> Richmond, Virginia 23226. The London Company is an independent, majority employee-owned registered investment <br> adviser founded in 1994. LPC London, LP, an affiliate of Lincoln Peak Capital, owns a minority (non-controlling) equity <br> investment in the London Company. Lincoln Peak Capital is a private investment firm that specializes in partnering with <br> investment management firms to help preserve their independence and facilitate equity transitions within a firm to key <br> next generation management members. The directors and officers of the London Company have not held any positions <br> with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>The London Company of Virginia, LLC</u>**<br> The London Company of Virginia, LLC's ("London Company") is located at 1800 Bayberry Court, Suite 301, <br> Richmond, Virginia 23226. The London Company is an independent, majority employee-owned registered investment <br> adviser founded in 1994. LPC London, LP, an affiliate of Lincoln Peak Capital, owns a minority (non-controlling) equity <br> investment in the London Company. Lincoln Peak Capital is a private investment firm that specializes in partnering with <br> investment management firms to help preserve their independence and facilitate equity transitions within a firm to key <br> next generation management members. The directors and officers of the London Company have not held any positions <br> with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>The London Company of Virginia, LLC</u>**<br> The London Company of Virginia, LLC's ("London Company") is located at 1800 Bayberry Court, Suite 301, <br> Richmond, Virginia 23226. The London Company is an independent, majority employee-owned registered investment <br> adviser founded in 1994. LPC London, LP, an affiliate of Lincoln Peak Capital, owns a minority (non-controlling) equity <br> investment in the London Company. Lincoln Peak Capital is a private investment firm that specializes in partnering with <br> investment management firms to help preserve their independence and facilitate equity transitions within a firm to key <br> next generation management members. The directors and officers of the London Company have not held any positions <br> with other companies during the past two fiscal years. |
| 20. | &nbsp;&nbsp; **<u>Loomis, Sayles & Company, L.P.</u>**<br> Loomis, Sayles & Company, L.P., One Financial Center, 34<sup>th</sup> Floor, Boston, Massachusetts 02111 is an investment <br> adviser registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and executive officers during the past two <br> fiscal years is as follows: | &nbsp;&nbsp; **<u>Loomis, Sayles & Company, L.P.</u>**<br> Loomis, Sayles & Company, L.P., One Financial Center, 34<sup>th</sup> Floor, Boston, Massachusetts 02111 is an investment <br> adviser registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and executive officers during the past two <br> fiscal years is as follows: | &nbsp;&nbsp; **<u>Loomis, Sayles & Company, L.P.</u>**<br> Loomis, Sayles & Company, L.P., One Financial Center, 34<sup>th</sup> Floor, Boston, Massachusetts 02111 is an investment <br> adviser registered under the Investment Advisers Act of 1940, as amended. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and executive officers during the past two <br> fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Kevin P. Charleston<br> Chairman, President, Chief Executive <br> Officer, and Director<br>| Loomis Sayles Trust Company, LLC | Manager and President |
|  |  | Loomis Sayles Funds I | &nbsp;&nbsp; Trustee, President and Chief <br> Executive Officer<br>|
|  |  | &nbsp;&nbsp; Loomis Sayles Fund II; Natixis Funds <br> Trust I; Natixis Funds Trust II; Natixis <br> Funds Trust IV; Natixis ETF Trust; <br> Natixis ETF Trust II; Gateway Trust<br>| Trustee |
|  |  | Loomis Sayles Distributors, Inc. | Director |
|  |  | Loomis Sayles Trust Company, LLC | Manager and President |

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| | | |
|:---|:---|:---|
|  | Loomis Sayles Investments Limited | Executive Vice President |
|  | &nbsp;&nbsp; Loomis Sayles Investment Asia Pte. <br> Ltd.<br>| Director |
|  | &nbsp;&nbsp; Loomis Sayles Operating Services, <br> LLC<br>| Director, Chairman and President |
|  | NIM-os, LLC | Director, Chairman and President |
| &nbsp;&nbsp; John R. Gidman<br> Executive Vice President, Chief <br> Operating Officer and Director<br>| &nbsp;&nbsp; Loomis Sayles Operating Services, <br> LLC<br>| Director, Chief Executive Officer |
|  | NIM-os, LLC | Director, Chief Executive Officer |
| &nbsp;&nbsp; David L. Giunta<br> Director<br>| Natixis Investment Managers | &nbsp;&nbsp; President and Chief Executive Officer, <br> US<br>|
|  | &nbsp;&nbsp; Compliance, Risk and Internal <br> Control Committee (formerly known <br> as Natixis Distribution Corporation)<br>| &nbsp;&nbsp; Chairman, President, and Chief <br> Executive Officer<br>|
|  | &nbsp;&nbsp; Natixis Advisors, LLC; Natixis <br> Distribution, LLC<br>| President and Chief Executive Officer |
|  | &nbsp;&nbsp; Natixis Funds Trust I; Natixis Funds <br> Trust II; Natixis Funds Trust IV; <br> Natixis ETF Trust; Natixis ETF Trust <br> II; Gateway Trust; Loomis Sayles <br> Funds I; Loomis Sayles Funds II<br>| &nbsp;&nbsp; Trustee, President and Chief <br> Executive Officer<br>|
|  | Loomis Sayles Funds I | Trustee and Executive Vice President |
| &nbsp;&nbsp; Kinji Kato<br> Director<br>| Natixis Investment Managers Japan | Honorary Chairman |
| &nbsp;&nbsp; Maurice Leger<br> Executive Vice President, Director of <br> Global Institutional Services and <br> Director<br>| Loomis Sayles Trust Company, LLC | Manager |
| &nbsp;&nbsp; Rebecca O'Brien Radford<br> Executive Vice President, General <br> Counsel, Secretary, and Director<br>| Loomis Sayles Distributors, Inc. | Director |
|  | Loomis Sayles Investments Limited | General Counsel and Secretary |
|  | Loomis Sayles Trust Company, LLC | Manager and Secretary |
|  | &nbsp;&nbsp; Loomis Sayles Operating Services, <br> LLC<br>| Director and Secretary |
|  | NIM-os, LLC | &nbsp;&nbsp; Director, General Counsel and <br> Secretary<br>|
| &nbsp;&nbsp; Timothy F. Ryan<br> Director<br>| Natixis Investment Manager | &nbsp;&nbsp; Chief Executive Officer and Head of <br> Asset & Wealth Management, <br> Director<br>|

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Susan Sieker<br> Executive Vice President, Chief <br> Financial Officer and Director<br>| Loomis Sayles Trust Company, LLC | Manager and Chief Financial Officer |
|  |  | Loomis Sayles Investments Limited | Chief Financial Officer |
|  |  | NIM-os, LLC | Director |
| 21. | &nbsp;&nbsp; **<u>MFS Institutional Advisors, Inc.</u>**<br> MFS Institutional Advisors, Inc. ("MFSI") is located at 111 Huntington Avenue, Boston, Massachusetts 02199 and is a <br> U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is a <br> subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned <br> subsidiary of Sun Life Financial Inc. (a diversified financial services company). Certain officers and directors of MFSI <br> serve, or have served, as officers or directors of some or all of MFSI's corporate affiliates and/or as officers of some or <br> all of the MFS funds and/or officers or directors of certain investment products managed by MFS or certain of MFS's <br> corporate affiliates. Except as set forth below, each director and principal executive officer of MFSI has been engaged <br> during the past two fiscal years in no business profession, vocation or employment of a substantial nature other than as <br> an officer and/or director of MFSI or certain of MFSI's corporate affiliates. The table below lists the directors and <br> principal executive officers of MFSI and their positions with certain of MFSI's corporate affiliates as of March 18, 2022. | &nbsp;&nbsp; **<u>MFS Institutional Advisors, Inc.</u>**<br> MFS Institutional Advisors, Inc. ("MFSI") is located at 111 Huntington Avenue, Boston, Massachusetts 02199 and is a <br> U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is a <br> subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned <br> subsidiary of Sun Life Financial Inc. (a diversified financial services company). Certain officers and directors of MFSI <br> serve, or have served, as officers or directors of some or all of MFSI's corporate affiliates and/or as officers of some or <br> all of the MFS funds and/or officers or directors of certain investment products managed by MFS or certain of MFS's <br> corporate affiliates. Except as set forth below, each director and principal executive officer of MFSI has been engaged <br> during the past two fiscal years in no business profession, vocation or employment of a substantial nature other than as <br> an officer and/or director of MFSI or certain of MFSI's corporate affiliates. The table below lists the directors and <br> principal executive officers of MFSI and their positions with certain of MFSI's corporate affiliates as of March 18, 2022. | &nbsp;&nbsp; **<u>MFS Institutional Advisors, Inc.</u>**<br> MFS Institutional Advisors, Inc. ("MFSI") is located at 111 Huntington Avenue, Boston, Massachusetts 02199 and is a <br> U.S.-based investment adviser and subsidiary of Massachusetts Financial Services Company ("MFS"). MFS is a <br> subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect majority-owned <br> subsidiary of Sun Life Financial Inc. (a diversified financial services company). Certain officers and directors of MFSI <br> serve, or have served, as officers or directors of some or all of MFSI's corporate affiliates and/or as officers of some or <br> all of the MFS funds and/or officers or directors of certain investment products managed by MFS or certain of MFS's <br> corporate affiliates. Except as set forth below, each director and principal executive officer of MFSI has been engaged <br> during the past two fiscal years in no business profession, vocation or employment of a substantial nature other than as <br> an officer and/or director of MFSI or certain of MFSI's corporate affiliates. The table below lists the directors and <br> principal executive officers of MFSI and their positions with certain of MFSI's corporate affiliates as of March 18, 2022. |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Heidi W. Hardin<br> Director, Chair of the Board and <br> Assistant Secretary<br>| &nbsp;&nbsp; Massachusetts Financial Services <br> Company<br>| &nbsp;&nbsp; Executive Vice President, General <br> Counsel and Secretary<br>|
|  |  | &nbsp;&nbsp; MFS Fund Distributors, Inc.; MFS <br> Service Center, Inc.; Sun Life of <br> Canada (U.S.) Financial Services <br> Holdings, Inc.; 3060097 Nova Scotia <br> Company<br>| Secretary |
|  |  | MFS International Ltd | Assistant Secretary |
|  |  | International Australia Pty. Ltd. | &nbsp;&nbsp; Director, Chair and Assistant <br> Secretary<br>|
|  |  | International Singapore Pte. Ltd. | Director and Assistant Secretary |
|  |  | &nbsp;&nbsp; MFS Investment Management <br> Company (LUX) S.a.r.l.<br>| Manager |
|  |  | MFS Investment Management K.K. | Director, Chair and Secretary |
|  |  | MFS Heritage Trust Company | &nbsp;&nbsp; Director, Chair of the Board and <br> Secretary<br>|
|  |  | &nbsp;&nbsp; Funds within the MFS U.S. Funds <br> Complex (the "MFS Funds <br> Complex")<br>| Secretary and Clerk |
|  | &nbsp;&nbsp; Anne Marie Bernard<br> Director<br>| &nbsp;&nbsp; MFS Heritage Trust Company; MFS <br> International Singapore Pte. Ltd.; <br> MFS International Australia Pty. Ltd.; <br> MFS Investment Management K.K.<br>| Director |
|  | &nbsp;&nbsp; Michael S. Keenan<br> Director<br>| MFS Fund Distributors, Inc. | Director and President |

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; MFS International Australia Pty. Ltd.; <br> MFS International Singapore Pte. Ltd; <br> MFS Heritage Trust Company<br>| Director |
|  | &nbsp;&nbsp; Robertson G. Mansi<br> Director<br>| &nbsp;&nbsp; MFS International (U.K.) Limited; <br> MFS International Singapore Pte. <br> Ltd.; MFS Investment Management <br> Canada Limited; MFS Heritage Trust <br> Company; MFS International <br> Australia Pty. Ltd.<br>| Director |
|  | &nbsp;&nbsp; Charuda (Bee) Upatham-Costello<br> Director and Treasurer<br>| MFS International Ltd. | Assistant Treasurer |
|  |  | &nbsp;&nbsp; MFS Investment Management <br> Company (LUX) S.a.r.l.<br>| Treasurer |
|  |  | MFS Fund Distributors, Inc. | &nbsp;&nbsp; Treasurer and Senior Group <br> Controller<br>|
|  |  | &nbsp;&nbsp; MFS International Australia Pty. Ltd.; <br> MFS International Singapore Pte. <br> Ltd.; MFS Heritage Trust Company<br>| Director |
|  | &nbsp;&nbsp; Carol W. Geremia<br> President and Secretary<br>| &nbsp;&nbsp; Massachusetts Financial Services <br> Company<br>| &nbsp;&nbsp; Director, President and Head of <br> Global Distribution<br>|
|  |  | MFS Heritage Trust Company | Executive Vice President |
|  |  | MFS Investment Management K.K. | Vice President |
|  |  | MFS Fund Distributors, Inc. | Director and Chairman of the Board |
|  | &nbsp;&nbsp; Edward M. Maloney<br> Chief Investment Officer<br>| &nbsp;&nbsp; Massachusetts Financial Services <br> Company<br>| &nbsp;&nbsp; Executive Vice President and Chief <br> Investment Officer<br>|
|  |  | MFS Heritage Trust Company | Investment Officer |
|  | &nbsp;&nbsp; Rosa Licea-Mailloux Chief <br> Compliance Officer<br>| &nbsp;&nbsp; Massachusetts Financial Services <br> Company; MFS Heritage Trust <br> Company; MFS Funds Complex<br>| Chief Compliance Officer |
| 22. | &nbsp;&nbsp; **<u>Neuberger Berman Investment Advisers LLC</u>**<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), located at 1290 Avenue of the Americas, New <br> York, New York 10104, is an indirect, wholly-owned subsidiary of Neuberger Berman Group LLC, The directors of <br> Neuberger Berman have not been engaged in any other business or profession, vocation or employment of a substantial <br> nature during the past two fiscal years other than in their capacities as a director of Neuberger Berman or certain of <br> Neuberger Berman's affiliated entities or certain domestic or non-U.S. investment companies. | &nbsp;&nbsp; **<u>Neuberger Berman Investment Advisers LLC</u>**<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), located at 1290 Avenue of the Americas, New <br> York, New York 10104, is an indirect, wholly-owned subsidiary of Neuberger Berman Group LLC, The directors of <br> Neuberger Berman have not been engaged in any other business or profession, vocation or employment of a substantial <br> nature during the past two fiscal years other than in their capacities as a director of Neuberger Berman or certain of <br> Neuberger Berman's affiliated entities or certain domestic or non-U.S. investment companies. | &nbsp;&nbsp; **<u>Neuberger Berman Investment Advisers LLC</u>**<br> Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), located at 1290 Avenue of the Americas, New <br> York, New York 10104, is an indirect, wholly-owned subsidiary of Neuberger Berman Group LLC, The directors of <br> Neuberger Berman have not been engaged in any other business or profession, vocation or employment of a substantial <br> nature during the past two fiscal years other than in their capacities as a director of Neuberger Berman or certain of <br> Neuberger Berman's affiliated entities or certain domestic or non-U.S. investment companies. |
| 23. | &nbsp;&nbsp; **<u>Pacific Investment Management Company LLC</u>**<br> Pacific Investment Management Company LLC ("PIMCO") is located at 650 Newport Center Drive, Newport Beach, <br> California 92260. PIMCO, an institutional money management firm, was founded in 1971 to provide specialty <br> management of fixed income portfolios. PIMCO is a majority owned subsidiary of Allianz Asset Management of <br> America L.P. with minority interests held by certain of its current and former officers via Allianz Asset Management of <br> America LLC. Allianz Asset Management of America L.P. is majority owned by Allianz SE, a global financial services <br> company based in Germany. The directors and officers of PIMCO and their business and other connections for the past <br> two fiscal years are as follows: | &nbsp;&nbsp; **<u>Pacific Investment Management Company LLC</u>**<br> Pacific Investment Management Company LLC ("PIMCO") is located at 650 Newport Center Drive, Newport Beach, <br> California 92260. PIMCO, an institutional money management firm, was founded in 1971 to provide specialty <br> management of fixed income portfolios. PIMCO is a majority owned subsidiary of Allianz Asset Management of <br> America L.P. with minority interests held by certain of its current and former officers via Allianz Asset Management of <br> America LLC. Allianz Asset Management of America L.P. is majority owned by Allianz SE, a global financial services <br> company based in Germany. The directors and officers of PIMCO and their business and other connections for the past <br> two fiscal years are as follows: | &nbsp;&nbsp; **<u>Pacific Investment Management Company LLC</u>**<br> Pacific Investment Management Company LLC ("PIMCO") is located at 650 Newport Center Drive, Newport Beach, <br> California 92260. PIMCO, an institutional money management firm, was founded in 1971 to provide specialty <br> management of fixed income portfolios. PIMCO is a majority owned subsidiary of Allianz Asset Management of <br> America L.P. with minority interests held by certain of its current and former officers via Allianz Asset Management of <br> America LLC. Allianz Asset Management of America L.P. is majority owned by Allianz SE, a global financial services <br> company based in Germany. The directors and officers of PIMCO and their business and other connections for the past <br> two fiscal years are as follows: |

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| | | | |
|:---|:---|:---|:---|
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Kimberley Stafford<br> Managing Director<br>| PIMCO Hong Kong | Head of PIMCO Asia-Pacific |
|  | &nbsp;&nbsp; Craig A. Dawson<br> Managing Director<br>| PIMCO Europe Ltd. | Head of EMEA |
|  | &nbsp;&nbsp; Jennifer E. Durham<br> Managing Director<br>| &nbsp;&nbsp; Pacific Investment Mgt Co. LLC; <br> PIMCO Variable Insurance Trust; <br> PIMCO ETF Trust; PIMCO Equity <br> Series; PIMCO Equity Series VIT<br>| Chief Compliance Officer |
|  | &nbsp;&nbsp; Emmanuel Roman<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | CEO |
|  | &nbsp;&nbsp; David C. Flattum<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | General Counsel |
|  |  | &nbsp;&nbsp; PIMCO Variable Insurance Trust; <br> PIMCO ETF Trust; PIMCO Equity <br> Series; PIMCO Equity Series VIT<br>| Chief Legal Officer |
|  | &nbsp;&nbsp; Daniel Ivascyn<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | Group Chief Investment Officer |
|  | &nbsp;&nbsp; Brent Richard Harris<br> Managing Director<br>| Pacific Investment Mgt Co. LLC | Executive Committee Member |
|  |  | StocksPLUS Management, Inc. | Director and Vice President |
|  |  | &nbsp;&nbsp; PIMCO Variable Insurance Trust; <br> PIMCO ETF Trust<br>| &nbsp;&nbsp; Trustee, Chairman and President of <br> the Trust<br>|
|  |  | &nbsp;&nbsp; PIMCO Equity Series; PIMCO Equity <br> Series VIT<br>| &nbsp;&nbsp; Trustee, Chairman and Senior Vice <br> President<br>|
|  |  | &nbsp;&nbsp; PIMCO Luxembourg S.A. and <br> PIMCO Luxembourg II<br>| Director |
|  | &nbsp;&nbsp; Andrew Balls<br> Managing Director<br>| PIMCO Europe Limited | Chief Investment Officer |
|  | &nbsp;&nbsp; Eric Sutherland<br> Managing Director<br>| PIMCO Investments | President |
|  | &nbsp;&nbsp; Tomoya Masanao<br> Managing Director<br>| PIMCO Japan Limited | &nbsp;&nbsp; Co-Head of Asia-Pacific Portfolio <br> Management, Head of Japan office<br>|
| 24. | &nbsp;&nbsp; **<u>Parametric Portfolio Associates LLC</u>**<br> Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, is a registered <br> investment adviser offering a variety of structured portfolio solutions. Information as to the directors and officers of the <br> adviser for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Parametric Portfolio Associates LLC</u>**<br> Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, is a registered <br> investment adviser offering a variety of structured portfolio solutions. Information as to the directors and officers of the <br> adviser for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Parametric Portfolio Associates LLC</u>**<br> Parametric Portfolio Associates LLC, 800 Fifth Avenue, Suite 2800, Seattle, Washington 98104, is a registered <br> investment adviser offering a variety of structured portfolio solutions. Information as to the directors and officers of the <br> adviser for the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Thomas Lee<br> Chief Investment Officer<br>| St. Thomas Academy | Trustee |

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| 25. | &nbsp;&nbsp; **<u>Payden & Rygel</u>**<br> Payden & Rygel is located at 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071 and engages <br> principally in the business of providing investment services to institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of Payden & Rygel for the past <br> two fiscal years is as follows: | &nbsp;&nbsp; **<u>Payden & Rygel</u>**<br> Payden & Rygel is located at 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071 and engages <br> principally in the business of providing investment services to institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of Payden & Rygel for the past <br> two fiscal years is as follows: | &nbsp;&nbsp; **<u>Payden & Rygel</u>**<br> Payden & Rygel is located at 333 South Grand Avenue, 39th Floor, Los Angeles, California 90071 and engages <br> principally in the business of providing investment services to institutional clients. Information regarding other business, <br> profession, vocation or employment of a substantial nature as to the directors and officers of Payden & Rygel for the past <br> two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Robin Creswell<br> Managing Director and Board <br> Director<br>| Payden & Rygel Global Limited | Managing Director |
| 26. | &nbsp;&nbsp; **<u>P/E Global LLC</u>**<br> P/E Global LLC ("P/E Global") is located at 75 State Street, 31st Floor, Boston, Massachusetts 02109, is registered <br> under the Investment Advisers Act of 1940, as amended, and provides investment advisory and portfolio management <br> services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E <br> Global. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. Warren Naphtal and <br> Mary Naphtal own a controlling interest in P/E Strategic LLC and P/E Investments LLC. The directors and officers of <br> P/E Global have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>P/E Global LLC</u>**<br> P/E Global LLC ("P/E Global") is located at 75 State Street, 31st Floor, Boston, Massachusetts 02109, is registered <br> under the Investment Advisers Act of 1940, as amended, and provides investment advisory and portfolio management <br> services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E <br> Global. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. Warren Naphtal and <br> Mary Naphtal own a controlling interest in P/E Strategic LLC and P/E Investments LLC. The directors and officers of <br> P/E Global have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>P/E Global LLC</u>**<br> P/E Global LLC ("P/E Global") is located at 75 State Street, 31st Floor, Boston, Massachusetts 02109, is registered <br> under the Investment Advisers Act of 1940, as amended, and provides investment advisory and portfolio management <br> services to clients on a discretionary basis. P/E Strategic LLC, a Delaware limited liability company, owns 50% of P/E <br> Global. P/E Investments LLC, a Delaware limited liability company, also owns 50% of P/E Global. Warren Naphtal and <br> Mary Naphtal own a controlling interest in P/E Strategic LLC and P/E Investments LLC. The directors and officers of <br> P/E Global have not held any positions with other companies during the past two fiscal years. |
| 27. | &nbsp;&nbsp; **<u>PGIM Quantitative Solutions LLC</u>**<br> PGIM Quantitative Solutions LLC ("PGIM QS") is located at Gateway Center Two, 100 Mulberry Street, Newark, New <br> Jersey 07102, is registered investment adviser and began managing multi-asset portfolios for institutional investors in <br> 1975. PGIM QS is a wholly owned subsidiary and independently operated subsidiary of PGIM, Inc. ("PGIM"), the <br> global investment management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the <br> New York Stock Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which <br> is a wholly owned subsidiary of Prudential. The directors and officers of PGIM QS have not held any positions with <br> other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>PGIM Quantitative Solutions LLC</u>**<br> PGIM Quantitative Solutions LLC ("PGIM QS") is located at Gateway Center Two, 100 Mulberry Street, Newark, New <br> Jersey 07102, is registered investment adviser and began managing multi-asset portfolios for institutional investors in <br> 1975. PGIM QS is a wholly owned subsidiary and independently operated subsidiary of PGIM, Inc. ("PGIM"), the <br> global investment management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the <br> New York Stock Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which <br> is a wholly owned subsidiary of Prudential. The directors and officers of PGIM QS have not held any positions with <br> other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>PGIM Quantitative Solutions LLC</u>**<br> PGIM Quantitative Solutions LLC ("PGIM QS") is located at Gateway Center Two, 100 Mulberry Street, Newark, New <br> Jersey 07102, is registered investment adviser and began managing multi-asset portfolios for institutional investors in <br> 1975. PGIM QS is a wholly owned subsidiary and independently operated subsidiary of PGIM, Inc. ("PGIM"), the <br> global investment management business of Prudential Financial, Inc. ("Prudential"), a publicly traded company on the <br> New York Stock Exchange (NYSE: PRU). PGIM is a wholly owned subsidiary of PGIM Holding Company LLC, which <br> is a wholly owned subsidiary of Prudential. The directors and officers of PGIM QS have not held any positions with <br> other companies during the past two fiscal years. |
| 28. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.K.) Limited</u>**<br> RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 77 Grosvenor Street, London, W1K 3JR, United <br> Kingdom, is a wholly owned subsidiary of Royal Bank of Canada Holdings (UK) Limited which is a wholly owned <br> subsidiary of Royal Bank of Canada. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the directors and officers of RBC GAM UK during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.K.) Limited</u>**<br> RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 77 Grosvenor Street, London, W1K 3JR, United <br> Kingdom, is a wholly owned subsidiary of Royal Bank of Canada Holdings (UK) Limited which is a wholly owned <br> subsidiary of Royal Bank of Canada. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the directors and officers of RBC GAM UK during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.K.) Limited</u>**<br> RBC Global Asset Management (U.K.) Limited ("RBC GAM UK"), 77 Grosvenor Street, London, W1K 3JR, United <br> Kingdom, is a wholly owned subsidiary of Royal Bank of Canada Holdings (UK) Limited which is a wholly owned <br> subsidiary of Royal Bank of Canada. Information regarding other business, profession, vocation or employment of a <br> substantial nature as to the directors and officers of RBC GAM UK during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; David Thomas<br> Chairman<br>| &nbsp;&nbsp; Great Ormond Street Hospital <br> Children's Charity<br>| Board Member |
|  |  | CLS Bank International | Board Member |
|  |  | FICC Markets Standards Board | Consultant |
| 29. | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.S.) Inc.</u>**<br> RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 50 South Sixth Street, Suite 2350, Minneapolis, <br> Minnesota 55402, is a wholly owned subsidiary of RBC USA Holdco Corporation, which is owned by Royal Bank of <br> Canada. Royal Bank of Canada is publicly owned and traded on the New York Stock Exchange and the Toronto Stock <br> Exchange. Information regarding other business, profession, vocation or employment of a substantial nature as to the <br> directors and officers of RBC GAM US during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.S.) Inc.</u>**<br> RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 50 South Sixth Street, Suite 2350, Minneapolis, <br> Minnesota 55402, is a wholly owned subsidiary of RBC USA Holdco Corporation, which is owned by Royal Bank of <br> Canada. Royal Bank of Canada is publicly owned and traded on the New York Stock Exchange and the Toronto Stock <br> Exchange. Information regarding other business, profession, vocation or employment of a substantial nature as to the <br> directors and officers of RBC GAM US during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>RBC Global Asset Management (U.S.) Inc.</u>**<br> RBC Global Asset Management (U.S.) Inc. ("RBC GAM US"), 50 South Sixth Street, Suite 2350, Minneapolis, <br> Minnesota 55402, is a wholly owned subsidiary of RBC USA Holdco Corporation, which is owned by Royal Bank of <br> Canada. Royal Bank of Canada is publicly owned and traded on the New York Stock Exchange and the Toronto Stock <br> Exchange. Information regarding other business, profession, vocation or employment of a substantial nature as to the <br> directors and officers of RBC GAM US during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Damon Williams<br> Chief Executive Officer<br>| Enbridge Ride to Conquer Cancer | Honorary Chair |
|  |  | &nbsp;&nbsp; Canadian Institute for Advanced <br> Research<br>| Board Member |
|  |  | &nbsp;&nbsp; The Universities Academic Pension <br> Plan<br>| Member |

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| | | | |
|:---|:---|:---|:---|
|  |  | United Way of the Lower Mainland | Board Member |
|  |  | 0845514 B.C. Ltd | President and Director |
| 30. | &nbsp;&nbsp; **<u>RREEF America L.L.C.</u>**<br> RREEF America L.L.C. ("RREEF") is located at 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606. RREEF's <br> sole business activity is to serve as an investment advisor. RREEF is registered under the Investment Advisers Act of <br> 1940, as amended. The directors and officers of RREEF have not held any positions with other companies during the <br> past two fiscal years. | &nbsp;&nbsp; **<u>RREEF America L.L.C.</u>**<br> RREEF America L.L.C. ("RREEF") is located at 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606. RREEF's <br> sole business activity is to serve as an investment advisor. RREEF is registered under the Investment Advisers Act of <br> 1940, as amended. The directors and officers of RREEF have not held any positions with other companies during the <br> past two fiscal years. | &nbsp;&nbsp; **<u>RREEF America L.L.C.</u>**<br> RREEF America L.L.C. ("RREEF") is located at 222 South Riverside Plaza, Floor 34, Chicago, Illinois 60606. RREEF's <br> sole business activity is to serve as an investment advisor. RREEF is registered under the Investment Advisers Act of <br> 1940, as amended. The directors and officers of RREEF have not held any positions with other companies during the <br> past two fiscal years. |
| 31. | &nbsp;&nbsp; **<u>Sands Capital Management, LLC</u>**<br> Sands Capital Management, LLC ("Sands") is located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209. <br> The directors, officers and/or partners of Sands have been engaged in the below capacities with other companies within <br> the last two fiscal years: | &nbsp;&nbsp; **<u>Sands Capital Management, LLC</u>**<br> Sands Capital Management, LLC ("Sands") is located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209. <br> The directors, officers and/or partners of Sands have been engaged in the below capacities with other companies within <br> the last two fiscal years: | &nbsp;&nbsp; **<u>Sands Capital Management, LLC</u>**<br> Sands Capital Management, LLC ("Sands") is located at 1000 Wilson Boulevard, Suite 3000, Arlington, Virginia 22209. <br> The directors, officers and/or partners of Sands have been engaged in the below capacities with other companies within <br> the last two fiscal years: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Frank M. Sands<br> Chief Executive Officer<br>| Sands Capital Ventures, LLC | &nbsp;&nbsp; Investment Board Member; Executive <br> Management Team<br>|
|  | &nbsp;&nbsp; Jonathan Goodman<br> General Counsel<br>| Sands Capital Ventures, LLC | General Counsel |
|  | &nbsp;&nbsp; Dana McNamara<br> Chief Administrative Officer <br> Executive Managing Director<br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Stephen Nimmo<br> Executive Managing Director<br>| Sands Capital Ventures, LLC | Provides client relations service |
|  | &nbsp;&nbsp; Thomas Perry Williams<br> President, Executive Managing <br> Director, Director of Research, Sr. <br> Portfolio Manager<br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Luke Inglehart<br> Executive Managing Director Client <br> and Consultant Relations<br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Brian Christiansen<br> Executive Managing Director, Sr. <br> Portfolio Manager<br>| Sands Capital Ventures, LLC | Executive Management Team |
|  | &nbsp;&nbsp; Ian Ratcliffe<br> Executive Managing Director; <br> Managing Partner<br>| Sands Capital Ventures, LLC | &nbsp;&nbsp; Portfolio Manager, Managing Partner, <br> Executive Management Team<br>|
| 32. | &nbsp;&nbsp; **<u>Shenkman Capital Management, Inc.</u>**<br> Shenkman Capital Management, Inc. ("Shenkman"), 151 West 42<sup>nd</sup> Street, 29<sup>th</sup> Floor, New York, New York 10063, is a <br> privately held corporation controlled by Mark R. Shenkman and is registered under the Investment Advisers Act of 1940, <br> as amended. Information as to the directors, officers and/or partners of Shenkman for the past two fiscal years is as <br> follows: | &nbsp;&nbsp; **<u>Shenkman Capital Management, Inc.</u>**<br> Shenkman Capital Management, Inc. ("Shenkman"), 151 West 42<sup>nd</sup> Street, 29<sup>th</sup> Floor, New York, New York 10063, is a <br> privately held corporation controlled by Mark R. Shenkman and is registered under the Investment Advisers Act of 1940, <br> as amended. Information as to the directors, officers and/or partners of Shenkman for the past two fiscal years is as <br> follows: | &nbsp;&nbsp; **<u>Shenkman Capital Management, Inc.</u>**<br> Shenkman Capital Management, Inc. ("Shenkman"), 151 West 42<sup>nd</sup> Street, 29<sup>th</sup> Floor, New York, New York 10063, is a <br> privately held corporation controlled by Mark R. Shenkman and is registered under the Investment Advisers Act of 1940, <br> as amended. Information as to the directors, officers and/or partners of Shenkman for the past two fiscal years is as <br> follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Victor Rosenzweig<br> Director<br>| Olshan Frome & Wolosky LLP | Retired Partner |
|  |  | &nbsp;&nbsp; Reverse Mortgage Investment Trust <br> Inc.<br>| Board Member (through 2020) |

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| | | | |
|:---|:---|:---|:---|
|  | Gloria Thomas | &nbsp;&nbsp; Zicklin School at Baruch College City <br> University<br>| &nbsp;&nbsp; Professor, Director of Undergraduate <br> Honors Program<br>|
| 33. | &nbsp;&nbsp; **<u>SSI Investment Management LLC</u>**<br> SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067, is <br> registered under the Investment Advisers Act of 1940, as amended, and serves as an investment adviser to separately <br> managed accounts, investment sub-adviser to open-end management investment companies under the 1940 Act and as <br> general partner of an investment limited partnership. Resolute Investment Managers Inc., a diversified, multi-affiliate <br> asset management platform, owns approximately 57% of SSI, and approximately 1.4% is owned by SSI officers, with <br> approximately 41.6% owned by Team SSI LLC, an entity controlled by SSI officers. George M. Douglas, CFA, Chief <br> Investment Officer and Managing Principal of SSI, is a material indirect owner of SSI through Team SSI LLC. <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of SSI during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>SSI Investment Management LLC</u>**<br> SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067, is <br> registered under the Investment Advisers Act of 1940, as amended, and serves as an investment adviser to separately <br> managed accounts, investment sub-adviser to open-end management investment companies under the 1940 Act and as <br> general partner of an investment limited partnership. Resolute Investment Managers Inc., a diversified, multi-affiliate <br> asset management platform, owns approximately 57% of SSI, and approximately 1.4% is owned by SSI officers, with <br> approximately 41.6% owned by Team SSI LLC, an entity controlled by SSI officers. George M. Douglas, CFA, Chief <br> Investment Officer and Managing Principal of SSI, is a material indirect owner of SSI through Team SSI LLC. <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of SSI during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>SSI Investment Management LLC</u>**<br> SSI Investment Management LLC ("SSI"), 2121 Avenue of the Stars, Suite 2050, Los Angeles, California 90067, is <br> registered under the Investment Advisers Act of 1940, as amended, and serves as an investment adviser to separately <br> managed accounts, investment sub-adviser to open-end management investment companies under the 1940 Act and as <br> general partner of an investment limited partnership. Resolute Investment Managers Inc., a diversified, multi-affiliate <br> asset management platform, owns approximately 57% of SSI, and approximately 1.4% is owned by SSI officers, with <br> approximately 41.6% owned by Team SSI LLC, an entity controlled by SSI officers. George M. Douglas, CFA, Chief <br> Investment Officer and Managing Principal of SSI, is a material indirect owner of SSI through Team SSI LLC. <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of SSI during the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Jeffrey K. Ringdahl<br> Director<br>| &nbsp;&nbsp; American Beacon Funds, American <br> Beacon Select Funds, American <br> Beacon Institutional Funds Trust, <br> American Beacon Sound Point <br> Enhanced Income Fund and American <br> Beacon Apollo Total Return Fund<br>| &nbsp;&nbsp; Vice President through April 2022; <br> President since April 2022<br>|
|  | &nbsp;&nbsp; Rebecca L. Harris<br> Director<br>| &nbsp;&nbsp; American Beacon Funds, American <br> Beacon Select Funds, American <br> Beacon Institutional Funds Trust, <br> American Beacon Sound Point <br> Enhanced Income Fund and American <br> Beacon Apollo Total Return Fund<br>| &nbsp;&nbsp; Assistant Secretary through June <br> 2022; Vice President since June 2022<br>|
| 34. | &nbsp;&nbsp; **<u>TCW Investment Management Company, LLC</u>**<br> The TCW Group, Inc., 865 South Figueroa Street, Los Angeles, California 90017, consists principally of The TCW <br> Group, Inc., the holding company, and the following investment advisers registered under the Investment Advisors Act of <br> 1940, as amended: TCW Asset Management Company, TCW Investment Management Company, LLC ("TCW") and <br> Metropolitan West Asset Management, LLC. Information regarding other business, profession, vocation or employment <br> of a substantial nature as to the directors and officers of TCW for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>TCW Investment Management Company, LLC</u>**<br> The TCW Group, Inc., 865 South Figueroa Street, Los Angeles, California 90017, consists principally of The TCW <br> Group, Inc., the holding company, and the following investment advisers registered under the Investment Advisors Act of <br> 1940, as amended: TCW Asset Management Company, TCW Investment Management Company, LLC ("TCW") and <br> Metropolitan West Asset Management, LLC. Information regarding other business, profession, vocation or employment <br> of a substantial nature as to the directors and officers of TCW for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>TCW Investment Management Company, LLC</u>**<br> The TCW Group, Inc., 865 South Figueroa Street, Los Angeles, California 90017, consists principally of The TCW <br> Group, Inc., the holding company, and the following investment advisers registered under the Investment Advisors Act of <br> 1940, as amended: TCW Asset Management Company, TCW Investment Management Company, LLC ("TCW") and <br> Metropolitan West Asset Management, LLC. Information regarding other business, profession, vocation or employment <br> of a substantial nature as to the directors and officers of TCW for the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; Marc I. Stern<br> Chairman<br>| &nbsp;&nbsp; The John F. Kennedy Center for the <br> Performing Arts<br>| Trustee |
|  |  | &nbsp;&nbsp; Performing Arts Center of Los <br> Angeles County; Los Angeles 2028 <br> Olympic Committees (f/k/a Los <br> Angeles 2024 Exploratory <br> Committee)<br>| Director |
|  |  | &nbsp;&nbsp; California Institute of Technology; <br> Metropolitan Opera; Los Angeles <br> Opera; Marc & Eva Stern Foundation; <br> Milwaukee Brewers Baseball Club; <br> The Alliance for Southern California <br> Innovation, Base Hologram<br>| Board Member |
|  | &nbsp;&nbsp; Meredith Jackson<br> Executive Vice President, General <br> Counsel & Secretary<br>| MJ Fronty Vineyard LLC | Officer |

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; LA Philharmonic; Institutional <br> Investor Forums<br>| Board Member |
|  |  | SIFMA Asset Management Group | Treasurer, Chair of Advisory Board |
|  | &nbsp;&nbsp; David Lippman<br> Manager, President and the CEO<br>| The Music Center | Board Member |
|  |  | MWAM Holdings, LLC | Member |
|  |  | Stag Lodge HOA Board of Directors | Board Member |
|  |  | &nbsp;&nbsp; Pasi Matti Hamalainen 2004 <br> Revocable Trust<br>| Trustee |
|  | &nbsp;&nbsp; Liz Kraninger<br> Global Chief Operating Officer<br>| St. Mary's School | &nbsp;&nbsp; Committee Member: Developing <br> Committee, Trustee Board Member<br>|
|  |  | &nbsp;&nbsp; WITI – Women in Technology <br> International<br>| Panelist |
| 35. | &nbsp;&nbsp; **<u>TimesSquare Capital Management, LLC</u>**<br> The business activity of TimesSquare Capital Management, LLC ("TSCM"), 7 Times Square, 42nd Floor, New York, <br> New York 10036, is to serve as an investment adviser and assist in the selection of investment advisers. TSCM is <br> registered under the Investment Advisers Act of 1940, as amended. The directors and officers of TSCM have not held any <br> positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>TimesSquare Capital Management, LLC</u>**<br> The business activity of TimesSquare Capital Management, LLC ("TSCM"), 7 Times Square, 42nd Floor, New York, <br> New York 10036, is to serve as an investment adviser and assist in the selection of investment advisers. TSCM is <br> registered under the Investment Advisers Act of 1940, as amended. The directors and officers of TSCM have not held any <br> positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>TimesSquare Capital Management, LLC</u>**<br> The business activity of TimesSquare Capital Management, LLC ("TSCM"), 7 Times Square, 42nd Floor, New York, <br> New York 10036, is to serve as an investment adviser and assist in the selection of investment advisers. TSCM is <br> registered under the Investment Advisers Act of 1940, as amended. The directors and officers of TSCM have not held any <br> positions with other companies during the past two fiscal years. |
| 36. | &nbsp;&nbsp; **<u>WCM Investment Management, LLC</u>**<br> WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM <br> is independently controlled entirely by the firm's employees and is registered with the SEC under the Investment <br> Advisers Act of 1940, as amended. WCM specializes in providing innovative, equity investment advisory services. The <br> directors and officers of WCM have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>WCM Investment Management, LLC</u>**<br> WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM <br> is independently controlled entirely by the firm's employees and is registered with the SEC under the Investment <br> Advisers Act of 1940, as amended. WCM specializes in providing innovative, equity investment advisory services. The <br> directors and officers of WCM have not held any positions with other companies during the past two fiscal years. | &nbsp;&nbsp; **<u>WCM Investment Management, LLC</u>**<br> WCM Investment Management, LLC ("WCM") is located at 281 Brooks Street, Laguna Beach, California 92651. WCM <br> is independently controlled entirely by the firm's employees and is registered with the SEC under the Investment <br> Advisers Act of 1940, as amended. WCM specializes in providing innovative, equity investment advisory services. The <br> directors and officers of WCM have not held any positions with other companies during the past two fiscal years. |
| 37. | &nbsp;&nbsp; **<u>Wellington Management Company LLP</u>**<br> The business activity of Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, <br> Massachusetts 02210, is to serve as an investment adviser and assist in the selection of investment advisers. Wellington is <br> registered under the Investment Advisers Act of 1940, as amended. The officers of Wellington have been engaged during <br> the past two fiscal years in no business, vocation, or employment of a substantial nature other than as directors, officers <br> or employees of Wellington or certain of the firm's corporate affiliates. | &nbsp;&nbsp; **<u>Wellington Management Company LLP</u>**<br> The business activity of Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, <br> Massachusetts 02210, is to serve as an investment adviser and assist in the selection of investment advisers. Wellington is <br> registered under the Investment Advisers Act of 1940, as amended. The officers of Wellington have been engaged during <br> the past two fiscal years in no business, vocation, or employment of a substantial nature other than as directors, officers <br> or employees of Wellington or certain of the firm's corporate affiliates. | &nbsp;&nbsp; **<u>Wellington Management Company LLP</u>**<br> The business activity of Wellington Management Company LLP ("Wellington"), 280 Congress Street, Boston, <br> Massachusetts 02210, is to serve as an investment adviser and assist in the selection of investment advisers. Wellington is <br> registered under the Investment Advisers Act of 1940, as amended. The officers of Wellington have been engaged during <br> the past two fiscal years in no business, vocation, or employment of a substantial nature other than as directors, officers <br> or employees of Wellington or certain of the firm's corporate affiliates. |
| 38. | &nbsp;&nbsp; **<u>Western Asset Management Company, LLC</u>**<br> Western Asset Management Company, LLC ("Western Asset") is located at 385 East Colorado Boulevard, Pasadena, <br> California 91101, and the sole business activity of Western Asset is to serve as an investment adviser. Western Asset is <br> registered under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of Franklin <br> Resources, Inc., a NYSE-listed, global investment management organization operating, together with its subsidiaries, as <br> Franklin Templeton. Information regarding other business, profession, vocation or employment of a substantial nature as <br> to the directors and officers of Western Asset for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Western Asset Management Company, LLC</u>**<br> Western Asset Management Company, LLC ("Western Asset") is located at 385 East Colorado Boulevard, Pasadena, <br> California 91101, and the sole business activity of Western Asset is to serve as an investment adviser. Western Asset is <br> registered under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of Franklin <br> Resources, Inc., a NYSE-listed, global investment management organization operating, together with its subsidiaries, as <br> Franklin Templeton. Information regarding other business, profession, vocation or employment of a substantial nature as <br> to the directors and officers of Western Asset for the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Western Asset Management Company, LLC</u>**<br> Western Asset Management Company, LLC ("Western Asset") is located at 385 East Colorado Boulevard, Pasadena, <br> California 91101, and the sole business activity of Western Asset is to serve as an investment adviser. Western Asset is <br> registered under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of Franklin <br> Resources, Inc., a NYSE-listed, global investment management organization operating, together with its subsidiaries, as <br> Franklin Templeton. Information regarding other business, profession, vocation or employment of a substantial nature as <br> to the directors and officers of Western Asset for the past two fiscal years is as follows: |
|  | **<u>Name and Position with Adviser</u>** | **<u>Other Company</u>** | **<u>Position with Other Company</u>** |
|  | &nbsp;&nbsp; James W. Hirschman III<br> President and Chief Executive Officer, <br> (Chairman)<br>| &nbsp;&nbsp; Western Asset Mortgage Capital <br> Corporation<br>| Director |
| 39. | &nbsp;&nbsp; **<u>Westwood Management Corp.</u>**<br> Westwood Holdings Group, Inc. ("WHG") is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201: <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of WHG during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Westwood Management Corp.</u>**<br> Westwood Holdings Group, Inc. ("WHG") is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201: <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of WHG during the past two fiscal years is as follows: | &nbsp;&nbsp; **<u>Westwood Management Corp.</u>**<br> Westwood Holdings Group, Inc. ("WHG") is located at 200 Crescent Court, Suite 1200, Dallas, Texas 75201: <br> Information regarding other business, profession, vocation or employment of a substantial nature as to the directors and <br> officers of WHG during the past two fiscal years is as follows: |

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|:---|:---|:---|
| &nbsp;&nbsp; Brian O. Casey<br> Chief Executive Officer and Director <br> (Formerly President, Chief Executive <br> Officer and Director)<br>| Westwood Management Corp. | CEO, Director |
|  | Westwood Trust | CEO, Director |
|  | &nbsp;&nbsp; Texas Scottish Rite Hospital for <br> Children<br>| Tartan Board of Directors |
|  | &nbsp;&nbsp; Baylor Health Care System <br> Foundation<br>| Board Member |
|  | Cooper Institute | Board Member |
| &nbsp;&nbsp; Richard M. Frank<br> Chairman of the Board of Directors<br>| Westwood Trust | Director |
| &nbsp;&nbsp; Susan M. Byrne<br> Founder and Vice Chairman of the <br> Board of Directors<br>| WHG | Consultant |
|  | Westwood Management Corp. | Director |
|  | Westwood Trust | Director |
|  | Impact Dallas Capital Board | Trustee |
|  | &nbsp;&nbsp; Naval Postgraduate School <br> Foundation<br>| Trustee |
| &nbsp;&nbsp; Ellen H. Masterson<br> Director<br>| Westwood Trust | Director |
|  | Insperity, Inc. (NYSE: NSP) | Board of Directors |
|  | The Doctors Company | Board of Governors |
| &nbsp;&nbsp; Geoffrey R. Norman<br> Director<br>| Westwood Trust | Director |
|  | buildOn | Global Board Member |
|  | 5AM Ventures | Consultant |
| &nbsp;&nbsp; Randy A. Bowman<br> Director<br>| Westwood Trust | Director |
|  | &nbsp;&nbsp; AT LAST! – The Uban Boarding <br> Experience<br>| &nbsp;&nbsp; Chair, Chief Executive Officer and <br> President<br>|
|  | Impact Dallas Capital | Board Member and Chair |
|  | &nbsp;&nbsp; City of Dallas Employee Retirement <br> Fund<br>| Board Member and Chair |
| &nbsp;&nbsp; Raymond E. Wooldridge<br> Former Director (Retired)<br>| Westwood Trust | Former Director (Retired) |
|  | Reeves Bancshares, Inc. | Chairman of the Board |
|  | &nbsp;&nbsp; Catholic Diocese Educational <br> Endowment Trust Fund<br>| &nbsp;&nbsp; Director and Investment Committee <br> Member<br>|

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|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Murray "Terry" Forbes III, CPA<br> Chief Financial Officer and Treasurer<br>| Westwood Management Corp. | Chief Financial Officer |
|  |  | &nbsp;&nbsp; American Institute of Certified Public <br> Accountants<br>| Member |
|  | &nbsp;&nbsp; Fabian Gomez<br> President (Formerly Chief Operating <br> Officer)<br>| Westwood Management Corp. | President |
|  | &nbsp;&nbsp; Julie K. Gerron, CFA<sup>®</sup><br> General Counsel, Chief Compliance <br> Officer and Corporate Secretary<br>| Westwood Management Corp. | General Counsel, CCO |
|  |  | Broadmark Asset Management, LLC | CCO |
|  |  | Texas State Bar Association | Member |
|  |  | Oklahoma State Bar Association | Member |
|  |  | CFA Institute | Member |
|  | &nbsp;&nbsp; John Porter Montgomery<br> Chief Operating Officer (Formerly <br> President of Westwood Wealth <br> Management – Dallas)<br>| Westwood Management Corp. | Chief Operating Officer |
|  |  | &nbsp;&nbsp; Salesmanship Club of Dallas (in <br> support of Momentous Institute)<br>| Member |
|  |  | &nbsp;&nbsp; Young Presidents' Organization <br> (YPO)<br>| Member |
|  | &nbsp;&nbsp; Leah R. Bennett, CFA<sup>®</sup><br> President, Westwood Wealth <br> Management (Formerly President of <br> Westwood Wealth Management – <br> Houston)<br>| Westwood Trust | President |
|  |  | &nbsp;&nbsp; CFA Global Board of Governors <br> Audit and Risk Committee<br>| Member |
|  |  | &nbsp;&nbsp; CFA Global Board of Governors <br> Society Partnership Advisory <br> Committee<br>| Chair |
|  |  | Girl Scouts of San Jacinto Council | Board of Directors |
|  |  | &nbsp;&nbsp; CHRISTUS Foundation for <br> Healthcare<br>| &nbsp;&nbsp; Investment and Executive Committees <br> Member<br>|
|  |  | Performing Arts Houston | Executive Committee Member |
|  | &nbsp;&nbsp; Steven W. Paddon<br> Former Head of Distribution<br>| Westwood Management Corp. | &nbsp;&nbsp; Head of Institutional and Marketing <br> Services<br>|
| 40. | &nbsp;&nbsp; **<u>William Blair Investment Management, LLC</u>**<br> William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606: <br> William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the <br> SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair <br> and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current <br> William Blair and William Blair & Company employees. | &nbsp;&nbsp; **<u>William Blair Investment Management, LLC</u>**<br> William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606: <br> William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the <br> SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair <br> and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current <br> William Blair and William Blair & Company employees. | &nbsp;&nbsp; **<u>William Blair Investment Management, LLC</u>**<br> William Blair Investment Management, LLC ("William Blair"), 150 North Riverside Plaza, Chicago, Illinois 60606: <br> William Blair is a global investment firm that was established in 2014 and is registered as an investment adviser with the <br> SEC. William Blair is affiliated with William Blair & Company, L.L.C. ("William Blair & Company"). William Blair <br> and William Blair & Company are wholly owned subsidiaries of WBC Holdings, L.P., which is wholly owned by current <br> William Blair and William Blair & Company employees. |

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| | | |
|:---|:---|:---|
| **Name and Position with Adviser** | **Other Company** | **Position with Other Company** |
| &nbsp;&nbsp; Stephanie Braming, Executive <br> Committee Member and Head of <br> Investment Management<br>| ICI | Investment Committee Member |
| &nbsp;&nbsp; Jon Zindel, Executive Committee <br> Member and CFO<br>| Sixth Chakra LLC | Member of LLC |
|  | Fourth Chakra LLC | Owner |
| &nbsp;&nbsp; Ryan DeVore, Head of Private Wealth <br> Management and Executive <br> Committee Member<br>| Naval War College Foundation | Board Member |
|  | Merit Music School | Board Member |

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Item 32

PRINCIPAL UNDERWRITERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Foreside Funds Distributors LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the 1940 Act, as amended:

Fairholme Funds, Inc. <br>FundVantage Trust <br>GuideStone Funds <br>Matthews International Funds (d/b/a Matthews Asia Funds) <br>New Alternatives Fund <br>Old Westbury Funds, Inc. <br>The Torray Fund <br>Versus Capital Multi-Manager Real Estate Income Fund LLC (f/k/a Versus Global Multi-Manager Real Estate Income Fund LLC) <br>Versus Capital Real Assets Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

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| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Address</u> | <u>Position with Underwriter</u> | <u>Position with Registrant</u> |
| Teresa Cowan | &nbsp;&nbsp; 111 E. Kilbourn Ave, Suite <br> 2200, Milwaukee, WI 53202<br>| President/Manager |  |
| Christopher Lanza | &nbsp;&nbsp; Three Canal Plaza, Suite 100<br> Portland, ME 04101<br>| Vice President |  |
| Kate Macchia | &nbsp;&nbsp; Three Canal Plaza, Suite 100<br> Portland, ME 04101<br>| Vice President |  |
| Susan K. Moscaritolo | &nbsp;&nbsp; Three Canal Plaza, Suite 100<br> Portland, ME 04101<br>| &nbsp;&nbsp; Vice President and Chief<br> Compliance Officer<br>|  |
| Kelly B. Whetstone | &nbsp;&nbsp; Three Canal Plaza, Suite 100<br> Portland, ME 04101<br>| Secretary |  |
| Susan L. LaFond | &nbsp;&nbsp; 111 E. Kilbourn Ave, Suite <br> 2200, Milwaukee, WI 53202<br>| Treasurer |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

Item 33.

LOCATION OF ACCOUNTS AND RECORDS.

The books and other documents required by paragraph (b)(4) of Rule 31a-1 under the Investment Company Act of 1940, as amended are maintained in the physical possession of GuideStone Capital Management, LLC,

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the Registrant's investment adviser, 5005 Lyndon B. Johnson Freeway, Suite 2200, Dallas, TX 75244. Other accounts, books and documents required by Rule 31a-1 are maintained in the physical possession of the Registrant's transfer agent, BNY Mellon Investment Servicing, 103 Bellevue Parkway, Wilmington, DE 19809; administration agent and accounting agent, The Northern Trust Company, 333 South Wabash Avenue, Chicago, IL 60604 and 801 South Canal Street, Chicago, IL 60607; and the Registrant's sub-advisers at their respective locations shown in the Statement of Additional Information.

Item 34.

MANAGEMENT SERVICES.

Not Applicable.

Item 35.

UNDERTAKINGS.

Not Applicable.

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**<u>SIGNATURES</u>** 

Pursuant to the requirements of the Securities Act of 1933, as amended, ("1933 Act") and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on the 27th day of February, 2023.

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| |
|:---|
| GUIDESTONE FUNDS |
| By: /s/ John R. Jones |
| John R. Jones<br> President<br>|

---

Pursuant to the requirements of the 1933 Act, the following persons in the capacities and on the dates indicated have signed this Registration Statement below.

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| | | |
|:---|:---|:---|
| /s/ William Craig George\* | Trustee, Chairman of the Board | February 27, 2023 |
| William Craig George |  |  |
| /s/ David Cox, Sr.\* | Trustee | February 27, 2023 |
| David Cox, Sr. |  |  |
| /s/ Thomas G. Evans\* | Trustee | February 27, 2023 |
| Thomas G. Evans |  |  |
| /s/ Randall T. Hahn, D.Min.\* | Trustee | February 27, 2023 |
| Randall T. Hahn, D.Min. |  |  |
| /s/ Grady R. Hazel\* | Trustee | February 27, 2023 |
| Grady R. Hazel |  |  |
| /s/ David B. McMillan\* | Trustee | February 27, 2023 |
| David B. McMillan |  |  |
| /s/ Franklin R. Morgan\* | Trustee | February 27, 2023 |
| Franklin R. Morgan |  |  |
| /s/ Ronald D. Murff\* | Trustee | February 27, 2023 |
| Ronald D. Murff |  |  |
| /s/ Patrick Pattison | Vice President and Treasurer | February 27, 2023 |
| Patrick Pattison | (principal financial officer) |  |
| \*By: /s/ John R. Jones | Attorney-in-Fact | February 27, 2023 |
| John R. Jones |  |  |

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## Ex-99.(D)(10)

**SUB-SUBADVISORY AGREEMENT** 

THIS SUB-SUBADVISORY AGREEMENT ("Agreement") is made among Westwood Management Corp., a registered investment adviser organized under the laws of the State of New York ("Sub-Adviser"), and Broadmark Asset Management LLC, a limited liability company organized under the laws of the State of Delaware ("Sub-Subadviser").

WHEREAS, the Sub-Adviser has entered into a Sub-Advisory Agreement ("Sub-Advisory Agreement") with GuideStone Funds ("Trust"), a Delaware statutory trust and an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), and GuideStone Capital Management, LLC ("Adviser"), a limited liability company organized under laws of the State of Texas, to furnish investment advisory services to the series of the Trust listed on Schedule A to the Sub-Advisory Agreement, as such Schedule A may be amended from time to time by agreement of the parties (such series being collectively referred to herein as the "Fund," with any reference herein to the Fund pertaining to such series of the Trust as the context requires); and

WHEREAS, under the Sub-Advisory Agreement, subject to the approval of the Board of Trustees of the Trust (the "Board"), the Sub-Adviser is authorized to retain one or more investment sub-subadvisers to provide investment advisory services to one or more series of the Trust; and

WHEREAS, the Sub-Adviser desires to retain the Sub-Subadviser to furnish investment advisory services to the Fund, in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Subadviser is willing to furnish such services to the Sub-Adviser and the Fund; and

WHEREAS, the Sub-Adviser wishes to retain the Sub-Subadviser to provide it with sub-advisory services as described below in connection with Sub-Adviser's advisory activities with respect to the Fund, and the Trust and the Adviser have agreed that Sub-Adviser may retain an affiliated investment adviser to provide certain advisory activities with respect to the Fund so long as Sub-Adviser shall be as fully responsible to the Trust for the acts and omissions of the Sub-Subadviser as it is for its own acts and omissions.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Sub-Adviser and the Sub-Subadviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Sub-Adviser hereby appoints the Sub-Subadviser as a discretionary investment manager, on the terms and conditions set forth herein, of those assets of the Fund which the Sub-Adviser determines to assign to the Sub-Subadviser (those assets being referred to as the "Fund Account"). The Sub-Adviser may from time to time make additions to and withdrawals, including but not limited to cash and cash equivalents, from the Fund Account, subject to verbal notification and subsequent written notification to the Sub-Subadviser. The Sub-Subadviser will be an independent contractor and will have no authority to act for or represent the Trust or the Sub-Adviser in any way or otherwise be deemed an agent of the Trust, the Adviser or the Sub-Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser or the Sub-Adviser and the Sub-Subadviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> The Sub-Subadviser accepts that appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties as Sub-Subadviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser and Sub-Adviser, including all written guidelines, policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Subadviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Subadviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Subadviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement") of which the Sub-Subadviser has written notice. The Sub-Adviser will deliver to the Sub-Subadviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Subadviser, as is necessary for the Sub-Subadviser to carry out its obligations under this Agreement. The Sub-Subadviser is authorized on behalf of the Fund Account to enter into and execute any documents, including derivative trading agreements, required to effect transactions with respect to the Fund Account, provided that such transactions are in accord with the 1940 Act, the Registration Statement, and all written guidelines, policies and procedures adopted by the Trust or the Adviser that are provided to the Sub-Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with the Fund's investment policies described in the Registration Statement, the Sub-Subadviser is responsible for avoiding investment of Fund Account assets in the securities issued by any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized, as determined by GuideStone Financial Resources, as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Sub-Adviser shall provide in writing to the Sub-Subadviser a list of such prohibited companies, which the Adviser in its sole discretion will amend or supplement from time to time. The Sub-Adviser will provide the Sub-Subadviser with such amendments or supplements on a timely basis, and any such changes shall become effective as soon as reasonably practicable after such changes have been received by the Sub-Subadviser. If the Sub-Subadviser has a question about whether any proposed transaction with respect to the Fund Account would be in compliance with such investment policies, it may consult with the Sub-Adviser during normal business hours, and the Sub-Adviser will provide instructions upon which the Sub-Subadviser may rely in purchasing and selling securities for the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Subadviser will select brokers and dealers to effect all portfolio transactions for the Fund Account subject to the conditions set forth herein. The Sub-Subadviser will place all necessary orders with brokers, dealers or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Subadviser agrees that, in placing orders with brokers and dealers, it will seek to obtain best execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement; provided that, on behalf of the Fund, and in compliance with Section 28(e) of the Securities Exchange Act of 1934 ("1934 Act"), the Sub-Subadviser may, in its discretion, use brokers and dealers (including brokers and dealers that may be affiliated persons of the Sub-Subadviser to the extent permitted herein) who provide the Sub-Subadviser with research, analysis, advice and similar services to execute portfolio transactions, and the Sub-Subadviser may pay to those brokers and dealers, directly or indirectly through a commission sharing arrangement, in return for brokerage and research services a higher commission than may be charged by other brokers and dealers, subject to the Sub-Subadviser's determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Subadviser to the Fund and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. The Sub-Subadviser agrees to provide the Adviser with reports or other information regarding brokerage and benefits received therefrom, upon the Adviser's reasonable request. On occasions when the Sub-Subadviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Subadviser, the Sub-Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Whenever the Sub-Subadviser simultaneously places orders to purchase or sell the same security on behalf of the Fund Account and one or more other accounts advised by the Sub-Subadviser, the orders will be allocated as to price and amount among all such accounts in a manner the Sub-Subadviser reasonably believes to be equitable over time and consistent with its fiduciary obligations to each client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as permitted by applicable law, rule or regulation (including, but not limited to, Sections 10 and 17 of the 1940 Act and Section 206 of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the respective rules and regulations promulgated thereunder), including by exemptive order granted by the U.S. Securities and Exchange Commission ("SEC"), SEC interpretive release, and/or SEC staff no-action letter or other written guidance, the Sub-Subadviser shall not, on behalf of the Fund Account, enter into any transaction wherein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the existence of any underwriting or selling syndicate, an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as a principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an affiliated person of or principal underwriter for the Trust, or any affiliated person of such an affiliated person or principal underwriter, acts as principal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as agent or broker.

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If the Sub-Subadviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Subadviser shall comply with the Trust's policies and procedures, as provided to the Sub-Subadviser, in so doing. The Sub-Subadviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Subadviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants, and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Subadviser to comply with this paragraph, the Sub-Adviser agrees that it will, upon request, provide the Sub-Subadviser with a written list of the Trust's affiliated persons (excluding the Fund's subadvisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In furnishing services hereunder, to the extent prohibited by, or necessary to comply with, the 1940 Act, except as otherwise permitted herein the Sub-Subadviser will not consult with any other sub-adviser to the Fund, any other series of the Trust, or any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing restriction will not be deemed to prohibit the Sub-Subadviser from consulting with: (i) any of its affiliated persons concerning transactions in securities or other assets; (ii) any of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; or (iii) any successor sub-adviser of the Fund in order to effect an orderly transition of sub-advisory duties, so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Subadviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, including the Advisers Act, the 1934 Act, the Commodity Exchange Act of 1936, as amended ("CEA"), and the rules and regulations adopted thereunder from time to time, with respect to actions by the Sub-Subadviser on behalf of the Fund, and will furnish the Board, the Adviser, the Sub-Adviser or the Fund's administrator ("Administrator") with such periodic and special reports as any of them may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Subadviser hereby agrees that all records that it maintains for the Fund are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust a complete set of any records that it maintains for the Fund upon request by the Trust. Notwithstanding the foregoing, the Sub-Subadviser shall be able to retain copies of such records to the extent necessary to comply with the Sub-Subadviser's recordkeeping policies or regulatory obligations. The Sub-Subadviser agrees to keep confidential all records of the Trust and information relating to the Trust in accordance with Section 12 hereof unless the release of such records or information is otherwise consented to in writing by the Trust or the Adviser. For the avoidance of doubt, where the Sub-Subadviser may be exposed to civil or criminal contempt proceedings, when required to divulge such information or record to duly constituted authorities, or when requested to divulge such information in the context of a regulatory examination or investigation being conducted by one of its regulators, such consent is deemed hereby given and the Sub-Subadviser shall promptly inform the Trust, the Adviser and the Sub-Adviser of the disclosure of such information unless the Sub-Subadviser is prohibited from so doing by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All transactions for the Fund Account will be consummated by delivery of assets to or from the custodian designated by the Trust (the "Custodian"), or such depositories or agents as may be designated by the Custodian in writing, and neither the Sub-Subadviser nor its affiliated persons shall have possession or custody of Fund assets at any time. The Sub-Subadviser shall advise the Custodian and, upon request, confirm in writing to the Trust, to the Adviser, to the Sub-Adviser and any other designated agent of the Fund, including the Administrator, all investment orders for the Fund Account placed by it with brokers and dealers at the time and in the manner set forth in Rule 31a-1 under the 1940 Act. For purposes of the foregoing sentence, communication via electronic means will be acceptable as agreed to in writing from time to time by the Sub-Adviser. The Sub-Adviser represents to the Sub-Subadviser that the Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Subadviser. The Sub-Adviser represents to the Sub-Subadviser that the Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Sub-Subadviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian, other than acts or omissions arising in reliance on instructions of the Sub-Subadviser; provided, that it shall be the responsibility of the Sub-Subadviser to notify the Adviser and the Sub-Adviser if the Custodian fails to confirm in writing proper execution of the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Subadviser agrees to provide, at such times as shall be reasonably requested by the Board, the Adviser or the Sub-Adviser, the analysis and reports specified on Schedule C attached hereto, as such Schedule C may be amended from time to time, including without limitation monthly reports setting forth the investment performance of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Subadviser will upon reasonable request provide reasonable assistance to the Administrator and/or the Fund in determining the fair valuation of portfolio securities held in the Fund Account. Upon request of the Adviser, the Sub-Adviser or the Administrator, the Sub-Subadviser will provide reasonable assistance with respect to the valuation of any portfolio security held in the Fund Account for which the Administrator does not obtain prices in the ordinary course of business from an automated pricing service. The Sub-Subadviser shall promptly notify the Adviser and the Sub-Adviser if, for any reason, the Sub-Subadviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof. In those circumstances, an approved fair valuation methodology may be utilized by the Sub-Subadviser to establish a price, at which time a fair valuation recommendation would be provided to the Adviser and the Sub-Adviser. The Sub-Subadviser will maintain records with respect to securities fair valuation information provided hereunder and shall provide such information to the Adviser and the Sub-Adviser upon request. Notwithstanding the foregoing, the Sub-Adviser hereby acknowledges that the Sub-Subadviser is not the pricing agent for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Subadviser shall provide reasonable assistance as reasonably requested in the preparation of (but not pay for) all periodic reports by the Trust or the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws. Upon the request of the Trust, the Adviser or the Sub-Adviser, the Sub-Subadviser shall review Registration Statements or portions thereof that relate to the Fund or the Sub-Subadviser and other documents provided to the Sub-Subadviser, provide comments on such drafts on a timely basis, and provide certifications or sub-certifications on a timely basis and in a form mutually agreeable to the parties. The Sub-Subadviser's (or its affiliate's) Form 13F filed with the SEC shall include, to the extent applicable, the 13(f) securities held in the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Sub-Subadviser's obligations and responsibilities contained in this Agreement (*i.e.*, with respect to the Fund Account and the Sub-Subadviser's provision of portfolio management services hereunder), the Sub-Subadviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 under the 1940 Act. Specifically, the Sub-Subadviser agrees to, upon the reasonable request of the Trust and with reasonable prior notice: (i) provide periodic certifications relating to the Sub-Subadviser's provision of portfolio management services hereunder, including that: (A) the Sub-Subadviser is in compliance with all applicable "Federal Securities Laws," as defined in Rule 38a-l under the 1940 Act; (B) the Sub-Subadviser's policies and procedures are reasonably designed to prevent violation of the Federal Securities Laws by the Sub-Subadviser and its supervised persons; and (C) the Sub-Subadviser has reviewed, no less frequently than annually, the adequacy of its policies and procedures and the effectiveness of their implementation; and (ii) reasonably cooperate with third-party audits arranged by the Trust to evaluate the effectiveness of the Sub-Subadviser's compliance controls. Upon request and reasonable prior notice, the Trust's chief compliance officer shall have direct access to the Sub-Subadviser's chief compliance officer and compliance personnel, and the Sub-Subadviser shall provide the Trust's chief compliance officer with periodic reports and special reports in the event of compliance problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Subadviser is permitted to use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Sub-Subadviser, each of whom shall be treated as an "associated person" of the Sub-Subadviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Subadviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Subadviser in assisting the Sub-Subadviser under this Agreement to the same extent as if the Sub-Subadviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Sub-Subadviser and none of the Fund, the Adviser nor the Sub-Adviser shall have any obligation to pay any fee or compensation to such affiliated person. To the extent the Sub-Subadviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(l), it will provide the Adviser, the Sub-Adviser and the Fund with 30 days' prior written notice, which will include the identity of the affiliated person and such other information reasonably requested by the Adviser, the Sub-Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Subadviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Subadviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Subadviser, the Sub-Subadviser shall, to the extent commercially reasonable and legally permissible, inform the Trust, the Adviser and the Sub-Adviser if the Sub-Subadviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Subadviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Subadviser in writing, and with the written instructions and written directions of the Board, the Adviser and the Sub-Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Sub-Adviser agrees to provide to the Sub-Subadviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board, the Adviser and the Sub-Adviser, and any amendments or supplements to any of these materials to the extent such materials have been provided to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxies.</u> Unless the Adviser or the Sub-Adviser gives written instructions to the contrary, provided the Custodian has timely forwarded the relevant proxy materials, the Sub-Subadviser shall, in accordance with its proxy voting policies and procedures, have discretionary authority to take any action with respect to the voting of shares or the execution of proxies solicited by or with respect to the issuers of securities in which assets of the Fund Account may be invested from time to time, consistent with the Sub-Subadviser's obligations under Rule 206(4)-6 under the Advisers Act. The Sub-Adviser shall instruct the Custodian to forward or cause to be forwarded to the Sub-Subadviser (or its designated agent, for which the Sub-Subadviser will remain liable) all relevant proxy solicitation materials. The Sub-Subadviser will, upon request, report quarterly its voting records with respect to the Fund Account, identifying such voting records as voting records of the Fund, to enable the Fund to meet its disclosure requirement pursuant to Rule 30b1-4 under the 1940 Act. The Sub-Subadviser represents and covenants that it has adopted written proxy voting policies and procedures, a copy of which has been provided to the Fund, in compliance with current applicable rules and regulations, including but not limited to Rule 206(4)-6 under the Advisers Act and any applicable guidance, and that it will provide to the Adviser and the Sub-Adviser as soon as reasonably practicable: (i) any material update of such policies and procedures; and (ii) such other information that the Sub-Subadviser maintains in the ordinary course of business as is necessary to assist the Adviser and the Sub-Adviser in complying with Rule 206(4)-6 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Sub-Subadviser will bear all expenses incurred by it in connection with its services under this Agreement other than the cost of securities (including brokerage commissions, transactional fees and taxes, if any) purchased or sold for the Fund. The Sub-Adviser represents to the Sub-Subadviser that the Fund shall be responsible for its expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Subadviser for its services under this Agreement shall be calculated daily and paid monthly by the Sub-Adviser, in accordance with the attached Schedule A. The Sub-Subadviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Sub-Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Liability</u> <u>and Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Subadviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser hereby agrees to indemnify and hold harmless the Sub-Subadviser, its directors, officers, employees, affiliates, agents and controlling persons (collectively, the "Indemnified Parties") against any and all losses, claims damages or liabilities (including reasonable attorneys' fees and expenses), joint or several, relating to the Trust, the Adviser or the Fund, to which any such Indemnified Party may become subject under the Securities Act of 1933, as amended, the 1934 Act, the Advisers Act, or other federal or state statutory law or regulation, at common law or otherwise. It is understood, however, that nothing in this Section 8 shall protect any Indemnified Party against, or entitle any Indemnified Party to, indemnification against any liability to the Trust, the Adviser, the Fund or its shareholders to which such Indemnified Party is subject, by reason of its willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of any reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification in this Section 8 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations of the Sub-Adviser.</u> The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser has been duly authorized by the Board to delegate to the Sub-Subadviser the provision of investment advisory services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; or (v) will promptly notify the Sub-Subadviser of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Adviser reasonably determines could have a materially adverse impact on the Sub-Adviser's ability to satisfy its obligations under this Agreement, or would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Adviser will also promptly notify the Sub-Subadviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, or any threat thereof, before or by any court, public board or body, directly involving the affairs of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations of the Sub-</u><u>Subadviser</u><u>.</u> The Sub-Subadviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Subadviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Trust, the Adviser and the Sub-Adviser of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Subadviser reasonably determines could have a materially adverse impact on the Sub-Subadviser's ability to provide services under this Agreement, or would disqualify the Sub-Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Subadviser will also promptly notify the Trust, the Adviser and the Sub-Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, or any threat thereof, before or by any court, public board or body, directly involving the affairs of the Fund. The Sub-Subadviser further agrees to, upon request, review any statement regarding the Sub-Subadviser contained in the Registration Statement with respect to the Fund and notify the Adviser or the Trust promptly if it becomes aware that any statement regarding the Sub-Subadviser contained in the Registration Statement with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Subadviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Subadviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Sub-Adviser have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Subadviser will notify the Adviser and the Sub-Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Subadviser will also notify the Adviser and the Sub-Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator. The Sub-Subadviser will notify the Trust and the Sub-Adviser of material changes to its Compliance Procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Subadviser has adopted a written code of ethics as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act and will provide the Adviser, the Sub-Adviser and the Trust with a copy of such code of ethics, together with evidence of its adoption and a certification that the Sub-Subadviser has adopted procedures reasonably necessary to prevent violations of such code of ethics. Upon request, and within thirty (30) days following the end of the last calendar quarter of each year that this Agreement is in effect, the Sub-Subadviser shall furnish to the Trust, the Adviser and the Sub-Adviser: (i) a written report that describes any issues arising under the code of ethics or procedures during the relevant period, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to material violations; and (ii) a written certification that the Sub-Subadviser has adopted procedures reasonably necessary to prevent violations of the code of ethics. In addition, the Sub-Subadviser shall: (iii) promptly report to the Board, the Adviser and the Sub-Adviser in writing any material amendments to its code of ethics; (iv) promptly furnish all pertinent information regarding any material violation of the Sub-Subadviser's code of ethics by: (A) its directors, officers and partners; or (B) any person who has access to nonpublic information regarding: (I) the Fund's purchase or sale of securities; (II) the portfolio holdings of the Fund; or (III) securities recommendations to the Fund; and (v) provide quarterly reports to the Adviser and the Sub-Adviser on any material violations of the Sub-Subadviser's code of ethics during the period so indicated. Upon the reasonable written request of the Adviser or the Sub-Adviser, the Sub-Subadviser shall permit the Adviser, the Sub-Adviser, their employees or their agents to examine the reports required to be made to the Sub-Subadviser by Rule 17j-1(d)(1) and related records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Subadviser has provided the Trust, the Adviser and the Sub-Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of any material amendments to the Trust, the Adviser and the Sub-Adviser at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Subadviser will notify the Trust, the Adviser and the Sub-Adviser of any change of control of the Sub-Subadviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Subadviser, in each case prior to such change if the Sub-Subadviser is aware of such change but in any event not later than as soon as reasonably practicable after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Subadviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage from insurance providers that are in the business of regularly providing insurance coverage to investment advisers. The Sub-Subadviser shall upon request endeavor to provide to the Adviser and the Sub-Adviser a certificate stating the amount or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Subadviser will not, in violation of applicable law or regulation, use any material non-public information concerning portfolio companies that may be in or come into its possession or the possession of any of its affiliated persons or employees in providing investment advice or investment management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Subadviser agrees that neither it, nor any of its affiliated persons, will in any way refer directly or indirectly to its relationship with the Trust, the Fund, the Adviser, the Sub-Adviser or any of their respective affiliated persons in offering, marketing or other promotional materials without the express written consent of the applicable party. For the avoidance of doubt, the Sub-Subadviser may identify itself as a sub-subadviser of the Fund during the term of this Agreement, with such right terminating upon termination of this Agreement, and the Sub-Subadviser may use the performance of the Fund Account in its composite performance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Subadviser agrees to promptly notify the Adviser and the Sub-Adviser of trade errors made by the Sub-Subadviser in connection with its management of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Subadviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. If required by the CEA or the rules and regulations thereunder promulgated by the CFTC, the Sub-Subadviser will provide the Fund, the Adviser and the Sub-Adviser with a copy of its most recent CFTC disclosure document or a written explanation of the reason why it is not required to deliver such a disclosure document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Subadviser has established and will keep in effect a "disaster recovery" preparedness plan that sets forth procedures for recovery of critical business functions at minimum operating levels and can be implemented within a 24-hour time period. The Sub-Subadviser shall notify the Adviser and the Sub-Adviser, as soon as practicable by telephone, email or such other method of prompt communication as may be available under the circumstances, of the occurrence of any event the Sub-Subadviser determines has had a material impact on its operations and that requires the Sub-Subadviser to implement any procedures under such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Subadviser has administrative, technical and physical safeguards in place that comply with all laws and regulations applicable to the Sub-Subadviser and, in the event the Sub-Subadviser becomes aware of any network, system and/or data breach with respect to its infrastructure (including, but not limited to, a system intrusion, virus or malicious code attack, loss of data, data theft, unauthorized access to confidential information and/or nonpublic personal information, hacking incident or any acts of data ransom) that results in material disruption to operating systems including trading functions, or unauthorized access to and/or use by third parties of the confidential information of the Fund, the Adviser or the Sub-Adviser (each, a "Cybersecurity Breach"), the Sub-Subadviser will promptly take appropriate steps to contain or mitigate the Cybersecurity Breach, and will, without unreasonable delay, notify the Adviser, the Sub-Adviser and the Fund, unless such notification is prohibited by law enforcement or the Sub-Subadviser's regulator(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Services Not Exclusive.</u> The services furnished by the Sub-Subadviser hereunder are not to be deemed to be exclusive, and the Sub-Subadviser shall be free to furnish similar services to others, except as prohibited by applicable law or agreed upon in writing among the Sub-Subadviser, the Trust, the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Confidentiality</u>. Subject to the duty of the Sub-Subadviser and the Sub-Adviser to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Subadviser, the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Subadviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 12 shall survive any termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue in effect for a period of two years subsequent to its initial approval by the Board, or by vote of a majority of the outstanding voting securities of the Fund, as applicable, and thereafter, if not terminated, shall continue automatically from year to year, provided that such continuance is specifically approved at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by the Board, or by vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days' written notice to the Sub-Subadviser.

&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 Sub-Adviser immediately upon written notice to the Sub-Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Subadviser, or upon the termination of the Sub-Advisory Agreement as it relates to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be terminated at any time by the Sub-Subadviser on ninety (90) days' written notice to the Fund and the Sub-Adviser, but any such termination shall not affect the status, obligations, or liabilities of the Sub-Subadviser to the Fund and the Sub-Adviser arising prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment of this Agreement.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, and may only be changed, waived, discharged or terminated by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved: (i) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party; and (ii) by the vote of a majority of the outstanding voting securities of the Fund (unless the approval is pursuant to an SEC order, no-action letter, rule or regulation permitting the Trust to modify this Agreement without a shareholder vote). Notwithstanding the foregoing, Schedule B and Schedule C to this Agreement may be amended from time to time by the Sub-Adviser by notice to and acceptance by the Sub-Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Third-Party Beneficiaries</u>. The only parties to this Agreement are the Sub-Adviser and the Sub-Subadviser, and the Trust, the Adviser and the Sub-Adviser are the only beneficiaries of the Sub-Subadviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons including, without limitation, a record or beneficial owner of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Limitation of Trustee and Shareholder Liability.</u> The Sub-Subadviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agrees that obligations (if any) of the Trust to the Sub-Subadviser shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series of the Trust, the obligations of the Trust shall be limited to the respective assets of the Fund. The Sub-Subadviser further agrees that it shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Trust or the Fund, nor any officer, director or trustee of the Trust, neither as a group nor individually.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Reference to the Sub-Subadviser.</u> The Sub-Adviser shall not provide approval of any representations regarding the Sub-Subadviser or any of its affiliates in any disclosure document, advertisement, sales literature or other promotional materials without prior written consent of the Sub-Subadviser, which consent shall not be unreasonably withheld. If the Sub-Subadviser has not notified the Sub-Adviser of its disapproval of sample materials within three (3) business days after its receipt thereof, such materials shall be deemed approved. Notwithstanding the foregoing, the Sub-Subadviser's consent is deemed given hereby for Registration Statements, Fund fact sheets and marketing material, regarding the provision of sub-advisory services by the Sub-Subadviser pursuant to this Agreement that identifies the Sub-Subadviser or any of its affiliates as sub-adviser(s) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>No Implied Waiver.</u> The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, rule or regulation: (i) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing signed by the other party; (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability.</u> If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Miscellaneous.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the Federal Securities Laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement and the Schedule(s) attached hereto embody the entire agreement and understanding among the parties. This Agreement may be signed in counterpart.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Sub-Subadviser or Sub-Adviser upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail – return receipt requested or sent by electronic transmission (via email) or a similar means of same day delivery which provides evidence of receipt (or with a confirming copy by mail as set forth herein).

All notices provided to Sub-Adviser will be sent to:

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

Attn: Steve Paddon

Email: spaddon@westwoodgroup.com

With copies to:

Julie Gerron, General Counsel

Email: jgerron@westwoodgroup.com

All notices provided to the Sub-Subadviser will be sent to:

Broadmark Asset Management LLC

1808 Wedemeyer Street, Suite 210

San Francisco, CA 94129

Attn: Laura Hespe

Email: lhespe@broadmarkasset.com

With copies to:

Christopher J. Guptill, Chief Investment Officer & Co-CEO

Email: cguptill@broadmarkasset.com

and

Julie Gerron, General Counsel

Email: jgerron@westwoodgroup.com

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date of consummation of the announced transaction in which the Sub-Adviser is to acquire a substantial minority or majority interest in the Sub-Subadviser.

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| **WESTWOOD MANAGEMENT CORP.** |
| By: |
| Name: |
| Title: |

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| **BROADMARK ASSET MANAGEMENT LLC** |
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## Ex-99.(D)(38)

**SUB-ADVISORY AGREEMENT** 

THIS SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and J.P. MORGAN INVESTMENT MANAGEMENT, INC., a registered investment adviser organized under the laws of the State of Delaware ("Sub-Adviser").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement ("Advisory Agreement") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"); and

WHEREAS, under the Advisory Agreement, the Adviser has agreed to provide investment advisory services to the Trust; and

WHEREAS, under the Advisory Agreement, subject to the approval of the Board of Trustees of the Trust ("Board"), the Adviser is authorized to retain one or more investment sub-advisers to provide investment advisory services to one or more series of the Trust; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish investment advisory services to the series of the Trust listed on Schedule A, as such Schedule A may be amended from time to time (such series being collectively referred to herein as the "Fund," with any reference herein to the Fund pertaining to such series of the Trust as the context requires), in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Trust, the Adviser and the Sub-Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Adviser and the Trust hereby appoint the Sub-Adviser as a discretionary investment manager, on the terms and conditions set forth herein, of those assets of the Fund which the Adviser determines to assign to the Sub-Adviser (those assets being referred to as the "Fund Account"). The Adviser may from time to time make additions to and withdrawals, including but not limited to cash and cash equivalents, from the Fund Account, subject to verbal notification and subsequent written notification to the Sub-Adviser. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> The Sub-Adviser accepts that appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties as Sub-Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser, including all written guidelines, and the policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Adviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Adviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Adviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement") of which the Sub-Adviser has written notice. The Trust will deliver to the Sub-Adviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Adviser, as is necessary for the Sub-Adviser to carry out its obligations under this Agreement, including the policies and procedures applicable to the Sub-Adviser listed on Schedule B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser's authority hereunder shall include the power to buy, sell, and hold such securities and other instruments, to open accounts and execute trading agreements and any other reasonable and customary documents and representation letters on behalf of the Fund Account as the Sub-Adviser deems appropriate within the parameters of Sections 3(a) and 4, and the conditions of this Agreement. The Sub-Adviser agrees that, prior to (i) opening (or amending) any accounts, including prime brokerage and futures accounts with brokerage firms or other financial institutions and (ii) entering into (or amending) any ISDA master agreement, master repurchase agreement, or any other master swap or over-the-counter trading documentation, including any schedule or credit support annex thereto (such agreements collectively, "OTC Agreements"), or any related clearing agreements on behalf of the Fund, the Sub-Adviser shall notify the Fund's accounting agent and administrator ("Administrator"), custodian bank ("Custodian"), and the Adviser of the existence and any pertinent terms of the account opening documents, prime brokerage, futures and other related agreements, OTC Agreements, and related clearing agreements. With respect to transactions involving derivative instruments and/or OTC Agreements, the Sub-Adviser agrees to provide Counterparty reports of the type described in Section 3(i). For purposes of this section, the term "Counterparty" includes a clearing broker, prime broker, dealer, foreign currency dealer, futures commission merchant, bank, or any counterparty to an OTC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with the Fund's investment policies described in the Registration Statement, the Sub-Adviser is responsible for avoiding investment of Fund Account assets in the securities issued by any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized, as determined by GuideStone Financial Resources, as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser shall provide in writing to the Sub-Adviser a list of such prohibited companies, which the Adviser in its sole discretion will amend or supplement from time to time. The Adviser will provide the Sub-Adviser with such amendments or supplements on a timely basis, and any such changes shall become effective as soon as reasonably practicable after such changes have been received by the Sub-Adviser. If the Sub-Adviser has a question about whether any proposed transaction with respect to the Fund Account would be in compliance with such investment policies, it may consult with the Adviser during normal business hours, and the Adviser will provide instructions upon which the Sub-Adviser may rely in purchasing and selling securities for the Fund Account. For avoidance of doubt, Sub-Adviser will not be liable under this Agreement to the extent the Sub-Adviser invests the Fund Account assets in a prohibited company as a result of the Adviser's failure to provide Sub-Adviser with an updated list of prohibited companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser is authorized to effect securities and other investment transactions through brokers and dealers of its choosing. Such portfolio transactions for the Fund Account shall be made subject to the conditions set forth herein. In executing transactions for the Fund Account and selecting brokers or dealers, the Sub-Adviser will place all necessary orders with brokers, dealers or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will seek to obtain best execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement; provided that, on behalf of the Fund, and in compliance with Section 28(e) of the Securities Exchange Act of 1934 ("1934 Act"), the Sub-Adviser may, in its discretion, use brokers and dealers (including brokers and dealers that may be affiliated persons of the Sub-Adviser to the extent permitted herein) who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions, and the Sub-Adviser may pay to those brokers and dealers, directly or indirectly through a commission sharing arrangement, in return for brokerage and research services a higher commission than may be charged by other brokers and dealers, subject to the Sub-Adviser's determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Fund and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. The Sub-Adviser agrees to provide the Adviser with reports or other information regarding brokerage and benefits received therefrom, upon the Adviser's reasonable request. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Fund Account and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner the Sub-Adviser reasonably believes to be equitable over time and consistent with its fiduciary obligations to each client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as permitted by applicable law, rule or regulation (including, but not limited to, Sections 10 and 17 of the 1940 Act and Section 206 of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the respective rules and regulations promulgated thereunder), including by exemptive order granted by the U.S. Securities and Exchange Commission ("SEC"), SEC interpretive release, and/or SEC staff no-action letter or other written guidance, the Sub-Adviser shall not, on behalf of the Fund Account, enter into any transaction wherein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the existence of any underwriting or selling syndicate, an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as a principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an affiliated person of or principal underwriter for the Trust, or any affiliated person of such an affiliated person or principal underwriter, acts as principal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as agent or broker.

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If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants ("FCMs"), and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will periodically provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers), indicating which of those affiliated persons are (a) publicly traded companies that issue securities in which the Fund may not invest, together with ticker symbols for all such companies; and (b) brokers, dealers, futures commission merchants ("FCMs"), and/or banks and Adviser will update such list from time to time, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furnishing services hereunder, to the extent prohibited by, or necessary to comply with, the 1940 Act, the Sub-Adviser will not consult with any other sub-adviser to the Fund, any other series of the Trust, or any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any of its affiliated persons concerning transactions in securities or other assets; (ii) any of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; or (iii) any successor sub-adviser of the Fund in order to effect an orderly transition of sub-advisory duties, so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, including the Advisers Act, the 1934 Act, the Commodity Exchange Act of 1936, as amended ("CEA"), and the rules and regulations adopted thereunder from time to time, with respect to actions by the Sub-Adviser on behalf of the Fund, and will furnish the Board, the Adviser or the Administrator with such periodic and special reports as any of them may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains for the Fund are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust a complete set of any records that it maintains for the Fund upon request by the Trust. Notwithstanding the foregoing, the Sub-Adviser shall be able to retain copies of such records to the extent necessary to comply with the Sub-Adviser's recordkeeping policies or regulatory obligations. The Sub-Adviser agrees to keep confidential all records of the Trust and information relating to the Trust in accordance with Section 14 hereof unless the release of such records or information is otherwise consented to in writing by the Trust or the Adviser. The Trust and Adviser agree that such consent shall not be unreasonably withheld. For the avoidance of doubt, where the Sub-Adviser may be exposed to civil or criminal contempt proceedings, when required to divulge such information or record to duly constituted authorities, or when requested to divulge such information in the context of a regulatory examination or investigation being conducted by one of its regulators, such consent is deemed hereby given and the Sub-Adviser shall promptly inform the Trust and the Adviser of the disclosure of such information unless the Sub-Adviser is prohibited from so doing by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All transactions for the Fund Account will be consummated by delivery of assets to or from the Custodian, or such depositories or agents as may be designated by the Custodian in writing, and neither the Sub-Adviser nor its affiliated persons shall have possession or custody of Fund assets at any time. The Sub-Adviser shall advise the Fund's Custodian and Administrator on a prompt basis of each purchase and sale of a portfolio security or other financial instrument specifying the name of the issuer or Counterparty, the description, terms and amount of shares or principal amount of the security or other financial instrument purchased or sold, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer and such other information as may reasonably be required. The Sub-Adviser shall arrange for the transmission to the Fund's Custodian and Administrator on a daily basis such confirmation, trade tickets, and other documents and information as may be reasonably necessary to enable the Custodian and Administrator to perform their administrative, recordkeeping and other responsibilities with respect to the Fund. For purposes of the foregoing sentence, communication via electronic means will be acceptable as agreed to in writing from time to time by the Adviser and Sub-Adviser. The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Adviser. The Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian in accordance with the foregoing, the Sub-Adviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian, other than acts or omissions arising in reliance on instructions of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing and in furtherance thereof, the Sub-Adviser shall report to the Fund's Custodian and Administrator all trades and positions in the Fund Account daily (in such form and at such times as agreed upon by the Sub-Adviser and the Fund's Custodian and Administrator and/or the Adviser), including any trade it has entered into for which it has not received confirmation (and, with respect to transactions involving derivative instruments, shall also request each Counterparty to deliver its own such transaction and position reporting). Unless otherwise specified by the Adviser, all trades shall be communicated by the Sub-Adviser to the Fund's Custodian and Administrator by 10 a.m. Central Time on the business day following the trade date. The Sub-Adviser shall notify the Fund's Custodian and Administrator immediately upon becoming aware of any trades not included in any previously transmitted trade communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall also reconcile daily all trades and positions (including cash) to the Fund's official books and records, including without limitation, daily reconciliation of all open Custody Positions (as defined below) (including cash) to the Custodian. The Fund's Administrator shall also conduct a reconciliation of Counterparty-Traded Positions (as defined below) as reported from executing brokers and Counterparties. The Sub-Adviser shall work with the Fund's Custodian and/or the Adviser, as appropriate, to resolve all open reconciliation items that are identified, including trade and position discrepancies, identified in such reconciliations. The Sub-Adviser shall also provide to the Adviser and its Custodian a monthly (or such other frequency as may be requested by the Adviser) report detailing all the reconciliation activities outlined in this section, including details about each discrepancy. These reports shall be sent to the email address(es) provided by the Adviser to the Sub-Adviser. If a reconciliation does not identify any discrepancies, an email is still required providing evidence of reconciliation. For purposes of this Section 3(j), the term "Custody Positions" refers to all assets of the Fund, including cash, for which custody is maintained directly by the Fund's Custodian and the term "Counterparty-Traded Positions" refers to all other assets of the Fund, including instruments traded via a Counterparty as defined in Section 3(g).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser agrees to provide, at such times as shall be reasonably requested by the Board or the Adviser, the analysis and reports specified on Schedule C attached hereto, as such Schedule C may be amended from time to time, including without limitation monthly reports setting forth the investment performance of the Fund Account. The Sub-Adviser also agrees to make available to the Board and Adviser any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser will upon reasonable request provide reasonable prompt assistance to the Board, the Administrator and/or the Fund in determining or confirming the fair valuation of portfolio securities held in the Fund Account. The Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof. Notwithstanding the foregoing, the Adviser and the Trust hereby acknowledge that the Sub-Adviser is not the pricing agent for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall provide reasonable assistance as reasonably requested in the preparation of (but not pay for) all periodic reports by the Trust or the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws. Upon the request of the Trust or the Adviser, the Sub-Adviser shall review Registration Statements or portions thereof that relate to the Fund or the Sub-Adviser and other documents provided to the Sub-Adviser, provide comments on such drafts on a timely basis, and provide certifications or sub-certifications on a timely basis and in a form mutually agreeable to the parties. The Sub-Adviser's (or its affiliate's) Form 13F filed with the SEC shall include, to the extent applicable, the 13(f) securities held in the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Sub-Adviser's obligations and responsibilities contained in this Agreement (*i.e.*, with respect to the Fund Account and the Sub-Adviser's provision of portfolio management services hereunder), the Sub-Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 under the 1940 Act. Specifically, the Sub-Adviser agrees to, upon the reasonable request of the Trust and with reasonable prior notice: (i) provide periodic certifications relating to the Sub-Adviser's provision of portfolio management services hereunder, including that: (A) the Sub-Adviser is in compliance with all applicable "Federal Securities Laws," as defined in Rule 38a-l under the 1940 Act; (B) the Sub-Adviser's policies and procedures are reasonably designed to prevent violation of the Federal Securities Laws by the Sub-Adviser and its supervised persons; and (C) the Sub-Adviser has reviewed, no less frequently than annually, the adequacy of its policies and procedures and the effectiveness of their implementation; and (ii) reasonably cooperate with third-party audits arranged by the Trust to evaluate the effectiveness of the Sub-Adviser's compliance controls. Upon request and reasonable prior notice, the Trust's chief compliance officer shall have direct access to the Sub-Adviser's chief compliance officer and compliance personnel, and the Sub-Adviser shall provide the Trust's chief compliance officer with periodic reports and special reports in the event of compliance problems.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser is permitted to use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Sub-Adviser, each of whom shall be treated as an "associated person" of the Sub-Adviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Adviser in assisting the Sub-Adviser under the Agreement to the same extent as if the Sub-Adviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Sub-Adviser and neither the Fund nor the Adviser shall have any obligation to pay any fee or compensation to such affiliated person. To the extent the Sub-Adviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(o), it will provide the Adviser and the Fund with 30 days' prior written notice, which will include the identity of the affiliated person and such other information reasonably requested by the Adviser or the Fund.

<u>In addition,</u>**<u> </u>**the Sub-Adviser may employ a third party to perform any accounting, administrative, reporting, proxy voting or ancillary services required to enable the Sub-Adviser to perform its functions under this Agreement. The Sub-Adviser may provide information about the Fund Account to any such affiliated person or other third party for the purpose of providing the services contemplated under this section 3(o). The Sub-Adviser will act in good faith in the selection, use and monitoring of affiliates and other third parties, and any delegation or appointment hereunder shall not relieve the Sub-Adviser of any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxies.</u> Unless the Adviser gives the Sub-Adviser written instructions not to vote the Fund's proxy, provided the Custodian has timely forwarded the relevant proxy materials, the Sub-Adviser shall, in accordance with its proxy voting policies and procedures, have discretionary authority to take any action with respect to the voting of shares or the execution of proxies solicited by or with respect to the issuers of securities in which assets of the Fund Account may be invested from time to time, consistent with the Sub-Adviser's obligations under Rule 206(4)-6 under the Advisers Act. The Adviser shall instruct the Custodian to forward or cause to be forwarded to the Sub-Adviser (or its designated agent, for which the Sub-Adviser will remain liable) all relevant proxy solicitation materials. The Sub-Adviser will, upon request, report quarterly its voting records with respect to the Fund Account, identifying such voting records as voting records of the Fund, to enable the Fund to meet its disclosure requirement pursuant to Rule 30b1-4 under the 1940 Act. The Sub-Adviser represents and covenants that it has adopted written proxy voting policies and procedures, a copy of which has been provided to the Fund, in compliance with current applicable rules and regulations, including but not limited to Rule 206(4)-6 under the Advisers Act and any applicable guidance, and that it will provide to the Adviser as soon as reasonably practicable: (i) any material update of such policies and procedures; and (ii) such other information that the Sub-Adviser maintains in the ordinary course of business as is necessary to assist the Adviser in complying with Rule 206(4)-6 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement other than the cost of securities (including brokerage commissions, transactional fees and taxes, if any) purchased or sold for the Fund. The Fund shall be responsible for its expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability</u><u>.</u> The Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Adviser under this Agreement, if such act or omission involves the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Trust under this Agreement, if such act or omission involves the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall indemnify the Trust and any of its trustees, officers, employees and affiliates for all Losses incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification in this Section 9 shall survive the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations, Warranties and Agreements of the Trust.</u> The Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and the Fund, a series of the Trust, elected to qualify and has qualified as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and the Board, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Trust's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser and the Sub-Adviser each has been duly appointed by the Board to provide investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations of the Adviser.</u> The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise; and (vi) will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue. To the extent permitted by law, the Adviser will also promptly notify the Sub-Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, or any threat thereof, before or by any court, public board or body, directly involving the affairs of the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representations of the Sub-Adviser.</u> The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Trust and Adviser of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Adviser reasonably determines could have a materially adverse impact on the Sub-Adviser's ability to provide services under this Agreement, or would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Adviser will also promptly notify the Trust and the Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, or any threat thereof, before or by any court, public board or body, directly involving the affairs of the Fund. The Sub-Adviser further agrees to, upon request, review any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund and notify the Adviser or the Trust promptly if it becomes aware that any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has adopted a written code of ethics as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act and will provide the Adviser and the Trust with a copy of such code of ethics, together with evidence of its adoption and a certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of such code of ethics. Upon request, and within thirty (30) days following the end of the last calendar quarter of each year that this Agreement is in effect, the Sub-Adviser shall furnish to the Trust and the Adviser: (i) a written report that describes any issues arising under the code of ethics or procedures during the relevant period, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to material violations; and (ii) a written certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of the code of ethics. In addition, the Sub-Adviser shall: (iii) report to the Board and the Adviser in writing any material amendments to its code of ethics as soon as reasonably practicable after such change; (iv) furnish all pertinent information regarding any material violation of the Sub-Adviser's code of ethics by as soon as reasonably practicable after such change: (A) its directors, officers and partners; or (B) any person who has access to nonpublic information regarding: (I) the Fund's purchase or sale of securities; (II) the portfolio holdings of the Fund; or (III) securities recommendations to the Fund; and (v) provide quarterly reports to the Adviser on any material violations of the Sub-Adviser's code of ethics during the period so indicated. Upon the reasonable written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(d)(1) and related records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and will furnish a copy of any material amendments to the Trust and the Adviser as soon as reasonably practicable after such change and at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, so long as such reasonable expenses do not exceed $10,000.00 (ten thousand dollars), arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage from insurance providers that are in the business of regularly providing insurance coverage to investment advisers. The Sub-Adviser shall upon request endeavor to provide to the Adviser any information it may reasonably require concerning the amount or scope of such insurance, the form and amount of such information shall be agreed upon between Sub-Adviser and Adviser. The Sub-Adviser shall upon request provide to the Adviser a certificate of insurance providing evidence of the amount or scope of such insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will not, in violation of applicable law or regulation, use any material non-public information concerning portfolio companies that may be in or come into its possession or the possession of any of its affiliated persons or employees in providing investment advice or investment management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser agrees that neither it, nor any of its affiliated persons, will in any way refer directly or indirectly to its relationship with the Trust, the Fund, the Adviser or any of their respective affiliated persons in offering, marketing or other promotional materials without the express written consent of the Adviser. For the avoidance of doubt, the Sub-Adviser may identify itself as a sub-adviser of the Fund during the term of this Agreement, with such right terminating upon termination of this Agreement, and the Sub-Adviser may use the performance of the Fund Account in its composite performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. If required by the CEA or the rules and regulations thereunder promulgated by the CFTC, the Sub-Adviser will provide the Fund and the Adviser with a copy of its most recent CFTC disclosure document or a written explanation of the reason why it is not required to deliver such a disclosure document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser has established and will keep in effect a "disaster recovery" preparedness plan that sets forth procedures for recovery of critical business functions at minimum operating levels and can be implemented within a 24-hour time period. The Sub-Adviser shall notify the Adviser, as soon as practicable by telephone, email or such other method of prompt communication as may be available under the circumstances, of the occurrence of any event the Sub-Adviser determines has had a material impact on its operations and that requires the Sub-Adviser to implement any procedures under such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser has administrative, technical and physical safeguards in place that comply with all laws and regulations applicable to the Sub-Adviser and, in the event the Sub-Adviser becomes aware of any network, system and/or data breach with respect to its infrastructure (including, but not limited to, a system intrusion, virus or malicious code attack, loss of data, data theft, unauthorized access to confidential information and/or nonpublic personal information, hacking incident or any acts of data ransom) that results in unauthorized access to and/or use by third parties of the confidential information of the Fund or the Adviser (each, a "Cybersecurity Breach"), the Sub-Adviser will promptly take appropriate steps to contain or mitigate the Cybersecurity Breach, and will, without unreasonable delay, notify the Adviser and the Fund, unless such notification is prohibited by law enforcement or the Sub-Adviser's regulator(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Services Not Exclusive.</u> The services furnished by the Sub-Adviser hereunder are not to be deemed to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others, except as prohibited by applicable law or agreed upon in writing among the Sub-Adviser, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 14 shall survive any termination of this Agreement. For avoidance of doubt, it is understood that any information or recommendation supplied by, or produced by, the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded by the Fund, the Trust and the Adviser as confidential and for use only by the Adviser and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue in effect for a period of two years subsequent to its initial approval by the Board, or by vote of a majority of the outstanding voting securities of the Funds, as applicable, and thereafter, if not terminated, shall continue automatically from year to year, provided that such continuance is specifically approved at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by the Board, or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days' written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty, by the Adviser immediately upon written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment of this Agreement by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be terminated at any time by the Sub-Adviser on ninety (90) days' written notice to the Fund and the Adviser, but any such termination shall not affect the status, obligations, or liabilities of the Sub-Adviser to the Fund and the Adviser arising prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment of this Agreement.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved: (i) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party; and (ii) by the vote of a majority of the outstanding voting securities of the Fund (unless the approval is pursuant to an SEC order, no-action letter, rule or regulation permitting the Trust to modify the Agreement without a shareholder vote).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Third-Party Beneficiaries</u>. The only parties to this Agreement are the Trust, the Adviser and the Sub-Adviser, and the Trust and the Adviser are the only beneficiaries of the Sub-Adviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons including, without limitation, a record or beneficial owner of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Limitation of Trustee and Shareholder Liability.</u> The Adviser and Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series of the Trust, the obligations hereunder of the Trust shall be limited to the respective assets of the Fund. The Adviser and Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Trust or the Fund, nor any officer, director or trustee of the Trust, neither as a group nor individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Implied Waiver.</u> The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, rule or regulation: (i) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing signed by the other party; (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Severability.</u> If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the Federal Securities Laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement and the Schedule(s) attached hereto embody the entire agreement and understanding among the parties. This Agreement may be signed in counterpart.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser, Adviser or the Trust upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail – return receipt requested or sent by electronic transmission (via email) or a similar means of same day delivery which provides evidence of receipt (or with a confirming copy by mail as set forth herein). All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

Attn: Melanie Childers, Vice President – Fund Operations

Email: melanie.childers@guidestone.org

All notices provided to the Sub-Adviser will be sent to:

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, N.Y. 10017

Attn: Jonathan Petty

Email: jonathan.petty@jpmchase.com

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories and shall become effective as of May 31, 2022.<sup>1</sup>

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| | |
|:---|:---|
| **GUIDESTONE FUNDS**, | **GUIDESTONE FUNDS**, |
| on behalf of the series of the Trust listed on Schedule A | on behalf of the series of the Trust listed on Schedule A |
| By: |  |
| Name: | John R. Jones |
| Title: | President |
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** | **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: |  |
| Name: | David S. Spika |
| Title: | President |
| **J.P. MORGAN INVESTMENT MANAGEMENT, INC.** | **J.P. MORGAN INVESTMENT MANAGEMENT, INC.** |
| By: |  |
| Name: |  |
| Title: |  |

---

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<sup>1</sup> Original agreement effective as of May 31, 2022.

## Ex-99.(D)(39)

**SUB-ADVISORY AGREEMENT** 

THIS SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC, a registered investment adviser organized under the laws of the State of Delaware ("Sub-Adviser").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement ("Advisory Agreement") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"); and

WHEREAS, under the Advisory Agreement, the Adviser has agreed to provide investment advisory services to the Trust; and

WHEREAS, under the Advisory Agreement, subject to the approval of the Board of Trustees of the Trust ("Board"), the Adviser is authorized to retain one or more investment sub-advisers to provide investment advisory services to one or more series of the Trust; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish investment advisory services to the series of the Trust listed on Schedule A, as such Schedule A may be amended from time to time (such series being collectively referred to herein as the "Fund," with any reference herein to the Fund pertaining to such series of the Trust as the context requires), in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Trust, the Adviser and the Sub-Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Adviser and the Trust hereby appoint the Sub-Adviser as a discretionary investment manager, on the terms and conditions set forth herein, of those assets of the Fund which the Adviser determines to assign to the Sub-Adviser (those assets being referred to as the "Fund Account"). The Adviser may from time to time make additions to and withdrawals, including but not limited to cash and cash equivalents, from the Fund Account, subject to verbal notification and subsequent written notification to the Sub-Adviser. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> The Sub-Adviser accepts that appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties as Sub-Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser, including all written guidelines, and the policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Adviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Adviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Adviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement") of which the Sub-Adviser has written notice. The Trust will deliver to the Sub-Adviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Adviser, as is necessary for the Sub-Adviser to carry out its obligations under this Agreement, including the policies and procedures applicable to the Sub-Adviser listed on Schedule B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser's authority hereunder shall include the power to buy, sell, and hold such securities and other instruments, to open accounts and execute trading agreements and any other reasonable and customary documents and representation letters on behalf of the Fund Account as the Sub-Adviser deems appropriate within the parameters of Sections 3(a) and 4, and the conditions of this Agreement. The Sub-Adviser agrees that, prior to (i) opening (or amending) any accounts, including prime brokerage and futures accounts with brokerage firms or other financial institutions and (ii) entering into (or amending) any ISDA master agreement, master repurchase agreement, or any other master swap or over-the-counter trading documentation, including any schedule or credit support annex thereto (such agreements collectively, "OTC Agreements"), or any related clearing agreements on behalf of the Fund, the Sub-Adviser shall notify the Fund's accounting agent and administrator ("Administrator"), custodian bank ("Custodian"), and the Adviser of the existence and any pertinent terms of the account opening documents, prime brokerage, futures and other related agreements, OTC Agreements, and related clearing agreements. With respect to transactions involving derivative instruments and/or OTC Agreements, the Sub-Adviser agrees to provide Counterparty reports of the type described in Section 3(j). For purposes of this section, the term "Counterparty" includes a clearing broker, prime broker, dealer, foreign currency dealer, futures commission merchant, bank, or any counterparty to an OTC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with the Fund's investment policies described in the Registration Statement, the Sub-Adviser is responsible for avoiding investment of Fund Account assets in the securities issued by any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized, as determined by GuideStone Financial Resources, as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser shall provide in writing to the Sub-Adviser a list of such prohibited companies, which the Adviser in its sole discretion will amend or supplement from time to time. The Adviser will provide the Sub-Adviser with such amendments or supplements on a timely basis, and any such changes shall become effective as soon as reasonably practicable after such changes have been received by the Sub-Adviser. If the Sub-Adviser has a question about whether any proposed transaction with respect to the Fund Account would be in compliance with such investment policies, it may consult with the Adviser during normal business hours, and the Adviser will provide instructions upon which the Sub-Adviser may rely in purchasing and selling securities for the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will select brokers and dealers to effect all portfolio transactions for the Fund Account subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will seek to obtain best execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement; provided that, on behalf of the Fund, and in compliance with Section 28(e) of the Securities Exchange Act of 1934 ("1934 Act"), the Sub-Adviser may, in its discretion, use brokers and dealers (including brokers and dealers that may be affiliated persons of the Sub-Adviser to the extent permitted herein) who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions, and the Sub-Adviser may pay to those brokers and dealers, directly or indirectly through a commission sharing arrangement, in return for brokerage and research services a higher commission than may be charged by other brokers and dealers, subject to the Sub-Adviser's determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Fund and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. The Sub-Adviser agrees to provide the Adviser with reports or other information regarding brokerage and benefits received therefrom, upon the Adviser's reasonable request. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Fund Account and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner the Sub-Adviser reasonably believes to be equitable over time and consistent with its fiduciary obligations to each client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as permitted by applicable law, rule or regulation (including, but not limited to, Sections 10 and 17 of the 1940 Act and Section 206 of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the respective rules and regulations promulgated thereunder), including by exemptive order granted by the U.S. Securities and Exchange Commission ("SEC"), SEC interpretive release, and/or SEC staff no-action letter or other written guidance, the Sub-Adviser shall not, on behalf of the Fund Account, enter into any transaction wherein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the existence of any underwriting or selling syndicate, an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as a principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an affiliated person of or principal underwriter for the Trust, or any affiliated person of such an affiliated person or principal underwriter, acts as principal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as agent or broker.

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If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants ("FCMs"), and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furnishing services hereunder, to the extent prohibited by, or necessary to comply with, the 1940 Act, the Sub-Adviser will not consult with any other sub-adviser to the Fund, any other series of the Trust, or any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any of its affiliated persons concerning transactions in securities or other assets; (ii) any of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; or (iii) any successor sub-adviser of the Fund in order to effect an orderly transition of sub-advisory duties, so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, including the Advisers Act, the 1934 Act, the Commodity Exchange Act of 1936, as amended ("CEA"), and the rules and regulations adopted thereunder from time to time, with respect to actions by the Sub-Adviser on behalf of the Fund, and will furnish the Board, the Adviser or the Administrator with such periodic and special reports as any of them may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains for the Fund are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust a complete set of any records that it maintains for the Fund upon request by the Trust. Notwithstanding the foregoing, the Sub-Adviser shall be able to retain copies of such records to the extent necessary to comply with the Sub-Adviser's recordkeeping policies or regulatory obligations. The Sub-Adviser agrees to keep confidential all records of the Trust and information relating to the Trust in accordance with Section 14 hereof unless the release of such records or information is otherwise consented to in writing by the Trust or the Adviser. The Trust and Adviser agree that such consent shall not be unreasonably withheld. For the avoidance of doubt, where the Sub-Adviser may be exposed to civil or criminal contempt proceedings, when required to divulge such information or record to duly constituted authorities, or when requested to divulge such information in the context of a regulatory examination or investigation being conducted by one of its regulators, such consent is deemed hereby given and the Sub-Adviser shall promptly inform the Trust and the Adviser of the disclosure of such information unless the Sub-Adviser is prohibited from so doing by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All transactions for the Fund Account will be consummated by delivery of assets to or from the Custodian, or such depositories or agents as may be designated by the Custodian in writing, and neither the Sub-Adviser nor its affiliated persons shall have possession or custody of Fund assets at any time. The Sub-Adviser shall advise the Fund's Custodian and Administrator on a prompt basis of each purchase and sale of a portfolio security or other financial instrument specifying the name of the issuer or Counterparty, the description, terms and amount of shares or principal amount of the security or other financial instrument purchased or sold, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer and such other information as may reasonably be required. The Sub-Adviser shall arrange for the transmission to the Fund's Custodian and Administrator on a daily basis such confirmation, trade tickets, and other documents and information as may be reasonably necessary to enable the Custodian and Administrator to perform their administrative, recordkeeping and other responsibilities with respect to the Fund. For purposes of the foregoing sentence, communication via electronic means will be acceptable as agreed to in writing from time to time by the Adviser. The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Adviser. The Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian in accordance with the foregoing, the Sub-Adviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian, other than acts or omissions arising in reliance on instructions of the Sub-Adviser; provided, that it shall be the responsibility of the Sub-Adviser to notify the Adviser if the Custodian fails to confirm in writing proper execution of the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing and in furtherance thereof, the Sub-Adviser shall report to the Fund's Custodian and Administrator all trades and positions in the Fund Account daily (in such form and at such times as specified by the Fund's Custodian and Administrator and/or the Adviser), including any trade it has entered into for which it has not received confirmation (and, with respect to transactions involving derivative instruments, shall also request each executing broker and Counterparty to deliver its own such transaction and position reporting), and any information related to any corporate action relevant to the investments of the Fund Account (in such form and at such times as specified by the Fund's Custodian and Administrator). Unless otherwise specified by the Adviser, all trades shall be communicated by the Sub-Adviser to the Fund's Custodian and Administrator by 10 a.m. Central Time on the business day following the trade date. The Sub-Adviser shall notify the Fund's Custodian and Administrator immediately upon becoming aware of any trades not included in any previously transmitted trade communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall reconcile all trades and positions with each executing broker and Counterparty daily to ensure accurate trade settlement and verify open positions (including cash). The Sub-Adviser shall also reconcile daily all trades and positions (including cash) to the Fund's official books and records, including without limitation, daily reconciliation of all open Custody positions (as defined below) (including cash) to the Custodian, and a daily reconciliation of all open Counterparty-Traded Positions (as defined below) to the Administrator. The Fund's Administrator shall also conduct a reconciliation of Counterparty-Traded Positions (as defined below) as reported from executing brokers and Counterparties and the Sub-Adviser shall cooperate with the Fund's Administrator in order to effect such reconciliation, including without limitation by arranging for access by the Fund's Custodian and Administrator to such files and websites of the executing brokers and Counterparties. The Sub-Adviser shall work with the Fund's Custodian and Administrator and/or the Adviser, as appropriate, to resolve all open reconciliation items on the same day that they are identified, including trade and position discrepancies, identified in such reconciliations. The Sub-Adviser shall also provide to the Adviser and its Custodian and Administrator a monthly (or such other frequency as may be requested by the Adviser) report detailing all the reconciliation activities outlined in this section, including details about each discrepancy and the plan for resolution. These reports shall be sent to the email address(es) provided by the Adviser to the Sub-Adviser. If a reconciliation does not identify any discrepancies, an email is still required providing evidence of reconciliation. For purposes of this Section 3(j), the term "Custody Positions" refers to all assets of the Fund, including cash, for which custody is maintained directly by the Fund's Custodian and the term "Counterparty-Traded Positions" refers to all other assets of the Fund, including instruments traded via a Counterparty as defined in Section 3(g).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser agrees to provide, at such times as shall be reasonably requested by the Board or the Adviser, the analysis and reports specified on Schedule C attached hereto, as such Schedule C may be amended from time to time, including without limitation monthly reports setting forth the investment performance of the Fund Account. The Sub-Adviser also agrees to make available to the Board and Adviser any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser will upon reasonable request provide reasonable assistance to the Administrator and/or the Fund in determining or confirming the fair valuation of portfolio securities held in the Fund Account. This assistance includes (but is not limited to): (i) designating and providing access to one or more employees of the Sub-Adviser who are knowledgeable about the security or other asset or liability, its issuer or Counterparty (as applicable), its financial condition, trading and/or other relevant factors for valuation, which employees shall be available for consultation when the Board or the Valuation Committee of the Adviser convenes; (ii) assisting the Board, Adviser, the Custodian or the Administrator in obtaining bids and offers or quotes from broker-dealers or market-makers with respect to investments held in the Fund Account, upon the reasonable request of the Adviser, Custodian or Administrator; (iii) upon the request of the Board, Adviser, the Custodian or the Administrator, providing recommendations for pricing and fair valuations (including the methodology and rationale used in making such recommendation and such other relevant information as may be requested) of any portfolio security held in the Fund Account for which the Administrator does not obtain prices in the ordinary course of business from an automated pricing service; and (iv) maintaining adequate records and written backup information with respect to the investments valuation assistance provided hereunder, and providing such information to the Board, Adviser or the Fund upon request. Additionally, the Sub-Adviser shall be responsible for obtaining valuations for derivative instruments from Counterparties and for providing that information (and any valuation determinations made by the Sub-Adviser) to the Fund's Administrator and the Adviser for their consideration as the Administrator or Adviser may specify. The Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof. In those circumstances, approved fair valuation methodology may be utilized by the Sub-Adviser to establish a price, at which time a fair valuation recommendation would be provided to the Adviser. Notwithstanding the foregoing, the Adviser and the Trust hereby acknowledge that the Sub-Adviser is not the pricing agent for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall provide reasonable assistance as reasonably requested in the preparation of (but not pay for) all periodic reports by the Trust or the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws. Upon the request of the Trust or the Adviser, the Sub-Adviser shall review Registration Statements or portions thereof that relate to the Fund or the Sub-Adviser and other documents provided to the Sub-Adviser, provide comments on such drafts on a timely basis, and provide certifications or sub-certifications on a timely basis and in a form mutually agreeable to the parties. The Sub-Adviser's (or its affiliate's) Form 13F filed with the SEC shall include, to the extent applicable, the 13(f) securities held in the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Sub-Adviser's obligations and responsibilities contained in this Agreement (*i.e.*, with respect to the Fund Account and the Sub-Adviser's provision of portfolio management services hereunder), the Sub-Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 under the 1940 Act. Specifically, the Sub-Adviser agrees to, upon the reasonable request of the Trust and with reasonable prior notice: (i) provide periodic certifications relating to the Sub-Adviser's provision of portfolio management services hereunder, including that: (A) the Sub-Adviser is in compliance with all applicable "Federal Securities Laws," as defined in Rule 38a-l under the 1940 Act; (B) the Sub-Adviser's policies and procedures are reasonably designed to prevent violation of the Federal Securities Laws by the Sub-Adviser and its supervised persons; and (C) the Sub-Adviser has reviewed, no less frequently than annually, the adequacy of its policies and procedures and the effectiveness of their implementation; and (ii) reasonably cooperate with third-party audits arranged by the Trust to evaluate the effectiveness of the Sub-Adviser's compliance controls. Upon request and reasonable prior notice, the Trust's chief compliance officer shall have direct access to the Sub-Adviser's chief compliance officer and compliance personnel, and the Sub-Adviser shall provide the Trust's chief compliance officer with periodic reports and special reports in the event of compliance problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser is permitted to use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Sub-Adviser, each of whom shall be treated as an "associated person" of the Sub-Adviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Adviser in assisting the Sub-Adviser under the Agreement to the same extent as if the Sub-Adviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Sub-Adviser and neither the Fund nor the Adviser shall have any obligation to pay any fee or compensation to such affiliated person. To the extent the Sub-Adviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(o), it will provide the Adviser and the Fund with 30 days' prior written notice, which will include the identity of the affiliated person and such other information reasonably requested by the Adviser or the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxies.</u> Unless the Adviser gives written instructions to the contrary, provided the Custodian has timely forwarded the relevant proxy materials, the Sub-Adviser shall, in accordance with its proxy voting policies and procedures, have discretionary authority to take any action with respect to the voting of shares or the execution of proxies solicited by or with respect to the issuers of securities in which assets of the Fund Account may be invested from time to time, consistent with the Sub-Adviser's obligations under Rule 206(4)-6 under the Advisers Act. The Adviser shall instruct the Custodian to forward or cause to be forwarded to the Sub-Adviser (or its designated agent, for which the Sub-Adviser will remain liable) all relevant proxy solicitation materials. The Sub-Adviser will, upon request, report quarterly its voting records with respect to the Fund Account, identifying such voting records as voting records of the Fund, to enable the Fund to meet its disclosure requirement pursuant to Rule 30b1-4 under the 1940 Act. The Sub-Adviser represents and covenants that it has adopted written proxy voting policies and procedures, a copy of which has been provided to the Fund, in compliance with current applicable rules and regulations, including but not limited to Rule 206(4)-6 under the Advisers Act and any applicable guidance, and that it will provide to the Adviser as soon as reasonably practicable: (i) any material update of such policies and procedures; and (ii) such other information that the Sub-Adviser maintains in the ordinary course of business as is necessary to assist the Adviser in complying with Rule 206(4)-6 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement other than the cost of securities (including brokerage commissions, transactional fees and taxes, if any) purchased or sold for the Fund. The Fund shall be responsible for its expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account. If, at any time: (i) the Sub-Adviser provides, to any other investment company registered under the 1940 Act, sub-investment advisory services using the investment strategies provided by the Sub-Adviser to the Fund pursuant to this Agreement, (ii) the value of the assets under management with respect to which the Sub-Adviser provides such services to such other investment company is equal to or less than the value of the Fund Account, and (iii) the Sub-Adviser is compensated for providing such services at a rate less than the rate set forth on Schedule A, then the Sub-Adviser shall promptly notify the Adviser of the foregoing in reasonable detail and, as of the date of such notice, the rate set forth on Schedule A shall immediately and without requirement of further action (subject to any required approval or ratification by the Board) be deemed amended to reflect a rate equal to the lower rate at which the Sub-Adviser is compensated by such other investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability</u><u>.</u> The Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Adviser under this Agreement, if such act or omission involves the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Trust under this Agreement, if such act or omission involves the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall indemnify the Trust and any of its trustees, officers, employees and affiliates for all Losses incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification in this Section 9 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations, Warranties and Agreements of the Trust.</u> The Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and the Fund, a series of the Trust, elected to qualify and has qualified as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and the Board, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Trust's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser and the Sub-Adviser each has been duly appointed by the Board to provide investment services to the Fund Account as contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations of the Adviser.</u> The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise; and (vi) will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representations of the Sub-Adviser.</u> The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Trust and Adviser of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Adviser reasonably determines could have a materially adverse impact on the Sub-Adviser's ability to provide services under this Agreement, or would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Adviser will also promptly notify the Trust and the Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, directly involving the affairs of the Fund. The Sub-Adviser further agrees to, upon request, review any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund and notify the Adviser or the Trust promptly if it becomes aware that any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has adopted a written code of ethics as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act and will provide the Adviser and the Trust with a copy of such code of ethics, together with evidence of its adoption and a certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of such code of ethics. Upon request, and within thirty (30) days following the end of the last calendar quarter of each year that this Agreement is in effect, the Sub-Adviser shall furnish to the Trust and the Adviser: (i) a written report that describes any material issues arising under the code of ethics or procedures during the relevant period, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to material violations; and (ii) a written certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of the code of ethics. In addition, the Sub-Adviser shall: (iii) promptly report to the Board and the Adviser in writing any material amendments to its code of ethics; (iv) promptly furnish all pertinent information regarding any material violation of the Sub-Adviser's code of ethics by: (A) its directors, officers and partners; or (B) any person who has access to nonpublic information regarding: (I) the Fund's purchase or sale of securities; (II) the portfolio holdings of the Fund; or (III) securities recommendations to the Fund; and (v) provide quarterly reports to the Adviser on any material violations of the Sub-Adviser's code of ethics during the period so indicated. Upon the reasonable written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(d)(1) and related records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of any material amendments to the Trust and the Adviser at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage from insurance providers that are in the business of regularly providing insurance coverage to investment advisers. In no event shall such coverage be less than $5,000,000. The Sub-Adviser shall upon request provide to the Adviser a certificate of insurance providing evidence of the amount or scope of such insurance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will not, in violation of applicable law or regulation, use any material non-public information concerning portfolio companies that may be in or come into its possession or the possession of any of its affiliated persons or employees in providing investment advice or investment management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser agrees that neither it, nor any of its affiliated persons, will in any way refer directly or indirectly to its relationship with the Trust, the Fund, the Adviser or any of their respective affiliated persons in offering, marketing or other promotional materials without the express written consent of the Adviser. For the avoidance of doubt, the Sub-Adviser may identify itself as a sub-adviser of the Fund during the term of this Agreement, with such right terminating upon termination of this Agreement, and the Sub-Adviser may use the performance of the Fund Account in its composite performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. If required by the CEA or the rules and regulations thereunder promulgated by the CFTC, the Sub-Adviser will provide the Fund and the Adviser with a copy of its most recent CFTC disclosure document or a written explanation of the reason why it is not required to deliver such a disclosure document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser has established and will keep in effect a "disaster recovery" preparedness plan that sets forth procedures for recovery of critical business functions at minimum operating levels and can be implemented within a 24-hour time period. The Sub-Adviser shall notify the Adviser, as soon as practicable by telephone, email or such other method of prompt communication as may be available under the circumstances, of the occurrence of any event the Sub-Adviser determines has had a material impact on its operations and that requires the Sub-Adviser to implement any procedures under such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser has administrative, technical and physical safeguards in place that comply with laws and regulations applicable to the Sub-Adviser and, in the event the Sub-Adviser becomes aware of any network, system and/or data breach with respect to its infrastructure (including, but not limited to, a system intrusion, virus or malicious code attack, loss of data, data theft, unauthorized access to confidential information and/or nonpublic personal information, hacking incident or any acts of data ransom) that results in unauthorized access to and/or use by third parties of the confidential information of the Fund or the Adviser (each, a "Cybersecurity Breach"), the Sub-Adviser will promptly take appropriate steps to contain or mitigate the Cybersecurity Breach, and will, without unreasonable delay, notify the Adviser and the Fund, unless such notification is prohibited by law enforcement or the Sub-Adviser's regulator(s).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Services Not Exclusive.</u> The services furnished by the Sub-Adviser hereunder are not to be deemed to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others, except as prohibited by applicable law or agreed upon in writing among the Sub-Adviser, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 14 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue in effect for a period of two years subsequent to its initial approval by the Board, or by vote of a majority of the outstanding voting securities of the Funds, as applicable, and thereafter, if not terminated, shall continue automatically from year to year, provided that such continuance is specifically approved at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by the Board, or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days' written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty, by the Adviser immediately upon written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment of this Agreement by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be terminated at any time by the Sub-Adviser on ninety (90) days' written notice to the Fund and the Adviser, but any such termination shall not affect the status, obligations, or liabilities of the Sub-Adviser to the Fund and the Adviser arising prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment of this Agreement.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved: (i) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party; and (ii) by the vote of a majority of the outstanding voting securities of the Fund (unless the approval is pursuant to an SEC order, no-action letter, rule or regulation permitting the Trust to modify the Agreement without a shareholder vote).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Third-Party Beneficiaries</u>. The only parties to this Agreement are the Trust, the Adviser and the Sub-Adviser, and the Trust and the Adviser are the only beneficiaries of the Sub-Adviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons including, without limitation, a record or beneficial owner of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Limitation of Trustee and Shareholder Liability.</u> The Adviser and Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series of the Trust, the obligations hereunder of the Trust shall be limited to the respective assets of the Fund. The Adviser and Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Trust or the Fund, nor any officer, director or trustee of the Trust, neither as a group nor individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The Adviser and the Trust are authorized to publish and distribute information, including, but not limited to, Registration Statements, Fund fact sheets and marketing material, regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement and to include in such information the name of the Sub-Adviser or any trademark, service mark, symbol or logo of the Sub-Adviser provided to the Adviser in advance of use, without the prior written consent of the Sub-Adviser. The Adviser will provide copies of such items to the Sub-Adviser upon request within a reasonable time following such use, publication or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Implied Waiver.</u> The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, rule or regulation: (i) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing signed by the other party; (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Severability.</u> If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the Federal Securities Laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement and the Schedule(s) attached hereto embody the entire agreement and understanding among the parties. This Agreement may be signed in counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser, Adviser or the Trust upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail – return receipt requested or sent by electronic transmission (via email) or a similar means of same day delivery which provides evidence of receipt (or with a confirming copy by mail as set forth herein). All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

Attn: Melanie Childers, Vice President – Fund Operations

Email: melanie.childers@guidestone.org

All notices provided to the Sub-Adviser will be sent to:

William Blair Investment Management, LLC

150 North Riverside Plaza

Chicago, Illinois 60606

Attn: Deputy General Counsel-IM

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of May 31, 2022.<sup>1</sup>

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| | |
|:---|:---|
| **GUIDESTONE FUNDS**,<br>on behalf of the series of the Trust listed on Schedule A | **GUIDESTONE FUNDS**,<br>on behalf of the series of the Trust listed on Schedule A |
| By: |  |
| Name: | John R. Jones |
| Title: | President |

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| | |
|:---|:---|
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** | **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: |  |
| Name: | David S. Spika |
| Title: | President |

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| |
|:---|
| **WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC** |
| By: |
| Name: |
| Title: |

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<sup>1</sup> Original Agreement dated May 31, 2022.

## Ex-99.(D)(40)

**SUB-ADVISORY AGREEMENT** 

THIS SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC, a registered investment adviser organized under the laws of the State of Delaware ("Sub-Adviser").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement ("Advisory Agreement") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"); and

WHEREAS, under the Advisory Agreement, the Adviser has agreed to provide investment advisory services to the Trust; and

WHEREAS, under the Advisory Agreement, subject to the approval of the Board of Trustees of the Trust ("Board"), the Adviser is authorized to retain one or more investment sub-advisers to provide investment advisory services to one or more series of the Trust; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish investment advisory services to the series of the Trust listed on Schedule A, as such Schedule A may be amended from time to time (such series being collectively referred to herein as the "Fund," with any reference herein to the Fund pertaining to such series of the Trust as the context requires), in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Trust, the Adviser and the Sub-Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Adviser and the Trust hereby appoint the Sub-Adviser as a discretionary investment manager, on the terms and conditions set forth herein, of those assets of the Fund which the Adviser determines to assign to the Sub-Adviser (those assets being referred to as the "Fund Account"). The Adviser may from time to time make additions to and withdrawals, including but not limited to cash and cash equivalents, from the Fund Account, subject to prior written notification to the Sub-Adviser. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> The Sub-Adviser accepts that appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties as Sub-Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser, including all written guidelines, and the policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Adviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Adviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Adviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement") of which the Sub-Adviser has written notice. The Trust will deliver to the Sub-Adviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Adviser, as is necessary for the Sub-Adviser to carry out its obligations under this Agreement, including the policies and procedures applicable to the Sub-Adviser listed on Schedule B hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser's authority hereunder shall include the power to buy, sell, and hold such securities and other instruments, to open accounts and execute trading agreements and any other reasonable and customary documents and representation letters on behalf of the Fund Account as the Sub-Adviser deems appropriate within the parameters of Sections 3(a) and 4, and the conditions of this Agreement. The Fund hereby makes, constitutes and appoints the Sub-Adviser, with full power of substitution (any person in favor of which such power of substitution shall be exercised being referred to as a "<u>Subattorney</u>"), as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead (a) to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all documents and (b) to (i) vote and/or execute any documents required to perform its duties in accordance with the terms hereof. This grant of power of attorney is coupled with an interest and, to the extent permitted by applicable law, irrevocable, and it shall survive and not be affected by the subsequent dissolution or bankruptcy of the Fund; provided, however, that this grant of power of attorney shall expire, and the Sub-Adviser and any Subattorney shall cease to have any power to act as the Fund's agent or attorney-in-fact, upon termination of this Agreement. The Sub-Adviser shall have the power and authority to negotiate, enter into, and execute, on behalf of the Fund Account, trading documentation, including but not limited to ISDA master agreements, master repurchase agreements, prime brokerage agreements, futures and cleared derivatives agreements, listed options agreements, master confirmation agreements, trade confirmations, credit support annexes, clearing agreements, Master Securities Forwards Trading Agreements, and any similar documentation, inclusive of amendments thereto (hereby "Trading Documents"). The Sub-Adviser agrees that, prior to opening (or amending) any accounts related to or governed by Trading Documents, or entering into or executing any Trading Documents, the Sub-Adviser shall provide the Fund's accounting agent and administrator ("Administrator"), custodian bank ("Custodian"), and the Adviser with a list of counterparties, prime brokers, or clearing brokers who are parties to such Trading Documents. The Sub-Advisor shall also provide, to the Fund, Adviser, or Administrator, copies of Trading Documents (or amendments thereto) that the Sub-Adviser has executed on behalf of the Fund Account upon their request. The parties agree that any account control agreements, custodial agreements, collateral account control agreements, special custody and pledge agreements, and any similar third party or tri-party custodial or control agreements for the Fund Account ("Control Agreements") shall be negotiated and executed by the Fund or Adviser, and Sub-Adviser shall have no power to negotiate or execute such Control Agreements. With respect to transactions involving derivative instruments and/or OTC Agreements, the Sub-Adviser agrees to provide Counterparty reports of the type described in Section 3(i). For purposes of this section, the term "Counterparty" includes a clearing broker, prime broker, dealer, foreign currency dealer, futures commission merchant, bank, or any counterparty to an OTC Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with the Fund's investment policies described in the Registration Statement, the Sub-Adviser is responsible for avoiding investment of Fund Account assets in the securities issued by any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized, as determined by GuideStone Financial Resources, as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser shall provide in writing to the Sub-Adviser a list of such prohibited companies (the "Restricted Issuers List"), which the Adviser in its sole discretion will amend or supplement from time to time. The Adviser will provide the Sub-Adviser with such amendments or supplements to the Restricted Issuers List on a timely basis, and any such changes shall become effective as soon as reasonably practicable after such changes have been received by the Sub-Adviser. If the Sub-Adviser has a question about whether any proposed transaction with respect to the Fund Account would be in compliance with such investment policies, it may consult with the Adviser during normal business hours, and the Adviser will provide instructions upon which the Sub-Adviser may rely in purchasing and selling securities for the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser will select brokers and dealers to effect all portfolio transactions for the Fund Account subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will seek to obtain best execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement; provided that, on behalf of the Fund, and in compliance with Section 28(e) of the Securities Exchange Act of 1934 ("1934 Act"), the Sub-Adviser may, in its discretion, use brokers and dealers (including brokers and dealers that may be affiliated persons of the Sub-Adviser to the extent permitted herein) who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions, and the Sub-Adviser may pay to those brokers and dealers, directly or indirectly through a commission sharing arrangement, in return for brokerage and research services a higher commission than may be charged by other brokers and dealers, subject to the Sub-Adviser's determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Fund and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. The Sub-Adviser agrees to provide the Adviser with reports or other information regarding brokerage and benefits received therefrom, upon the Adviser's reasonable request. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Fund Account and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner the Sub-Adviser reasonably believes to be equitable over time and consistent with its fiduciary obligations to each client account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as permitted by applicable law, rule or regulation (including, but not limited to, Sections 10 and 17 of the 1940 Act and Section 206 of the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the respective rules and regulations promulgated thereunder), including by exemptive order granted by the U.S. Securities and Exchange Commission ("SEC"), SEC interpretive release, and/or SEC staff no-action letter or other written guidance, the Sub-Adviser shall not, on behalf of the Fund Account, enter into any transaction wherein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the existence of any underwriting or selling syndicate, an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as a principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an affiliated person of or principal underwriter for the Trust, or any affiliated person of such an affiliated person or principal underwriter, acts as principal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as agent or broker.

If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. In addition, to the extent permitted by applicable law and in accordance with the terms of the Investment Guidelines, the Adviser, on behalf of the Fund Account, hereby consents to any client cross transaction where the Sub-Adviser causes a securities transaction to be effected between the Fund Account and another account advised by it or any of its affiliates. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants ("FCMs"), and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furnishing services hereunder, to the extent prohibited by, or necessary to comply with, the 1940 Act, the Sub-Adviser will not consult with any other sub-adviser to the Fund, any other series of the Trust, or any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any of its affiliated persons concerning transactions in securities or other assets; (ii) any of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; or (iii) any successor sub-adviser of the Fund in order to effect an orderly transition of sub-advisory duties, so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, including the Advisers Act, the 1934 Act, the Commodity Exchange Act of 1936, as amended ("CEA"), and the rules and regulations adopted thereunder from time to time, with respect to actions by the Sub-Adviser on behalf of the Fund, and will furnish the Board, the Adviser or the Administrator with such periodic and special reports as any of them may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains for the Fund are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust a complete set of any records that it maintains for the Fund upon request by the Trust. Notwithstanding the foregoing, the Sub-Adviser shall be able to retain copies of such records to the extent necessary to comply with the Sub-Adviser's recordkeeping policies or regulatory obligations. The Sub-Adviser agrees to keep confidential all records of the Trust and information relating to the Trust in accordance with Section 14 hereof unless the release of such records or information is otherwise consented to in writing by the Trust or the Adviser. The Trust and Adviser agree that such consent shall not be unreasonably withheld. For the avoidance of doubt, where the Sub-Adviser may be exposed to civil or criminal contempt proceedings, when required to divulge such information or record to duly constituted authorities, or when requested to divulge such information in the context of a regulatory examination or investigation being conducted by one of its regulators, such consent is deemed hereby given and the Sub-Adviser shall promptly inform the Trust and the Adviser of the disclosure of such information unless the Sub-Adviser is prohibited from so doing by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All transactions for the Fund Account will be consummated by delivery of assets to or from the Custodian, or such depositories or agents as may be designated by the Custodian in writing, and neither the Sub-Adviser nor its affiliated persons shall have possession or custody of Fund assets at any time. The Sub-Adviser shall advise the Fund's Custodian and Administrator on a prompt basis of each purchase and sale of a portfolio security or other financial instrument specifying the name of the issuer or Counterparty, the description, terms and amount of shares or principal amount of the security or other financial instrument purchased or sold, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer and such other information as may reasonably be required. The Sub-Adviser shall arrange for the transmission to the Fund's Custodian and Administrator on a daily basis such confirmation, trade tickets, and other documents and information as may be reasonably necessary to enable the Custodian and Administrator to perform their administrative, recordkeeping and other responsibilities with respect to the Fund. For purposes of the foregoing sentence, communication via electronic means will be acceptable as agreed to in writing from time to time by the Adviser. The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Adviser. The Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian in accordance with the foregoing, the Sub-Adviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian, other than acts or omissions arising in reliance on instructions of the Sub-Adviser; provided, that it shall be the responsibility of the Sub-Adviser to notify the Adviser if the Custodian fails to confirm in writing proper execution of the instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing and in furtherance thereof, the Sub-Adviser shall report to the Fund's Custodian and Administrator all trades and positions in the Fund Account daily (in such form and at such times as specified by the Fund's Custodian and Administrator and/or the Adviser), including any trade it has entered into for which it has not received confirmation (and, with respect to transactions involving derivative instruments, shall also request each executing broker and Counterparty to deliver its own such transaction and position reporting), and, while the Custodian is responsible for notifying the Sub-Adviser of corporate actions relevant to the Fund Account, the Sub-Adviser will use reasonable efforts to inform the Adviser of any information related to any corporate action of which the Sub-Adviser becomes aware and which the Sub-Adviser is able to reasonably determine is relevant to the investments of the Fund Account and not otherwise known by us from the Custodian. Unless otherwise specified by the Adviser, all trades shall be communicated by the Sub-Adviser to the Fund's Custodian and Administrator by 10 a.m. Central Time on the business day following the trade date. The Sub-Adviser shall notify the Fund's Custodian and Administrator as soon as reasonably practicable upon becoming aware of any trades not included in any previously transmitted trade communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall reconcile all trades and positions with each executing broker and Counterparty daily to ensure accurate trade settlement and verify open positions (including cash). The Sub-Adviser shall also reconcile daily all trades and positions (including cash) to the Fund's official books and records, including without limitation, daily reconciliation of all open Custody positions (as defined below) (including cash) to the Custodian, and a daily reconciliation of all open Counterparty-Traded Positions (as defined below) to the Administrator. The Fund's Administrator shall also conduct a reconciliation of Counterparty-Traded Positions (as defined below) as reported from executing brokers and Counterparties and the Sub-Adviser shall cooperate with the Fund's Administrator in order to effect such reconciliation, including without limitation by arranging for access by the Fund's Custodian and Administrator to such files and websites of the executing brokers and Counterparties. The Sub-Adviser shall work with the Fund's Custodian and Administrator and/or the Adviser, as appropriate, to resolve all open reconciliation items on the same day that they are identified, including trade and position discrepancies, identified in such reconciliations. The Sub-Adviser shall also provide to the Adviser and its Custodian and Administrator a monthly (or such other frequency as may be requested by the Adviser) report detailing all the reconciliation activities outlined in this section, including details about each discrepancy and the plan for resolution. These reports shall be sent to the email address(es) provided by the Adviser to the Sub-Adviser. If a reconciliation does not identify any discrepancies, an email is still required providing evidence of reconciliation. For purposes of this Section 3(j), the term "Custody Positions" refers to all assets of the Fund, including cash, for which custody is maintained directly by the Fund's Custodian and the term "Counterparty-Traded Positions" refers to all other assets of the Fund, including instruments traded via a Counterparty as defined in Section 3(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser agrees to provide, at such times as shall be reasonably requested by the Board or the Adviser, the analysis and reports specified on Schedule C attached hereto, as such Schedule C may be amended from time to time, including without limitation monthly reports setting forth the investment performance of the Fund Account. The Sub-Adviser also agrees to make available to the Board and Adviser any economic, statistical and investment services that the Sub-Adviser normally makes available to its institutional or other customers. All reporting required by Schedule C shall be provided by Sub-Adviser to the Adviser via the DiligenceVault platform (or such other system that the Adviser may employ for its due diligence and oversight of sub-advisers in the future and so direct the Sub-Adviser). The Adviser acknowledges that the Sub-Adviser has not selected DiligenceVault and will not be liable for, *e.g.*, business continuity issues that might prevent the Sub-Adviser from providing the required reports by the required deadlines. The Sub-Adviser is responsible for meeting its standard of care as reflected in Section 8 hereof when providing reporting through DiligenceVault. For the avoidance of doubt, while the Sub-Adviser may use its own electronic portals, in addition to DiligenceVault, per its standard policies and procedures, the provision of materials via these other electronic portals will not be deemed to satisfy the Sub-Adviser's obligations to provide the reports required by this section, unless otherwise agreed to in writing by the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser will upon reasonable request provide reasonable assistance to the Administrator and/or the Fund in determining or confirming the fair valuation of portfolio securities held in the Fund Account and will, upon request, use its reasonable efforts to arrange for the provision of valuation information, or one or more price(s), for each portfolio security held in the Fund Account for which the Administrator does not obtain prices in the ordinary course of business from an automated pricing service. Additionally, the Sub-Adviser shall be responsible for obtaining valuations for derivative instruments from Counterparties and for providing that information (and any valuation determinations made by the Sub-Adviser) to the Fund's Administrator and the Adviser for their consideration as the Administrator or Adviser may specify and as reasonably agreed by the Sub-Adviser. The Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof (a "Fair Valuation Event"). In those circumstances, approved fair valuation methodology may be utilized by the Sub-Adviser to establish a price, at which time a fair valuation recommendation would be provided to the Adviser. The Sub-Adviser will maintain adequate records with respect to securities fair valuation information provided hereunder, and shall provide such information to the Adviser upon request, with such records being deemed Fund records. Notwithstanding the foregoing, the Adviser and the Trust hereby acknowledge that (i) the Sub-Adviser is not the pricing agent for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value and (ii) the Sub-Adviser shall not be responsible for any actions undertaken by the Adviser for the Fund as a result of a Fair Valuation Event and shall not be held liable for any errors in the calculation of the net asset value of the Fund following a Fair Valuation Event. The Adviser and Trust further acknowledge that certain information, data or analyses may be proprietary to the Sub-Adviser or otherwise consist of nonpublic information, and agree that nothing in this Agreement shall require the Sub-Adviser to provide any information, data or analysis in contravention of applicable legal or contractual requirements, and, with respect to any information that is provided, agree to use any such information only for the purpose of pricing securities held in the Fund Account and to maintain their confidentiality in accordance with Section 14 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser shall provide reasonable assistance as reasonably requested in the preparation of (but not pay for) all periodic reports by the Trust or the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws. Upon the request of the Trust or the Adviser, the Sub-Adviser shall review Registration Statements or portions thereof that relate to the Fund or the Sub-Adviser and other documents provided to the Sub-Adviser, provide comments on such drafts on a timely basis, and provide certifications or sub-certifications on a timely basis and in a form mutually agreeable to the parties. The Sub-Adviser's (or its affiliate's) Form 13F filed with the SEC shall include, to the extent applicable, the 13(f) securities held in the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Sub-Adviser's obligations and responsibilities contained in this Agreement (*i.e.*, with respect to the Fund Account and the Sub-Adviser's provision of portfolio management services hereunder), the Sub-Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 under the 1940 Act. Specifically, the Sub-Adviser agrees to, upon the reasonable request of the Trust and with reasonable prior notice: (i) provide periodic certifications relating to the Sub-Adviser's provision of portfolio management services hereunder, including that: (A) the Sub-Adviser is in compliance in all material respects with all applicable "Federal Securities Laws," as defined in Rule 38a-l under the 1940 Act; (B) the Sub-Adviser's policies and procedures are reasonably designed to prevent violation of the Federal Securities Laws by the Sub-Adviser and its supervised persons; and (C) the Sub-Adviser has reviewed, no less frequently than annually, the adequacy of its policies and procedures and the effectiveness of their implementation; and (ii) reasonably cooperate with third-party audits arranged by the Trust (at the Trust's expense) to evaluate the effectiveness of the Sub-Adviser's compliance controls. Upon request and reasonable prior notice, the Trust's chief compliance officer shall have direct access to the Sub-Adviser's chief compliance officer, and to the extent permitted by applicable law and regulation, the Sub-Adviser shall provide the Trust's chief compliance officer with periodic reports and special reports with respect to any Material Compliance Matters (as defined in Rule 38a-1 under the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser is permitted to use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Sub-Adviser, each of whom shall be treated as an "associated person" of the Sub-Adviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Adviser in assisting the Sub-Adviser under the Agreement to the same extent as if the Sub-Adviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Sub-Adviser and neither the Fund nor the Adviser shall have any obligation to pay any fee or compensation to such affiliated person To the extent the Sub-Adviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(o), it will provide the Adviser and the Fund with 30 days' prior written notice, which will include the identity of the affiliated person and such other information reasonably requested by the Adviser or the Fund. Subject to applicable law, the Sub-Adviser is authorized to invest the Fund Account in (i) mutual funds, closed-end funds, private investment or equity funds, and/or exchange-traded funds which may be advised by the Sub-Adviser or one of its affiliates; (ii) investments which the Sub-Adviser or one of its affiliates originated, structured, arranged or placed; (iii) investments for which the Sub-Adviser or one of its affiliates acts as the collateral agent, administrator, originator, manager or other service provider; (iv) investments that are backed by collateral (including funds) that could include assets originated, sold or managed by the Sub-Adviser or one of its affiliates; and (v) investments that may otherwise involve the participation of affiliates of the Sub-Adviser (collectively, "Affiliated Investments"), which Affiliated Investments may result in commissions, fees or other remuneration to the Sub-Adviser or its affiliates. The Sub-Adviser and its affiliates are authorized to retain any such commissions, fees or other remuneration and such amounts will not reduce the fees paid by the Fund Account to the Sub-Adviser pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxies.</u> Unless the Adviser gives written instructions to the contrary, provided the Custodian has timely forwarded the relevant proxy materials, the Sub-Adviser shall, in accordance with its proxy voting policies and procedures, have discretionary authority to take any action with respect to the voting of shares or the execution of proxies solicited by or with respect to the issuers of securities in which assets of the Fund Account may be invested from time to time, consistent with the Sub-Adviser's obligations under Rule 206(4)-6 under the Advisers Act. The Adviser shall instruct the Custodian to forward or cause to be forwarded to the Sub-Adviser (or its designated agent, for which the Sub-Adviser will remain liable) all relevant proxy solicitation materials. The Sub-Adviser will, upon request, report quarterly its voting records with respect to the Fund Account, identifying such voting records as voting records of the Fund, to enable the Fund to meet its disclosure requirement pursuant to Rule 30b1-4 under the 1940 Act. The Sub-Adviser represents and covenants that it has adopted written proxy voting policies and procedures, a copy of which has been provided to the Fund, in compliance with current applicable rules and regulations, including but not limited to Rule 206(4)-6 under the Advisers Act and any applicable guidance, and that it will provide to the Adviser as soon as reasonably practicable: (i) any material update of such policies and procedures; and (ii) such other information that the Sub-Adviser maintains in the ordinary course of business as is necessary to assist the Adviser in complying with Rule 206(4)-6 under the Advisers Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement other than the cost of securities and investment expenses (including trade-related expenses such as brokerage commissions, sales commissions, trade clearance and settlement fees, trade confirmation and reconciliation fees, bank service fees, withholding and transfer fees, loan fees and loan-pricing fees, custodial fees, transactional fees and taxes, if any) purchased or sold for the Fund. The Fund shall be responsible for its expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account. If, at any time after the net asset value of the Fund Account exceeds $500,000,000: (i) the Sub-Adviser enters into a new sub-advisory agreement to provide to any U.S. domiciled third-party investment company registered under the 1940 Act investment sub-advisory services using the investment strategies substantially similar to those provided by the Sub-Adviser to the Fund pursuant to this Agreement, (ii) the value of the assets under management with respect to which the Sub-Adviser provides such sub-advisory services to such other investment company is equal to or less than the value of the Fund Account, and (iii) the Sub-Adviser is compensated for providing such sub-advisory services at a rate less than the rate set forth on Schedule A, then the Sub-Adviser shall promptly notify the Adviser of the foregoing in reasonable detail and, as of the date of such notice, the rate set forth on Schedule A shall immediately and without requirement of further action (subject to any required approval or ratification by the Board) be deemed amended to reflect a rate equal to the lower rate at which the Sub-Adviser is compensated by such other investment company For the avoidance of doubt, the provisions of this Section 7 shall not apply to the following types of clients: (a) any clients or funds of the Sub-Adviser's affiliates; (b) any clients for which the Sub-Adviser provides direct discretionary or non-discretionary advisory services; (c) any mutual funds advised directly by the Sub-Adviser; (d) any clients that are affiliates, employees or principals of the Sub-Adviser or family members of the foregoing; (e) smaller client accounts who are part of a collective relationship where the Sub-Adviser manages aggregate assets greater than the Fund Account; or (f) client accounts in existence as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability</u><u>.</u> The Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission has been determined by a court of competent jurisdiction to have involved willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Adviser under this Agreement, if such act or omission has been determined by a court of competent jurisdiction to have involved the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Trust under this Agreement, if such act or omission has been determined by a court of competent jurisdiction to have involved the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission has been determined by a court of competent jurisdiction to have involved the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall indemnify the Trust and any of its trustees, officers, employees and affiliates for all Losses incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission has been determined by a court of competent jurisdiction to have involved the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any material breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification in this Section 9 shall survive the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations, Warranties and Agreements of the Trust.</u> The Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and the Fund, a series of the Trust, elected to qualify and has qualified as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and the Board, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Trust's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser and the Sub-Adviser each has been duly appointed by the Board to provide investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations of the Adviser.</u> The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise; and (vi) will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representations of the Sub-Adviser.</u> The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will as soon as reasonably practicable notify the Trust and Adviser of any known material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Adviser reasonably determines could have a materially adverse impact on the Sub-Adviser's ability to provide services under this Agreement, or would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Adviser will also as soon as reasonably practicable notify the Trust and the Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, or any threat thereof, before or by any court, public board or body, directly involving the affairs of the Fund. The Sub-Adviser further agrees to, upon reasonable request, review any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund and notify the Adviser or the Trust promptly if it becomes aware that any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator to the extent permitted by applicable law and regulation and unless requested or required by the SEC or another regulator not to notify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has adopted a written code of ethics as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act and will provide the Adviser and the Trust with a copy of such code of ethics, together with evidence of its adoption and a certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of such code of ethics. Upon request, and within thirty (30) days following the end of the last calendar quarter of each year that this Agreement is in effect, the Sub-Adviser shall furnish to the Trust and the Adviser: (i) a written report that describes any issues arising under the code of ethics or procedures during the relevant period, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to material violations; and (ii) a written certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of the code of ethics. In addition, the Sub-Adviser shall: (iii) promptly report to the Board and the Adviser in writing any material amendments to its code of ethics; (iv) promptly furnish all pertinent information regarding any material violation of the Sub-Adviser's code of ethics by: (A) its directors, officers and partners; or (B) any person who has access to nonpublic information regarding: (I) the Fund's purchase or sale of securities; (II) the portfolio holdings of the Fund; or (III) securities recommendations to the Fund; and (v) provide quarterly reports to the Adviser on any material violations of the Sub-Adviser's code of ethics during the period so indicated. Upon the reasonable written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(d)(1) and related records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of any material amendments to the Trust and the Adviser at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear all reasonable expenses of the Trust and Adviser, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage from insurance providers that are in the business of regularly providing insurance coverage to investment advisers. In no event shall such coverage be less than $5,000,000. The Sub-Adviser shall upon request endeavor to provide to the Adviser any information it may reasonably require concerning the amount or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will not, in violation of applicable law or regulation, use any material non-public information concerning portfolio companies that may be in or come into its possession or the possession of any of its affiliated persons or employees in providing investment advice or investment management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser agrees that neither it, nor any of its affiliated persons, will in any way refer directly or indirectly to its relationship with the Trust, the Fund, the Adviser or any of their respective affiliated persons in offering, marketing or other promotional materials without the express written consent of the Adviser. For the avoidance of doubt, the Sub-Adviser may identify itself as a sub-adviser of the Fund during the term of this Agreement, with such right terminating upon termination of this Agreement, and the Sub-Adviser may use the performance of the Fund Account in its composite performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. If required by the CEA or the rules and regulations thereunder promulgated by the CFTC, the Sub-Adviser will provide the Fund and the Adviser with a copy of its most recent CFTC disclosure document or a written explanation of the reason why it is not required to deliver such a disclosure document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser has established and will keep in effect a "disaster recovery" preparedness plan that sets forth procedures for recovery of critical business functions at minimum operating levels and can be implemented within a 24-hour time period. The Sub-Adviser shall notify the Adviser, as soon as practicable by telephone, email or such other method of prompt communication as may be available under the circumstances, of the occurrence of any event the Sub-Adviser determines has had a material impact on its operations and that requires the Sub-Adviser to implement any procedures under such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser has administrative, technical and physical safeguards in place that comply with all laws and regulations applicable to the Sub-Adviser and, in the event the Sub-Adviser becomes aware of any network, system and/or data breach with respect to its infrastructure (including, but not limited to, a system intrusion, virus or malicious code attack, loss of data, data theft, unauthorized access to confidential information and/or nonpublic personal information, hacking incident or any acts of data ransom) that results in unauthorized access to and/or use by third parties of the confidential information of the Fund or the Adviser (each, a "Cybersecurity Breach"), the Sub-Adviser will promptly take appropriate steps to contain or mitigate the Cybersecurity Breach, and will, without unreasonable delay, notify the Adviser and the Fund, unless such notification is prohibited by law enforcement or the Sub-Adviser's regulator(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Services Not Exclusive.</u> The services furnished by the Sub-Adviser hereunder are not to be deemed to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others, except as prohibited by applicable law or agreed upon in writing among the Sub-Adviser, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions or services of the Sub-Adviser, the Adviser and the Trust in respect thereof, including but not limited to any or all computational algorithms, procedures or techniques related to investment strategies, essential ideas and principles underlying such algorithms, procedures or techniques conceived, originated, discovered, developed, acquired, evaluated, tested, or utilized by such other party, information, software, databases, trade secrets, sales and marketing information, operations material and memoranda, client and investor lists and information, pricing information and financial information concerning or relating to the business, employees, and affairs of such party ("Confidential Information"). Notwithstanding anything to the contrary, the term "Confidential Information" shall not include any information that: (a) is or becomes generally known or available to the public through no breach hereof by the Recipient (defined below), (b) was obtained by the Recipient from a third party without any obligation to the disclosing party known to the Recipient to maintain the Confidential Information as confidential, and (c) was available to the Recipient on a non-confidential basis prior to its disclosure by the disclosing party. The Sub-Adviser shall take reasonable steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 14 shall survive any termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in this Agreement, the parties to this agreement may disclose Confidential Information to their respective Representatives (together with the parties, each who receives Confidential Information, a "<u>Recipient</u>") solely for the purposes specified in this Agreement or to fulfill obligations imposed by this Agreement. In the event that the Recipient becomes legally compelled or required to disclose any such Confidential Information (including, but not limited to, by inspections, examinations, or inquiries by federal or state regulatory agencies and self-regulatory organizations that have requested or required the inspection of records that contain such information, or if such disclosure is needed in connection with the defense, action, suit, or investigation brought against Recipient), such Recipient shall, if legally permitted to do so, provide the other party with prompt notice prior to disclosing any such information, so that the other party may seek a protective order or other appropriate remedy (at such party's own expense) and/or waive compliance with the provisions of this Agreement, and, if such protective order or other remedy is not obtained, or that the other party does not waive compliance with the provisions of this Agreement as to disclosure of information, the Recipient will, save to the extent it is legally compelled otherwise, furnish only that portion of the information which it is advised in an opinion of counsel is legally required and will exercise its reasonable efforts to cooperate in obtaining reliable assurance that confidential treatment will be accorded the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, the Trust and the Adviser agree that the Sub-Adviser shall have the right to disclose the performance of the Fund Account or the identity of each of the Fund Account, the Fund, the Trust or the Adviser to third parties at any time in connection with the activities of the Fund Account (including to effect the purchase and sale of investments) as provided for in this Agreement or as otherwise agreed upon by the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Section 14, the term "Sub-Adviser" shall include the Sub-Adviser and/or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue in effect for a period of two years subsequent to its initial approval by the Board, or by vote of a majority of the outstanding voting securities of the Funds, as applicable, and thereafter, if not terminated, shall continue automatically from year to year, provided that such continuance is specifically approved at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by the Board, or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days' written notice (any such notice period in this Section 15, the "Notice Period") to the Sub-Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty, by the Adviser immediately upon written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund. The Sub-Adviser agrees to bear all reasonable expenses of the Trust, if any, arising out of an assignment of this Agreement by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be terminated at any time by the Sub-Adviser on ninety (90) days' written notice to the Fund and the Adviser, but any such termination shall not affect the status, obligations, or liabilities of the Sub-Adviser to the Fund and the Adviser arising prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment of this Agreement.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, except by an instrument in writing signed by the parties hereto. No material amendment of this Agreement shall be effective until approved: (i) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party; and (ii) by the vote of a majority of the outstanding voting securities of the Fund (unless the approval is pursuant to an SEC order, no-action letter, rule or regulation, or interpretation thereof, permitting the Trust to modify the Agreement without a shareholder vote).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Third-Party Beneficiaries</u>. The only parties to this Agreement are the Trust, the Adviser and the Sub-Adviser, and the Trust and the Adviser are the only beneficiaries of the Sub-Adviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons including, without limitation, a record or beneficial owner of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Limitation of Trustee and Shareholder Liability.</u> The Adviser and Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series of the Trust, the obligations hereunder of the Trust shall be limited to the respective assets of the Fund. The Adviser and Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Trust or the Fund, nor any officer, director or trustee of the Trust, neither as a group nor individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> The Adviser and the Trust are authorized to publish and distribute information in the Registration Statements, Fund fact sheets and marketing material, solely to the extent regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement and to include in such information the (i) name of the Sub-Adviser or (ii) any trademark, service mark, symbol or logo of the Sub-Adviser, without the prior written consent of the Sub-Adviser. The Adviser will provide copies of such items to the Sub-Adviser pursuant to the terms of this Agreement, and otherwise upon request within a reasonable time following such use, publication or distribution. Any use of information relating to, mentioning or otherwise concerning the Sub-Adviser or its licensed marks not expressly permitted by this Section 20 will require the prior written consent of the Sub-Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Implied Waiver.</u> The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, rule or regulation: (i) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing signed by the other party; (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Severability.</u> If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the Federal Securities Laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement and the Schedule(s) attached hereto embody the entire agreement and understanding among the parties. This Agreement may be signed in counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser, Adviser or the Trust upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement (including, for the avoidance of doubt, any regulatory communications and other information, including documents required to be delivered pursuant to the Advisers Act (*e.g.*, Part 2A of the Sub-Adviser's Form ADV)) will be delivered by personal service, by postage mail – return receipt requested or sent by electronic transmission (via email) or a similar means of same day delivery. All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

Attn: Melanie Childers, Vice President – Fund Operations and Secretary

Email:melanie.childers@guidestone.org

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All notices provided to the Sub-Adviser will be sent to:

Guggenheim Partners Investment Management, LLC

330 Madison Avenue

10<sup>th</sup> Floor

New York, New York 10017, USA

Attention: GI Legal Team

E-mail: GILegal@guggenheimpartners.com

[rest of page left intentionally blank]

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of June 1, 2022.<sup>1</sup>

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| | |
|:---|:---|
| **GUIDESTONE FUNDS**,<br>on behalf of the series of the Trust listed on Schedule A | **GUIDESTONE FUNDS**,<br>on behalf of the series of the Trust listed on Schedule A |
| By: |  |
| Name: | John R. Jones |
| Title: | President |
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** | **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: |  |
| Name: | David S. Spika |
| Title: | President |
| **GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC** | **GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC** |
| By: |  |
| Name: | Melissa L. Westbrook |
| Title: | Attorney-in-Fact |

---

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<sup>1</sup> Original Agreement dated June 1, 2022.

## Ex-99.(D)(41)

**SUB-ADVISORY AGREEMENT** 

THIS SUB-ADVISORY AGREEMENT ("Agreement") is made among GUIDESTONE FUNDS, a Delaware statutory trust ("Trust"), GUIDESTONE CAPITAL MANAGEMENT, LLC, a limited liability company organized under the laws of the State of Texas ("Adviser"), and WESTWOOD MANAGEMENT CORP., a registered investment adviser organized under the laws of the State of New York ("Sub-Adviser").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement ("Advisory Agreement") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"); and

WHEREAS, under the Advisory Agreement, the Adviser has agreed to provide investment advisory services to the Trust; and

WHEREAS, under the Advisory Agreement, subject to the approval of the Board of Trustees of the Trust (the "Board"), the Adviser is authorized to retain one or more investment sub-advisers to provide investment advisory services to one or more series of the Trust; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to furnish investment advisory services to the series of the Trust listed on Schedule A, as such Schedule A may be amended from time to time by agreement of the parties (such series being collectively referred to herein as the "Fund," with any reference herein to the Fund pertaining to such series of the Trust as the context requires), in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Trust, the Adviser and the Sub-Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser and the Trust hereby appoint the Sub-Adviser as a discretionary investment manager, on the terms and conditions set forth herein, of those assets of the Fund which the Adviser determines to assign to the Sub-Adviser (those assets being referred to as the "Fund Account"). The Adviser may from time to time make additions to and withdrawals, including but not limited to cash and cash equivalents, from the Fund Account, subject to verbal notification and subsequent written notification to the Sub-Adviser. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to the Fund, the Sub-Adviser may enter into one or more contracts with an affiliate that is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended ("Advisers Act") (each a "Sub-Advisory Contract") in which the Sub-Adviser delegates to such affiliated sub-advisers any or all of its duties hereunder, provided that each Sub-Advisory Contract imposes on the affiliated sub-adviser an obligation to be bound by all the corresponding duties and conditions to which the Sub-Adviser is subject hereunder to the extent applicable, and further provided that each Sub-Advisory Contract meets all requirements of the 1940 Act and rules thereunder. Each such Sub-Advisory Contract shall be approved prior to commencement of an initial two-year term and then at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement or the applicable Sub-Advisory Contract; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC. Each Sub-Advisory Contract then in existence shall terminate automatically upon the termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment.</u> The Sub-Adviser accepts that appointment and agrees to furnish the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties as Sub-Adviser.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision and direction of the Board and of the Adviser, including all written guidelines, and the policies and procedures adopted by the Trust or the Adviser that are applicable to the Sub-Adviser listed on Schedule B, as such Schedule B may be amended from time to time, the Sub-Adviser will: (i) provide a continuous investment program with respect to the Fund Account; (ii) determine from time to time what investments in the Fund Account will be purchased, retained or sold by the Fund; and (iii) be responsible for placing purchase and sell orders for investments and for other related transactions with respect to the Fund Account. The Sub-Adviser will provide services under this Agreement in accordance with the Fund's investment objective, policies and restrictions and the description of its investment strategy and style, all as stated in the Trust's registration statement under the 1940 Act, and any amendments or supplements thereto ("Registration Statement") of which the Sub-Adviser has written notice. The Trust will deliver to the Sub-Adviser a true and complete copy of the Fund's Registration Statement as effective from time to time, and such other documents or instruments governing the investment of the Fund Account and such other information as reasonably requested by the Sub-Adviser, as is necessary for the Sub-Adviser to carry out its obligations under this Agreement, including the policies and procedures applicable to the Sub-Adviser listed on Schedule B hereto. The Sub-Adviser is authorized on behalf of the Fund Account to enter into and execute any documents, including derivative trading agreements, required to effect transactions with respect to the Fund Account, provided that such transactions are in accord with the 1940 Act, the Registration Statement, and all written guidelines, policies and procedures adopted by the Trust or the Adviser that are provided to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with the Fund's investment policies described in the Registration Statement, the Sub-Adviser is responsible for avoiding investment of Fund Account assets in the securities issued by any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention ("GuideStone Financial Resources"), as being in the alcohol, tobacco, gambling, pornography or abortion industries, or any company whose products, services or activities are publicly recognized, as determined by GuideStone Financial Resources, as being incompatible with the moral and ethical posture of GuideStone Financial Resources. The Adviser shall provide in writing to the Sub-Adviser a list of such prohibited companies, which the Adviser in its sole discretion will amend or supplement from time to time. The Adviser will provide the Sub-Adviser with such amendments or supplements on a timely basis, and any such changes shall become effective as soon as reasonably practicable after such changes have been received by the Sub-Adviser. If the Sub-Adviser has a question about whether any proposed transaction with respect to the Fund Account would be in compliance with such investment policies, it may consult with the Adviser during normal business hours, and the Adviser will provide instructions upon which the Sub-Adviser may rely in purchasing and selling securities for the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser will select brokers and dealers to effect all portfolio transactions for the Fund Account subject to the conditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser agrees that, in placing orders with brokers and dealers, it will seek to obtain best execution, considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement; provided that, on behalf of the Fund, and in compliance with Section 28(e) of the Securities Exchange Act of 1934 ("1934 Act"), the Sub-Adviser may, in its discretion, use brokers and dealers (including brokers and dealers that may be affiliated persons of the Sub-Adviser to the extent permitted herein) who provide the Sub-Adviser with research, analysis, advice and similar services to execute portfolio transactions, and the Sub-Adviser may pay to those brokers and dealers, directly or indirectly through a commission sharing arrangement, in return for brokerage and research services a higher commission than may be charged by other brokers and dealers, subject to the Sub-Adviser's determining in good faith that such commission is reasonable in terms either of the particular transaction or of the overall responsibility of the Sub-Adviser to the Fund and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. The Sub-Adviser agrees to provide the Adviser with reports or other information regarding brokerage and benefits received therefrom, upon the Adviser's reasonable request. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or lower brokerage commissions and efficient execution. Whenever the Sub-Adviser simultaneously places orders to purchase or sell the same security on behalf of the Fund Account and one or more other accounts advised by the Sub-Adviser, the orders will be allocated as to price and amount among all such accounts in a manner the Sub-Adviser reasonably believes to be equitable over time and consistent with its fiduciary obligations to each client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as permitted by applicable law, rule or regulation (including, but not limited to, Sections 10 and 17 of the 1940 Act and Section 206 of the Advisers Act, and the respective rules and regulations promulgated thereunder), including by exemptive order granted by the SEC, SEC interpretive release, and/or SEC staff no-action letter or other written guidance, the Sub-Adviser shall not, on behalf of the Fund Account, enter into any transaction wherein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the existence of any underwriting or selling syndicate, an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as a principal underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an affiliated person of or principal underwriter for the Trust, or any affiliated person of such an affiliated person or principal underwriter, acts as principal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an affiliated person of the Trust, or any affiliated person of such an affiliated person, acts as agent or broker.

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If the Sub-Adviser enters into any of the permissible affiliated transactions contemplated above, the Sub-Adviser shall comply with the Trust's policies and procedures, as provided to the Sub-Adviser, in so doing. The Sub-Adviser acknowledges that, upon entering into this Agreement, it is an "investment adviser" of the Trust within the meaning of Section 2(a)(20)(B) of the 1940 Act, and therefore an "affiliated person" of the Trust within the meaning of Section 2(a)(3)(E) of the 1940 Act. The Sub-Adviser agrees that it will upon request provide the Adviser with a written list of its affiliated persons, indicating which of those affiliated persons are brokers, dealers, futures commission merchants ("FCMs") and/or banks, and will update such list from time to time, as necessary. To enable the Sub-Adviser to comply with this paragraph, the Adviser agrees that it will, upon request, provide the Sub-Adviser with a written list of the Trust's affiliated persons (excluding the Fund's sub-advisers) and principal underwriter, and their respective affiliated persons, and will update such list from time to time as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In furnishing services hereunder, to the extent prohibited by, or necessary to comply with, the 1940 Act, except as otherwise permitted herein the Sub-Adviser will not consult with any other sub-adviser to the Fund, any other series of the Trust, or any other investment company under common control with the Trust concerning transactions of the Fund in securities or other assets. For the avoidance of doubt, the foregoing restriction will not be deemed to prohibit the Sub-Adviser from consulting with: (i) any of its affiliated persons concerning transactions in securities or other assets; (ii) any of the other covered sub-advisers concerning compliance with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; or (iii) any successor sub-adviser of the Fund in order to effect an orderly transition of sub-advisory duties, so long as such consultations do not concern transactions prohibited by Section 17(a) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser will maintain all books and records required to be maintained pursuant to the 1940 Act and the rules and regulations promulgated thereunder and any other applicable legal provisions, including the Advisers Act, the 1934 Act, the Commodity Exchange Act of 1936, as amended ("CEA"), and the rules and regulations adopted thereunder from time to time, with respect to actions by the Sub-Adviser on behalf of the Fund, and will furnish the Board, the Adviser or the Fund's administrator ("Administrator") with such periodic and special reports as any of them may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records that it maintains for the Fund are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records that it maintains for the Trust and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Trust a complete set of any records that it maintains for the Fund upon request by the Trust. Notwithstanding the foregoing, the Sub-Adviser shall be able to retain copies of such records to the extent necessary to comply with the Sub-Adviser's recordkeeping policies or regulatory obligations. The Sub-Adviser agrees to keep confidential all records of the Trust and information relating to the Trust in accordance with Section 14 hereof unless the release of such records or information is otherwise consented to in writing by the Trust or the Adviser. The Trust and Adviser agree that such consent shall not be unreasonably withheld. For the avoidance of doubt, where the Sub-Adviser may be exposed to civil or criminal contempt proceedings, when required to divulge such information or record to duly constituted authorities, or when requested to divulge such information in the context of a regulatory examination or investigation being conducted by one of its regulators, such consent is deemed hereby given and the Sub-Adviser shall promptly inform the Trust and the Adviser of the disclosure of such information unless the Sub-Adviser is prohibited from so doing by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All transactions for the Fund Account will be consummated by delivery of assets to or from the custodian designated by the Trust (the "Custodian"), or such depositories or agents as may be designated by the Custodian in writing, and neither the Sub-Adviser nor its affiliated persons shall have possession or custody of Fund assets at any time. The Sub-Adviser shall advise the Custodian and, upon request, confirm in writing to the Trust, to the Adviser and any other designated agent of the Fund, including the Administrator, all investment orders for the Fund Account placed by it with brokers and dealers at the time and in the manner set forth in Rule 31a-1 under the 1940 Act. For purposes of the foregoing sentence, communication via electronic means will be acceptable as agreed to in writing from time to time by the Adviser. The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Sub-Adviser. The Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Sub-Adviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian, other than acts or omissions arising in reliance on instructions of the Sub-Adviser; provided, that it shall be the responsibility of the Sub-Adviser to notify the Adviser if the Custodian fails to confirm in writing proper execution of the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser agrees to provide, or cause any applicable affiliated sub-adviser to provide, at such times as shall be reasonably requested by the Board or the Adviser, the analysis and reports specified on Schedule C attached hereto, as such Schedule C may be amended from time to time, including without limitation monthly reports setting forth the investment performance of the Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In accordance with procedures adopted by the Board, as amended from time to time, the Sub-Adviser will upon reasonable request provide reasonable assistance to the Administrator and/or the Fund in determining the fair valuation of portfolio securities held in the Fund Account. Upon request of the Adviser or the Administrator, the Sub-Adviser will provide reasonable assistance to the Adviser with respect to the valuation of any portfolio security held in the Fund Account for which the Administrator does not obtain prices in the ordinary course of business from an automated pricing service. The Sub-Adviser shall promptly notify the Adviser if, for any reason, the Sub-Adviser believes that the price assigned to any security or other investment in the Fund Account that is not readily ascertainable may not accurately reflect the fair value thereof. In those circumstances, an approved fair valuation methodology may be utilized by the Sub-Adviser to establish a price, at which time a fair valuation recommendation would be provided to the Adviser. The Sub-Adviser will maintain records with respect to securities fair valuation information provided hereunder and shall provide such information to the Adviser upon request. Notwithstanding the foregoing, the Adviser and the Trust hereby acknowledge that the Sub-Adviser is not the pricing agent for the Fund and therefore not responsible for valuing the Fund's securities for purposes of calculating the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser shall provide reasonable assistance as reasonably requested in the preparation of (but not pay for) all periodic reports by the Trust or the Fund to shareholders of the Fund and all reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws. Upon the request of the Trust or the Adviser, the Sub-Adviser shall review Registration Statements or portions thereof that relate to the Fund or the Sub-Adviser and other documents provided to the Sub-Adviser, provide comments on such drafts on a timely basis, and provide certifications or sub-certifications on a timely basis and in a form mutually agreeable to the parties. The Sub-Adviser's (or its affiliate's) Form 13F filed with the SEC shall include, to the extent applicable, the 13(f) securities held in the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Sub-Adviser's obligations and responsibilities contained in this Agreement (*i.e.*, with respect to the Fund Account and the Sub-Adviser's provision of portfolio management services hereunder), the Sub-Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 under the 1940 Act. Specifically, the Sub-Adviser agrees to, upon the reasonable request of the Trust and with reasonable prior notice: (i) provide periodic certifications relating to the Sub-Adviser's provision of portfolio management services hereunder, including that: (A) the Sub-Adviser is in compliance with all applicable "Federal Securities Laws," as defined in Rule 38a-l under the 1940 Act; (B) the Sub-Adviser's policies and procedures are reasonably designed to prevent violation of the Federal Securities Laws by the Sub-Adviser and its supervised persons; and (C) the Sub-Adviser has reviewed, no less frequently than annually, the adequacy of its policies and procedures and the effectiveness of their implementation; and (ii) reasonably cooperate with third-party audits arranged by the Trust to evaluate the effectiveness of the Sub-Adviser's compliance controls. Upon request and reasonable prior notice, the Trust's chief compliance officer shall have direct access to the Sub-Adviser's chief compliance officer and compliance personnel, and the Sub-Adviser shall provide the Trust's chief compliance officer with periodic reports and special reports in the event of compliance problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser is permitted to enter into arrangements with other persons affiliated with the Sub-Adviser (including as sub-advisers as provided in Section 1(b)) and/or use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Sub-Adviser, each of whom shall be treated as an "associated person" of the Sub-Adviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, applicable law, including the requirements of the 1940 Act and Advisers Act, the rules thereunder, and relevant positions of the SEC and its staff. The Sub-Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Sub-Adviser in assisting the Sub-Adviser under this Agreement to the same extent as if the Sub-Adviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Sub-Adviser and neither the Fund nor the Adviser shall have any obligation to pay any fee or compensation to such affiliated person. To the extent the Sub-Adviser utilizes the services of an affiliated person to provide, or assist in providing, discretionary investment advisory services under this Section 3(l), it will provide the Adviser and the Fund with 30 days' prior written notice, which will include the identity of the affiliated person and such other information reasonably requested by the Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser will not be responsible for making any class action filings, including bankruptcies, on behalf of the Fund Account. The Sub-Adviser shall make reasonable efforts to provide the Trust and the Adviser with any proof of claim it receives regarding class action claims or any other actions or proceedings in which the Fund may be entitled to participate involving any asset held in the Fund Account and shall cooperate with the Trust and the Adviser to the extent reasonably necessary for the Trust or the Adviser to pursue and/or participate in any such action. If the Trust or the Adviser identifies a security held or previously held by the Fund Account to the Sub-Adviser, the Sub-Adviser shall, to the extent commercially reasonable and legally permissible, inform the Trust and the Adviser if the Sub-Adviser has determined to participate or opt out of a class action litigation or otherwise commence an independent litigation (domestic or foreign) related to that security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Duties.</u> In all matters relating to the performance of this Agreement, the Sub-Adviser will act in conformity with the provisions of the Trust's Trust Instrument, By-Laws and Registration Statement of which it has received written notice, with all written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account that are provided to the Sub-Adviser in writing, and with the written instructions and written directions of the Board and the Adviser; and will comply with the applicable requirements of: (i) the 1940 Act and Advisers Act and the rules and regulations adopted under each; (ii) Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), applicable to regulated investment companies; (iii) the CEA and the rules and regulations adopted thereunder; and (iv) all other federal and state laws and regulations applicable to the Trust and the Fund. The Adviser agrees to provide to the Sub-Adviser copies of the Trust's Trust Instrument, By-Laws, Registration Statement, written guidelines, policies and procedures adopted by the Trust as applicable to the Fund Account, written instructions and directions of the Board and the Adviser, and any amendments or supplements to any of these materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Proxies.</u> Unless the Adviser gives written instructions to the contrary, provided the Custodian has timely forwarded the relevant proxy materials, the Sub-Adviser shall, in accordance with its proxy voting policies and procedures, have discretionary authority to take any action with respect to the voting of shares or the execution of proxies solicited by or with respect to the issuers of securities in which assets of the Fund Account may be invested from time to time, consistent with the Sub-Adviser's obligations under Rule 206(4)-6 under the Advisers Act. The Adviser shall instruct the Custodian to forward or cause to be forwarded to the Sub-Adviser (or its designated agent, for which the Sub-Adviser will remain liable) all relevant proxy solicitation materials. The Sub-Adviser will, upon request, report quarterly its voting records with respect to the Fund Account, identifying such voting records as voting records of the Fund, to enable the Fund to meet its disclosure requirement pursuant to Rule 30b1-4 under the 1940 Act. The Sub-Adviser represents and covenants that it has adopted written proxy voting policies and procedures, a copy of which has been provided to the Fund, in compliance with current applicable rules and regulations, including but not limited to Rule 206(4)-6 under the Advisers Act and any applicable guidance, and that it will provide to the Adviser as soon as reasonably practicable: (i) any material update of such policies and procedures; and (ii) such other information that the Sub-Adviser maintains in the ordinary course of business as is necessary to assist the Adviser in complying with Rule 206(4)-6 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this Agreement other than the cost of securities (including brokerage commissions, transactional fees and taxes, if any) purchased or sold for the Fund. The Fund shall be responsible for its expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation.</u> The compensation of the Sub-Adviser for its services under this Agreement shall be calculated daily and paid monthly by the Trust, and not the Adviser, in accordance with the attached Schedule A. The Sub-Adviser shall not be responsible for any expenses incurred by the Fund or the Trust in accordance with Section 6 above. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be pro-rated according to the proportion that such period bears to the full month in which such effectiveness or termination occurs. The Adviser shall be responsible for computing the fee based upon a percentage of the average daily net asset value of the assets of the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability</u><u>.</u> The Sub-Adviser shall not be liable for any loss due solely to a mistake of investment judgment, but shall be liable for any loss which is incurred by reason of an act or omission of its employee, partner, director or affiliate, if such act or omission involves willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement. Nothing in this paragraph shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all losses, claims, damages, liabilities and costs (including reasonable legal and other expenses) ("Losses") incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Adviser under this Agreement, if such act or omission involves the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify the Sub-Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Sub-Adviser by reason of or arising out of any act or omission by the Trust under this Agreement, if such act or omission involves the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall indemnify the Adviser and any of its directors, officers, employees and affiliates for all Losses incurred by the Adviser by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall indemnify the Trust and any of its trustees, officers, employees and affiliates for all Losses incurred by the Trust by reason of or arising out of any act or omission by the Sub-Adviser under this Agreement if such act or omission involves the Sub-Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement, or any breach of warranty, representation or agreement hereunder, except to the extent that such Losses arise as a result of the Trust's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or its reckless disregard of its obligations and duties under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification in this Section 9 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations, Warranties and Agreements of the Trust.</u> The Trust represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and the Fund, a series of the Trust, elected to qualify and has qualified as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and the Board, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under: (i) any provision of applicable law, rule or regulation; (ii) the Trust's governing instruments; or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser and the Sub-Adviser each has been duly appointed by the Board to provide investment advisory services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will promptly notify the Sub-Adviser if any representation it has made under this Agreement becomes materially untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations of the Adviser.</u> The Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment advisory services to the Fund Account as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory agency or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; or (v) will promptly notify the Sub-Adviser of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Adviser reasonably determines could have a materially adverse impact on the Adviser's ability to satisfy its obligations under this Agreement, or would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Representations of the Sub-Adviser.</u> The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Trust and Adviser of any material breach of this Agreement, if any representation under this Agreement becomes materially untrue or the occurrence of any event that the Sub-Adviser reasonably determines could have a materially adverse impact on the Sub-Adviser's ability to provide services under this Agreement, or would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. To the extent permitted by law, the Sub-Adviser will also promptly notify the Trust and the Adviser if it is served or otherwise receives notice of any material action, suit, proceeding, inquiry or investigation, at law or in equity, or any threat thereof, before or by any court, public board or body, directly involving the affairs of the Fund. The Sub-Adviser further agrees to, upon request, review any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund and notify the Adviser or the Trust promptly if it becomes aware that any statement regarding the Sub-Adviser contained in the Registration Statement with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of Federal Securities Laws by the Sub-Adviser, its employees, officers, and agents ("Compliance Procedures") and, the Adviser and the Trust have been provided a copy of the Compliance Procedures and any amendments thereto. The Sub-Adviser will notify the Adviser promptly of any "Material Compliance Matter" (as defined in Rule 38a-1 under the 1940 Act). The Sub-Adviser will also notify the Adviser of any remedial actions that it takes in response to deficiency letters or similar communications from the SEC or another regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser has adopted a written code of ethics as required by Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act and will provide the Adviser and the Trust with a copy of such code of ethics, together with evidence of its adoption and a certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of such code of ethics. Upon request, and within thirty (30) days following the end of the last calendar quarter of each year that this Agreement is in effect, the Sub-Adviser shall furnish to the Trust and the Adviser: (i) a written report that describes any issues arising under the code of ethics or procedures during the relevant period, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to material violations; and (ii) a written certification that the Sub-Adviser has adopted procedures reasonably necessary to prevent violations of the code of ethics. In addition, the Sub-Adviser shall: (iii) promptly report to the Board and the Adviser in writing any material amendments to its code of ethics; (iv) promptly furnish all pertinent information regarding any material violation of the Sub-Adviser's code of ethics by: (A) its directors, officers and partners; or (B) any person who has access to nonpublic information regarding: (I) the Fund's purchase or sale of securities; (II) the portfolio holdings of the Fund; or (III) securities recommendations to the Fund; and (v) provide quarterly reports to the Adviser on any material violations of the Sub-Adviser's code of ethics during the period so indicated. Upon the reasonable written request of the Adviser, the Sub-Adviser shall permit the Adviser, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule 17j-1(d)(1) and related records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser has provided the Trust and the Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of any material amendments to the Trust and the Adviser at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser will notify the Trust and the Adviser of any change of control of the Sub-Adviser, including any change of its general partner(s) or managing member, controlling persons or 25% shareholders, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund Account or senior management of the Sub-Adviser, in each case prior to such change if the Sub-Adviser is aware of such change but in any event not later than as soon as reasonably practicable after such change. The Sub-Adviser agrees that it may bear the reasonable expenses of the Trust and the Adviser that would not otherwise have been incurred in the ordinary course of such a change in control, if any, arising out of the Sub-Adviser's failure to notify the Trust and the Adviser as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage from insurance providers that are in the business of regularly providing insurance coverage to investment advisers. The Sub-Adviser shall upon request endeavor to provide to the Adviser a certificate stating the amount or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser will not, in violation of applicable law or regulation, use any material non-public information concerning portfolio companies that may be in or come into its possession or the possession of any of its affiliated persons or employees in providing investment advice or investment management services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser agrees that neither it, nor any of its affiliated persons, will in any way refer directly or indirectly to its relationship with the Trust, the Fund, the Adviser or any of their respective affiliated persons in offering, marketing or other promotional materials without the express written consent of the Adviser. For the avoidance of doubt, the Sub-Adviser may identify itself as a sub-adviser of the Fund during the term of this Agreement, with such right terminating upon termination of this Agreement, and the Sub-Adviser may use the performance of the Fund Account in its composite performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser agrees to promptly notify the Adviser of trade errors made by the Sub-Adviser in connection with its management of the Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has reviewed the registration requirements of the CEA and the National Futures Association ("NFA") relating to commodity trading advisors and is either appropriately registered with the Commodity Futures Trading Commission ("CFTC") and a member of the NFA or exempt or excluded from CFTC registration requirements. If required by the CEA or the rules and regulations thereunder promulgated by the CFTC, the Sub-Adviser will provide the Fund and the Adviser with a copy of its most recent CFTC disclosure document or a written explanation of the reason why it is not required to deliver such a disclosure document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser has established and will keep in effect a "disaster recovery" preparedness plan that sets forth procedures for recovery of critical business functions at minimum operating levels and can be implemented within a 24-hour time period. The Sub-Adviser shall notify the Adviser, as soon as practicable by telephone, email or such other method of prompt communication as may be available under the circumstances, of the occurrence of any event the Sub-Adviser determines has had a material impact on its operations and that requires the Sub-Adviser to implement any procedures under such plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Sub-Adviser has administrative, technical and physical safeguards in place that comply with all laws and regulations applicable to the Sub-Adviser and, in the event the Sub-Adviser becomes aware of any network, system and/or data breach with respect to its infrastructure (including, but not limited to, a system intrusion, virus or malicious code attack, loss of data, data theft, unauthorized access to confidential information and/or nonpublic personal information, hacking incident or any acts of data ransom) that results in unauthorized access to and/or use by third parties of the confidential information of the Fund or the Adviser (each, a "Cybersecurity Breach"), the Sub-Adviser will promptly take appropriate steps to contain or mitigate the Cybersecurity Breach, and will, without unreasonable delay, notify the Adviser and the Fund, unless such notification is prohibited by law enforcement or the Sub-Adviser's regulator(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Services Not Exclusive.</u> The services furnished by the Sub-Adviser hereunder are not to be deemed to be exclusive, and the Sub-Adviser shall be free to furnish similar services to others, except as prohibited by applicable law or agreed upon in writing among the Sub-Adviser, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Confidentiality</u>. Subject to the duty of the Sub-Adviser, the Adviser and the Trust to comply with: (i) applicable law, rule or regulation, or a court order; or (ii) any demand of any government, regulatory or taxing authority having jurisdiction, or any self-regulatory organization, the parties hereto shall treat as confidential all material non-public information pertaining to the Fund Account and the actions of the Sub-Adviser, the Adviser and the Trust in respect thereof. The Sub-Adviser shall take steps to ensure that the Fund's portfolio holdings information is shared only with such persons that are subject to a duty of confidentiality and duty not to trade on such information. The provisions of this Section 14 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Duration and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue in effect for a period of two years subsequent to its initial approval by the Board, or by vote of a majority of the outstanding voting securities of the Fund, as applicable, and thereafter, if not terminated, shall continue automatically from year to year, provided that such continuance is specifically approved at least annually by: (i) the vote of a majority of those Trustees of the Trust who are not interested parties to this Agreement or "interested persons" (as defined within the meaning of Section 2(a)(19) of the 1940 Act) of any such party to this Agreement; and (ii) the Board, or by vote of a majority of the outstanding voting securities of the Fund, in accordance with all applicable provisions of the 1940 Act, and any applicable exemptive relief provided by the SEC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by the Board, or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days' written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated at any time, without the payment of any penalty, by the Adviser immediately upon written notice to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act) by the Sub-Adviser, or upon the termination of the Advisory Agreement as it relates to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be terminated at any time by the Sub-Adviser on ninety (90) days' written notice to the Fund and the Adviser, but any such termination shall not affect the status, obligations, or liabilities of the Sub-Adviser to the Fund and the Adviser arising prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment of this Agreement.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, and may only be changed, waived, discharged or terminated by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. No material amendment of this Agreement shall be effective until approved: (i) by the vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party; and (ii) by the vote of a majority of the outstanding voting securities of the Fund (unless the approval is pursuant to an SEC order, no-action letter, rule or regulation permitting the Trust to modify this Agreement without a shareholder vote). Notwithstanding the foregoing, Schedule B and Schedule C to this Agreement may be amended from time to time by the Adviser by notice to and acceptance by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Third-Party Beneficiaries</u>. The only parties to this Agreement are the Trust, the Adviser and the Sub-Adviser, and the Trust and the Adviser are the only beneficiaries of the Sub-Adviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons including, without limitation, a record or beneficial owner of shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Limitation of Trustee and Shareholder Liability.</u> The Adviser and Sub-Adviser are hereby expressly put on notice of the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agree that obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series of the Trust, the obligations hereunder of the Trust shall be limited to the respective assets of the Fund. The Adviser and Sub-Adviser further agree that they shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Trust or the Fund, nor any officer, director or trustee of the Trust, neither as a group nor individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Governing Law.</u> This Agreement shall be construed in accordance with the 1940 Act and the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Reference to the Sub-Adviser.</u> Each of the Adviser, the Trust and the Fund shall not make any representations regarding the Sub-Adviser or any of its affiliates in any disclosure document, advertisement, sales literature or other promotional materials without prior written consent of the Sub-Adviser, which consent shall not be unreasonably withheld. If the Sub-Adviser has not notified the Adviser of its disapproval of sample materials within three (3) business days after its receipt thereof, such materials shall be deemed approved. Notwithstanding the foregoing, the Sub-Adviser's consent is deemed given hereby for the Adviser, the Trust and/or the Fund to publish and distribute Registration Statements, Fund fact sheets and marketing material, regarding the provision of sub-advisory services by the Sub-Adviser pursuant to this Agreement that identifies the Sub-Adviser or any of its affiliates as sub-adviser(s) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Implied Waiver.</u> The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, rule or regulation: (i) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in a writing signed by the other party; (ii) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Severability.</u> If any provision of this Agreement is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous.</u> The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order. Where the effect of a requirement of the Federal Securities Laws reflected in any provision of this Agreement is made less restrictive by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. This Agreement and the Schedule(s) attached hereto embody the entire agreement and understanding among the parties. This Agreement may be signed in counterpart.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Sub-Adviser, Adviser or the Trust upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail – return receipt requested or sent by electronic transmission (via email) or a similar means of same day delivery which provides evidence of receipt (or with a confirming copy by mail as set forth herein). All notices provided to Adviser will be sent to:

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, Texas 75244-6152

Attn: Melanie Childers, Vice President – Fund Operations and Secretary

Email: melanie.childers@guidestone.org

All notices provided to the Sub-Adviser will be sent to:

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

Attn: Steve Paddon

Email: spaddon@westwoodgroup.com

With copies to:

Julie Gerron, General Counsel

Email: jgerron@westwoodgroup.com

[rest of page left intentionally blank]

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date of consummation of the announced transaction in which Sub-Adviser is to acquire Forward Management, LLC (d/b/a Salient).<sup>1</sup>

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| | |
|:---|:---|
| **GUIDESTONE FUNDS ,**<br> on behalf of the series of the Trust listed on Schedule A | **GUIDESTONE FUNDS ,**<br> on behalf of the series of the Trust listed on Schedule A |
| By: |  |
| Name: | John R. Jones |
| Title: | President |
| **GUIDESTONE CAPITAL MANAGEMENT, LLC** | **GUIDESTONE CAPITAL MANAGEMENT, LLC** |
| By: |  |
| Name: | David S. Spika |
| Title: | President and Chief Investment Officer |
| **WESTWOOD MANAGEMENT CORP.** | **WESTWOOD MANAGEMENT CORP.** |
| By: |  |
| Name: | William R. Hardcastle, Jr. |
| Title: | Senior Vice President |

---

------

<sup>1</sup> Original Agreement dated as of the date of the consummation of the announced transaction in which the Sub-Adviser is to acquire Forward Management, LLC (d/b/a Salient) .

## Ex-99.(D)(42)

May 1, 2023

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, TX 75244

**RE: Expense Cap Letter –Target Date Funds** 

Dear GuideStone Capital Management, LLC:

GuideStone Funds, a Delaware statutory trust ("the Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This Agreement pertains only to the series of the Trust that are listed on Schedule A (each, a "Fund" and collectively, the "Funds"), and the respective classes (each a "Class" and collectively, the "Classes"), which is attached hereto and is part of this Agreement. For the Classes of each Fund listed on Schedule A, this Agreement amends and supersedes the Expense Cap and Reimbursement Arrangement letter agreements with you dated May 1, 2022, on behalf of each Class of the Funds.

You hereby agree to pay, waive or assume, during the period from May 1, 2023 to April 30, 2024 ("Limitation Period"), operating expenses of each Class of each Fund, (excluding extraordinary expenses) ("Operating Expenses") which exceed, in the aggregate, the rate per annum of a Class' average daily net assets set forth on Schedule A for each Fund ("Expense Limitation").

Each Class of each Fund in turn agrees to reimburse you out of assets belonging to that Class of that Fund for any Operating Expenses of the Class in excess of the Expense Limitation paid, waived or assumed by you for that Fund during the Limitation Period, provided that you would not be entitled to reimbursement for any amount that would cause Operating Expenses to exceed the Expense Limitation in place on the date on which (1) you paid, waived or assumed the Operating Expenses, or (2) the reimbursement would be made, whichever is lower, and provided further that no amount will be reimbursed by a Class of that Fund more than three years after the year in which it was paid, waived or assumed by you. The Trust agrees to furnish or otherwise make available to you such copies of its financial statements, reports and other information relating to its business and affairs as you may, at any time or from time to time, reasonably request in connection with this Agreement.

You agree that you shall look only to the assets of the respective Class of each respective Fund for performance of this Agreement and for payment of any claim you may have hereunder, and neither any other series or class of the Trust, nor any of the Trust's trustees, officers, employees, agents or shareholders, whether past, present or future, shall be personally liable therefore.

This Agreement is made and to be performed principally in the State of Texas, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Texas. Any amendment to this Agreement shall be in writing signed by the parties hereto.

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If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

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| |
|:---|
| Very truly yours, |
| GUIDESTONE FUNDS, on behalf of the Funds, and their Classes, listed on Schedule A |
| Name: John R. Jones |
| Title: President |

---

---

| |
|:---|
| The foregoing agreement is hereby<br> accepted as of May 1, 2023.<sup>1</sup> |
| GUIDESTONE CAPITAL MANAGEMENT, LLC |
| Name: David S. Spika |
| Title: President and Chief Investment Officer |

---

------

<sup>1</sup> Original agreement dated September 30, 2018.

Amended and restated May 1, 2020.

Amended and restated May 1, 2021.

Amended and restated May 1, 2022.

Amended and restated May 1, 2023.

------

**SCHEDULE A** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Annual Expense Limitation**<br>**Investor Class** | **Annual Expense Limitation**<br>**Institutional Class** |
|  MyDestination 2015 Fund | 0.75% | 0.45% |
|  MyDestination 2025 Fund | 0.75% | 0.45% |
|  MyDestination 2035 Fund | 0.75% | 0.45% |
|  MyDestination 2045 Fund | 0.75% | 0.45% |
|  MyDestination 2055 Fund | 0.75% | 0.45% |

---

## Ex-99.(D)(43)

May 1, 2023

GuideStone Capital Management, LLC

5005 Lyndon B. Johnson Freeway

Suite 2200

Dallas, Texas 75244

**Re: Expense Cap Letter – Strategic Alternatives Fund and International Equity Index Fund** 

Dear GuideStone Capital Management, LLC:

GuideStone Funds, a Delaware statutory trust ("the Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). This Agreement pertains only to the series of the Trust that are listed on Schedule A (each, a "Fund" and together, the "Funds"), and the respective classes (each, a "Class" and collectively, the "Classes"), which is attached hereto and is part of this Agreement. For the Classes of each Fund listed on Schedule A, this Agreement amends and supersedes the Expense Cap and Reimbursement Arrangement letter agreement with you dated May 1, 2022, on behalf of each Class of the Funds.

You hereby agree to pay, waive or assume, during the period from May 1, 2023 to April 30, 2024 ("Limitation Period"), operating expenses of the Fund, without regard to any expense reductions realized through use of directed brokerage, (and excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses in connection with the short sales of securities) ("Operating Expenses") which exceed, in the aggregate, the rate per annum of a Class' average daily net assets set forth on Schedule A for the Fund ("Expense Limitation").

Each Class of the Fund in turn agrees to reimburse you out of assets belonging to that Class of the Fund for any Operating Expenses of the Class in excess of the Expense Limitation paid, waived or assumed by you for the Fund during the Limitation Period, provided that you would not be entitled to reimbursement for any amount that would cause Operating Expenses to exceed the Expense Limitation in place on the date on which (1) you paid, waived or assumed the Operating Expenses, or (2) the reimbursement would be made, whichever is lower, and provided further that no amount will be reimbursed by a Class of the Fund more than three years after the year in which it was paid, waived or assumed by you. The Trust agrees to furnish or otherwise make available to you such copies of its financial statements, reports and other information relating to its business and affairs as you may, at any time or from time to time, reasonably request in connection with this Agreement.

You agree that you shall look only to the assets of the respective Class of the Fund for performance of this Agreement and for payment of any claim you may have hereunder, and neither any other series or class of the Trust, nor any of the Trust's trustees, officers, employees, agents or shareholders, whether past, present or future, shall be personally liable therefore.

This Agreement is made and to be performed principally in the State of Texas, and except insofar as the 1940 Act or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Texas. Any amendment to this Agreement shall be in writing signed by the parties hereto.

------

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

---

| |
|:---|
| Very truly yours, |
| GUIDESTONE FUNDS, on behalf of the Funds, and their Classes, listed on Schedule A |
| <br> Name: John R. Jones |
| Title: President |

---

---

| |
|:---|
| The foregoing agreement is hereby accepted as of May 1, 2023.<sup>1</sup> |
| GUIDESTONE CAPITAL MANAGEMENT, LLC |
| <br> Name: David S. Spika |
| Title: President and Chief Investment Officer |

---

------

<sup>1</sup> Original agreement dated June 1, 2015, for the Institutional Class of the IEIF and amended and restated as of May 1, 2017, May 1, 2018, September 30, 2018, May 1, 2020 and May 1, 2021. Original agreement dated May 1, 2021, for the SAF.

Amended and restated May 1, 2022.

Amended and restated May 1, 2023.

------

**SCHEDULE A** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Annual Expense Limitation<br>Investor Class** | **Annual Expense Limitation<br>Institutional Class** |
|  Strategic Alternatives Fund | 1.44% | 1.12% |
|  International Equity Index Fund | 0.50% | 0.22% |

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## Ex-99.(H)(5)

**FOURTH AMENDMENT TO THE AMENDED AND RESTATED** 

**FUND ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT** 

**THIS FOURTH AMENDMENT** to the Amended and Restated Fund Administration and Accounting Services Agreement is entered into as of April 1, 2023 (this "<u>Amendment</u>") by and between **GUIDESTONE FUNDS**, a Delaware statutory trust (the "<u>Trust</u>") on behalf of each its separate series listed on Annex A to the Agreement (as defined below) (each, a "<u>Fund</u>" and, collectively, the "<u>Funds</u>") and **THE NORTHERN TRUST COMPANY** ("Northern"), an Illinois corporation.

**WHEREAS**, Northern provides certain services to the Trust pursuant to the Amended and Restated Fund Administration and Accounting Services Agreement, dated as of April 1, 2021 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Agreement"</u>); and

**WHEREAS**, as of the date hereof, the Trust and Northern wish to amend the Agreement to reflect the termination of the Post Trade Compliance Services (as defined in Schedule B of the Agreement).

**NOW THEREFORE**, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**1. DEFINITIONS; INTERPRETATION.** Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Agreement. The headings to the clauses of this Amendment shall not affect its interpretation.

**2. AMENDMENT.** Effective as of April 1, 2023, Schedule B (Regulatory and Fund Administration Services) is hereby amended by deleting the **Compliance Services** section in its entirety.

**3. GOVERNING LAW.** This Amendment shall be construed and the substantive provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

**4. WAIVER.** Northern hereby waives the requirement of section 13(b) of the Agreement that the Trust provide sixty (60) days' prior written notice to Northern before the Trust stops receiving the Compliance Services (as defined in Schedule B), and agrees that the date of termination of such services shall be March 31, 2023.

**5. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

**6. EFFECT OF AMENDMENT.** All other terms and conditions set forth in the Agreement shall remain unchanged and in full force and effect. On and after the date hereof, each reference to the Agreement in the Agreement and all schedules thereto shall mean and be a reference to the Agreement as amended by this Amendment.

[Signature Page Follows]

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.

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| | |
|:---|:---|
| GUIDESTONE FUNDS | GUIDESTONE FUNDS |
| By: |  |
| Name: | Patrick R. Pattison |
| Title: | Vice President and Treasurer |
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: |  |
| Name: |  |
| Title: |  |

---

## Ex-99.(P)(2)

------

------

**CODE OF ETHICS AND CONDUCT** 

**BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC** 

**AND** 

**BH CREDIT MANAGEMENT LLC** 

------

![LOGO](g456053dsp93a.jpg)

------

**CODE OF ETHICS AND CONDUCT** 

**Table of Contents** 

---

| | | |
|:---|:---|:---|
| Introduction | Introduction | 1 |
| Definitions | Definitions | 2 |
| I. | Policy for Possession of Material Non-Public Information ("MNPI") | 6 |
| II. | Duty of Confidentiality | 8 |
| III. | Procedures for Access Persons | 9 |
| IV. | Exempted Transactions | 13 |
| V. | Compliance Procedures | 13 |
| VI. | CCO's Authority and Duties | 18 |
| VII. | Reporting of Violations | 18 |
| VIII. | Reporting to the Board of Managers | 18 |
| IX. | Sanctions | 19 |
| X. | Retention of Records | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Exhibits |  |  |  |  |
|  | *Initial Report of Access Persons* | | *Exhibit A* | |
|  | *Annual Report of Access Persons* | | *Exhibit B* | |
|  | *Quarterly Transactions Report of Access Persons* | | *Exhibit C* | |
|  | *Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons* | | *Exhibit D* | |
|  | *Personal Political Contribution Pre-Clearance Form of Access Persons* | | *Exhibit E* | |
|  | *List of Reportable Funds of Access Persons* | | *Exhibit F* | |

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![LOGO](g456053dsp93a.jpg)

i

------

**<u>Introduction</u>** 

Barrow Hanley Global Investors ("Barrow Hanley" or "the Firm") has adopted this *Code of Ethics and Conduct* ("Code") in its current form in compliance with the requirements of Section 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Section 17(j) of the Investment Company Act of 1940. This Code was last amended on December 31, 2021. The Code requires the Firm's Access Persons to comply with the federal securities laws and the Firm's policies and procedures, sets standards of business conduct required of the Firm's supervised persons, and addresses conflicts that arise from personal transactions and other activity by Access Persons. The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards by the Firm and its Access Persons. As a fiduciary, the Firm and its employees: (i) have the responsibility to render professional, continuous, and unbiased investment advice, (ii) owe its clients a duty of honesty, good faith, and fair dealing, (iii) must act at all times in the best interests of clients, and (iv) must avoid or disclose conflicts of interest.

A. Barrow Hanley's *Code of Ethics and Conduct* is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Set standards for ethical conduct based on the fundamental principles of openness, integrity, honesty, and
trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Protect the Firm's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Educate employees regarding the Firm's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Remind employees that they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Protect the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Guard against violations of the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Establish procedures for employees to monitor the Firm's business and uphold its ethical principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Discourage excessive risk-taking in employees' personal investments and/or in a client's account.

B. This *Code of Ethics and Conduct* is based upon the principle that the directors, officers, and employees
of the Firm owe a fiduciary duty to the Firm's clients to conduct their affairs, including their personal transactions, in such a manner as to avoid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Serving their own personal interests ahead of a client's interest;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Taking inappropriate advantage of their position with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Actual or potential conflicts of interest; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Abuse of their position of trust and responsibility.

C. As a fiduciary, employees should avoid conflicts of interest where possible. This Code requires disclosure and
reporting of any unavoidable conflicts of interest.

D. This Code is designed to implement controls that discourage employees from taking excessive risk in a
client's account and/or in the employee's personal investments and Reportable Account(s).

E. Barrow Hanley's fiduciary duty includes the duty of the Chief Compliance Officer ("CCO") of the
Firm to maintain, monitor, and enforce the Code, periodically review and amend the Code, and to report material violations of the Code to the Firm's Board of Managers and clients.

F. This Code contains requirements necessary to prevent Access Persons from violating the Firm's standards
and procedures designed to prevent violations of the Code. Each Access Person at the commencement of their employment must certify to their understanding of the Code's requirements and acknowledge to abide by all of the Code's provisions
and prohibitions. Each Access Person must re-certify their understanding and acknowledgement of the Code annually, and any time the Code is amended.

**<u>Definitions</u>** 

The following terms are used throughout this Code and are defined here to describe and explain their use and purpose for the Code's provisions and prohibitions.

A. **"Access Person *"*** **  means supervised persons of the Firm including any
director, officer, general partner, Advisory Person, Investment Personnel, Portfolio Manager, or employee of the Firm. The CCO may, in her discretion, designate other individuals (e.g., consultants, interns and temporary employees) that have access
to client information as Access Persons of the Firm. The CCO may exempt certain Access Person(s) and/or Members of its Board of Managers from certain provisions and prohibitions of this Code who are subject to another code of ethics that has been
approved by the CCO.

B.  ***"* Advisory Person *"*** means any person in a Control relationship to
the Firm who obtains information concerning recommendations made to the Firm with regard to the purchase or sale of a security by the Firm.

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C. "**Affiliate" or "Affiliated Company**" means a company which is an affiliate of the
Firm through a corporate relationship, including the Firm's parent company, Perpetual Limited ("Perpetual") (ASX ticker: PPT).

D. **"Beneficial Ownership"** means any person who, directly or indirectly, through any contract,
arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect beneficial interest in a Reportable Security. Such relationships may include but are not limited to an employee's spouse, children, parents, guardians,
or person for whom the employee has control or owes a duty of care.

E. **"Black-out Period"** means the time period designated by
the CCO whereby an Access Person and/or Family Members must not trade a Reportable Security, see Trading Restriction for Access Persons, Section III.D., page 13.

F. **"Business Entertainment**" means an Access Person's participation, whether as a
guest or host, in lunches, dinners, cocktail parties, sporting activities or similar business gatherings conducted for business purposes. Business Entertainment is not a Gift.

G. **"Control"** means the power to exercise a controlling influence over the management or policies
of a company or person unless such power is solely the result of an official position with such company. Any Person or entity who owns beneficially, either directly or through one or more controlled companies or relationships, more than 25% of the
voting securities of a company shall generally be presumed to control such company. Any Person who does not own more than 25% of the voting securities of any company shall not be presumed to control such company.

H. **"Covered Associate"** means any general partner, managing member, executive officer, or other
individual with a similar status or function, any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee.

I. **"Direct Beneficial Interest"** means a Person has a direct interest as an owner of something or
receives a direct benefit from an investment in a Reportable Security. A direct benefit may derive from an indirect interest in, among other things, something owned by a Person's spouse, domestic partner, or Family Trust.

J. **"Family Member"** means an Access Person's spouse, domestic partner, minor children, and
relatives by blood or marriage living in the same household as the Access Person.

K. **"Gift"** means cash or any item of value.

L. **"Government Entity"** means any state or local government agency, authority, or instrumentality
of a state or local government, any pool of assets sponsored by a state or local government (i.e., defined benefit pension plan, separate account or general fund), and any participant-directed government plan.

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M. **"Indirect Beneficial Interest"** means a Person, who is not an owner, receives an indirect
benefit from an investment in a Reportable Security. An Indirect Beneficial Interest may be derived from any number of sources, as noted above.

N. **"Investment Personnel"** means: any Portfolio Manager of the Firm, Research Analysts, Traders,
Client Portfolio Managers, and other personnel who provide information and advice to the Portfolio Manager, or who help execute the Portfolio Manager's investment selection.

O. "**Managed Fund**" means any Reportable Fund for which the Firm serves as an Investment Adviser or Sub-Adviser. A list of Managed Funds is attached as Exhibit F, and is available on StarCompliance, or from the Compliance Department.

P. **"Person"** means any Person or company.

Q. **"Political Action Committee" or "PAC"** means an organization whose purpose is to
solicit and make Political Contributions.

R. **"Political Contribution"** means any Gift, subscription, loan, advance, or deposit of money
(such as gift certificates or merchandise), or anything of value given to a candidate or PAC for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The purpose of influencing any election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The payment of debt incurred in connection with any such election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transition or inaugural expenses of the successful candidate for office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinating contributions through bundling or facilitating the contributions of other persons or PACs,
including acting as a host to solicit contributions.

Examples of contributions include, (i) the cost of attending or hosting fundraising events; (ii) payments to bond ballot campaigns; (iii) expenses incurred in connection with fundraising; or (iv) expenses incurred from other volunteer activities (e.g., hosting a reception).

S. **"Political Fundraising Activities"** include, but are not limited to, the following activities
on behalf of a state or local candidate or official:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Coordinating contributions (generally, bundling, pooling, or otherwise facilitating the contributions made by
other persons, including hosting events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Soliciting contributions (generally, communicating, directly or indirectly, for the purpose of obtaining or
arranging a Political Contribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Directing fundraising efforts.

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T. **"Portfolio Directional Trade"** means a trade directed by a Portfolio Manager intended to
increase or decrease a security's investment weighting in a client's account. This is a separate type of trade from a trade required to satisfy a client's cash-flow request.

U. **"Portfolio Manager"** means an employee of the Firm entrusted with the direct responsibility and
authority to make investment selection decisions for a client's account.

V. "**Reportable Account**" means any account maintained with a bank, broker, or other entity in
which an Access Person or Family Member owns Reportable Securities or has the ability to transact in Reportable Securities or has discretion over trading Reportable Securities on behalf of another.

W. "**Reportable Fund**" means any Fund or Trust where the Firm or an Affiliate acts as the
investment adviser, sub-adviser or principal underwriter for the fund.

X. **"Reportable Security"** means a Security that is subject to the requirements of this Code,
including any note, stock, treasury stock, corporate or municipal bond, foreign government bond, debenture, exchange-traded fund ("ETF"), evidence of indebtedness, bank loan, certificate of interest or participation in any profit-sharing
agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional
undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, future, swap, convertible, or privilege on any security, group, or index of Reportable Securities on a national securities exchange, relating to foreign
currency, or, in general, any interest or instrument commonly known as a security, or instrument for trading speculation, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant
or right to subscribe to or purchase, any of the foregoing, Reportable Fund, Managed Fund, limited offering or partnership, bank loan for the purpose of investing, private placement, or hedge fund investment.  ***Reportable Security does not mean*** direct obligations of the Government of the United States, high quality short-term debt instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, crypto currencies and other
blockchain technologies, and shares issued by mutual funds that are not Reportable Funds.

Y. **"Solicit a Government Entity for Investment Advisory Services"** means a direct or indirect
communication with a state or local Government Entity for the purpose of obtaining or retaining investment advisory services business including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Leading, participating in, or attending a sales/solicitation meeting with a state or local Government Entity,
such as a government pension plan or general fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Otherwise holding oneself out as part of the Barrow Hanley's representative or sales/solicitation effort
with a state or local Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Signing a submission to an RFP in connection with Barrow Hanley's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Making introductions between government officials and Barrow Hanley.

Z. **"State or Local Official(s)"** means any person, including any election committee for such
person, who was, at the time of a Political Contribution, an official, incumbent, candidate, or successful candidate for elective office of a state or local government, including, but not limited to, any state or local agency, authority, or
instrumentality, limited exceptions may apply depending on the nature of the office, as identified by the Firm's CCO.

**<u>I.</u>**  **<u>Policy for Possession of Material Non-Public Information ("MNPI")</u>** 

The Firm's Policy for possession of material non-public information applies to every Person subject to this Code, including Access Persons and their Family Members, and extends to his/her activities within and outside of his/her duties at the Firm. Any questions regarding this policy and procedures should be referred to the Firm's CCO.

A. In compliance with Section 204A of the Advisers Act, the Firm forbids any officer, director, Access Person
or Family Member, from acting on and/or trading, either personally, on behalf of clients, or others, including accounts managed by the Firm, on material non-public information, or communicating material non-public information to others in violation of the law, frequently referred to as "insider trading".

B. The term "material non-public information" means information
that is material to a company, a government policy, or other regulatory entity or policy that is not known to the public and is material to the value of such company, or related industry or entity, and if made public would affect the value of such
company's shares, or impact the investment market(s), and investments of a Person, or client.

C. The term "insider trading" is not defined in the federal securities laws, but generally is used to
refer to the use of material non-public information to trade in Securities (whether or not one is an "insider"), or to communicate material non-public information to others. The term "insider information" includes non-public facts about a publicly traded company that may be used to a Person's financial advantage when trading shares of the
Company and includes information about the firm's securities recommendation(s), and client holdings and transactions. While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by a Person while in possession of material non-public information, (i) whether the Person is an insider or not; (ii) whether the information was disclosed to the Person in violation of an insider's duty to keep it confidential; whether the information was misappropriated or received
inadvertently; or whether the trade was profitable or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Communicating material non-public information to others in a breach of
fiduciary duty, or for another's intent to trade on the information.

D. Information is material if or when there is a substantial likelihood that a reasonable investor would consider
it important in making his/her investment decisions(s), or information that is reasonably certain to have a substantial effect on the price of a company's securities (shares or bonds) whether it is determined factual or a rumor. Information
that a Person subject to this Code should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major
litigation, debt service and liquidation problems, extraordinary management developments, write-downs or write-offs of assets, additions to reserves for bad debts, new product/services announcements, criminal, civil, and government investigations
and indictments. Material information does not have to relate to a company's business. For example, material information about the contents of any upcoming press release, media column, or blog that may affect the price of a security, and
therefore, may be considered material. Disclosure of a mutual fund client's trades or holdings, or any client's holdings that are not publicly available, may be considered material information and must be kept confidential. All employees
of Barrow Hanley are subject to this Policy and to the *Duty of Confidentiality* of this Code.

E. Information is non-public until it has been effectively communicated to
the marketplace. A Person must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in the media, internet, or other publications of general
circulation would be considered public. A Person should be particularly careful with information received from contacts at public companies or received through their position with Barrow Hanley.

F. Each Person must consider the following before trading for themselves or others in the Reportable Securities of
a company about which that Person has potential inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor would consider important in making his/her
investment decisions? Is this information that would affect the market price of the Reportable Security if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information non-public? To whom has this information been
provided? Has the information been effectively communicated to the marketplace?

G. The role of the Firm's CCO is critical to the implementation and maintenance of the Firm's policy and
procedures against insider trading. If, after consideration of the above, a Person believes that the information is material and non-public, or if a Person has questions as to whether the information is
material and non-public, that Person should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to the Firm's CCO. After the CCO has reviewed the issue, a determination
will be made as to trading or restricting the security, and the employee will be instructed to continue the prohibition against communication or will be allowed to trade and communicate the information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the securities on behalf of him/herself or others. The Firm may determine to restrict
trading in the security for Access Persons, for the clients' portfolios or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information to anyone inside or outside the Firm, other than to the Firm's CCO as
required under this Policy.

H. The CCO may communicate potential insider information to outside counsel and compliance/legal personnel at
Perpetual, for consultative purposes. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer
files containing material non-public information should be restricted. The CCO will review and appropriately document each circumstance where the possibility of insider information has been reported. Further
actions to restrict trading in the security, to release a restriction against trading, or to limit trading, are based on the facts and circumstances of the information.

**<u>II.</u>**  **<u>Duty of Confidentiality</u>** 

Any Person subject to this Code must keep confidential at all times any non-public information they may obtain in the course of their employment at the Firm. This information includes but is not limited to:

A. Information about a client's account, including account holdings, recent or pending securities
transactions, investment recommendations, and/or activities of the Portfolio Managers and Research Analysts for clients' accounts;

B. Information about the Firm's clients and prospective clients' investments and account transactions;

C. Information about the Firm's personnel, including private personally identifiable information (PII), pay,
salary, bonus, equity interest, benefits, position level, performance rating, discipline history, non-business information obtained in the course of the employee's job, and other things; and

D. Information about the Firm's financial information, business activities, including new investment
strategies, services, products, technologies, business initiatives, client gains/losses, and negotiated fee details.

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The Firm's personnel have the highest fiduciary obligation to keep confidential information relating to Perpetual to any party that does not have a clear and compelling need to know such information, and to safeguard all confidential information about the Firm and its clients. Barrow Hanley's *Privacy Policy* for safeguarding clients' personal information, account information, and transactions is provided in the Firm's *Compliance Policies and Procedures*. The information for data security and systems are provided in the Firm's *IT Security Policies and Procedures*.

Nothing in this Code precludes any Access Person from contacting, filing a complaint with, providing information to, or cooperating with an investigation conducted by the U.S. Securities and Exchange Commission or any other governmental agency.

**<u>III.</u>**  **<u>Procedures for Access Persons</u>** 

In an effort to comply with federal securities regulations and the high standards Barrow Hanley has set to avoid potential conflicts of interest, the following procedures have been adopted:

**Who Must Comply with these Procedures?** 

All employees of Barrow Hanley and their Family Members are subject to, and must comply with, the requirements of this Code. (In general, you must report all securities-related accounts for yourself, household members, and/or any person whose investments you may direct, see Section B., *Personal Trading Procedures for Access Persons and Family Members,* below.) In addition to employees, under certain circumstances, other individuals who work for or with Barrow Hanley may also be required to comply with this Code (e.g., interns, temporary workers, and consultants). A member of Barrow Hanley's Compliance team will notify such individuals when, and if, they are required to comply. 

A. **General Procedures for Access Persons.** As defined by this Code, all employees of the Firm are identified
as Access Persons and are subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Restriction on Accepting and Giving Gifts of More than *de Minimis* Value.** Without pre-approval of the CCO, Access Persons are restricted from accepting or giving any Gift(s) of more than *de minimis* value under this Code from/to any Person or entity/organization when the Gift(s) is related
to conducting the Firm's business. Gifts must be reported monthly, or at the time a Gift is accepted or given. Reports should be made in StarCompliance or the Gift and Entertainment Form available on the Firm's shared file network at: <u>S:\BHMS Shared\Compliance\Forms</u> 

Questions about this Gift policy should be directed to the CCO. A Gift does not include Business Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The *de minimis* amount for accepting a Gift(s) is USD $100 (in total) per Person and is considered to be
the annual receipt of Gift(s) from the same source valued at up to USD $100;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The *de minimis* amount for Gift(s) giving by the Firm or its employees is USD $250 (in total) per Person,
and is considered to be the annual giving of Gift(s) to the same Person valued at up to USD $250;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. ERISA and Taft Hartley regulations have specific limitations for Gifts and Entertainment and reporting
requirements when Gifts are given. To ensure proper reporting the CCO should be notified when an employee intends to give a Gift to an ERISA or Taft Hartley client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Reporting Business Entertainment.** Access Persons, whether the employee is the provider or participant,
must report *Business Entertainment* activity monthly, or at the time it occurs. Extravagant or excessive entertainment is prohibited. Questions about what may be considered extravagant or excessive should be directed to the CCO. Any exceptions
to this policy must be approved by the CCO. *Business Entertainment* should be reported in StarCompliance or on the Gift and Entertainment Form available on the Firm's shared file network at: <u>S:\BHMS_Shared\Compliance\Forms</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Prohibition on Service as a Director or Public Official.** Due to the obvious conflict of interest, Access
Persons, including Investment Personnel, are prohibited from serving on the board of directors of any publicly traded company, or for-profit company, without prior authorization of the Firm's CCO. Any
such authorization shall be based upon a determination that the board service would be consistent with and not detract from the interests of the Firm's clients. Authorization of board service shall be subject to a review of such service and
implementation of procedures to identify and isolate such a Person from making decisions about investments or trading in that company's securities, or advising about investing the company's assets, and adequate disclosure of any conflicts
of interest must be provided to the CCO and may be disclosed in the Firm's Form ADV, and/or other documentation.

B. **Personal Trading Procedures for Access Persons and Family Members.** The policies of this Code apply to
all employees of the Firm identified as Access Persons and the procedures extend to accounts of which the Access Person is the beneficial owner, or accounts in which he/she has any financial interest, or ability to exercise control or influence over
its investments or trading. The procedures <u>also</u> extend to any account belonging to immediate Family Members (including any relative by blood or marriage) living in the Access Person's household or dependent on the Access Person for
financial support. Thus, a Person subject to this Code is required to abide by the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prohibition on Initial Public Offerings ("IPO").** Persons subject to this Code are prohibited
from acquiring securities in an initial public offering or secondary offerings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Prohibition on Initial Coin Offerings ("ICO").** Persons subject to this Code are prohibited
from securities transactions involving an initial coin offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Restriction on Private Placements.** Persons subject to this Code are restricted from acquiring securities
in a private placement without prior approval from the Firm's CCO. In the event that an Access Person receives approval to purchase securities in a private placement, the Access Person must disclose that investment if/when the company intends
to offer shares to the public in an IPO and/or if he/she plays any part in the Firm's later consideration of an investment in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Prohibition on purchasing Perpetual securities.** Persons subject to this Code are prohibited from
acquiring securities issued by the Firm's parent company, Perpetual Limited (ASX ticker: PPT), or any publicly traded securities of other related or Affiliated Company(s) in their own account or in a client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Restriction on Options, Swaps, Futures, or Derivatives.** Persons subject to this Code are restricted from
purchasing or selling any option, swap, future, or derivative on any Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Prohibition on Naked Options.** Persons subject to this Code are prohibited from trading Options, Swaps,
Futures or Derivatives on any Security or instrument that the Access Person does not have previously set-aside shares, Securities, or cash to fulfill the obligation of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Prohibition on Short-selling.** Persons subject to this Code are prohibited from selling any Security that
the Access Person does not own, or otherwise engaging in "short-selling" activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Prohibition on Short-term Trading Profits.** Persons subject to this Code are prohibited from profiting in
the purchase and sale, or sale and purchase, of the same (or related) Reportable Securities within 60 calendar days. Profits realized on such short-term trades are generally subject to disgorgement, as determined by the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Prohibition on Short-term Trading of Managed Funds.** Persons subject to this Code are prohibited from
short-term trading of any Managed Fund shares. For the purpose of this Code, short-term trading is defined as a purchase and redemption/sell of a Managed Fund's shares within 30 calendar days. This prohibition does not cover purchases and
redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) purchases effected on a regular periodic basis by automated means, such as 401(k) purchases, or Voluntary Deferral Plan "VDP" contributions
("automated means" are pre-selected investment allocations; 401(k) or VDP trades that are not automated are subject to at least a 30-day holding period).

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C. **Political Contribution and Charitable Contribution Procedures for Access Persons and Family Members.** The
Firm is prohibited from making political contributions. Employees of Barrow Hanley are prohibited from making Political Contributions in the name of the Firm. As defined by this Code, all employees of the Firm are identified as Access Persons
and are subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Personal Political Contributions to Candidates.** All Access Persons and their Family Members are limited
in the amount of any political contribution to any state or local office holder or candidate to the following: (i) if the Access Person or their Family Member is Eligible to Vote for such candidate, contributions are limited to the *di minimus* amount of USD $350; (ii) if the Access Person or their Family Member is not entitled to vote for such candidate, contributions are limited to the *di minimus* amount of USD $150. Certain exceptions to this policy based on the Pay-to-Play Rule may be permitted by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Pre-Clearance of Personal Political Contributions and Fundraising Activities.** All Access Persons and their Family Members must obtain approval in advance from the CCO before: (i) making any Political Contribution to any state, or local candidate, or official running for state or local office, or candidate
for a federal office who is currently a State or Local Official, and (ii) participating in any Political Fundraising Activities. Political Contributions and Political Fundraising Activity will be approved on a case-by-case basis. Pre-clearance should be obtained prior to making a Political Contribution or participating in a Political Fundraising Activity by completing and
submitting a Personal Political Contribution Pre-Clearance Form for fundraising activity in StarCompliance or Exhibit E. The CCO will review each request to determine whether the Political Contribution or
Political Fundraising Activity is permitted under applicable law and is consistent with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Prohibition on Certain Political Contributions.** Access Persons may not make personal Political
Contributions for the purpose of obtaining or retaining advisory contracts with government entities, clients, or for any other business-related purpose. Access Persons also may not consider any of the Firm's current or anticipated business
relationships as a factor in soliciting or making Political Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Prohibition on Certain Charitable Contributions.** Access Persons may not consider any of the Firm's
current or anticipated business relationships as a factor in soliciting or making charitable contributions and may not make charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities or clients.
The Firm may make charitable contributions as part of its formal charitable efforts and not for the purpose of obtaining or retaining advisory contracts with government entities or clients and must be made in the name of Barrow Hanley and payable
directly to the tax-exempt charitable organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Indirect Action by an Access Person.** Access Persons are prohibited from doing anything indirectly that,
if done directly, would result in a violation of applicable law or this policy. For example, it is a violation of this policy for an Access Person to direct someone on their behalf to make a Political Contribution in excess of applicable limits.

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D. **Trading Restriction for Access Persons and Family Members on the Same Day as a Portfolio Directional Trade.** Access Persons and Family Members are restricted from purchasing or selling any Reportable Security on the same day the Firm executes a Portfolio Directional Trade in that same security for a client account. Reasonable exceptions may be
granted by the CCO when the trade does not appear to affect or harm any client.

**<u>IV.</u>**  **<u>Exempted Transactions</u>** 

Certain prohibitions and restrictions for Access Persons and Family Members in Section III., B. and D. above, do not apply to:

A. Purchases or sales of a Reportable Security made on the same day that a cash flow trade is executed in that
same security for a client account, as determined and authorized by the Firm's CCO or her representative;

B. Purchases which are part of an automatic dividend reinvestment plan, or an automatic investment plan, or
automated means of 401(k) purchases, or VDP contributions;

C. Purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its Reportable Securities, to the extent such rights were acquired from such issuer; or sales of such rights so acquired, or sales occurring simultaneously with the
exercise of such rights;

D. Purchases and sales in shares of unaffiliated mutual funds, or ETFs or Options on ETFs. Holdings in
unaffiliated mutual funds, ETFs and Options on ETFs must be reported annually, and transactions must be reported quarterly; however, generally trades in unaffiliated mutual funds, ETFs, and Options on ETFs do not require pre-clearance and are exempt from the 60-day holding for realizing a profit. Exceptions to this exemption may apply when an ETF is purchased for a client's account;

E. In addition to the above exemptions, the CCO may make exceptions to the restrictions imposed upon persons
subject to the Code on a case-by-case basis, as deemed appropriate by the CCO, and which appear upon inquiry and investigation to present no reasonable likelihood of
harm to any client.

**<u>V.</u>**  **<u>Compliance Procedures</u>** 

All access persons are subject to the following procedures:

A. **StarCompliance Application.** Access Persons should use the StarCompliance Application for pre-clearance and reporting requirements under this Code. Certain transactions may require written pre-clearance and reporting on Reports identified as Code Exhibits A, B, C,
D, or E, and these forms are available on the Firm's shared drive at: <u>S:\BHMS Shared\Compliance\Policies.</u> 

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B. **Records of Reportable Securities Transactions**. Access Persons must notify the Firm's CCO if they or
a Family Member have opened a Reportable Account during the quarter. Access Persons must direct their brokers to report into StarCompliance via a data feed or provide the Firm's CCO with duplicate brokerage confirmations of their Reportable
Securities transactions and duplicate statements of their Reportable Account(s).

C. **Pre-Clearance of Reportable Securities Transactions.** Access
Persons and Family Members must receive prior approval from a designated member of compliance, before purchasing or selling Reportable Securities. Exclusions to this are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Managed Funds in the Firm's 401K Plan or VDP Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exchange Traded Funds (ETFs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases and sales over which a Person subject to the Code has no direct or indirect influence or control,
such as automatic investments in 401K or VDP accounts, Family Trust Funds, or other accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases or sales pursuant to an automatic action under an automated investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired or sales occurring simultaneously with the exercise of such rights, acquisition of securities through stock dividends, dividend
reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations, or distributions generally applicable to all holders of the same class of securities;

D. **Open-End Investment Company Shares Other Than Managed Funds.** This Code provides a limited exception on Reportable Securities from pre-clearance and short-term trading profit requirements; securities under this exception include ETFs. (Reportable Funds must be held 30
days).

E. **Pre-Clearance for Reportable Securities is Valid for That Trading Day.** Personal Reportable Securities transactions should be pre-cleared using the StarCompliance or Exhibit D, *Personal Reportable Securities Transaction(s) Pre-Clearance Form*. The CCO or another authorized member of the compliance team may approve transactions which appear upon inquiry and investigation to present no reasonable likelihood of harm to any
client. Exceptions to this requirement may include the CCO's approval of a pre-clearance request(s) for a calendar week for trades in Reportable Securities that are not held in a client's account, do
not fit the Firm's investment strategies, and are thinly traded such that a trade order will not likely be filled on the day of the pre-clearance.

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F. **Pre-Clearance of Any Transaction in a Managed Fund.** All Access
Persons and Family Members must receive prior written approval from a designated member of compliance before purchasing or selling any Managed Fund. Pre-clearance for Managed Funds is valid for that trading
day. This pre-clearance requirement does not cover purchases and redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) effected on a regular periodic basis by
automated means, such as 401(k) purchases and VDP transactions, or (iii) 401(k) investment reallocation.

G. **Disclosure of Personal Holdings, and Certification of Compliance with the Code of Ethics and Conduct.** All Access Persons must disclose to the Firm's CCO all personal Reportable Securities holdings at commencement of employment, and annually thereafter as of December 31. Every Access Person must certify on Exhibit A, *Initial Report of Access Persons*, or Exhibit B, *Annual Report of Access Persons*, or through StarCompliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The employee recognizes that he/she and family member(s) is subject to all provisions and prohibitions of this
Code, and has read, understands, and will follow the Code's requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The employee and family member(s) have complied with the requirements of this Code, and have reported all
personal Reportable Securities, Reportable Accounts, holdings in Managed Funds, and Personal Transactions; **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Initial holdings report must be made within ten days of hire.

H. **Reporting Requirements.** The CCO of the Firm will notify each Access Person that he/she is subject to
these reporting requirements, will deliver a copy of this Code to each Access Person prior to, or upon, their date of employment, and at any time the Code is amended, and will train each Access Person on appropriate compliance matters. A member of
the compliance team will train employees to use StarCompliance for personal reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reportable Securities managed by a third-party in a discretionary advisory account are subject to the annual
reporting requirements contained in this Section and are excluded from certain other provisions and prohibitions of the Code. (IPOs and private placements are not excluded.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reports, personal trades and holdings, and other information submitted pursuant to this Code shall be reviewed
periodically by the CCO, kept confidential, and when necessary, provided to the CEO of the Firm, Perpetual, the Firm's legal counsel, regulatory authorities, or auditors upon appropriate request. The designated backup to the CCO is responsible
for reviewing and monitoring the personal securities transactions of the CCO, and for assuming the responsibilities of the CCO in her absence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Every Access Person must report to the CCO all Reportable Accounts currently open at the time of his/her
initial employment, and any new Reportable Account (this includes any account belonging to Family Members) opened, including the name of the bank or brokerage, the account number, and date the account was opened, and must disclose the new Reportable
Account with his/her quarterly transaction report. Information reported in StarCompliance or on Exhibit A must be current within at least 45 days of the date of his/her employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Every Access Person must report to the CCO of the Firm any/all Reportable Account(s) and any/all personal
Securities holdings (this includes any account(s) or holdings belonging to Family Members) at the time of his/her initial employment with the Firm. A report must be made through StarCompliance or the designated form, Exhibit A, *Initial Report of Access Persons*, with account statements attached containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Name and principal amount of the Reportable Security, ticker or cusip, share quantity, bond quantity, interest
rate, and/or maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Name and account number of the Reportable Account where the Reportable Security is held;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Name of any broker, dealer, or bank with which the Access Person maintains an account in which any Reportable
Securities are held for the Access Person's direct or indirect benefit (account statements may be attached); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Every Access Person must report to the CCO of the Firm the information described in Paragraph 4 of this Section
with respect to transactions in any Reportable Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Quarterly transaction reports must be made no later than thirty days after the end of the calendar quarter in
which the transaction was executed. Every Access Person is required to submit a report for all periods, including those periods in which no Reportable Securities transactions were executed. A report should be made through StarCompliance, or the
designated form, Exhibit C, *Quarterly Report of Access Persons*, account statements may be attached to the form for reporting purposes, containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Reportable Security name, ticker and/or cusip, interest rate, maturity date, the share quantity, bond
quantity, and the principal amount of each Reportable Security transacted;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price at which the transaction was executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through whom the transaction was executed. Trade confirmations
of all personal transactions and copies of periodic Reportable Account statements may be attached to Exhibit C to fulfill the reporting requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The name of the broker, dealer, or bank with whom the Access Person established a new Reportable Account during
the period and the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The date of the transaction(s) and, if different, the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Every Access Person must report to the CCO all Political Contributions (this includes contributions made by
Family Members) described in Section III.C. of this Code, *Restrictions for Access Persons*. made during the quarter. A report should be made using StarCompliance or Exhibit E, *Political Contribution Pre-Clearance Form*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Every Access Person should report Gifts accepted or given, and/or Business Entertainment as a provider or
participant, using StarCompliance or the *Gift & Entertainment Report*. Gifts and Entertainment must be reported monthly or upon each occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A member of the compliance team or the CCO shall periodically review the reports provided by the Firm's
Access Persons. Review will include personal transactions and brokerage activity in StarCompliance, personal brokerage statements and holdings, and Political Contributions, among other things.

I. **Conflict of Interest.** Every Access Person must notify the CCO of any personal conflict of interest
relationship which may involve the Firm's clients, such as the existence of any economic relationship between their transactions and Reportable Securities held or to be acquired by any client's account. Such notification shall occur in the pre-clearance process or immediately upon becoming aware of the conflict.

J. The CCO must implement and enforce this Code, maintain copies of the Code, keep records of Code violations, and
maintain records of Access Persons' reports as required by the Code.

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K. A designated member of the firm serves as the backup to the Chief Compliance Officer. The designated member
reviews and signs-off on the CCO's personal reports required under the Code and Compliance Manual. Other compliance personnel may be designated to perform certain functions of the CCO. In the absence of
the CCO, the designated backup to the CCO may perform all duties of the CCO as defined in the Code and must report to the CCO any disclosed conflicts or violations that may have occurred in her absence.

**<u>VI.</u>**  **<u>CCO's Authority and Duties</u>** 

The Firm's CCO has a fiduciary duty to the Firm's clients and to Barrow Hanley and is responsible for enforcing and monitoring this Code. The CCO is authorized to grant reasonable exceptions to the provisions and prohibitions of this Code, as permitted by law, and when such exceptions do not conflict with a client's interests.

**<u>VII.</u>**  **<u>Reporting of Violations</u>** 

A. Any Access Person of the Firm who becomes aware of a violation of (i) this *Code of Ethics and Conduct*, (ii) the *Compliance Policies and Procedures,* (iii) the *Governing Policies*, (iv) the *IT Security Policies & Procedures*, or (v) any other internal policies or procedures,
must promptly report such violation to the Firm's CCO or the CEO. This reporting requirement includes self-reporting when an employee discovers he/she has violated an internal policy.

B. The Firm's CCO must report to the Firm's Board of Managers all material violations of this Code, the *Compliance Policies and Procedures*, the *Governing Policies*, or other internal controls. Material violations may be reported to the CCO of any Managed Fund client, as required.

C. The CCO and CEO will consider reports made to the Board and determine what sanctions, if any, should be
imposed.

**<u>VIII.</u>**  **<u>Reporting to the Board of Managers</u>** 

Upon request, the Firm's CCO will prepare an annual report relating to this Code to the Boards of Managed Funds. Such annual report will:

A. Summarize existing procedures concerning personal investing and any changes in the procedures made during the
past year;

B. Identify any violations requiring significant remedial action during the past year; and

C. Identify any recommended changes in the existing restrictions or procedures based upon the Firm's
experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

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**<u>IX.</u>**  **<u>Sanctions</u>** 

This Code provides disciplinary measures for violations, as follows:

A. Upon discovering a violation of this Code by an Access Person or Family Member, the CCO may impose sanctions as
deemed appropriate, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disgorgement: The Firm generally requires that profits realized on transactions made in violation of the
Code's procedures be disgorged. A charity shall be selected by the Firm to receive any disgorged or relinquished amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Extended Holding Period: Any security purchased during the black-out period may be prohibited from being sold for six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unwinding the transaction: Purchases or sales made during a black-out period may be required to be reversed and any profit may be disgorged.

B. The Pay-to-Play Rule imposes a two-year ban on an adviser's ability to receive compensation for advisory services if the Firm or certain of its Covered Associates makes certain Political Contributions to a State or Local Official over the *de minimus* amount.

C. For sanctions imposed, a memo of correction, suspension, or termination of employment will be retained
according to the Code's records retention requirement. This includes violations committed by a Family Member.

**<u>X.</u>**  **<u>Retention of Records</u>** 

This Code and the Firm's *Compliance Policies and Procedures* require all books and records related to this Code to be retained, including:

A. **Code of Ethics and Conduct Records**. This Code (and prior versions in effect during the past seven
years), a copy of the reports made by each Access Person, each memorandum made by the Firm's CCO, and a record of any violation and actions taken as a result of such violation, must be maintained by the Firm for a minimum of seven years.

B. **Political Contribution Records**. A list of: (i) all Access Persons; (ii) all government
entities to which the Firm provides or has provided investment advisory services or which are or were investors in any covered investment pool to which the Firm has provided services in the past five years; (iii) all direct or indirect
Political Contributions made by any Access Person to an official of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC; and (iv) the name and business address of
each regulated Person to whom the Firm provides or agrees to provide, directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf. Records relating to Political Contributions must be listed in
chronological order and must indicate: (i) the name and title of each contributor; (ii) the name and title of each recipient; (iii) the amount and date of each Political Contribution; and (iv) whether any such Political
Contribution was the subject of the exception for returned Political Contributions.

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**Exhibits** 

*Exhibit A* – Initial Report of Access Persons

*Exhibit B* – Annual Report of Access Persons

*Exhibit C* – Quarterly Transactions Report of Access Persons

*Exhibit D* – Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons

*Exhibit E* – Personal Political Contribution Pre-Clearance Form of Access Persons

*Exhibit F* – List of Reportable Funds of Access Persons

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I acknowledge receipt of the *Code of Ethics and Conduct* for Barrow Hanley.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I recognize that I am subject to Barrow Hanley's Code as an Access Person and have read, understood, and will follow the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as noted below, I have no knowledge of the existence of any personal conflict of interest relationship which may involve the Firm, such as any economic relationship between my transactions and Securities held or to be acquired by Barrow Hanley or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the date below I and/or a Family Member had a direct or indirect ownership in the following Reportable Securities (*brokerage or financial statements may be attached*):

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER OF<br>SHARES** | **PRINCIPAL<br>VALUE** | **TYPE OF<br>INTEREST<br>(DIRECT OR<br>INDIRECT)** |

---

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Exhibit A

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Persons** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I and/or a Family Member have the following Reportable Accounts open and have directed the bank or brokerage to send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| **NAME OF FIRM** | **TYPE OF INTEREST**<br>**(DIRECT OR INDIRECT)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I and/or a Family Member have made the following Political Contributions in the previous 2 years:

---

| | | |
|:---|:---|:---|
| **NAME OF CANDIDATE** | **DATE OF<br>CONTRIBUTION** | **TYPE OF POLITICAL<br>ACTIVITY/**<br>**CONTRIBUTION** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | BARROW HANLEY GLOBAL INVESTORS |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

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Exhibit A

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That I am subject to the Code as an Access Person, I have read, understood, and agree to follow the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the year ended December 31, 20___, I have complied with the reporting requirements of the Code regarding personal transactions that I, and/or a Family Member, have executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I have not disclosed confidential information of the Firm to any Persons outside, or inside, Barrow Hanley or PPT, except where it was required for the execution of the Firm's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest relationship which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by Barrow Hanley or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the year I have abided by the requirements of Barrow Hanley's *Code of Ethics and Conduct*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As of December 31, 20___, I and/or a Family Member had a direct or indirect Beneficial Ownership in the following Reportable Securities:

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER OF<br>SHARES** | **PRINCIPAL<br>VALUE** | **TYPE OF INTEREST<br>(DIRECT OR<br>INDIRECT)** |

---

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Exhibit B

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I and/or a Family Member have the following Reportable Accounts open, and I have directed the bank or brokerage firm to send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| **NAME OF FIRM** | **TYPE OF INTEREST<br>(DIRECT OR INDIRECT)** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | BARROW HANLEY GLOBAL INVESTORS |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

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Exhibit B

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended:<u> </u>** 

To the Chief Compliance Officer of Barrow Hanley Global Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the quarter identified above, the following transactions were made in Reportable Securities and are required to be reported under the Barrow Hanley *Code of Ethics and Conduct*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **DATE OF<br>TRANSACTION** | **NUMBER<br>OF SHARES** | **DOLLAR AMOUNT<br>OF TRANSACTION** | **NATURE OF<br>TRANSACTION**<br>(Purchase, Sale,<br>Other) | **PRICE** | **BROKER/**<br>**DEALER OR BANK<br>NAME** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the quarter identified above, the following Reportable Accounts were opened with direct or indirect beneficial ownership and are required to be reported under the Code.

---

| | | |
|:---|:---|:---|
| **NAME OF FIRM** | **TYPE OF INTEREST<br>(DIRECT OR INDIRECT)** | **DATE ACCOUNT OPENED** |

---

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Exhibit C

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![LOGO](g456053g0218124015691.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended:<u> </u>** 

*(Continued)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the quarter identified above, the following Political Contributions were made, and are required to be reported under the Code.

---

| | | |
|:---|:---|:---|
| **NAME OF CANDIDATE** | **DATE OF<br>CONTRIBUTION** | **TYPE OF POLITICAL<br>ACTIVITY/**<br>**CONTRIBUTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest relationship which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by the Firm or any of its portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. During the quarter I have abided by the requirements of Barrow Hanley's *Code of Ethics and Conduct*.

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | BARROW HANLEY GLOBAL INVESTORS |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

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![LOGO](g456053dsp93a.jpg)

Exhibit C

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![LOGO](g456053g0218124015691.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, V. Compliance Procedures, Section C.)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors:

Pre-clearance is requested for the following proposed transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br> **INTEREST RATE & MATURITY DATE** | **NUMBER**<br>**OF**<br>**SHARES** | **DOLLAR AMOUNT**<br>**OF TRANSACTION** | **NATURE** <br>**OF**<br>**TRANSACTION**<br>(Purchase, Sale,<br>Other) | **PRICE**<br>(or<br>Proposed<br>Price) | **BROKER**<br>**/DEALER**<br>**OR BANK<br>THROUGH**<br>**WHOM<br>EFFECTED** | **AUTHORIZED**<br>**YES NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | BARROW HANLEY GLOBAL INVESTORS |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

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![LOGO](g456053dsp93a.jpg)

Exhibit D

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![LOGO](g456053g0218124015691.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Political Contribution Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, III. Procedures for Access Persons, Section C.2)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors:

Pre-clearance is requested for the following proposed Political Contribution(s):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME OF CANDIDATE**  | **AMOUNT** | **STATE AND COUNTY OF<br>ELECTION** | **WHAT OFFICE IS<br>CANDIDATE SEEKING?**  | **IS COVERED<br>PERSON ELIGIBLE<br>TO VOTE FOR<br>CANDIDATE?** | **AUTHORIZED**<br>**YES NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: | |
|  | Print Name: | |
|  | Title: | |
|  | Employer: | BARROW HANLEY GLOBAL INVESTORS |
| Date: | Signature: | |
|  |  | Firm's CCO |

---

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![LOGO](g456053dsp93a.jpg)

Exhibit E

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![LOGO](g456053g0218124015691.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, V. Compliance Procedures, Section F.)** 

---

| | |
|:---|:---|
| **U.S. Registered Funds – 21** | **Non-U.S. Registered Funds – 8** |
| American Beacon Balanced Fund | *Australia* |
| American Beacon Diversified Fund | Barrow Hanley Global Equity Trust |
| American Beacon Large Cap Value Fund | Colonial First State Investments Ltd— |
| American Beacon Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Global Shares Fund 5 |
| American Beacon Small Cap Value Fund | Perpetual Global Share Fund |
| Barrow Hanley Emerging Markets Value Fund<br> Barrow Hanley International Value Fund | Perpetual Select International Share Fund |
| Brinker—Destinations International Equity Fund | *Canada* |
| Edward D. Jones—Bridge Builder Large Value<br> &nbsp;&nbsp;&nbsp;&nbsp;Fund | Integra U.S. Value Growth Fund<br> Leith Wheeler Emerging Markets Equity Fund |
| Equitable - 1290 VT Equity Income Portfolio |  |
| GuideStone Value Equity Fund | *Ireland* |
| MassMutual Fundamental Value Fund | Old Mutual Value Global Equity Fund |
| MassMutual Small Cap Value Equity Fund |  |
| MML Income & Growth Fund | *United Kingdom* |
| Principal LargeCap Value III Fund | F&C Investment Trust plc |
| Principal Overseas Fund |  |
| Timothy Plan Defensive Strategies Fund |  |
| Timothy Plan Fixed Income Fund | **Non-Registered Funds – 3** |
| Timothy Plan Growth & Income Fund | *Cayman Islands* |
| Timothy Plan High Yield Bond Fund | EQ Offshore Aggressive Multimanager Fund |
| Touchstone Value Fund | EQ Offshore Conservative Multimanager Fund<br> EQ Offshore Moderate Multimanager Fund |

---

*As of January 1, 2022* 

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![LOGO](g456053dsp93a.jpg)

Exhibit F

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![LOGO](g456053g0218124015691.jpg)

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, V. Compliance Procedures, Section F.)** 

*(Continued)* 

**Trillium Advised and Sub-Advised Registered Funds** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Domicile** | **Role** |
|  Green Century Balanced Fund | Retail | GCBLX | US | Sub-Advisor |
|  Green Century Balanced Fund | Institutional | GCBUX | US | Sub-Advisor |
|  JHF ESG Large Cap Core Fund | A | JHJAX | US | Sub-Advisor |
|  JHF ESG Large Cap Core Fund | C | JHJCX | US | Sub-Advisor |
|  JHF ESG Large Cap Core Fund | I | JHJIX | US | Sub-Advisor |
|  JHF ESG Large Cap Core Fund | R6 | JHJRX | US | Sub-Advisor |
|  Trillium ESG Global Equity Fund | Retail | PORTX | US | Advisor |
|  Trillium ESG Global Equity Fund | Institutional | PORIX | US | Advisor |
|  Trillium ESG Global Equity Fund | A | PER2095AU | Australia | Sub-Advisor |

---

*As of December 31, 2021* 

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![LOGO](g456053dsp93a.jpg)

Exhibit F

## Ex-99.(P)(5)

**LOOMIS, SAYLES & CO., L.P.** 

**LOOMIS SAYLES INVESTMENTS LIMITED** 

**LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD.** 

**<u>Code of Ethics</u>**

**Policy on Personal Trading and**<br> **Related Activities**<br> **by Loomis Sayles Personnel**<br>

EFFECTIVE:

January 14, 2000

AS AMENDED:

May 25, 2022

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**Table of Contents** 

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| | | |
|:---|:---|:---|
| 1. | INTRODUCTION | 3 |
| 2. | STATEMENT OF GENERAL PRINCIPLES | 3 |
| 3. | A FEW KEY TERMS | 4 |
| 3.1. | &nbsp;&nbsp;&nbsp;&nbsp; Covered Security | 4 |
| 3.2. | &nbsp;&nbsp;&nbsp;&nbsp; Beneficial Ownership | 6 |
| 3.3. | &nbsp;&nbsp;&nbsp;&nbsp; Investment Control | 7 |
| 3.4. | &nbsp;&nbsp;&nbsp;&nbsp; Maintaining Personal Accounts | 7 |
| 4. | SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING | 8 |
| 4.1. | &nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance | 8 |
| 4.2. | &nbsp;&nbsp;&nbsp;&nbsp; Good Until Canceled and Limit Orders | 10 |
| 4.3. | &nbsp;&nbsp;&nbsp;&nbsp; Short Term Trading Profits | 10 |
| 4.4. | &nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Round Trip Transactions in Loomis Advised Funds | 11 |
| 4.5. | &nbsp;&nbsp;&nbsp;&nbsp; Derivatives | 11 |
| 4.6. | &nbsp;&nbsp;&nbsp;&nbsp; Short Sales | 12 |
| 4.7. | &nbsp;&nbsp;&nbsp;&nbsp; Competing with Client Trades | 12 |
| 4.8. | &nbsp;&nbsp;&nbsp;&nbsp; Large Cap/De Minimis Exemption | 13 |
| 4.9. | &nbsp;&nbsp;&nbsp;&nbsp; Investment Person Seven-Day Blackout Rule | 13 |
| 4.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research Recommendations | 14 |
| 4.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings | 15 |
| 4.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Placement Transactions | 15 |
| 4.13. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insider Trading | 16 |
| 4.14. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted and Concentration List | 17 |
| 4.15. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Sayles Hedge Funds | 18 |
| 4.16. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptions Granted by the Chief Compliance Officer | 18 |
| 5. | PROHIBITED OR RESTRICTED ACTIVITIES | 18 |
| 5.1. | &nbsp;&nbsp;&nbsp;&nbsp; Public Company Board Service and Other Affiliations | 18 |
| 5.2. | &nbsp;&nbsp;&nbsp;&nbsp; Participation in Investment Clubs and Private Pooled Vehicles | 19 |
| 6. | REPORTING REQUIREMENTS | 19 |
| 6.1. | &nbsp;&nbsp;&nbsp;&nbsp; Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code | 19 |
| 6.2. | &nbsp;&nbsp;&nbsp;&nbsp; Brokerage Confirmations and Brokerage Account Statements | 21 |
| 6.3. | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly Transaction Reporting and Account Disclosure | 21 |
| 6.4. | &nbsp;&nbsp;&nbsp;&nbsp; Annual Reporting | 22 |
| 6.5. | &nbsp;&nbsp;&nbsp;&nbsp; Review of Reports by Chief Compliance Officer | 23 |
| 6.6. | &nbsp;&nbsp;&nbsp;&nbsp; Internal Reporting of Violations to the Chief Compliance Officer | 23 |
| 7. | SANCTIONS | 25 |
| 8. | RECORDKEEPING REQUIREMENTS | 25 |
| 9. | MISCELLANEOUS | 26 |
| 9.1. | &nbsp;&nbsp;&nbsp;&nbsp; Confidentiality | 26 |
| 9.2. | &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Client Trading Knowledge | 26 |
| 9.3. | &nbsp;&nbsp;&nbsp;&nbsp; Notice to Access Persons, Investment Persons and Research Analysts as to Code Status | 27 |
| 9.4. | &nbsp;&nbsp;&nbsp;&nbsp; Notice to Personal Trading Compliance of Engagement of Independent Contractors | 27 |
| 9.5. | &nbsp;&nbsp;&nbsp;&nbsp; Questions and Educational Materials | 27 |

---

------

**<u>Code of Ethics</u>**

**Policy on Personal Trading and**<br> **Related Activities**<br>

**1. INTRODUCTION** 

This Code of Ethics ("Code") has been adopted by Loomis, Sayles & Co., L.P. ("Loomis US"), Loomis Sayles Investments Limited ("Loomis UK") and Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia") (collectively ("Loomis Sayles") to govern certain conduct of Loomis Sayles' **Supervised Persons** and personal trading in securities and related activities of those individuals who have been deemed **Access Persons** thereunder, and under certain circumstances, those **Access Persons'** family members and others in a similar relationship to them.

The policies in this Code reflect Loomis Sayles' desire to detect and prevent not only situations involving actual or potential conflicts of interest or unethical conduct, but also those situations involving even the appearance of these.

**2. STATEMENT OF GENERAL PRINCIPLES** 

It is the policy of Loomis Sayles that no **Access Person** or **Supervised Person** as such terms are defined under the Code, (please note that Loomis Sayles treats all employees as **Access Persons**) shall engage in any act, practice or course of conduct that would violate the Code, the fiduciary duty owed by Loomis Sayles and its personnel to Loomis Sayles' clients, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the provisions of Section 17(j) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 17j-1 there under. It is required that all **Access Persons** must comply with all applicable laws, rules and regulations including, but not limited to the **Federal Securities Laws**. The Investment Management Association of Singapore's ("IMAS'") Code of Ethics & Standards of Professional Conduct provides that Loomis Asia (as a member of IMAS) should have in place appropriate policies and internal controls governing personal dealing and appropriate structures in place to carry out monitoring and to ensure compliance. Therefore, all employees of Loomis Asia must also comply with the Securities and Futures Act, Chapter 289 of Singapore (the "Securities and Futures Act"), the Financial Advisers Act, Chapter 110 of Singapore (the "Financial Advisers Act"), and all other applicable Singapore laws, rules and regulations.

Under the requirements of the Financial Conduct Authority (FCA), there are Conduct Rules within the Senior Managers and Certification Regime (SM&CR) with which all employees of Loomis UK must comply. These rules are designed to improve the levels of responsibility and accountability, honesty and integrity, and to act at all times with due care, skill and diligence.

The Code is designed to comply with all of the above regulations.

The fundamental position of Loomis Sayles is, and has been, that it must at all times place the interests of its clients first. Accordingly, your personal financial transactions (and in some cases, those of your family members and others in a similar relationship to you) and related activities must be conducted consistently with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of your position of trust and responsibility.

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Without limiting in any manner the fiduciary duty owed by Loomis Sayles to its clients, it should be noted that Loomis Sayles considers it proper that purchases and sales be made by **Access Persons** in the marketplace of securities owned by Loomis Sayles' clients, <u>provided</u> that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in the Code. In making personal investment decisions, however, you must exercise extreme care to ensure that the provisions of the Code are not violated and under no circumstances, may an **Access Person** use the knowledge of **Covered Securities** purchased or sold by any client of Loomis Sayles or **Covered Securities** being considered for purchase or sale by any client of Loomis Sayles to profit personally, directly or indirectly, by the market effect of such transactions.

Improper trading activity can constitute a violation of the Code. The Code can also be violated by an **Access Person's** failure to file required reports, by making inaccurate or misleading reports or statements concerning trading activity, or by opening an account with a non-**Select Broker** without proper approval as set forth in the Code.

It is not intended that these policies will specifically address every situation involving personal trading. These policies will be interpreted and applied, and exceptions and amendments will be made, by Loomis Sayles in a manner considered fair and equitable, but in all cases with the view of placing Loomis Sayles' clients' interests paramount. It also bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate you from scrutiny of, and sanctions for, securities transactions which indicate an abuse of Loomis Sayles' fiduciary duty to any of its clients.

You are encouraged to bring any questions you may have about the Code to **Personal Trading Compliance**.

**Personal Trading Compliance**, the **Chief Compliance Officer** and the Loomis Sayles Ethics Committee will review the terms and provisions of the Code at least annually, and make amendments as necessary. Any amendments to the Code will be provided to you.

**3. A FEW KEY TERMS** 

**Boldfaced** terms have special meaning in this Code. The application of a particular Code requirement to you may hinge on the elements of the definition of these terms. See the **Glossary** at the end of this Code for definitions of these terms. In order to have a basic understanding of the Code, however, you must have an understanding of the terms "**Covered Security**", "**Beneficial Ownership**" and "**Investment Control**" as used in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1. Covered Security** 

This Code generally relates to transactions in and ownership of an investment that is a **Covered Security**. Currently, this means any type of equity or debt security (such as common and preferred stocks, and corporate and government bonds or notes), any equivalent (such as ADRs, GDR's, etc.), any derivative, instrument representing, or any rights relating to, a **Covered Security**, and any closely related security (such as certificates of participation, depository receipts, collateral–trust certificates, put and call options, warrants, and related convertible or exchangeable securities and securities indices). Shares of closed-end funds, municipal obligations and securities issued by agencies and instrumentalities of the U.S. government (e.g. GNMA obligations) are also considered **Covered Securities** under the Code.

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Additionally, the shares of any investment company registered under the Investment Company Act and the shares of any collective investment vehicle ("CIV"), (e.g. SICAVs, OEICs, UCITs, etc.) that is advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate ("**Reportable Funds**") are deemed to be **Covered Securities** for purposes of certain provisions of the Code. **Reportable Funds** include open-end and closed-end funds and CIVs that are advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate, but exclude money market funds. A current list of **Reportable Funds** is attached as <u>Exhibit One</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| *Explanatory Note:* | *While the definition of* ***Reportable Funds*** *encompasses funds or CIVs that are advised, sub-advised and/or distributed by Natixis and its affiliates, only those funds or CIVs advised or sub-advised by Loomis Sayles* ***("Loomis Advised Fund")*** *are subject to certain trading restrictions of the Code (specifically, the Short-Term Trading Profit and Round Trip Transaction restrictions). Please refer to Section 4.3 and 4.4 of the Code for further explanation of these trading restrictions. Additionally, <u>Exhibit One</u> distinguishes between those funds and CIVs that are only subject to reporting requirements under the Code (all* ***Reportable Funds****), and those that are subject to* ***<u>both</u>*** *the reporting requirements and the aforementioned trading restrictions (Loomis Advised Funds).* |

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Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be **Covered**<u> </u>**Securities** for the purposes of certain provisions of the Code. Broad based open-ended ETFs with either a market capitalization exceeding U.S. $1 billion **OR** an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from certain provisions of the Code ("**Exempt ETFs**"). A current list of **Exempt ETFs** is attached as <u>Exhibit Two</u> and will be maintained on the firm's intranet site under the Legal and Compliance page.

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| | |
|:---|:---|
| *Explanatory Note:* | *Broad based open-ended ETFs are determined by* ***Personal Trading Compliance*** *using Bloomberg data.* |

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All **Access Persons** are expected to comply with the spirit of the Code, as well as the specific rules contained in the Code. Therefore, while the lists of **Reportable Funds** and **Exempt ETFs** are subject to change, it is ultimately the responsibility of all **Access Persons** to review these lists which can be found in <u>Exhibit(s) One and Two</u>, prior to making an investment in a **Reportable Fund** or ETF.

It should be noted that private placements, hedge funds and investment pools are deemed to be **Covered Securities** for purposes of the Code whether or not advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser. Investments in such securities are discussed under sections 4.12 and 5.2.

Please see <u>Exhibit Three</u> for the application of the Code to a specific **Covered Security** or instrument, including exemptions from pre-clearance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2. Beneficial Ownership** 

The Code governs any **Covered Security** in which an Access Person has any direct or indirect "**Beneficial Ownership**." **Beneficial Ownership** for purposes of the Code means a direct or indirect "pecuniary interest" that is held or shared by you directly or indirectly (through any contract, arrangement, understanding, relationship or otherwise) in a **Covered Security**. The term "pecuniary interest" in turn generally means your opportunity directly or indirectly to receive or share in any <u>profit</u> derived from a transaction in a **Covered Security,** whether or not the **Covered Security** or the relevant account is in your name and regardless of the type of account (i.e. brokerage account, direct account, or retirement plan account). Although this concept is subject to a variety of U.S. Securities and Exchange Commission ("SEC") rules and interpretations, you should know that you are <u>presumed</u> under the Code to have an indirect pecuniary interest as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by your spouse or minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by a live-in partner who shares
your household and combines his/her financial resources in a manner similar to that of married persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of a **Covered Security** by your other family members sharing your household (including an adult
child (even if that child is currently living away at a college/university), a stepchild, a grandchild, a parent, stepparent, grandparent, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your share ownership, partnership interest or similar interest in **Covered Securities** held by a
corporation, general or limited partnership or similar entity you control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your right to receive dividends or interest from a **Covered Security** even if that right is separate or
separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your interest in a **Covered Security** held for the benefit of you alone or for you and others in a trust or
similar arrangement (including any present or future right to income or principal); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your right to acquire a **Covered Security** through the exercise or conversion of a "derivative **Covered Security**."

In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security**, including **Reportable Funds**, in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

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| | |
|:---|:---|
| *Explanatory Note:* | *All accounts that hold or can hold a Covered Security in which an* ***Access Person*** *has* ***Beneficial Ownership*** *are subject to the Code (such accounts include, but are not limited to, personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of minor children living in your household, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, IRAs, 401Ks, trusts, DRIPs, ESOPs, etc.).* |

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Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3. Investment Control** 

The Code governs any **Covered Security** in which an **Access Person** has direct or indirect "**Investment Control**." The term **Investment Control** encompasses any influence (i.e., power to manage, trade, or give instructions concerning the investment disposition of assets in the account or to approve or disapprove transactions in the account), whether sole or shared, direct or indirect, you exercise over the account or **Covered Security**.

You should know that you are <u>presumed</u> under the Code to have **Investment Control** as a result of having:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over your personal brokerage account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over an account(s) in the name of your spouse or minor children,
unless, you have renounced an interest in your spouse's assets (subject to the approval of the **Chief Compliance Officer**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Control** (sole or shared) over an account(s) in the name of any family member, friend or
acquaintance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involvement in an Investment Club;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trustee power over an account(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The existence and/or exercise of a power of attorney over an account.

Please see <u>Exhibit Four</u> for specific examples of the types of interests and accounts subject to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4. Maintaining Personal Accounts** 

All **Access Persons** that reside within the U.S.("Loomis US Access Persons"), who have personal accounts that hold or can hold **Covered Securities** in which they have direct or indirect **Investment Control** <u>and</u> **Beneficial Ownership** are required to maintain such accounts at one of the following firms: Ameriprise, Baird, Bank of America/Merrill Lynch, Charles Schwab, Citi Personal Wealth Management, E\*TRADE, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., Morgan Stanley Smith Barney, TD Ameritrade, UBS, Vanguard, or Wells Fargo (collectively, the "**Select Brokers**"). In addition, shares of **Reportable Funds** must be held through either: a **Select Broker**; directly through the **Reportable Fund's** transfer agent, or through one or more of Loomis Sayles' retirement plans, unless an exception to the Select Broker requirement, as described below, is granted.

Accounts in which the Loomis US **Access Person** only has either **Investment Control** or **Beneficial Ownership**; certain retirement accounts with the Loomis US **Access Person's** prior employer; accounts managed by an outside adviser in which the Loomis US **Access Person** exercises no investment discretion; accounts in which the Loomis US **Access Person**'**s** spouse is employed by another investment firm and must abide by that firm's Code of Ethics; and/or the retirement accounts of a Loomis US **Access Person's** spouse may be maintained with a firm other than the **Select Brokers** upon the prior written approval of **Personal Trading Compliance** or the **Chief Compliance Officer.** In these cases, Loomis US **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly for non-Select Brokers. In addition, **Personal Trading Complianc**e or the **Chief Compliance Officer** may grant exemptions to the **Select Broker** requirement for accounts not used for general trading purposes such as ESOPs, DRIPs, securities held physically or in book entry form, family of fund accounts or situations in which the Loomis US **Access Person** has a reasonable hardship for maintaining their accounts with a **Select Broker**.

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**Access Persons** with a residence outside the U.S., are exempt from maintaining their personal accounts at a **Select Broker**. However, such **Access Persons** are responsible for ensuring that **Personal Trading Compliance** receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly.

**All Access Persons must receive pre-clearance approval from Personal Trading Compliance prior to the opening of any new personal accounts that can hold Covered Securities in which the Access Person has direct or indirect Investment Control or Beneficial Ownership. This includes Select Broker accounts. In addition, the opening of all reportable accounts must also be reported to Personal Trading Compliance as set forth in Section 6.2 and Section 6.3 of the Code.** 

Finally, Access Persons must inform the **Select Broker** or other financial institution of his/her association with Loomis Sayles during the account opening process.

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| | |
|:---|:---|
| *Explanatory Note:* | *While certain accounts may be granted an exemption from certain provisions of the Code, inclusive of the* ***Select Broker*** *requirement, they are still subject to the reporting requirements of the Code and may be subject to the pre-clearance requirements of the Code (e.g. joint accounts) as set forth in Section 4.1 of the Code. The terms of a specific exemption will be outlined in an exemption memorandum which is issued to the* ***Access Person*** *by* ***Personal Trading Compliance.*** *An* ***Access Person****'****s*** *failure to abide by the terms and conditions of an account exemption issued by* ***Personal Trading Compliance*** *could result in a violation of the Code.* |

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**4. SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING** 

The following are substantive prohibitions and restrictions on **Access Persons'** personal trading and related activities. In general, the prohibitions set forth below relating to trading activities apply to accounts holding **Covered Securities** in which an **Access Person** has **Beneficial Ownership** <u>and</u> **Investment Control**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Pre-clearance** 

Each **Access Person** must pre-clear through the PTA Pre-Clearance System ("PTA") all **Volitional** transactions in **Covered Securities** (i.e. transactions in which the **Access Person** has determined the timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold) in which he or she has **Investment Control** <u>and</u> in which he or she has or would acquire **Beneficial Ownership**. Exceptions to the pre-clearance requirement include, but are not limited to: Open-ended mutual funds, and CIVs meeting the criteria described below, **Exempt ETFs** listed in <u>Exhibit Two</u>, and US Government Agency bonds (i.e. GNMA, FNMA, FHLMC), as set forth in <u>Exhibit(s) Three and Five</u>.

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| | |
|:---|:---|
| *Explanatory Note:* | *A CIV is exempt from pre-clearance under the following conditions: issues shares that shareholders have the right to redeem on demand; calculates an NAV on a daily basis in a manner consistent with the principles of Section 2(a)(41) of the 1940 Act and Rule 2a-4 thereunder; issues and redeems shares at the NAV next determined after receipt of the relevant purchase or redemption order consistent with the "forward pricing" principles of Rule 22c-1 under the 1940 Act; and there is no secondary market for the shares of the CIV.* |
| *Explanatory Note:* | *Futures, options and swap transactions in* **Covered** ***Securities*** *must be manually pre-cleared by* ***Personal Trading Compliance*** *since PTA cannot handle such transactions. Initial public offerings, private placement transactions, including hedge funds whether or not they are advised, sub-advised, or distributed by Loomis Sayles or a Natixis investment adviser, participation in investment clubs and private pooled vehicles require special pre-clearance as detailed under Sections 4.11, 4.12 and 5.2 of the Code.* |
| *Explanatory Note:* | *Broad based open-ended ETFs with either a market capitalization exceeding $1billion* ***OR*** *an average daily trading volume exceeding 1 million shares (over a 90 day period); options on such ETFs, options on the indices of such ETFs; and ETFs that invest 80% of their assets in securities that are not subject to the pre-clearance requirements of the Code, are exempt from the pre-clearance and trading restrictions set forth in Sections 4.1, 4.3, 4.5, 4.6, 4.7, 4.9, and 4.10 of the Code. A list of the* ***Exempt ETFs*** *is provided in <u>Exhibit Two</u> of the Code. All closed end-funds, closed-end ETFs, sector based/narrowly defined ETFs and broad based open-ended ETFs with a market capitalization below U.S. $1 billion AND an average daily trading volume below 1 million shares (over a 90 day period) are subject to the pre-clearance and trading restrictions detailed under Section 4 of the Code.* |
|  | ***All closed-end funds and ETFs, including those Exempt ETFs and their associated options as described above, are subject to the reporting requirements detailed in Section 6 of the Code.*** |

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Any transaction approved pursuant to the pre-clearance request procedures **<u>must be executed by the end of the trading day on which it is approved</u>** unless **Personal Trading Compliance** extends the pre-clearance for an additional trading day. If the **Access Person's** trade has not been executed by the end of the same trading day (or the next trading day in the case of an extension), the pre-clearance will lapse and the **Access Person** may not trade without again seeking and obtaining pre-clearance of the intended trade.

For **Access Persons** with a U.S. residence, pre-clearance requests can only be submitted through PTA and/or to **Personal Trading Compliance** Monday – Friday from 9:30am-4:00pm Eastern Standard Time. **Access Persons** with a residence outside the U.S. will be given separate pre-clearance guidelines instructing them on the availability of PTA and **Personal Trading Compliance** support hours.

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If after pre-clearance is given and before it has lapsed, an **Access Person** becomes aware that a **Covered Security** as to which he or she obtained pre-clearance has become the subject of a buy or sell order or is being considered for purchase or sale for a client account, the **Access Person** who obtained the pre-clearance must consider the pre-clearance revoked **<u>and must notify Personal Trading Compliance immediately</u>.** If the transaction has already been executed before the **Access Person** becomes aware of such facts, no violation will be considered to have occurred as a result of the **Access Person's** transaction.

If an **Access Person** has actual knowledge that a requested transaction is nevertheless in violation of this Code or any provision thereof, approval of the request will not protect the **Access Person's** transaction from being considered in violation of the Code. The **Chief Compliance Officer** or **Personal Trading Compliance** may deny or revoke pre-clearance for any reason that is deemed to be consistent with the spirit of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. Good Until Canceled and Limit Orders** 

No **Access Person** shall place a "good until canceled," "limit" or equivalent order with his/her broker except that an **Access Person** may utilize a "day order with a limit" so long as the transaction is consistent with provisions of this Code, including the pre-clearance procedures. All orders must expire at the end of the trading day on which they are pre-cleared unless otherwise extended by **Personal Trading Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. Short Term Trading Profits** 

No **Access Person** may profit from the **Volitional** purchase and sale, **or** conversely the **Volitional** sale and purchase, of the same or equivalent **Covered Security (**including **Loomis Advised Funds)** within 60 calendar days (unless the sale involved shares of a **Covered Security** that were acquired more than 60 days prior). Hardship exceptions may be requested (in advance) from **Personal Trading Compliance**.

An **Access Person** may sell a **Covered Security** (including **Loomis Advised Funds**) or cover an existing short position at a loss within 60 calendar days. Such requests must be submitted through the PTA System and to **Personal Trading Compliance** for approval because the PTA System does not have the capability to determine whether the **Covered Security** will be sold at a gain or a loss.

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|:---|:---|
| *Explanatory Note:* | *For purposes of calculating the 60 day holding period, the trade date of a given purchase or sale is deemed to be day zero. 60 full days must pass before an* ***Access Person*** *can trade that same* ***Covered Security*** *for a profit and therefore, allowing the* ***Access Person*** *to do so on the 61st day.* |
| *Explanatory Note:* | *The Short Term Trading Profits provision is applicable to transactions that are executed across all of an* ***Access Person's*** *accounts. For example, if an* ***Access Person*** *sold shares of ABC in his/her Fidelity brokerage account today, that* ***Access Person*** *would not be allowed to buy shares of ABC in his/her Charles Schwab IRA account at a lower price within 60 days following the sale.* |
| *Explanatory Note:* | *Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****. Please also note that all closed-end funds are subject to the trading restrictions of Section 4.3 of the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. Restrictions on Round Trip Transactions in Loomis Advised Funds** 

In addition to the 60 day holding period requirement for purchases and sales of **Loomis Advised Funds,** an **Access Person** is prohibited from purchasing, selling and then re-purchasing shares of the same **Loomis Advised Fund** within a 90 day period ("Round Trip Restriction"). The Round Trip Restriction does not limit the number of times an **Access Person** can purchase a **Loomis Advised Fund** or sell a **Loomis Advised Fund** during a 90 day period. In fact, subject to the holding period requirement described above, an **Access Person** can purchase a **Loomis Advised Fund** (through one or multiple transactions) and can liquidate their position in that fund (through one or several transactions) during a 90 day period. However, an **Access Person** cannot then reacquire a position in the same **Loomis Advised Fund** previously sold within the same 90 day period.

The Round Trip Restriction will only apply to **Volitional** transactions in **Loomis Advised Funds**. Therefore, shares of **Loomis Advised Funds** acquired through a dividend reinvestment or dollar cost averaging program, and automatic monthly contributions to the firm's 401K plan will not be considered when applying the Round Trip Restriction.

Finally, all **Volitional** purchase and sale transactions of **Loomis Advised Funds,** in any share class and in <u>any</u> employee account (i.e., direct account with the **Loomis Advised Fund**, Select Broker account, 401K account, etc.) will be matched for purposes of applying the Round Trip Restriction.

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|:---|:---|
| *Explanatory Note:* | *Only* ***Loomis Advised Funds*** *are subject to Section 4.4 of the Code. Please refer to <u>Exhibit One</u> for a current list of* ***Loomis Advised Funds****.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5. Derivatives** 

No **Access Person** shall use derivatives, including but not limited, to options, futures, swaps or warrants on a **Covered Security** to evade the restrictions of the Code. In other words, no **Access Person** may use derivative transactions with respect to a **Covered Security** if the Code would prohibit the **Access Person** from taking the same position directly in the underlying **Covered Security**.

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| | |
|:---|:---|
| *Explanatory Note:* | *When transacting in derivatives,* ***Access Persons*** *must pre-clear the derivative and the underlying security in PTA as well as receive manual approval from* ***Personal Trading Compliance*** *before executing their transaction. Please note that options on Exempt ETFs and the underlying index of the ETF, as well as futures on currencies, commodities, cash instruments (such as loans or deposits), stock indexes and interest rates do not require pre-clearance, but do require reporting. For more detailed information, please see Sectioın 4.1 of the Code.* |
| *Explanatory Note:* | *Futures and Options on virtual currency (e.g., Bitcoin, Ethereum) are exempt from pre-clearance and the Code's trading restrictions, similar to futures and options on other currencies, but they are subject to the Code's reporting requirements. Futures and Options on an Initial Coin Offering require pre-clearance, reporting and are subject to the Code's trading restrictions.* |
| *Explanatory Note:* | *Entering into Financial Spread Betting or Contract for Difference transactions, the act of taking a bet on the price movement of a security or underlying index is strictly prohibited under the Code.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6. Short Sales** 

No **Access Person** may purchase a put option, sell a call option, sell a **Covered Security** short or otherwise take a short position in a **Covered Security** then being held long in a Loomis Sayles client account, unless, in the cases of the purchase of a put or sale of a call option, the option is on a broad based index.

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|:---|:---|
| *Explanatory Note:* | *If an* ***Access Person*** *seeks pre-clearance to purchase a put option or sell a call option to hedge an existing long position in the same underlying securities, PTC will compare the value of the underlying long position to the option to determine whether the* ***Access Person's*** *net position would be long or short. If short, the option transaction will be denied.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7. Competing with Client Trades** 

Loomis Asia is required to give priority to Loomis Sayles' client orders. Loomis Asia cannot purchase or sell securities that are permitted to be traded on the Singapore Exchange Securities Trading Limited (the "SGX-ST") or on the securities market of any recognized market operator in Singapore if it were to act as a principal or on behalf of a person associated with or connected to Loomis Asia, where a client of Loomis Sayles who is not associated with or connected to Loomis Asia has instructed Loomis Asia to purchase or sell securities of the same class and Loomis Asia has not complied with the instruction. In addition, Loomis Asia must also accord priority to transactions for the purchase or sale of securities or to investments made on behalf of clients, over those made for the following persons: (i) Loomis Asia; (ii) Loomis Asia's associated persons; (iii) Loomis Asia's officers; (iv) Loomis Asia's employees; (v) Loomis Asia's representatives; (vi) any person whom Loomis Asia knows to be an associated person of the persons in (iii), (iv) or (v). However, neither Loomis Asia nor its employees will act in a principal capacity.

Except as set forth in Section 4.8, an **Access Person** may not, directly or indirectly, purchase or sell a **Covered Security** (**Reportable Funds** are not subject to this rule.) when the **Access Person** knows, or reasonably should have known, that such **Covered Securities** transaction competes in the market with any actual or considered **Covered Securities** transaction for any client of Loomis Sayles, or otherwise acts to harm any Loomis Sayles client's **Covered Securities** transactions.

Generally pre-clearance will be <u>denied</u> if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a **Covered Security** or a closely related **Covered Security** is the subject of a pending
"buy" or "sell" order for a Loomis Sayles client until that buy or sell order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the **Covered Security** is being considered for purchase or sale for a Loomis Sayles client, until that
security is no longer under consideration for purchase or sale.

The PTA System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in PTA, you may assume the **Covered Security** is not being considered for purchase or sale for a client account <u>unless</u> you have actual knowledge to the contrary, in which case the pre-clearance you received is null and void. For **Covered Securities** requiring manual pre-clearance (i.e. futures, options and other derivative transactions in **Covered Securities**), the applicability of such restrictions will be determined by **Personal Trading Compliance** upon the receipt of the pre-clearance request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8. Large Cap/De Minimis Exemption** 

An **Access Person** who wishes to make a trade in a **Covered Security** that would otherwise be denied pre-clearance solely because the **Covered Security** is under consideration or pending execution for a client, as provided in Section 4.7, will nevertheless receive approval when submitted for pre-clearance provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer of the **Covered Security** in which the **Access Person** wishes to transact has a market
capitalization exceeding U.S. $5 billion (a "Large Cap Security"); <u>AND</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the <u>aggregate</u> amount of the **Access Person's** transactions in that Large Cap Security on that
day across all personal accounts does not exceed $10,000 USD.

Such transactions will be subject to all other provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9. Investment Person Seven-Day Blackout Rule** 

No **Investment Person** shall, directly or indirectly, purchase or sell any **Covered Security** (**Reportable Funds** are not subject to this rule) within a period of seven (7) calendar days (trade date being day zero) <u>before</u> and <u>after</u> the date that a Loomis Sayles client, with respect to which he or she has the ability to influence investment decisions or has prior investment knowledge regarding associated client activity, has purchased or sold such **Covered Security** or a closely related **Covered Security**. It is ultimately the **Investment Person's** responsibility to understand the rules and restrictions of the Code and to know what **Covered Securities** are being traded in his/her client(s) account(s) or any account(s) with which he/she is associated.

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|:---|:---|
| *Explanatory Note:* | *The "seven days before" element of this restriction is based on the premise that an* ***Investment Person*** *who has* *****the ability to influence investment decisions or has prior investment knowledge regarding associated client activity can normally be expected to know, upon execution of his or her personal trade, whether any client as to which he or she is associated, has traded, or will be trading in the same or closely related* ***Covered Security*** *within seven days of his or her personal trade. Furthermore, an* ***Investment Person*** *who has the ability to influence investment decisions has a fiduciary obligation to recommend and/or affect suitable and attractive trades for clients regardless of whether such trades may cause a prior personal trade to be considered an apparent violation of this restriction. It would constitute a breach of fiduciary duty and a violation of this Code to delay or fail to make any such recommendation or transaction in a client account in order to avoid a conflict with this restriction.* |
|  | *It is understood that there may be particular circumstances (i.e. news on an issuer, a client initiated liquidation, subscription or rebalancing) that may occur after an* ***Investment Person's*** *personal trade which gives rise to an opportunity or necessity for an associated client to trade in that* ***Covered Security*** *which did not exist or was not anticipated by that person at the time of that person's personal trade.* ***Personal Trading Compliance*** *will review all extenuating circumstances which may warrant the waiving of any remedial actions in a particular situation involving an inadvertent violation of this restriction. In such cases, an exception to the Investment Person Seven-Day Blackout Rule will be granted upon approval by the* ***Chief Compliance Officer****.* |

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|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *The* ***Chief Compliance Officer****, or designee thereof, may grant a waiver of the Investment Person Seven-Day Blackout Rule if the* ***Investment Person's*** *proposed transaction is conflicting with client "cash flow" trading in the same security (i.e., purchases of a broad number of portfolio securities in order to invest a capital addition to the account or sales of a broad number of securities in order to generate proceeds to satisfy a capital withdrawal from the account). Such "cash flow" transactions are deemed to be non-volitional at the security level since they do not change the weighting of the security being purchased or sold in the client's portfolio.* |
| *Explanatory Note:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *The trade date of an* ***Investment Person****'s purchase or sale is deemed to be day zero. Any associated client trade activity executed, in either that* ***Covered Security*** *or a closely related* ***Covered Security****, 7 full calendar days before or after an* ***Access Person****'s trade will be considered a violation of the Investment Person Seven-Day Blackout Rule. For example, if a client account purchased shares of company ABC on May 4th, any* ***Access Person*** *who is associated with that client account cannot trade ABC in a personal account until May 12th without causing a potential conflict with the Investment Person Seven-Day Blackout Rule.* |
| *Explanatory Note:* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *While the* ***Investment Person*** *Seven-Day Blackout Rule is designed to address conflicts between Investment Persons and their clients, it is the fiduciary obligation of all* ***Access Persons*** *to not effect trades in their personal account if they have prior knowledge of client trading or pending trading activity in the same or equivalent securities. The personal trade activity of all* ***Access Persons*** *is monitored by* ***Personal Trading Compliance*** *for potential conflicts with client trading activity.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10. Research Recommendations** 

The Loomis Sayles Fixed Income **Research Analysts** issue "Buy," "Sell," and "Hold" recommendations on the fixed income securities that they cover. The Equity products have their own **Research Analysts** that provide recommendations to their respective investment teams. Collectively the fixed income and equity recommendations and equity price targets are hereinafter referred to as "Recommendations".

**Recommendations** are intended to be used for the benefit of the firm's clients. It is also understood **Access Persons** may use **Recommendations** as a factor in the investment decisions they make in their personal and other brokerage accounts that are covered by the Code. The fact that **Recommendations** may be used by the firm's investment teams for client purposes and **Access Persons** may use them for personal reasons creates a potential for conflicts of interests. Therefore, the following rules apply to **Recommendations**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the three (3) business day period <u>before</u> a **Research Analyst** issues a recommendation on
a **Covered Security,** that the **Research Analyst** has reason to believe that his/her **Recommendation** is likely to result in client trading in the **Covered Security**, the **Research Analyst** may not purchase or sell said **Covered Security** for any of his/her personal brokerage accounts or other accounts covered by the Code.

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|:---|:---|
| *Explanatory Note:* | *It is understood that there may be particular circumstances such as a news release, change of circumstance or similar event that may occur after a* ***Research Analyst's*** *personal trade which gives rise to a need, or makes it appropriate, for the* ***Research Analyst*** *to issue a* ***Recommendation*** *on said* ***Covered Security.*** *A* ***Research Analyst*** *has an affirmative duty to make unbiased* ***Recommendations*** *and issue reports, both with respect to their timing and substance, without regard to his or her personal interest in the* ***Covered Security****. It would constitute a breach of a* ***Research Analyst's*** *fiduciary duty and a violation of this Code to delay or fail to issue a* ***Recommendation*** *in order to avoid a conflict with this restriction.* |
|  | ***Personal Trading Compliance*** *will review any extenuating circumstances which may warrant the waiving of any remedial sanctions in a particular situation involving an inadvertent violation of this restriction.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Persons** are prohibited from using a **Recommendation** for purposes of transacting in the **Covered Security** covered by the **Recommendation** in their personal accounts and other accounts covered by the Code until such time Loomis Sayles' clients have completed their transactions in said securities in order to give priority
to Loomis Sayles' clients' best interests.

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|:---|:---|
| *Explanatory Note:* | **Personal Trading Compliance** utilizes various automated reports to monitor **Access Persons'** trading in **Covered Securities** relative to **Recommendations** and associated client transactions. It also has various tools to determine whether a **Recommendation** has been reviewed by an **Access Person**. An **Access Person's** trading in a **Covered Security** following a **Recommendation** and subsequent client trading in the same security and in the same direction will be deemed a violation of the Code unless **Personal Trading Compliance** determines otherwise. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11. Initial Public Offerings** 

Investing in **Initial Public Offerings** of **Covered Securities** is prohibited unless such opportunities are connected with your prior employment compensation (i.e. options, grants, etc.) or your spouse's employment compensation. No **Access Person** may, directly or indirectly, purchase any securities sold in an **Initial Public Offering** without obtaining prior written approval from the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.12. Private Placement Transactions** 

No **Access Person** may, directly or indirectly, purchase any **Covered Security** offered and sold pursuant to a **Private Placement Transaction**, including hedge funds and Initial Coin Offerings, without obtaining the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management. In addition to addressing potential conflicts of interest between the **Access Person's Private Placement Transaction** and the firm's clients' best interests, the pre-clearance of **Private Placements** is designed to determine whether the **Access Person** may come into possession of material non-public information ("MNPI") on a publically traded company as a result of the **Private Placement**.

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A **Private Placement Transaction** approval must be obtained by completing an automated Private Placement Pre-clearance Form which can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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|:---|:---|
| *Explanatory Note:* | *If you have been authorized to acquire a* ***Covered Security*** *in a* ***Private Placement*** ***<u> </u>****Transaction****,*** *you must disclose to* ***Personal Trading Compliance*** *if you are involved in a client's subsequent consideration of an investment in the issuer of the* ***Private Placement****, even if that investment involves a different type or class of* ***Covered Security****. In such circumstances, the decision to purchase securities of the issuer for a client must be independently reviewed by an* ***Investment Person*** *with no personal interest in the issuer.* |

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The purchase of additional shares, (including mandatory capital calls), or the subsequent sale (partial or full) of a previously approved **Private Placement**, must receive pre-clearance approval from the **Chief Compliance Officer**. In addition, **<u>all</u>** transactions in **Private Placements** must be reported quarterly and annually as detailed in Section 6 of the Code.

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|:---|:---|
| *Explanatory Note:* | *To submit a pre-clearance request for subsequent trade activity in a* ***Private Placement****,* ***Access Persons*** *must complete the automated Private Placement Pre-clearance Form which will be reviewed by* ***Personal Trading Compliance*** *to ensure there are no conflicts with any underlying Code provisions including the Short-Term Trading Rule.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.13. Insider Trading** 

At the start of an **Access Person's** engagement with Loomis Sayles, and annually thereafter, each **Access Person** must acknowledge his/her understanding of and compliance with the Loomis Sayles Insider Trading Policies and Procedures. The firm's policy is to refrain from trading or recommending trading when in the possession of MNPI.

Some examples of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings estimates or dividend changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Positive or negative forthcoming news about an issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supplier discontinuances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mergers or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory Actions

If an **Access Person** receives or believes that he/she may have received MNPI with respect to a company, the Access Person <u>must</u> contact the **Chief Compliance Officer** or General Counsel immediately, and <u>must not</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase or sell that security in question, including any derivatives of that security;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommend the purchase or sale of that security, including any derivatives of that security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relate the information to anyone other than the **Chief Compliance Officer** or General Counsel of Loomis
Sayles.

If it has been determined that an **Access Person** has obtained MNPI on a particular company, its securities will generally be placed on the firm's Restricted List thereby restricting trading by the firm's client accounts and **Access Persons**. The only exception to this policy is with the approval of the **Chief Compliance Officer** or General Counsel of the firm, and then only in compliance with the firm's Firewall Procedures.

In addition, under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), Loomis Asia is required under the Notice on Reporting of Misconduct of Representatives by Holders of Capital Markets Services License and Exempt Financial Institutions to report to the Monetary Authority of Singapore ("MAS") upon discovery of, inter alia, any involvement of its representatives in market misconduct or insider trading.

For Loomis UK, the Market Abuse Regulation ("MAR") requires that firms and individuals report suspicious transactions and orders (STORs), as defined in Article 16 of MAR, as well as attempted market abuse, to the FCA, without delay. The STOR report should be submitted via the FCA's Connect system.

Separately, **Access Persons** must inform **Personal Trading Compliance** if a spouse, partner and/or immediate family member **("Related Person")** is an officer and/or director of a publicly traded company in order to enable **Personal Trading Compliance** to implement special pre-clearance procedures for said Access Persons in order to prevent insider trading in the **Related Person's** company's securities.

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|:---|:---|
| Explanatory Note: | *An* ***Access Person*** *may not trade in the securities of a company with which a* ***Related Person*** *is associated without receiving prior approval from PTC in order to ensure that the* ***Access Person*** *is not trading while in possession of material non-public information relating to the company.* |

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**Access Persons** should refer to the Loomis Sayles Insider Trading Policies and Procedures which are available on the Legal and Compliance homepage of the firm's Intranet, for complete guidance on dealing with MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.14. Restricted and Concentration List** 

The Loomis Sayles Restricted and Concentration List ("Restricted List") is designed to restrict Loomis Sayles and/or **Access Persons** from trading in or recommending, the securities of companies on the Restricted List for client and/or **Access Persons** personal accounts. Companies may be added to the Restricted List if Loomis Sayles comes into possession of MNPI about a company. A company's securities can also be added to the Restricted List due to the size of the aggregate position Loomis Sayles' clients may have in the company. Finally, there may be regulatory and/or client contractual restrictions that may prevent Loomis Sayles from purchasing securities of its affiliates, and as a result, the securities of all publicly traded affiliates of Loomis Sayles will be added to the Restricted List. No conclusion should be drawn from the addition of an issuer to the Restricted List. **The Restricted List is confidential, proprietary information which must not be distributed outside of the firm.** 

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At times, an **Access Person** may have possession of MNPI on a specific company as a result of his/her being behind a firewall. In such cases, **Personal Trading Compliance** will create a specialized Restricted List in PTA for the **Access Person** behind the wall in order to prevent trading in the company's securities until such time as the **Chief Compliance Officer** has deemed the information in the Access Person's possession to be in the public domain or no longer material.

If a security is added to either the Loomis Sayles firm-wide Restricted List or an individual or group **Access Person** Restricted List, **Access Persons** will be restricted from purchasing or selling all securities related to that issuer until such time as the security is removed from the applicable Restricted List. The PTA System has the information necessary to deny pre-clearance if these situations apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.15. Loomis Sayles Hedge Funds** 

From time to time Loomis Sayles may manage hedge funds, and **Access Persons** of Loomis Sayles, including the hedge fund's investment team and supervisors thereof may make personal investments in such hedge funds. At times, especially during the early stages of a new hedge fund, there may be a limited number of outside investors (i.e., clients and non-employee individual investors) in such funds. In order to mitigate the appearance that investing personally in a hedge fund can potentially be used as a way to benefit from certain trading practices that would otherwise be prohibited by the Code if **Access Persons** engaged in such trading practices in their personal accounts, investment team members of a hedge fund they manage are individually required to limit their personal investments in such funds to no more than 20% of the hedge funds' total assets. In addition, the supervisor of a hedge fund investment team must limit his/her personal investment in such hedge fund to no more than 25% of the hedge fund's total assets.

By limiting the personal interests in the hedge fund by their investment teams and their supervisors in this manner, all of the portfolio trading activity of the Loomis Sayles hedge funds is deemed to be exempt from the pre-clearance and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.16. Exemptions Granted by the Chief Compliance Officer** 

Subject to applicable law, **Personal Trading Compliance** or the **Chief Compliance Officer** may from time to time grant exemptions, other than or in addition to those described in <u>Exhibit Five</u>, from the trading restrictions, pre-clearance requirements or other provisions of the Code with respect to particular individuals such as non-employee directors, consultants, temporary employees, interns or independent contractors, and types of transactions or **Covered Securities**, where, in the opinion of the **Chief Compliance Officer**, such an exemption is appropriate in light of all the surrounding circumstances.

**5. PROHIBITED OR RESTRICTED ACTIVITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Public Company Board Service and Other Affiliations**

To avoid conflicts of interest, MNPI and other compliance and business issues, Loomis Sayles prohibits **Access Persons** from serving as officers or members of the board of any publicly traded entity. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of Loomis Sayles.

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In addition, in order to identify potential conflicts of interests, compliance and business issues, before accepting any service, employment, engagement, connection, association, or affiliation in or within any enterprise, business or otherwise, (herein after, collectively **"**Outside Activity(ies)**"**), an **Access Person** must obtain the advance written approval of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management.

To pre-approve an Outside Activity the Access Person must complete the Outside Activity Form, that can be found within the 'Important Links' section of the PTA Homepage. In determining whether to approve such Outside Activity, **Personal Trading Compliance** and the **Chief Compliance Officer** will consider whether such service will involve an actual or perceived conflict of interest with client trading, place impediments on Loomis Sayles' ability to trade on behalf of clients or otherwise materially interfere with the effective discharge of Loomis Sayles' or the **Access Person's** duties to clients. Loomis Asia Compliance will also be involved in this review process to be alerted on activities that require prompt notifications to MAS.

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|:---|:---|
| Explanatory Note: | *Examples of Outside Activities include, but are not limited to, family businesses, acting as an officer, partner or trustee of an organization or trust, political positions, second jobs, professional associations, etc. Outside Activities that are not covered by the Code are activities that involve a charity or foundation, as long as you do not provide investment or financial advice to the organization. Examples would include: volunteer work, homeowners' organizations (such as condos or coop boards), or other civic activities.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Participation in Investment Clubs and Private Pooled Vehicles** 

No **Access Person** shall participate in an investment club or invest in a hedge fund, or similar private organized investment pool (but not an SEC registered open-end mutual fund) without the express permission of **Personal Trading Compliance,** the **Chief Compliance Officer** <u>and</u> the applicable **Access Person's** supervisor or other appropriate member of senior management, whether or not the investment vehicle is advised, sub-advised or distributed by Loomis Sayles or a Natixis investment adviser.

**6. REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1. Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code** 

Within 10 days after becoming an **Access Person,** each **Access Person** must file with **Personal Trading Compliance**, a report of all **Covered Securities** holdings (including holdings of **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information contained therein must be current as of a date not more than 45 days prior to the individual becoming an **Access Person**.

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Additionally, within 10 days of becoming an **Access Person**, such **Access Person** must report all brokerage or other accounts that hold or can hold **Covered Securities** in which the **Access Person** has **Beneficial Ownership** <u>or</u> **Investment Control**. The information must be as of the date the person became an **Access Person**. An **Access Person** can satisfy these reporting requirements by providing **Personal Trading Compliance** with a current copy of his or her brokerage account or other account statements, which hold or can hold **Covered Securities**. An automated Initial Code of Ethics Certification and Disclosure Form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. This form must be completed and submitted to **Personal Trading Compliance** by the **Access Person** within 10 days of becoming an **Access Person**. The content of the Initial Holdings information must include, at a minimum, the title and type of security, the ticker symbol or CUSIP or ISIN, number of shares, and principal amount of each Covered Security (including Reportable Funds) and the name of any broker, dealer or bank with which the securities are held. With the exception of the Access Persons of Loomis Asia and Loomis UK, newly hired **Access Persons** must close existing non-Select brokerage accounts and transfer the assets to a **Select Broker** within 30 days of their start date at Loomis Sayles, unless the **Access Person** receives written approval from **Personal Trading Compliance** or the **Chief Compliance Officer** to maintain his/her account(s) at a non**-**Select Broker.

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|:---|:---|
| *Explanatory Note:* | *Loomis Sayles treats all of its employees and certain consultants as* ***Access Persons****. Therefore, you are deemed to be an* ***Access Person*** *as of the first day you begin working for the firm.* |

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|:---|:---|
| *Explanatory Note:* | *Types of accounts in which* ***Access Persons*** *are required to report include, but are not limited to: personal brokerage accounts, mutual fund accounts, accounts of your spouse, accounts of your partner, accounts of minor children living in your household, accounts of your adult children (18 years or older) living at college / university, Family of Fund accounts, transfer agent accounts holding mutual funds or book entry shares, pension accounts, cash management accounts (e.g. checking, savings, ATM or other banking accounts that allow transactions and holdings in Covered Securities), microsavings and mobile based application accounts, IRAs, 401Ks, trusts, DRIPs, ESOPs etc. that either hold or can hold Covered Securities (including Reportable Funds). In addition, physically held shares of* ***Covered Securities*** *must also be reported. An* ***Access Person*** *should contact* ***Personal Trading Compliance*** *if they are unsure as to whether an account or personal investment is subject to reporting under the Code so the account or investment can be properly reviewed.* |

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At the time of the initial disclosure period, each **Access Person** must also submit information pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• His/her participation in any Outside Activity as described in Section 5.1 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• His/her participation in an Investment Club as described in Section 5.2 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings in **Private Placements** including hedge funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A **Related Person** that is an officer and/or director of a publicly traded company; if any.

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Upon becoming an **Access Person,** each **Access Person** will receive a copy of the Code, along with the Loomis Sayles Insider Trading Policies and Procedures and Loomis Sayles Gifts, Business Entertainment and Political Contributions Policies and Procedures. Within the 10 day initial disclosure period and annually thereafter, each **Access Person** must acknowledge that he or she has received, read and understands the aforementioned policies and recognize that he or she is subject hereto, and certify that he or she will comply with the requirements of each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2. Brokerage Confirmations and Brokerage Account Statements** 

Each **Access Person** must notify **Personal Trading Compliance <u>immediately</u>** upon the opening of an account that holds or may hold **Covered Securities** (including **Reportable Funds**), <u>in which such</u> **<u>Access Person</u>** <u>has</u> **<u>Beneficial Ownership</u>** <u>or</u> **<u>Investment Control.</u>** In addition, if an account has been granted an exemption to the **Select Broker** requirement and/or the account is unable to be added to the applicable **Select Broker's** daily electronic broker feed, which supplies PTA with daily executed confirms and positions, **Personal Trading Compliance** will instruct the broker dealer of the account to provide it with duplicate copies of the account's confirmations and statements. If the broker dealer cannot provide **Personal Trading Compliance** with confirms and statements, the **Access Person** is responsible for providing **Personal Trading Compliance** with copies of such confirms as and when transactions are executed in the account, and statements on a monthly basis, if available, but no less than quarterly. Upon the opening of an account, an automated Personal Account Reporting Form must be completed and submitted to **Personal Trading Compliance**. This form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'.

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|:---|:---|
| *Explanatory Note:* | *If the opening of an account is not reported immediately to* ***Personal Trading Compliance****, but is reported during the corresponding quarterly certification period, and there has not been any trade activity in the account, then the* ***Access Person*** *will be deemed to have not violated its reporting obligations under this Section of the Code.* |

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|:---|:---|
| *Explanatory Note:* | *For those accounts that are maintained at a* ***Select Broker*** *and are eligible for the broker's daily electronic confirm and position feed,* ***Access Persons*** *do not need to provide duplicate confirms and statements to* ***Personal Trading Compliance****. However, it is the* ***Access Person's*** *responsibility to accurately review and certify their quarterly transactions and annual holdings information in PTA, and to promptly notify* ***Personal Trading Compliance*** *if there are any discrepancies.* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification** 

Utilizing PTA, each **Access Person** must file a report of all **Volitional** transactions in **Covered Securities** (including **Volitional** transactions in **Reportable Funds**) made during each calendar quarterly period in which such **Access Person** has, or by reason of such transaction acquires or disposes of, any **Beneficial Ownership** of a **Covered Security** (even if such **Access Person** has no direct or indirect **Investment Control** over such **Covered Security**), or as to which the **Access Person** has any direct or indirect **Investment Control** (even if such **Access Person** has no **Beneficial Ownership** in such **Covered Security**). **Non-volitional** transactions in **Covered Securities** (including **Reportable Funds**) such as automatic monthly payroll deductions, changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging programs, and transactions made within the Guided Choice Program are still subject to the Code's annual reporting requirements. If no transactions in any **Covered Securities,** required to be reported, were effected during a quarterly period by an **Access Person**, such **Access Person** shall nevertheless submit a report through PTA within the time frame specified below stating that no reportable securities transactions were affected. The following information will be available in electronic format for **Access Persons** to verify on their Quarterly Transaction report:

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The date of the transaction, the title of the security, ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each reportable security, nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), the price of the transaction, and the name of the broker, dealer or bank with which the transaction was effected. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

With the exception of those accounts described in <u>Exhibit Four,</u> **Access Persons** are also required to report each account that may hold or holds **Covered Securities** (including accounts that hold or may hold **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** or **Investment Control** that have been opened or closed during the reporting period. In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring **Beneficial Ownership** and/or **Investment Control** over accounts previously belonging to others. Therefore, any **Covered Security**, including **Reportable Funds,** along with any account that holds or can hold a **Covered Security,** including **Reportable Funds,** in which you have a **Beneficial Ownership** and/or **Investment Control,** as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to **Personal Trading Compliance** promptly, and no later than the next applicable quarterly reporting period.

Finally **Access Persons** must report any **Related Person** that is an officer and/or director of a publicly traded company.

Every quarterly report must be submitted no later than thirty (30) calendar days after the close of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4. Annual Reporting** 

On an annual basis, as of a date specified by **Personal Trading Compliance,** each **Access Person** must file with **Personal Trading Compliance** a dated annual certification which identifies all holdings in **Covered Securities** (including **Reportable Funds**) in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. This reporting requirement also applies to shares of **Covered Securities**, including shares of **Reportable Funds** that were acquired during the year in **Non-volitional** transactions. Additionally, each **Access Person** must identify all personal accounts which hold or may hold **Covered Securities** (including **Reportable Funds),** in which such **Access Person** has **Beneficial Ownership** and/or **Investment Control**. The information in the Annual Package shall reflect holdings in the **Access Person's** account(s) that are current as of a date specified by **Personal Trading Compliance**. The following information will be available in electronic format for **Access Persons** to verify on the Annual Holdings report:

The title of the security, the ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each **Covered Security** (including **Reportable Funds**) and the name of any broker, dealer or bank with which the securities are held. **However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete.**

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Furthermore, on an annual basis, each **Access Person** must acknowledge and certify that during the past year he/she has received, read, understood and complied with the Code, Insider Trading Policies and Procedures, and the Policies and Procedures on Gifts, Business Entertainment, and Political Contributions, except as otherwise disclosed in writing to **Personal Trading Compliance** or the **Chief Compliance Officer**. Finally, as part of the annual certification, each **Access Person** must acknowledge and confirm any Outside Activities in which he or she currently participates and any Related Person that is an officer and/or director of a publicly traded company.

All material changes to the Code will be promptly distributed to Access Persons, and also be distributed to **Supervised Persons** on a quarterly basis. On an annual basis, Supervised Persons will be asked to acknowledge his/her receipt, understanding of and compliance with the Code.

Every annual report must be submitted no later than (45) calendar days after the date specified by **Personal Trading Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5. Review of Reports by Chief Compliance Officer** 

The **Chief Compliance Officer** shall establish procedures as the **Chief Compliance Officer** may from time to time determine appropriate for the review of the information required to be compiled under this Code regarding transactions by **Access Persons** and to report any violations thereof to all necessary parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6. Internal Reporting of Violations to the Chief Compliance Officer** 

Prompt internal reporting of any violation of the Code to the **Chief Compliance Officer** or **Personal Trading Compliance** is required under Rule 204A-1 and FCA (MAR and COBS) While the daily monitoring process undertaken by **Personal Trading Compliance** is designed to identify any violations of the Code and handle any such violations promptly, **Access Persons** and **Supervised Persons** are required to promptly report any violations they learn of resulting from either their own conduct or those of other **Access Persons** or **Supervised Persons** to the **Chief Compliance Officer** or **Personal Trading Compliance**. It is incumbent upon Loomis Sayles to create an environment that encourages and protects **Access Persons** or **Supervised Persons** who report violations. In doing so, individuals have the right to remain anonymous in reporting violations. Furthermore, any form of retaliation against an individual who reports a violation could constitute a further violation of the Code, as deemed appropriate by the **Chief Compliance Officer**. All **Access Persons** and **Supervised Persons** should therefore feel safe to speak freely in reporting any violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7. Register of Interests in Securities** 

Pursuant to regulations 4 and 4A of the Securities and Futures (Licensing and Conduct of Business) Regulations, all employees of Loomis Asia who have been appointed as representatives under the Securities and Futures Act are required to maintain a register of their interests in securities which are listed for quotation, or quoted on the Singapore Exchange Securities Trading Limited or any recognized market operator recognized by the Monetary Authority of Singapore under the Securities and Futures Act. For purposes of the register of interests in securities, "securities" includes any type of equity or debt security, any equivalent, any derivative, instrument representing, or any rights relating to a security, and any closely related security, as well as units in any open-ended funds, closed-end funds and business trusts. In addition, all employees are deemed to have an "interest" in securities if he/she has **Beneficial Ownership** or **Investment Control** (whether formal or informal, expressed or implied) over those securities. Section 4 of the SFA also sets out instances under which a person is deemed to have an "interest" in securities (for instance, where a person has an interest in securities through a corporation in which such person has a controlling interest. If you are unsure whether your personal trading activity needs to be entered into your register of interests in securities, please consult **Personal Trading Compliance**.

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Representatives of Loomis Asia must enter into their register of interests in securities, within 7 days after the date that they acquire any interest in securities, particulars of the securities in which they have an interest and particulars of their interests in those securities. Where there is a change in any interest in securities, representatives must enter in their register, within 7 days after the date of the change, particulars of the change (including the date of the change and the circumstances by reason of which the change occurred). Representatives of Loomis Asia maintain records of their holdings and transactions in securities on an Automated System (PTA). Such records must be produced for the MAS' inspection upon request.

Loomis Asia separately maintains a nil register of interest in securities for the entity which does not hold any such interest.

The register of interests in securities is kept in Loomis Asia's office (as notified to MAS) and Loomis US. Each entry in the register must be retained in an easily accessible form for a period of not less than 5 years after the date on which the entry was first made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives** 

Pursuant to the license conditions set out upon being granted the Capital Markets Services License to conduct the regulated activity of Fund Management and Dealing in Capital Markets Products in Singapore, Loomis Asia's Directors and Chief Executive Officer ("CEO") are required to inform MAS via email or other means directed, of any change in business interests and substantial shareholdings promptly (i.e., 5% or more ownership of the outstanding voting securities in any entity).

*Notification of Substantial Shareholdings* 

For Loomis Asia's Appointed Representatives, Directors and CEO, substantial shareholdings need to be recorded in PTA in a timely fashion upon the acquisition date of a 5% position, and thereafter for any 1% change in a 5% position. For Loomis Asia's Directors and CEO who are not an Appointed Representatives, notification of substantial shareholdings to MAS is required and usually made via email unless otherwise directed to be made in other means.

Appointed Representatives, the CEO and Directors of Loomis Asia are responsible for notifying **Personal Trading Compliance** within 14 calendar days upon acquiring a 5% position and any 1% changes thereto for review and mitigation of potential conflict of interests arising of such substantial shareholdings. Loomis Asia Compliance will also rely on ad hoc reviews, monthly certifications and quarterly checklists to identify reportable holdings.

*Notification of Business interests* 

Business interests refer to any role with any business entity arising from pre-approved Outside Activities or internal roles within Loomis's corporate and affiliated entities usually held by senior officers and directors. Loomis Asia's Appointed Representatives, Directors and CEO must notify **Personal Trading Compliance** within 14 calendar days from the effective date of any changes to their business interests. Changes in business interests of Loomis Asia's Directors or CEO would be separately notified to MAS via email or other means directed.

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For internal roles within Loomis's corporate and affiliated entities held by certain Loomis Asia's directors, Loomis Asia's Compliance will work with the Legal and Compliance of Loomis US to periodically obtain updates on potential changes to the internal roles for prompt notification to MAS.

**7. SANCTIONS** 

Any violation of the substantive or procedural requirements of this Code will result in the imposition of a sanction as set forth in the firm's then current Sanctions Policy, or as the Ethics Committee may deem appropriate under the circumstances of the particular violation. These sanctions may include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a letter of caution or warning (i.e. Procedures Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of a fine,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring the employee to reverse a trade and realize losses or disgorge any profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restitution to an affected client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension of personal trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions affecting employment status, such as suspension of employment without pay, demotion or termination of
employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to the SEC, FCA or MAS and other civil authorities or criminal authorities.

Serious violations, including those involving deception, dishonesty or knowing breaches of law or fiduciary duty, will result in one or more of the most severe sanctions regardless of the violator's history of prior compliance.

*Explanatory Note:* *Any violation of the Code, following a "first offense" whether or not for the same type of violation, will be treated as a subsequent offense.*

Fines, penalties and disgorged profits will be donated to a charity selected by the Loomis Sayles Charitable Giving Committee.

**8. RECORDKEEPING REQUIREMENTS** 

Loomis Sayles shall maintain and preserve records, in an easily accessible place, relating to the Code of the type and in the manner and form and for the time period prescribed from time to time by applicable law. Currently, Loomis Sayles is required by law to maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place, a copy of this Code (and any prior Code of Ethics that was in effect at any time
during the past five years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place a record of any violation of the Code and of any action taken as a result of such
violation for a period of five years following the end of the fiscal year in which the violation occurs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report (or information provided in lieu of a report including any manual pre-clearance forms and information relied upon or used for reporting) submitted under the Code for a period of five years, provided that for the first two years such copy must be preserved in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• copies of **Access Persons'** and **Supervised Persons'** written acknowledgment of initial
receipt of the Code and his/her annual acknowledgement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in an easily accessible place, a record of the names of all **Access Persons** within the past five years,
even if some of them are no longer **Access Persons**, the holdings and transactions reports made by these Access Persons, and records of all Access Persons' personal securities reports (and duplicate brokerage confirmations or account
statements in lieu of these reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a copy of each report provided to any Investment Company as required by paragraph (c)(2)(ii) of Rule 17j-1 under the 1940 Act or any successor provision for a period of five years following the end of the fiscal year in which such report is made, provided that for the first two years such record shall be
preserved in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written record of any decision and the reasons supporting any decision, to approve the purchase by an **Access Person** of any **Covered Security** in an **Initial Public Offering or Private Placement Transaction** or other limited offering for a period of five years following the end of the fiscal year in which the approval is granted.

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| *Explanatory Note:* | *Under Rule 204-2, the standard retention period required for all documents and records listed above is five years, in easily accessible place, the first two years in an appropriate office of* ***Personal Trading Compliance****. Under the IMAS Code of Ethics & Standards of Professional Conduct, Loomis Asia is required to keep records related to its policies and internal controls governing personal dealing, including any violations and the resultant investigations and actions taken where appropriate, for a period of six years. Under MAR, the FCA requires all records be retained for 5 years.* |

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**9.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1. Confidentiality** 

Loomis Sayles will keep information obtained from any **Access Person** hereunder in strict confidence. Notwithstanding the forgoing, reports of **Covered Securities** transactions and violations hereunder will be made available to the SEC, FCA, MAS or any other regulatory or self-regulatory organizations to the extent required by law**,** rule or regulation, and in certain circumstances, may in Loomis Sayles' discretion be made available to other civil and criminal authorities. In addition, information regarding violations of the Code may be provided to clients or former clients of Loomis Sayles that have been directly or indirectly affected by such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2. Disclosure of Client Trading Knowledge** 

No **Access Person** may, directly or indirectly, communicate to any person who is not an **Access Person** or other approved agent of Loomis Sayles (e.g., legal counsel) any non-public information relating to any client of Loomis Sayles or any issuer of any **Covered Security** owned by any client of Loomis Sayles, including, without limitation, the purchase or sale or considered purchase or sale of a **Covered Security** on behalf of any client of Loomis Sayles, except to the extent necessary to comply with applicable law or to effectuate traditional asset management/operations activities on behalf of the client of Loomis Sayles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3. Notice to Access Persons, Investment Persons and Research Analysts as to Code Status** 

**Personal Trading Compliance** will initially determine an employee's status as an **Access Person, Research Analyst** or **Investment Person** and the client accounts to which **Investment Persons** should be associated, and will inform such persons of their respective reporting and duties under the Code.

All **Access Persons** and/or the applicable supervisors thereof, have an obligation to inform **Personal Trading Compliance** if an **Access Person's** responsibilities change during the **Access Person's** tenure at Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors** 

Any **Access Person** that engages as a non-employee service provider ("NESP"), such as a consultant, temporary employee, intern or independent contractor shall notify **Personal Trading Compliance** of this engagement, and provide to **Personal Trading Compliance** the information necessary to make a determination as to how the Code shall apply to such NESP, if at all.

NESPs are generally not subject to the pre-clearance, trading restrictions and certain reporting provisions of the Code. However, NESP's must receive, review and acknowledge a Code of Ethics Compliance Statement that further describes his/her Code requirements and fiduciary duties while engaged with Loomis Sayles.

At times, NESP's are contracted to various departments at Loomis Sayles where they may be involved or be privy to the investment process for client accounts or the Loomis Sayles recommendation process. Prior to their engagement, the Loomis Sayles Human Resources Department will notify **Personal Trading Compliance** of these NESP's and depending on the facts and circumstances, the NESP will be communicated what provisions of the Code will apply to them during their engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5. Questions and Educational Materials** 

Employees are encouraged to bring to **Personal Trading Compliance** any questions you may have about interpreting or complying with the Code about **Covered Securities**, accounts that hold or may hold **Covered Securities** or personal trading activities of you, your family, or household members, your legal and ethical responsibilities, or similar matters that may involve the Code.

**Personal Trading Compliance** will from time to time circulate educational materials or bulletins or conduct training sessions designed to assist you in understanding and carrying out your duties under the Code. On an annual basis, each **Access Person** is required to successfully complete the Code of Ethics and Fiduciary Duty Tutorial designed to educate **Access Persons** on their responsibilities under the Code and other Loomis Sayles policies and procedures that generally apply to all employees.

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***GLOSSARY OF TERMS***

The **boldface** terms used throughout this policy have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "**Access Person**" means an "access person" as defined from time to time in Rule 17j-1 under the 1940 Act or any applicable successor provision. Currently, this means any director, or officer of Loomis Sayles, or any **Advisory Person** (as defined below) of Loomis Sayles, but does not
include any director who is not an officer or employee of Loomis Sayles or its corporate general partner and who meets all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. He or she, in connection with his or her regular functions or duties, does not make, participate in or obtain
information regarding the purchase or sale of Covered Securities by a registered investment company, and whose functions do not relate to the making of recommendations with respect to such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. He or she does not have access to nonpublic information regarding any clients' purchase or sale of
securities, or nonpublic information regarding the portfolio holdings of any **Reportable Fund**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. He or she is not involved in making securities recommendations to clients, and does not have access to such
recommendations that are nonpublic.

Loomis Sayles treats all employees as **Access Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "**Advisory Person**" means an "advisory person" and "advisory representative"
as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act, respectively, or any applicable successor provision.
Currently, this means (i) every employee of Loomis Sayles (or of any company in a **Control** relationship to Loomis Sayles), who, in connection with his or her regular functions or duties, makes, participates in, or obtains information
regarding the purchase or sale of a **Covered Security** by Loomis Sayles on behalf of clients, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) every natural person in a **Control** relationship to Loomis Sayles who obtains information concerning recommendations made to a client with regard to the purchase or sale of a **Covered Security. Advisory Person** also includes: (a) any other employee
designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as an **Advisory Person** under this Code; (b) any consultant, temporary employee, intern or independent contractor (or similar person) engaged by Loomis
Sayles designated as such by **Personal Trading Compliance** or the **Chief Compliance Officer** as a result of such person's access to information about the purchase or sale of **Covered Securities** by Loomis Sayles on behalf of
clients (by being present in Loomis Sayles offices, having access to computer data or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "**Beneficial Ownership** "**  is defined in Section 3.2 of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "**Chief Compliance Officer**" refers to the officer or employee of Loomis Sayles
designated from time to time by Loomis Sayles to receive and review reports of purchases and sales by **Access Persons**, and to address issues of personal trading. "**Personal Trading Compliance**" means the employee or employees of
Loomis Sayles designated from time to time by the General Counsel of Loomis Sayles to receive and review reports of purchases and sales, and to address issues of personal trading, by the **Chief Compliance Officer**, and to act for the **Chief Compliance Officer** in the absence of the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "**Covered Security**" is defined in Section 3.1 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Exempt ETF"** is defined in Section 3.1 of the Code and a list of such funds is found in
Exhibit Two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "**Federal Securities Laws**" refers to the Securities Act of 1933, the Securities Exchange Act of
1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to
funds and investment advisers, and any rules adopted there under by the SEC or the U.S. Department of the Treasury, and any amendments to the above mentioned statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "**Investment Control**" is defined in Section 3.3 of the Code. This means
"control" as defined from time to time in Rule 17j-1 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act or any applicable successor provision.
Currently, this means the power to directly or indirectly influence, manage, trade, or give instructions concerning the investment disposition of assets in an account or to approve or disapprove transactions in an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "**Initial Public Offering**" means an "initial public offering" as defined from time to
time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means any offering of securities registered under the Securities Act of 1933 the issuer of which immediately before
the offering, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "**Investment Company**" means any **Investment Company** registered as such under the 1940 Act
and for which Loomis Sayles serves as investment adviser or subadviser or which an affiliate of Loomis Sayles serves as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "**Investment Person**" means all **Portfolio Managers** of Loomis Sayles and other **Advisory Persons** who assist the **Portfolio Managers** in making and implementing investment decisions for an **Investment Company** or other client of Loomis Sayles, including, but not limited to, designated **Research Analysts** and traders of
Loomis Sayles. A person is considered an **Investment Person** only as to those client accounts or types of client accounts as to which he or she is designated by **Personal Trading Compliance** or the **Chief Compliance Officer** as such.
As to other accounts, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"Loomis Advised Fund"** is any Reportable Fund advised or sub-advised by Loomis Sayles. A list of these funds can be found in <u>Exhibit One</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "**Non-volitional**" transactions are any
transaction in which the employee has not determined the timing as to when the purchase or sale will occur and the amount of shares to be purchased or sold, i.e. changes to future contributions within the Loomis Sayles Retirement Plans, dividend
reinvestment programs, dollar cost averaging program, automatic monthly payroll deductions, and any transactions made within the Guided Choice Program. **Non-volitional** transactions are not subject to the pre-clearance or quarterly reporting requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "**Portfolio Manager**" means any individual employed by Loomis Sayles who has been designated as
a **Portfolio Manager** by Loomis Sayles. A person is considered a **Portfolio Manager** only as to those client accounts as to which he or she is designated by the **Chief Compliance Officer** as such. As to other client accounts, he or
she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "**Private Placement Transaction**" means a "limited offering" as defined from time to
time in Rule 17j-l under the 1940 Act or any applicable successor provision. Currently, this means an offering exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or 4(6) or
Rule 504, 505 or 506 under that Act, including hedge funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "**Recommendation**" means any change to a security's price target or other type of
recommendation in the case of an equity **Covered Security,** or any initial rating or rating change in the case of a fixed income **Covered Security** in either case issued by a **Research Analyst**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "**Related Person**" means a spouse/partner and/or immediately family member of an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. "**Reportable Fund**" is defined in Section 3.1 of the Code, and a list of such funds
is found in <u>Exhibit One</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. "**Research Analyst**" means any individual employed by Loomis Sayles who has been
designated as a **Research Analyst** or **Research Associate** by Loomis Sayles. A person is considered a **Research Analyst** only as to those **Covered Securities** which he or she is assigned to cover and about which he or she issues
research reports to other **Investment Persons** or otherwise makes recommendations to Investment Persons beyond publishing their research. As to other securities, he or she is simply an **Access Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. "**Select Broker**" is defined in Section 3.4 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "**Supervised Person**" is defined in Section 202(a)(25) of the Advisers Act and currently
includes any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Loomis Sayles, or other person who provides investment advice on behalf of Loomis Sayles and is subject to the
supervision and control of Loomis Sayles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. "**Volitional**" transactions are any transactions in which the employee has determined the timing
as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold. **Volitional** transactions are subject to the pre-clearance and reporting requirements under the Code.

## Ex-99.(P)(8)

**Code**

**of Ethics** 

**Procedures** 

October 10, 2022

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FOR INTERNAL USE ONLY

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**Table of Contents** 

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| | |
|:---|:---|
|  **General Principles** | **1** |
|  **Personal Investment Transactions** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Transactions/Covered Accounts | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance of Covered Transactions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-clearance Process | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitations on Pre-Clearance | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Trading Restrictions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Restrictions for Certain Investment Personnel | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exempt Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemptive Relief | 8 |
|  **Reporting** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Investment Reporting | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting on Opening, Changing or Closing a Covered Account Required | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications | 9 |
|  **Policy Statement on Insider Trading** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What You Should Do If You Have Questions About Inside Information? | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCW Policy on Insider Trading | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Prohibition Communication | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibition | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Material Information? | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What is Non-Public Information? | 11 |
|  Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases | 12 |
| Deal-Specific Information | 12 |
| Participation in Rapid Fire Capital Infusions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Should You Do? | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; What Are The Ramifications For Participating In A Rapid Fire Capital Infusion? | 13 |
| Creditors' Committees | 14 |
| Information about TCW Products | 14 |
| Contacts with Public Companies | 14 |
| Expert Networks | 15 |
| What Is The Effect Of Receiving Inside Information? Does | 15 |
| TCW Monitor Trading Activities? | 16 |
| Penalties and Enforcement by SEC and Private Litigants | 16 |
| Ethical Wall Procedures | 16 |
| Identification of the Walled-In Individual or Group | 17 |
| Isolation of Information | 17 |
| Restrictions on Communications Restrictions | 17 |
| on Access to Information Trading Activities by | 17 |
| Persons within the Wall Termination of Ethical | 17 |
| Wall Procedures Certain Operational | 18 |
| Procedures Maintenance of Restricted List | 18 |
| Exemptions | 18 |
| **Gifts & Entertainment: Anti-Corruption Policy** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment or Similar Expenditures | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts, Entertainment, Payments & Preferential Treatment | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts Provided By the ***Firm/Access Persons*** | 20 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | FOR INTERNAL USE ONLY<br> PPc6133 10/07/22  |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment and Hospitality Provided by the ***Firm/Access Persons*** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts and Entertainment Received by ***Firm Personnel*** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Corrupt Practices Act (FCPA) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Purpose | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scope | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prohibited Conduct | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health or Safety Exception | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Representatives | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Flag Reporting | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandatory Reporting | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Books and Records | 27 |
| **Outside Business Activities** | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obtaining Approval/Reporting | 28 |
| **Political Activities & Contributions** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Rules | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundraising and Soliciting Political Contributions Rules | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governing Firm Contributions and Activities | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Elections | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions to State and Local Candidates and Committees | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Political Activities on Firm Premises and Using Firm Resources | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal, State, and Local Elections | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rules for Individuals | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibility for Personal Contribution Limits | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval of all Political Contributions and Volunteer Activity | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hires | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation in Public Affairs | 31 |
| **Other Employee Conduct** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Loans | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of a Direct or Indirect Interest in a Transaction | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Property or Services | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of TCW Stationery | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Giving Advice to Clients | 33 |
| **Confidentiality** | **34** |
| **Sanctions** | **34** |
| **Reporting Illegal or Suspicious Activity - "Whistleblower Policy"** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procedure | 34 |
| **Glossary** | **36** |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | FOR INTERNAL USE ONLY<br> PPc6133 10/07/22  |

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**General Principles** 

The TCW Group, Inc. is the parent of several companies that provide investment advisory services. As used in this **Code of Ethics or Code**, the "**Firm**" or "**TCW**" refers to The TCW Group, Inc., **TCW Advisors**, and controlled affiliates.

This **Code** is based on the principle that the officers, directors and employees of the **Firm** owe a fiduciary duty to the **Firm's** clients. In consideration of this you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect the interests of the Firm's clients before looking after your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you know that an investment team is considering a transaction in a security, don't trade that security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never use opportunities provided for the Firm's clients by brokers or others for your personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid actual or apparent conflicts of interest in conducting your personal investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Never trade on the basis of client information, or otherwise use client information for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain the confidentiality of all client financial and other confidential information. Loose lips sink ships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with all applicable securities laws and Firm policies, including this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicate with clients or prospective clients candidly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise independent judgment when making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treat all clients fairly.

In addition to the above fiduciary requirements, Officers, directors and employees of the Firm are prohibited from violating the laws of the United States, including but not limited to, the applicable federal and state securities laws. These provisions prohibit any manipulative conduct in connection with transactions in Securities in the marketplace:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employing any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact, or omitting to state a material fact necessary in order to make
the statements made not misleading, in connection with the offer, purchase, or sale of Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any action, transaction, practice or course of business that would operate as a fraud or deceit upon
any person.

This **Code of Ethics** applies to all **Access Persons** and their respective **Covered Persons**, as defined herein. New employees are provided copies of the **Code of Ethics** as part of their onboarding process. Since the **Code** and amendments made to it are always available on myTCW, **Access Persons** are deemed to be in receipt of the **Code**. Annually, all **Access Persons** are required to acknowledge that they have received the **Code** and any amendments and understand its contents. As always, if you have any questions, the Administrator of the Code of Ethics and the Compliance Department are available to help.

When in doubt, call the **General Counsel**, the **Chief Compliance Officer**, or any member of the **Compliance** or **Legal Department** before taking action. We are here to help. **The reputation that TCW has built through decades of hard work can be destroyed by a single action . As an Access Person, you are responsible for safeguarding the reputation of TCW**.

**Individuals covered by this Code of Ethics are required to promptly report any violation to the Administrator of the Code of Ethics and/or the Chief Compliance Officer**. Violations of this **Code** constitute grounds for disciplinary actions, including immediate dismissal.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **1** |

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**Personal Investment Transactions** 

**Overview** 

The first part of this policy restricts your personal investment activities to avoid actual or apparent conflicts of interest with investment activities on behalf of clients of the **Firm**. The second part addresses reporting requirements for personal investing. You must conduct your personal investment activities in compliance with these rules.

Any questions about this policy should be addressed to the **Administrator of the Code of Ethics** at extension 0467 or <u>ace@tcw.com</u>.

All **Securities** trading by **Access Persons** and **Covered Persons** is monitored and reviewed. If patterns arise or it is determined that trading during the course of normal operations is of such a level as to interfere with the Person's work performance or responsibilities, create any actual or apparent conflict of interest, negatively impact the operations of **TCW** or violate any **Firm** policy, limits may be imposed. The Person may be notified by his/her supervisor, or such other appropriate officer(s) that there is a trading issues, and that trading restrictions and/or other disciplinary action, as appropriate, may be implemented.

Every **Covered Person** should be familiar with the requirements of this policy. Contact the **Administrator of the Code of Ethics** to send each **Covered Person** a copy of this policy.

**Covered Transactions/Covered Accounts** 

This policy covers investment activities ("**Covered Transactions**") (i) by any **Access Person** or **Covered Person in a Covered Account**, or (ii) in any account in which any **Access Person** has a "**beneficial interest**".

An A**ccess Person** has a "**beneficial interest**" in an account if that **Access Person**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has benefits substantially equivalent to owning the **Securities** or the account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can obtain ownership of the **Securities** in the account within 60 days, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can vote or dispose of the **Securities** in the account.

Any account of an Access Person or Covered Person is a "Covered Account." Covered Accounts include any personal trading account in which you have a beneficial interest. A representative list of such accounts includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage accounts (i.e. individual, joint, trust, custodial); Individual Retirement Accounts (all types); DRIPs,
profit sharing, and any other account/vehicle that have the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) and 529 Plans accounts that provide the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note: If the accounts hold MetWest or TCW funds, these accounts require reporting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts held directly at mutual funds are exempt unless the account holds MetWest or TCW funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative's brokerage account for which the **Access Person** can effect trades, or an estate for which
the **Access Person** makes investment decisions as executor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This includes accounts for relatives in the same household (residence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investments in private funds.

Violations of this policy by a **Covered Person** will be treated as violations by you.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **2** |

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**Pre-clearance of Covered Transactions** 

Generally, all trading by Access Persons and **Covered Persons** requires pre-clearance. Exempt securities are listed in this **Code of Ethics**.

**Pre-clearance Process** 

Pre-clearance is required for any non-exempt security. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options, warrants, **financial commodities**, any other derivative linked to a specific **security** or
other derivative product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **ETFs/ETNs**, Closed-end Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements/securities/funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other investment product not listed on the Exempt securities list in the Code of Ethics

Pre-clearance expires at 1:00 p.m. Los Angeles time (4:00 p.m. New York time) on the next business day after approval has been received. If your order has not been executed by the next business day after approval, it should be canceled and a new pre-clearance obtained.

For marketable securities and Private Placement pre-clearance, log on to StarCompliance and file the required preclearance form at <u>https://tcw-ng.starcompliance.com/</u>

**Outside Fiduciary Accounts** and **Non-Discretionary Accounts** require special procedures. Contact the Administrator of the Code of Ethics.

**Limitations on Pre-Clearance** 

All pre-clearance requests in StarCompliance will be limited to 65 approved requests per calendar quarter. Once an **Access Person** or **Covered Person** has reached 65 approved pre-clearance requests for the quarter, StarCompliance will automatically deny each subsequent pre-clearance request (i.e. beginning with the 66th pre- clearance request).

**Personal Trading Restrictions** 

If you receive two or more personal securities trading violations within a 2-year period, the **Firm** will impose an automatic 90-day trading suspension on your trading. Specifically, a trading suspension will result in automatic denials of all pre-clearance requests for 90 days.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **3** |

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**Prohibited Transactions** 

The following activities are prohibited and pre-clearance will generally not be available.

---

| | | |
|:---|:---|:---|
| **Prohibited Transaction** | **Exceptions/Limitations** | **Consequences/Comments** |
| Transacting in a **Security** that the **Firm** is trading for its clients | Exception: Permitted once the **Firm's**<br> trading is completed or cancelled | Portfolio managers may accumulate a position in a particular security over a period of time. During such accumulation period, permission for personal trades in that security will generally not be granted. |
| Transacting in a security that the **Access Person** knows is under consideration for trading by the **Firm** for its clients |  |  |
| Acquiring any **Security** in an **IPO** or any<br> **Digital Currency** in an **ICO** | Exception: Permitted if the **Security** is an<br> **Exempt Security**. See chart below. |  |
| Acquiring an interest in a 3rd party registered investment company advised or sub-advised by the **Firm** | Exception: **TCW** sub-advised **ETFs** are permitted, but, as with all **ETFs**, must still be pre-cleared and reported as stated below. | See Prohibited Third-Party Mutual Fund List under Forms on myTCW. |

---

**Additional Restrictions for Certain Investment Personnel** 

In addition to the foregoing prohibited transactions, the following are prohibited for the **Investment Personnel** indicated below.

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| | | |
|:---|:---|:---|
| **Prohibited Transaction** | **Applies to** | **Consequences/Comments** |
| Profiting from the purchase and sale, or sale and purchase, of the same (or<br> equivalent) **Securities** within 60 calendar days. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Personnel**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of **Investment Compliance** | Transactions will be matched using a LIFO system.<br>Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or put options are subject to the rule prohibiting such transactions for Investment Personnel.<br>All profits of prohibited trades are subject to disgorgement<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exempt Securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **ETFs and ETNs** (Though exempt from this rule, **ETFs and ETNs still must be pre-cleared through StarCompliance**)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Transactions in derivatives linked to ETFs and ETNs such as options on ETFs and ETNs must be pre-cleared and are not exempt from this rule .** |
| Purchasing or selling a **Security** in the 5 business days <u>BEFORE</u> that **Security** is bought or sold on behalf of a **Firm**<br> client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not involve any investment decision) , in any<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Covered Account**, or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Outside Fiduciary Account** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibited for **Investment Personnel** related to the client account in which the Security is transacted.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of **Investment Compliance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stock transactions resulting from the forced exercise of a call or put option that you have written** |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **4** |

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|:---|:---|:---|
| Purchasing a **Security** in the 5 business days after that **Security** is sold on behalf of a **Firm** client, or selling a **Security** in the 5 business days <u>AFTER</u> that **Security** is purchased on behalf of a **Firm** client (except for account rebalancings to maintain proportions after cash receipts, redemptions, or the like, that do not in- volve any investment decision), in any<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Covered Account**, or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Outside Fiduciary Account** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibited for **Investment Personnel** related to the client account in which the security is transacted.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of **Investment Compliance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stock transactions resulting from the forced exercise of a call or put option that you have written** |
| Purchasing or selling any **Security** in the 5 business days <u>AFTER</u> a **TCW**-advised or sub-advised registered investment company buys or sells the **Security** (except for account rebalancings to maintain proportions after cash receipts, redemptions,<br> or the like, that do not involve any invest- ment decision), in any<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Covered Account**, or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Outside Fiduciary Account** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibited for **Investment Personnel** involved in managing funds for the registered investment company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of **Investment Compliance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions will generally be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement.<br>Exceptions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stock transactions resulting from the forced exercise of a call or put option that you have written** |
| Purchasing or selling any **Security**<br> in a manner inconsistent with any recommendation made by that research analyst less than 90 days prior to the<br> proposed purchase or sale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibited for any Analyst or Researcher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions must be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement. |
| Recommending any **Security** for purchase by the **Firm**, including writing a research report advocating for the purchase of a **Security**, where such individual also holds such Security in a **Covered Account**. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibited for any portfolio manager, Researcher or Analyst, unless they have held such **Security** for at least three months prior to the recommendation or drafting of the research report. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All prohibited transactions must be reversed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all profits are subject to disgorgement. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **5** |

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**Exempt Securities** 

Pre-clearance is generally not required for **Exempt Securities**. The following table identifies **Exempt Securities** and summarizes any pre-clearance and reporting requirements that apply.

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| | | | |
|:---|:---|:---|:---|
| **Types of Exempt Securities** | **Pre-clearance Required?** | **Reporting Required?** | **Limitations/Comments** |
| **MetWest** or **TCW Fund** in a Firm or Non-**Firm** Account | No | Yes | Compliance with frequent trading rules required |
| U.S. Government **Securities** (including agency obligations**)** | No | No |  |
| Investment-grade rated **Securities** issued by any State, Commonwealth or territory of the United States, or any political subdivision or taxing authority thereof | No | Yes |  |
| Bank certificates of deposit or time deposits | No | No |  |
| Bankers' Acceptances | No | No |  |
| Investment grade debt instruments with a term of 13 months or less, including commercial paper, fixed-rate notes and repurchase agreements | No | Yes | Ask the Legal Department for clarification if any questions. |
| Shares in money market mutual funds or a fund that appears on the exempt list. | No | No |  |
| Shares in open-end investment companies not advised or sub-advised by the **Firm**.<br>(ETFs, ETNs and closed-end funds are not exempt and require pre-clearance) | No | No\*<br><sup>\*</sup>MetWest and TCW funds require reporting. | See Prohibited Third-Party Mutual Fund List under myTCW. |
| Investments in Collective Investment Trust (CIT) | No | No\*<br>\*TCW CITs require reporting |  |
| Shares of unit investment trusts that are invested exclusively in mutual funds not advised by the **Firm**. | No | No |  |
| Municipal bonds traded in the market | No | Yes | No |
| Trades in **Non-Discretionary Accounts** which you, your spouse, your domestic partner, or your significant other established. | The **Account** must first be certified as Non- Discretionary by Compliance – Contact the **Administrator of the Code of Ethics**. If designated as Non- Discretionary, no pre-clearance of trades required. | The **Account** must first be certified as Non-Discretionary by Compliance – Contact the **Administrator of the Code of Ethics**. If designated as Non- Discretionary, no reporting of trades required. | Periodic sample reviews of state- ments of non-discretionary accounts will be conducted. |
| Dividends reinvested through a Dividend Reinvestment Plan (DRIP)<br>[Note: While automatic transactions within DRIPS and ESOPs do not require pre- clearance, any volitional transactions within DRIPS and ESOPs must be pre-cleared] | No, unless the transaction is not automatic | Yes |  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **6** |

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| **Securities** purchased pursuant to certain Robo Advisory Programs | The Program must first be evaluated by Compliance—Contact the **Administrator of the Code of Ethics**. If designated<br> as Non- Discretionary, no pre-clearance of trades<br> required. | The Program must first be evaluated by Compliance—Contact the **Administrator of the Code of Ethics**. If designated as Non- Discretionary, no reporting of trades required. | Periodic sample reviews of statements of non-discretionary accounts will be conducted. |
| Security purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent that such rights were acquired from such issuer, and sales of such rights were so acquired. | No | Yes |  |
| Securities where the **Firm** acts as an adviser or distributor for the investment, offered in:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A hedge fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Private Placement**; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other **Limited Offerings** | No | Yes | **Firm** already must approve in order to invest, which serves as pre-clearance. |
| Interests in **Firm**-sponsored limited partnerships or other **Firm**-sponsored **private placements**, including those that that are<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estate planning transfers<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Court-ordered transfers | No | Yes | **Firm** already must approve in order to invest, which serves as pre-clearance. |
| **Securities** acquired or sold in connection with the involuntary exercise or assignment of an option. | No, unless you voluntarily exercise an option. | Yes, securities received must be reported. | Profits from the sale or purchase of a security obtained within 60 days of the exercise of written call or<br> put options are subject to the rule prohibiting such transactions for<br> Investment Personnel. |
| Ownership Interests in Clipper Holding, LP | No | No |  |
| Ownership Interests in TCW Owners, LLC | No | No |  |
| Rule 10b5-1 Plans | Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require<br> pre-clearance. | Yes |  |
| Direct Purchase Plans | Prior approval required to enter plan.<br> Transactions pursuant to an approved plan will not require<br> pre-clearance. | Yes |  |
| Direct investments in **Cryptocurrencies** or **Digital Currencies**. However, investment products derived from **cryptocurrencies** or **digital currencies** are NOT exempt. | No | No | Bitcoin **ETFs** and other derivative products based on **Cryptocurrencies** or **Digital Currencies** require both preclearance and reporting. |
| Futures and **Non-Financial Commodities** | No | Yes | **Financial Commodities** are not exempt and requires both pre-clearance and reporting. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **7** |

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**Exemptive Relief** 

To seek approval for a **Code of Ethics** exemption, contact the **Administrator of the Code of Ethics**. The **Administrator of the Code of Ethics** will require a written statement indicating the basis for the requested approval, and coordinate obtaining the approval of the **Approving Officers**. The **Approving Officers** have no obligation to grant any requested approval or exemption.

The **Approving Officers** also may, under appropriate circumstances, grant exemption from **Access Person** status to any person.

**Reporting** 

**Personal Investment Reporting** 

**Access Persons** are required to report all non-exempt security holdings and transactions (including investments in private placements) as part of the certifications listed below.

**TCW** receives automated feeds from many major brokers ("**Linked Brokers**"). If your broker is not a **Linked Broker**, you must ensure that **TCW** receives duplicate broker statements. The **Administrator of the Code of Ethics** can inform you if your broker is a Linked Broker, and set up your account for automated feed. If your broker is not a Linked Broker, the Administrator of the Code of Ethics can assist you with a release letter ("407 letter") to allow **TCW** to receive duplicate statements. Corporate actions such as mergers, purchases and sales, spin-offs, stock splits, stock-on-stock dividends and like activities must also be reported unless made through an account with a **Linked Broker**. In addition, **Access Persons** must timely file all reports for all transactions as provided in the tables below and must promptly report the opening, closing or changing of any **Covered Accounts**.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **8** |

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**Reporting on Opening, Changing or Closing a Covered Account<u> </u>**

<u>Brokerage Accounts</u>: You must use the StarCompliance, <u>https://tcw-ng.starcompliance.com/</u>, system to enter information about each **Covered Account**:

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| | | |
|:---|:---|:---|
| **Activity** | **Comments** | **Exceptions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon becoming an **Access Person**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon opening a new **Covered Account** while you are an **Access Person** | Updates must occur within 30 days of the event | You are not required to report or enter information for:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Outside Fiduciary Accounts**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accounts** that can only invest in open end mutual funds<br>\* Accounts holding MetWest and TCW funds require reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon closing, or making any change to a **Covered Account** while you are an **Access Person** | Updates must occur within 30 days of the event | N/A |

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<u>Separate Accounts</u>: You must obtain pre-clearance from your group head and the **Approving Officers** to open a personal separately managed account at the **Firm**.

**Required Certifications** 

Reports are filed online at <u>https://tcw-ng.starcompliance.com/</u>

If you will not be able to file a report on time, contact the **Administrator of the Code of Ethics** prior to the filing due date.

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| | | |
|:---|:---|:---|
| **Certification** | **When Due** | **Additional Requirements** |
| Initial Holdings Report | Within 10 days after becoming an **Access Person** | Include all securities except **Exempt Securities**<br>Include all **Covered Accounts**. Holdings must be current no earlier than 45 days before you became an **Access Person** |
| Quarterly Report of Personal Investment Transactions | By each January 15, April 15, July 15 and October 15 | Must be filed even if there were no transac- tions during the period. |
| Annual Holdings Report | By January 31 of each year | Same as Initial report, except that holdings must be current as of December 31 of the prior year. |
| Annual Certificate of Compliance | By January 31 of each year |  |
| Report on Outside Activities (Includes, among other activities, Directorships, Officerships, Creditor Committees, Board Observation Rights and Employment) | 4th quarter of each year |  |

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**<u>Policy Statement on Insider Trading</u>**

Members of the **Firm** occasionally come into possession of material, non-public information or "**inside information**". Various laws, court decisions, and general ethical standards impose duties with respect to the use of this **inside information**.

The **SEC** rules provide that any purchase or sale of a security while "having awareness" of **inside information** is illegal regardless of whether the information was a motivating factor in making a trade.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **9** |

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Courts may attribute one employee's knowledge of **inside information** to other employees that trade in the affected security, even if no actual communication of this knowledge occurred. Thus, by buying or selling a particular **Security** in the normal course of business, **Firm** personnel other than those with actual knowledge of **inside information** could inadvertently subject the **Firm** to liability.

The risks in this area can be significantly reduced through the use of a combination of trading restrictions and information barriers designed to confine material non-public information to a given individual, group or department (see defined term "**Ethical Walls**").

See the Reference Table below if you have any questions on this Policy or who to consult in certain situations.

*What You Should Do If You Have Questions About Inside Information?* 

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| | |
|:---|:---|
| **Topic** | **You Should Contact:** |
| If you have a question about: | The Legal Department |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Insider Trading Policy in general |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether information is "material" or "non-public" |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you have a question about whether you have received inside information on a Firm commingled fund (e.g. partnerships, trusts, mutual funds) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether you have received material non-public information about a public company |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining deal-specific information (pre-clearance is required) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sitting on a Creditors' Committee (preapproval is required) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Need to have an Ethical Wall established |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Terminating an Ethical Wall |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 13/16 issues |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Who is "within" or "outside" an Ethical Wal |  |
| If you wish to serve on a Board of Directors, serve as an alternate on a Board, serve as a Board Observer or sit on a Creditors Committee *(Pre-approval is required)* | Administrator of the Code of Ethics |
| In the event of inadvertent or non-intentional disclosure of material non-public information | The Legal Department |

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**TCW Policy on Insider Trading** 

*Trading Prohibition* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No **Access Person** of the **Firm**, either for themselves or on behalf of clients or others, may buy or
sell a **security** (i.e., stock, bonds, convertibles, options, warrants or derivatives tied to a company's securities) while in possession of material, non-public information about the company (except
as listed in Deal- Specific Information below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This applies in the case of both publicly traded and private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This means that you may not buy or sell such securities for yourself or anyone, including your spouse, domestic
partner, relative, friend, or client and you may not recommend that anyone else buy or sell a security of a company on the basis of **inside information** regarding that company.

If you believe you have received oral or written material, non-public information, you should not discuss the information with anyone except the Legal Department. Do not discuss the information with your supervisor, department head or any other individual who is on your team.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **10** |

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*Communication Prohibition* 

No **Access Person** may communicate material, non-public information to others who have no official need to know. This is known as "tipping," which also is a violation of the insider trading laws, even if you as the "tipper" did not personally benefit. Therefore, you should not discuss such information acquired on the job with your spouse, domestic partner or with friends, relatives, clients, or anyone else inside or outside of the **Firm** except on a need-to-know basis relative to your duties at the **Firm**.

Remember that **TCW Mutual Funds** are publicly traded entities and you may be privy to material non-public information regarding those entities. Communicating such information in violation of the Firm's policies is illegal.

The prohibition on sharing material, non-public information extends to affiliates such as the Carlyle and Nippon Life entities.

*What is Material Information?* 

Information (whether positive or negative) is material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a reasonable investor would consider it important in making an investment decision or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When it could reasonably be expected to have an effect on the price of a company's securities.

Some examples of **Material Information** are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings results, changes in previously released earnings estimates, liquidity problems, dividend changes,
defaults,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Projections, major capital investment plans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant labor disputes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant merger, tender offers, secondary offerings, rights offerings, spin-off, joint venture, stock buy backs, stock splits or acquisition proposals or agreements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product releases, price changes, schedule changes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant accounting changes, credit rating changes, write-offs or charges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major technological discoveries, breakthroughs or failures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major contract awards or cancellations, significant regulatory developments (e.g. FDA approvals),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Governmental investigations, major litigation or disposition of litigation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extraordinary management developments or changes.

Because no clear or "bright line" definition of what is material exists, assessments sometimes require a fact- specific inquiry. If you have questions about whether information is material, direct the questions to the Legal Department.

*What is Non-Public Information?* 

Non-public information is information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not been disseminated broadly to investors in the marketplace, such as a press release or publication in the
Wall Street Journal or other generally circulated publication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not become available to the general public through a public filing with the SEC or some other governmental
agency, Bloomberg, or release by Standard & Poor's or Reuters.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **11** |

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**Examples of How TCW Personnel Could Obtain Inside Information and What You Should Do In These Cases** 

Examples of how a person could come into possession of **inside information** include:

Board of Directors Seats or Observation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most public companies have restrictions on trading by Board members except during trading window periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone who wishes to serve on a Board of Directors or as a Board Observer must seek pre-approval and complete the Outside Business Activity Form that is posted on myTCW and submit it to the **Administrator of the Code of Ethics** who will coordinate the approval process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If approval is granted, the **Administrator of the Code of Ethics** will notify the Legal Department so that
the appropriate **Ethical Wall** and/or restricted securities listing can be made.

Portfolio Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sitting on Boards of public companies in connection with an equity or fixed income position that they manage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having the intent to control or work with others to attempt to influence or control a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working with expert network consultants who were recent employees of a company involving a major transaction.

Should be mindful of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC filing obligations under Section 16 of the Exchange Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Short swing profits" restrictions and penalties related to purchases and sales of shares held in
client accounts within a 6-month period.

The Legal Department should be consulted in these situations.

**Deal-Specific Information** 

Employees may receive **inside information** for legitimate purposes such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of a direct investment, secondary transaction or participation in a transaction for a client
account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the context of forming a confidential relationship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receiving "private" information through on-line services such
as Intralinks.

This "deal-specific information" may be used by the department to which it was given for the purpose for which it was given. This type of situation typically arises in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mezzanine financings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan participations, bank debt financings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• venture capital financing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of distressed securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil and gas investments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases of substantial blocks of stock from insiders.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **12** |

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It should be assumed that **inside information** is transmitted whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A confidentiality agreement is entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An oral agreement is made or an expectation exists that you will maintain the information as confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a pattern or practice of sharing confidences so that the recipient knows or reasonably should know that
the provider expects the information to be kept confidential, such pattern or practice is sufficient to form a confidential relationship.

There is a presumed duty of trust and confidence when a person receives material non-public information from his or her spouse, parent, child, or sibling.

Remember that even if the transaction for which the deal-specific information is received involves securities that are not publicly traded, the issuer may have other classes of traded securities, and the receipt of **inside information** can affect the ability of other product groups at the Firm to trade in those securities.

If you are to receive any deal-specific information or material, non-public information on a company (whether domestic or foreign), contact the Legal Department, who then will implement the appropriate **Ethical Wall** and trading procedures.

**Participation in Rapid Fire Capital Infusions** 

*Overview* 

From time to time, public companies may seek rapid-fire capital infusions of capital from institutional investors. In the past, these have involved investment banks contacting potential investors, often over the weekends, on a pre-announcement basis.

*What Should You Do?* 

If you work with marketable security strategies and you receive a call to participate in an offering before it is publicly announced, please contact the **Legal Department, General Counsel** or **Chief Compliance Officer**. <u>Do</u> <u>not</u> ask the name of the company that is the subject of the financing or agree to any confidentiality or standstill agreements. Otherwise, you may restrict trading in your and other portfolios and the **Firm**. Your email should include the contact information for the person who contacted you.

*What Are The Ramifications For Participating In A Rapid Fire Capital Infusion?* 

Historically, the Firm's marketable securities strategies have not received material non-public information and have relied solely on public information. Some of the ramifications of your participating in a rapid fire capital infusion are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your accounts will be restricted for the company in question as soon as you learn about the name of the company,
even if you decide not to participate. There is no ability to preview the names because just knowing about the potential transaction is in itself material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A restriction in a name could last for a period of time and that period cannot be predicted in advance. In many
cases, it may be a fairly short period (a week or so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will need to be available or designate someone in your portfolio management group to be fully available at
night and possibly over the weekend to consider the transaction(s).

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If your group decides to participate in the offering, the **Legal Department** will work with your group to implement appropriate **Ethical Wall** procedures with the goal of ensuring that others at the **Firm** who do not have the information will not be frozen in their trading securities of the issuer. The shares of the company at issue will be restricted in accounts managed by your group and possibly others at the **Firm** until after the terms of the financing (or other material non-public information) are publicly announced.

**Creditors' Committees** 

Members of the **Firm** may be asked to participate on a Creditors' Committee which is given access to **inside information**. Since this could affect the **Firm's** ability to trade in **securities** in the company, before agreeing to sit on any Creditors' Committee, contact the **Administrator of the Code of Ethics** who will obtain any necessary approvals and notify the Legal Department so that the appropriate **Ethical Wall** can be established and/or restricted securities listings can be made.

**Information about TCW Products** 

Employees could come into possession of **inside information** about the **Firm's** limited partnerships, trusts, and mutual funds that is not generally known to their investors or the public. The following could be considered inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plans with respect to dividends, closing down a fund or changes in portfolio management personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buying or selling securities in a **Firm** product with knowledge of an imminent change in dividends or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A large-scale buying or selling program or a sudden shift in allocation that was not generally known

Disclosing holdings of the **TCW Mutual Funds** on a selective basis could also be viewed as an improper disclosure of non-public information and should not be done. The **Firm** currently discloses holdings of the **TCW Mutual Funds** to the general public and investors through tcw.com on a monthly basis. This disclosure may occur on or prior to the 15th calendar day following the end of that month (or, if the 15th calendar day is not a business day, the next business day thereafter). Disclosure of these funds' holdings at other times, where a general disclosure has not yet been made through tcw.com, requires special confidentiality procedures and must be pre-cleared with the Legal Department (See the Marketing and Communications Policy for further information concerning portfolio holdings disclosure).

In the event of inadvertent or unintentional disclosure of material non-public information, the person making the disclosure should immediately contact the Legal Department or General Counsel. The Legal Department should notify the Administrator of the Code of Ethics of this type of inside information so that appropriate restrictions can be put in place.

**Contacts with Public Companies** 

Contacts with public companies are an important part of the **Firm's** research efforts coupled with publicly available information. Difficult legal issues arise when an employee becomes aware of material, non-public information through a company contact. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results, or if an investor-relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the **Firm** must make a judgment regarding its further trading conduct.

If an issue arises in this area, a research analyst's notes could become subject to scrutiny. Research analyst's notes have become increasingly the target of plaintiffs' attorneys in securities class actions.

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The **SEC** has declared publicly that they will take strict action against what they see as "selective disclosures" by corporate insiders to securities analysts, even when the corporate insider was getting no personal benefit and was trying to correct market misinformation. Analysts and portfolio managers who have private discussions with management of a company should be clear about whether they desire to obtain **inside information** and become restricted or not receive such information.

If an analyst or portfolio manager receives what he or she believes is **inside information** and if you feel you received it in violation of a corporate insider's fiduciary duty or for his or her personal benefit, you should not trade and should discuss the situation with the Legal Department.

**Expert Networks** 

The Firm may, from time to time, execute agreements with companies that provide access to a group of professionals, specialized information or research services ("Expert Networks"). In such circumstances, Expert Networks are engaged to provide authorized **TCW** employees with information that may be helpful in **TCW** understanding an industry, legislative initiatives, and many other important topical areas. However, **TCW** is mindful of the fact that Expert Networks present significant legal, compliance and regulatory risks concerning the receipt and transmission of materially non-public information.

Given this inherent risk, **TCW** requires that, in addition to the requisite approval from our vendor management team, the compliance policies of each Expert Network are reviewed and approved by our Compliance Department prior to entering into an agreement for services. In the course of the review, the Compliance Department may rely on certifications and affirmations made by the Expert Networks as to the underlying processes. Furthermore, the Firm requires that each employee who wishes to participate in an Expert Network read and confirm their understanding of the Firm Expert Network Guidelines, as well as complete an Insider Trading training module to ensure that they understand the Firm policies regarding material non-public information and insider trading. A **TCW** employee that participates in a meeting with an Expert Network, regardless of the medium through which the meeting is conducted (i.e. phone, video call, or any other means by which such meeting may occur), should be assigned the task of creating notes during or contemporaneously with the meeting ("Notes"). These Notes should be delivered to the Compliance Department within seven (7) days of the meeting. In conjunction with the appropriate departments, the Compliance Department will maintain a log of all Expert Network calls.

The Compliance Department may chaperone Expert Network calls or periodically sample and conduct a review of calls by inspecting the Notes, and/or any written or audio recording of the call that may be available. If, based upon this review, Compliance determines that MNPI may have been disclosed during a call, they will immediately notify the **General Counsel** and the **Chief Compliance Officer**. A review to determine if MNPI was received, and any actions to be taken, will be conducted in accordance with **TCW's** policies and procedures regarding MNPI. Additionally, the Compliance Department will sample personal trading activity by employees in the securities of publicly traded companies in similar industries as those discussed during the calls.

**What Is The Effect Of Receiving Inside Information?** 

Any person actually receiving **inside information** is subject to the trading and communication prohibitions discussed above. However, restrictions may extend to other persons and departments within the company. In the event of receipt of **inside information** by an employee, the Firm generally will:

Establish an **Ethical Wall** around the individual or a select group or department, and/or place a "firm wide restriction" on securities in the affected company that would bar any purchases or sales of the securities by any department or person within the **Firm**, whether for a client or personal account unless there is specific approval from the Compliance or Legal Departments.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **15** |

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In connection with the **Ethical Wall** protocol, those persons falling within the **Ethical Wall** would be subject to the trading prohibition and, except for need-to-know communications to others within the **Ethical Wall**, the communication prohibition discussed above. The breadth of the **Ethical Wall** and the persons included within it will be determined on a case-by-case basis. In these circumstances, the **Ethical Wall** procedures are designed to "isolate" the **inside information** and restrict access to it to an individual or select group to allow the remainder of the **Firm** not to be affected by it.

In any case where an **Ethical Wall** is imposed, the **Ethical Wall** procedures discussed below must be strictly observed. Each Group Head is responsible for ensuring that members of his or her group abide by these **Ethical Wall** procedures in every instance.

**Does TCW Monitor Trading Activities?** 

Yes, **TCW** monitors trading activities through one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts reviews of trading in public securities listed on the **Restricted Securities List**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Surveys client account transactions that may violate laws against insider trading and, when necessary,
investigates such trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducts monitoring of the **Ethical Walls**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviews personal securities trading to identify insider trading, other violations of the law or violations of the
Firm's policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtains securities holding and transaction reports as required by SEC rules and regulations.

**Penalties and Enforcement by SEC and Private Litigants** 

Insider trading violations subject both the **Firm** and the individuals involved to severe civil and criminal penalties and could result in damaging the reputation of the **Firm**. Violations constitute grounds for disciplinary sanctions, including dismissal.

The **SEC** pursues all cases of insider trading regardless of size and parties involved. Penalties for violations are severe for both the individual and possibly his or her employer. The regulators, the market and the Firm view violations seriously and there can be significant fines, jail time and lawsuits.

**Ethical Wall Procedures** 

The **SEC** has long recognized that procedures designed to isolate **inside information** to specific individuals or groups can be a legitimate means of curtailing attribution of knowledge of such **inside information** to an entire company. These types of procedures are known as **Ethical Wal**l procedures. In those situations where the **Firm** believes **inside information** can be isolated, the following **Ethical Wall** procedures would apply. These **Ethical Wall** procedures are designed to "quarantine" or "isolate" the individuals or select group of persons with the **inside information** within the **Ethical Wall**.

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**Identification of the Walled-In Individual or Group** 

The persons subject to the **Ethical Wall** will be identified by name or group designation. If the **Ethical Wall** procedures are applicable simply because of someone serving on a Board of Directors of a public company in a personal capacity, the **Ethical Wall** likely will apply exclusively to that individual, although in certain circumstances expanding the wall may be appropriate. When the information is received as a result of being on a Creditors' Committee, serving on a Board in a capacity related to the **Firm's** investment activities, or receiving deal-specific information, the walled-in group generally will refer to the group associated with the deal and, in some cases, related groups or groups that are highly interactive with that group. Determination of the breadth of the **Ethical Wall** is fact-specific and must be made by the Legal Department, the **General Counsel**, or the **Chief Compliance Officer**. Therefore, as noted above, advising them if you come into possession of material, non-public information is important. If you are in a group where you expect to continuously receive material non-public information as part of its strategy, a global **Ethical Wall** may be required to be imposed on the department.

**Isolation of Information** 

Fundamental to the concept of an **Ethical Wall** is that the **inside information** be effectively quarantined to the walled-in group. The two basic procedures that must be followed to accomplish this are as follows: restrictions n communications and restrictions on access to information.

**Restrictions on Communications** 

Communications regarding the **inside information** of the subject company should only be held with persons within the walled-in group on a need-to-know basis or with the **General Counsel**, the Legal Department or **Chief Compliance Officer**. Communications should be discreet and should not be held in the halls, in the lunchroom or on cellular phones. In some cases using code names for the subject company as a precautionary measure may be appropriate.

If persons outside of the group are aware of your access to information and ask you about the target company, they should be told simply that you are not at liberty to discuss it. On occasion, discussing the matter with someone at the **Firm** outside of the group may be desirable. However, no such communications should be held without first receiving the prior clearance of the **General Counsel**, the Legal Department, or the **Chief Compliance Officer**. In such case, the person outside of the group and possibly his or her entire department, thereby will be designated as "inside the wall" and will be subject to all **Ethical Wall** restrictions in this policy.

**Restrictions on Access to Information** 

The files, computer files and offices where confidential information is physically stored generally should be made inaccessible to persons not within the walled-in group.

**Trading Activities by Persons within the Wall** 

Persons within the **Ethical Wall** are prohibited from buying or selling securities in the subject company, whether on behalf of the **Firm** or clients or in personal transactions except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the affected persons have received deal-specific information, the persons are permitted to use the
information to consummate the deal for which deal-specific information was given (Note that if the transaction is a secondary trade (vs. a direct company issuance), the Legal Department should be consulted to determine any disclosure obligations to
the counterparty, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In connection with a client directed liquidation of an account in full provided that no confidential information
has been shared with the client. The liquidating portfolio manager should confirm to the **Administrator of the Code of Ethics** in connection with such liquidation that no confidential information was shared with the client.

**Termination of Ethical Wall Procedures** 

When the information that is the subject of the **Ethical Wall** has been publicly disseminated, a confidentiality agreement expires and information is no longer being provided or if the information has become stale, the person who contacted the Legal or Compliance Department to have the **Ethical Wal**l established must notify the Legal Department as to whether the **Ethical Wall** can be terminated. This is particularly true if the information was received in an isolated circumstance such as an inadvertent disclosure to an analyst or receipt of deal- specific information.

Persons who by reason of an ongoing relationship or position with the company are exposed more frequently to the receipt of such information (e.g., being a member of the Board of Directors or on a Creditors' Committee) would be subject ordinarily to the **Ethical Wall** procedures on a continuing basis and may be permitted to trade only during certain "window periods" when the company permits such "access" persons to trade.

**Certain Operational Procedures** 

The following are certain operational procedures that will be followed to ensure communication of insider trading policies to Firm employees and enforcement thereof by the **Firm**.

**Maintenance of Restricted List** 

The **Restricted Securities List** is updated as needed by the **Administrator of the Code of Ethics**, who distributes it as necessary. **The Administrator of the Code of Ethics** also updates an annotated copy of the list and maintains the history of each item that has been deleted. This annotated **Restricted Securities List** is available to the **General Counsel** and the **Chief Compliance Officer**, as well as any additional persons, which either of them may approve.

The **Restricted Securities List** restricts issuers (i.e., companies) and not just specific securities issued by the issuer. The list of ticker symbols on the **Restricted Securities List** should not be considered the complete list – the key is that you are restricted as to the company or a derivative that is tied to the company. This is of particular importance to the strategies which may invest in securities listed on foreign exchanges.

The **Restricted Securities List** must be checked before each trade. If an order is not completed on one day, then the open order should be checked against the **Restricted Securities List** every day it is open beyond the approved period that was given (e.g., the waiver you received was for a specific period, such as one day).

**Exemptions** 

Once an issuer is placed on the **Restricted Securities List**, any purchase or sale specified on the list (whether a personal trade or on behalf of a client account) must be cleared with the **Administrator of the Code of Ethics**.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **18** |

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**Gifts & Entertainment: Anti-Corruption Policy** 

**Access Persons** may provide reasonable **Gifts** and **Entertainment** for the bona fide purpose of promoting, demonstrating, or explaining **Firm** services, including fostering strong client relationships.

Where possible, or as required in this Policy, you should notify your department head before, or after, providing or accepting any **Gifts** or **Entertainment**, even if no other approval is required and report it to StarCompliance. As discussed below, **Access Persons** may also be required to obtain approval when giving or receiving certain **Gifts** and **Entertainment**. Unless otherwise specified below, if approvals are required, you must submit your request through StarCompliance for approval by the **Administrator of the Code of Ethics**. **Access Persons** must obtain prior written approval from the **Administrator of the Code of Ethics** where required. The **Administrator of the Code of Ethics** shall elevate the request in the event of high risk or higher value gifts, or as otherwise necessary or appropriate. Notwithstanding the foregoing, in light of the impromptu nature of some **Entertainment**, approval for **Access Persons** providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu **Entertainment** was not feasible, and (2) the provision of such **Entertainment** or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving **Gifts** or **Entertainment**. It is the **Access Person's** responsibility to seek prior approval from the **Administrator of the Code of Ethics** for **Gifts** and **Entertainment** which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where **Gifts** or **Entertainment** may be given or received. Repeated reliance on the impromptu nature of giving or receiving **Gifts** or **Entertainment** may be considered a violation of this Policy and may result in disciplinary action.

**Gifts** 

A "**Gift**" is anything of value given or received without paying its reasonable fair value (e.g. merchandise, cash, gift cards, favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses where **Access Persons** are not present as attendees). **Entertainment** (as defined below) is not a **Gift**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A **Gift** must only be provided as a courtesy or token of regard or esteem ()"**Token Gift** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any **Token Gifts** should be appropriate under the circumstances, not be excessive in value (generally, not
more than $100) and involve no element of concealment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gifts** of cash or cash equivalents are prohibited.

You may not give or accept a **Gift** if you know, or have reason to know, that it is not permitted under the applicable laws.

**Entertainment or Similar Expenditures** 

"**Entertainment**" generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business **Entertainment** (including meals, sporting events, theater productions, or comparable events) may
only be provided if (i) a legitimate business purpose exists for such entertainment and (ii) such entertainment is reasonable and not excessive (e.g., 3 days of golf for a 1-day seminar is excessive
and not reasonable).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tickets received in relation to (i) an event sponsorship or (ii) received on behalf of a charitable
contribution that Access Persons give or receive to guests are considered entertainment and require reporting to StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may never pay or accept payment of **Entertainment** or similar expenditures if they are not commensurate
with local custom or practice or if you know or have reason to know that they are not permitted under the applicable laws.

**Access Persons** are required to follow the approval process set forth below, and in this Policy, to obtain the requisite approvals in StarCompliance, if any, before or after giving or receiving **Gifts** or **Entertainment**.

**Gifts, Entertainment, Payments & Preferential Treatment** 

**Gifts** or **Entertainment** may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Therefore, the **Policy** establishes reasonable limits and procedures relating to giving and receiving **Gifts** and **Entertainment**.

If approval is required, **Access Persons** should request approval through StarCompliance, and wait for a decision before taking any action. The **Administrator of the Code of Ethics** shall review the submission with your department head and the **Approving Officers**, as appropriate. **Access Persons** are required to log gifts & entertainment given or received regardless of amount in StarCompliance. Refer to the table below which describes the **Gifts & Entertainment** for which a log may be required. If you have any doubt about whether a **Gift** or **Entertainment** requires approval, you should err on the side of caution and seek approval. Notwithstanding the foregoing, in light of the impromptu nature of some **Entertainment**, approval for **Access Persons** providing entertainment may on occasion be after the fact. After the fact approval shall not be deemed a violation of this Policy where (1) approval prior to such impromptu Entertainment was not feasible, and (2) the provision of such Entertainment or the value of such Entertainment does not violate applicable U.S. or local laws. However, to the extent feasible, any required approvals should be obtained before accepting or giving **Gifts** or **Entertainment**. It is the **Access Person's** responsibility to seek prior approval from the **Administrator of the Code of Ethics** for **Gifts** and **Entertainment** which can be reasonably anticipated in advance of travel, events, meetings, conferences, or other similar circumstances where **Gifts** or **Entertainment** may be given or received. Repeated reliance on the impromptu nature of giving or receiving **Gifts** or **Entertainment** may be considered a violation of this Policy and may result in disciplinary action.

*Gifts Provided By the* ***Firm/Access Persons*** 

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| | |
|:---|:---|
| **Type of Gift To Be Given** | **Approval Required** |
| Cash **Gifts** (including gift cards) | Prohibited |
| **Token Gifts** (e.g. bottles of wine, fruit baskets, books) under<br> $100 (unless given to a **Foreign Official or Domestic Official**) | No Approval Required<br>Reporting is required to StarCompliance regardless of amount. |
| **Gifts** in excess of $100 that seem appropriate under the circumstances | Pre-Approval Required |
| Personal Charitable **Gifts** given where the recipient has a known business relationship with or a connection to a client or potential client of the **Firm** | Pre-Approval Required |
| **Gifts** to **Foreign Officials** or Domestic Officials (regardless of value) | Pre-Approval Required |
| Charitable **Gifts** given on behalf of the **Firm** | Pre-Approval Required. The Charitable **Contribution** request form must be completed before making the **Gift**. |

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| **Gifts** by **TCW Funds Distributors LLC** (formerly, TCW Brokerage Services), a limited-purpose broker-dealer ("TFD") **Registered Persons** aggregating less than $100 per year | No Approval Required, But Each Individual Must Maintain Their Own Log On StarCompliance Showing:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of recipient(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date of **Gift**(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value of **Gift**(s)<br>A log is not required to record gifts of de minimis value (e.g. pens, notepads or modest desk ornaments) or promotional items of nominal value that display the firm's logo (e.g. umbrellas, tote bags or shirts) that are substantially below the<br> $100 limit. However, all other gifts MUST be logged. If you are in doubt if something meets the "de minimis" standard, then<br> the gift should be logged. |
| **Gifts** by **TFD Registered Persons** aggregating more than $100 per year that do not relate to the business of the recipient's employer. Examples of gifts not relating to the business of the recipient's employer include personal gifts (not paid<br> for by **TCW**) where there is a pre-existing personal or family<br> relationship between you and the recipient. | Pre-Approval Required, And Must Maintain Log in StarCompliance Showing:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of recipient(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date of **Gift**(s)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value of **Gift**(s) |
| **Gifts** by **TFD Registered Persons** aggregating more than $100 per year that do relate to the business of the recipient's em- ployer | Prohibited |
| **Gifts** to Unions or Union Officers | Pre-Approval Required. The Request Form for Approval for **Gift/Entertainment** must be completed before making the gift. In addition, an **LM-10 Information Report** is required to be completed, approved by an officer and submitted to the **Administrator of the Code of Ethics and to the Legal Department** for each occurrence. |

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*Entertainment and Hospitality Provided by the* ***Firm/Access Persons*** 

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|:---|:---|
| **Amount** | **Approval Required** |
| $250 or less per person and $2,500 or less in aggregate per event | No Approval Required<br>Reporting to StarCompliance is required regardless of amount. |
| Greater than $250 per person or $2,500 or more in aggregate per event | Pre-Approval Required |
| Attendance and participation at educational or industry sponsored events (for example, tickets for attendance or purchasing a table at an industry conference) | No Approval Required<br>Reporting to StarCompliance is required regardless of amount. |
| If provided to Unions or Union Officers | The Request Form for Approval for Gift/Entertainment must be completed before making the entertainment. In addition, an LM-10 Information Report is required to be completed, approved by an officer and submitted to the Administrator of the Code of Ethics and to the Legal Department for each occurrence. |
| If provided to a **Foreign Official or Domestic Official**<br> (regardless of value) | Pre-Approval Required |

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Note that for public pension plans, and in some cases other clients, **Gifts** or **Entertainment** may have to be disclosed by the **Firm** in response to client questionnaires and may reflect unfavorably on the **Firm** in obtaining business. Receipt of **Gifts** may even lead to disqualification. Therefore, discretion and restraint is advised.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **21** |

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*Gifts and Entertainment Received by* ***Firm Personnel*** 

You should not accept **Gifts** that are of excessive value (generally, $100 or more) or inappropriate under the circumstances. **Access Persons** are required to report and seek approval for any gift that they receive worth more than $100 to the **Administrator of the Code of Ethics**.

If a **Gift** has a value over $100 and is not approved as being otherwise appropriate, you should (i) reject the **Gift**, (ii) give the **Gift** to the **Administrator of the Code of Ethics** who will return it to the person giving the **Gift** (you may include a cover note), or (iii) if returning the **Gift** could affect friendly relations between a third party and the **Firm**, give it to the **Administrator of the Code of Ethics**, which will donate it to charity.

If the host of an event is personally present at the event, the event will be considered Entertainment; otherwise, it will be considered a **Gift**. You should not accept any invitation for **Entertainment** that is excessive or inappropriate under the circumstances. There may be some circumstances where it is difficult to reject an invitation or provision of hospitality or **Entertainment**. Where rejecting such an invitation or provision of hospitality could affect friendly relations between a third party and the **Firm**, use your best judgment and promptly report the entertainment or hospitality to the **Administrator of the Code of Ethics**. The **Administrator of the Code of Ethics** shall review such situation with your department head and the **Approving Officers**, as appropriate. No absolute rules exist, so good judgment must be exercised, considering the context, circumstances, and frequency of the **Entertainment** or hospitality. For example, approval might be required for an out-of-town sporting event, but not for a business conference in the same venue.

In light of the nature of **Gift**-giving and the impromptu nature of some **Entertainment**, approval for **Access Persons** accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting **Gifts** or **Entertainment**. Where prior approval is not possible with respect to impromptu **Gifts** or **Entertainment**, the **Access Persons** receiving such **Gift** or **Entertainment** must seek approval as soon as is reasonably practicable. If such Gift or Entertainment received is impermissible under U.S. or local laws, then the **Administrator for the Code of Ethics** may require the **Access Persons** to return the **Gifts** or reimburse such **Entertainment** received.

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| | |
|:---|:---|
| **Type of Gift/Entertainment Received** | **Approval Required** |
| Cash **Gifts** (including gift cards) | Prohibited |
| Solicitation by **Access Persons** of **Gifts** from clients, suppliers, brokers, business partners, or potential business partners | Prohibited |
| Appropriate **Gifts** with value of $100 or less\*<br>Promotional gifts of nominal value (e.g. pens, notepads or modest desk ornaments, umbrellas, tote bags or shirts) that display a firm's logo that are substantially below the $100 limit does not require reporting. | No Approval Required<br>Reporting is required to StarCompliance regardless of amount |
| Tickets(s) to attend an industry conference or seminar paid by a vendor or other third party (note that payment of airfare, accommodations, meals and other expenses paid by such vendor or third party would still require approval, unless exempted per the Speaker Exemption below) | No Approval Required<br>Reporting is required to StarCompliance regardless of amount |
| **Gifts** believed to have a value in excess of $100, that seem appropriate under the circumstances\* | Approval Required |
| **Gifts** given to a wide group of recipients (e.g. closing dinner<br> **Gifts**, holiday **Gifts**)\* | No Approval Required<br>Reporting is required to StarCompliance regardless of amount |
| **Gifts** received from the same donor more than twice in a calendar year\* | Approval Required |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **22** |

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|:---|:---|
| **Entertainment** on a personal basis, involving a small group of people, more than twice in one calendar year | Approval Required |
| **Entertainment** over $250 per event\* | Approval Required |
| Out-of-town accommodations and airfare for business conference or other industry event paid by sponsor as speaker expenses, or on the same basis as other attendees (the "**Speaker Exemption**") | No Approval Required<br>Reporting is required to StarCompliance regardless of amount |
| Other out-of-town travel expenses, other than on a business trip or industry conference that is customary and usual for business purposes | Approval Required |

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**\*For Investment Personnel only:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All **Gifts** and **Entertainment**, of any value, received from broker/dealers must be reported in
StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All **Gifts** received from broker/dealers with a value in excess of $100/person are prohibited and should be
returned to the broker/dealer or turned over to Compliance for appropriate disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an **Investment Personnel** is granted approval to accept entertainment with a value in excess of $250 per
event from a broker/dealer, that person must personally pay the amount in excess of $250 and must maintain records indicating such payment.

**Foreign Corrupt Practices Act (FCPA)** 

The FCPA permits small payments to low-level **Foreign Officials** (typically in countries with pervasive corruption) to expedite or secure the performance of non-discretionary government action (e.g., processing governmental papers, providing police protection, and providing mail service) under limited circumstances ("**Facilitating Payments**"). Nevertheless, because such payments may be illegal under the local law of the foreign country involved and/or other applicable anti-corruption laws and rules, such as the Bribery Act, this **Policy** prohibits **Firm Personnel** from making such payments, regardless of whether such payments would be permissible under the FCPA.

**Statement of Purpose** 

**TCW** (the "**Firm**") is committed to complying with all applicable anti-corruption laws and rules, including, but not limited to, the U.S Foreign Corrupt Practices Act of 1977, as amended (the "**FCPA**"), the U.S. Travel Act (the "Travel Act"), the U.K. Bribery Act of 2010 (the "Bribery Act") and any laws enacted pursuant to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the "OECD Convention"). The purpose of this Anti-Corruption Policy (the "**Policy**") is to ensure compliance with all applicable anti-corruption laws and rules.

Of course, no policy can anticipate every possible situation that might arise. As such, **Firm Personnel** (defined below) are encouraged to discuss any questions that they may have relating to the Policy with their supervisor, **Firm** contact or the Legal or Compliance Departments. When in doubt, **Firm Personnel** should seek guidance.

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**Scope** 

This **Policy** is mandatory and applies to all directors, officers and employees of the **Firm** and any persons engaged to act on behalf of the **Firm**, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located (collectively referred to as "**Firm Personnel**"). Violations of this **Policy** may result in disciplinary action, up to and including termination of employment and referral to regulatory and criminal authorities.

**Prohibited Conduct** 

**Firm Personnel** shall not, directly or indirectly, make, offer, or authorize any gift, payment or other inducement for the benefit of any person, including a **Foreign Official** or **Domestic Official**, with the intent that the recipient misuse his/her position to aid the **Firm** in obtaining, retaining, or directing business.

"**Foreign Official**" includes government officials, political party leaders, candidates for public office, employees of state-owned enterprises (such as state-owned banks or pension plans), employees of public international organizations (such as the World Bank or the International Monetary Fund), and close relatives or agents of any of the foregoing. Because U.S. regulators have a very broad view of what constitutes a "**Foreign Official**," **Firm Personnel** should err on the side of caution by treating counter-parties as **Foreign Officials** when in doubt.

"**Domestic Official**" means any officer or employee of any government entity, department, agency, or instrumentality (federal, state, or local) in the U.S., candidates for public office, and close relatives or agents of any of the foregoing.

For purposes of this **Policy**, **Foreign Official** and **Domestic Official** also includes individuals who have actual influence in the award of business and any person or entity hired to review or accept bids for a government entity.

All payments, whether large or small, are prohibited if they are, in substance, bribes or kickbacks, including, cash payments, gifts, and the provision of hospitality and entertainment expenses. Personal funds (your own or a third party's) must not be used to accomplish what is otherwise prohibited by this **Policy**.

**Firm Personnel** are also prohibited from requesting, agreeing to accept, or accepting **Gifts** from any third party in exchange for or as a reward for improper or unapproved performance of their job responsibilities.

**Health or Safety Exception** 

**Facilitating Payments** are permitted in rare circumstances when the health or safety of **Firm Personnel** (or anyone else) is at risk. If a payment is made pursuant to this limited exception, **Firm Personnel** must report the payment and circumstances to the Legal Department as soon as possible after the health or safety of the individual(s) is no longer at risk. The payment must also be accurately recorded in the **Firm's** books and records.

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**Third Party Representatives** 

Under the FCPA and other anti-bribery laws, the **Firm** may be held responsible for the misconduct of its agents, representatives, business partners, consultants, contractors or any other third party engaged to act on the **Firm's** behalf (collectively "**Third Party Representatives**"). As such, prior to entering into an agreement with any **Third Party Representative** regarding business outside the United States, the **Firm** shall perform anti-corruption related due diligence and obtain from the **Third Party Representative** appropriate assurances of compliance in accordance with this **Policy**. The Legal Department is required to approve all engagements with Third Party Representatives. Any anti-corruption compliance issue that comes to the attention of any **Firm Personnel** must be reported to the **General Counsel** and addressed before proceeding with the relevant transaction or doing business with or through a **Third Party Representative**.

**Firm Personnel** should be alert to the activities of any **Third Party Representative** with whom they interact and promptly report any suspicious activity to the Legal Department. **Firm Personnel** should be especially alert to **Third Party Representatives** who are located in or interact with individuals in countries with high levels of corruption (the United States Department of Justice and Transparency International maintain internet-accessible lists of countries where corruption is a concern). **Firm Personnel** must consult with the Legal Department whenever encountering a situation involving any anti-corruption issue, including a **Red Flag**, or any other similar situation.

It is important for **Firm Personnel** to identify and report anti-corruption compliance issues in the ordinary course of business. To this end, the following shall apply to all **Firm Personnel**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Familiarize yourself with the examples of **Red Flags** listed in this Policy; Attend anti-corruption
training as applicable so you can identify the types of situations that may raise **Red Flags** or other compliance concerns that are not enumerated in this **Policy**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Be vigilant in detecting **Red Flags**; it is prohibited to "consciously avoid" or "close
your eyes" to a violation or to a **Red Flag**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Look out for **Red Flags** both before and during a relationship with any transaction partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If you have information concerning a potential **Red Flag**, contact the **General Counsel** immediately.

No **Firm Personnel** who in good faith provides information regarding a possible **Red Flag** will suffer any retaliation or adverse employment decision as a consequence of such report.

The existence of a **Red Flag** does not necessarily mean that a violation has occurred or will occur. However, once a **Red Flag** arises, **Firm Personnel** must report the **Red Flag** to the Legal Department who will oversee a reasonable inquiry into the circumstances surrounding the **Red Flag**. Upon request, other **Firm Personnel** will cooperate with and assist in the review of the **Red Flag**. The extent of this inquiry will depend on the facts of the particular situation and the degree of risk involved.

**Red Flag Reporting** 

**Firm Personnel** are required to promptly report to the **General Counsel** any situations that raise anti-corruption compliance **Red Flags**. All **Firm Personnel** are expected to be alert to any **Red Flags** or other situations that may indicate any compliance issues. The existence of a **Red Flag** requires additional diligence to address potential problems before a transaction may go forward. **Red Flags** include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for reimbursement of extraordinary, poorly documented, or last minute expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for payment in cash, to a numbered account, or to an account in the name of someone other than the
appropriate counterparty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A request for payment in a country other than the one in which the transaction is taking place or counterparty is
located, especially if it is a country with limited banking transparency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An unreasonable request (taking into consideration the circumstances of the request, including the size of
payment and the timing of the request) for payment in advance or prior to an award of a contract, license, concession, or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A refusal by a party to certify that it will comply with the requirements and prohibitions of this **Policy**,
applicable anti-corruption laws and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A refusal, if asked, to disclose owners, partners, or principals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of shell or holding companies that obscure an entity's ownership without credible explanation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As measured by local customs or standards, or under circumstances particular to the party's environment, the
party's business seems understaffed, ill equipped, or inconveniently located to undertake its proposed relationship with the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The party, under the circumstances, appears to have insufficient know-how or experience to provide the services the **Firm** needs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of engaging a Third Party Representative, the potential Third Party Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has an employee or a family member of an employee in a government position, particularly if the family member is
or could be in a position to direct business to the **Firm**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is insolvent or has significant financial difficulties that would reasonably be expected to impact its dealings
with the **Firm**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• displays ignorance of or indifference to local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is unable to provide appropriate business references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lacks transparency in expenses and accounting records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is the subject of credible rumors or media reports of inappropriate payments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requests payment that is disproportionate to the services provided.

**Mandatory Reporting** 

**Firm Personnel** and **Third Party Representatives** are required to promptly report to the **General Counsel** or **Chief Compliance Officer** any instance in which they believe that they, or any other **Firm Personnel** or **Third Party Representative** may have violated this Policy. All suspected violations of this **Policy**, including minor violations, should be reported. For example, a failure to obtain pre-approval before giving **Gifts** in excess of $100 should be reported. In addition, **Firm Personnel** and **Third Party Representatives** must alert the **General Counsel** or **Chief Compliance Officer** if anyone solicits improper **Gifts**, payments or other inducements from them, including any request made by **Foreign Official or Domestic Official** for a payment that would be prohibited under this **Policy** or any other actions taken to induce such a payment.

**Firm Personnel** may also report suspected violations of this **Policy** as specified in the **Firm's** Whistleblower Policy.

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**Books and Records** 

The **Firm** is required to maintain books and records that accurately reflect the **Firm's** transactions, use of **Firm** assets, and other similar information. The **Firm** is also required to maintain the internal accounting controls necessary to maintain proper control over the **Firm's** actions. The **Firm** should not create any undisclosed or unrecorded accounts for any purpose. False or artificial entries are not to be made in the books and records of the **Firm** for any reason.

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**Outside Business Activities** 

**General** 

The **Firm** discourages employees from holding outside employment, including consulting. In addition, an employee may not engage in outside employment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interferes, competes, or conflicts with the interests of the **Firm** or gives an appearance of a conflict of
interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment in the securities brokerage industry is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must abstain from negotiating, approving, or voting on any transaction between the **Firm** and any
outside organization with which they are affiliated, except in the ordinary course of providing services for the **Firm** and on a fully disclosed basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• encroaches on normal working time or otherwise impairs performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implies **Firm** sponsorship or support of an outside organization, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely reflects directly or indirectly on the **Firm**.

A conflict of interest may arise if an employee is engaged in an outside business activity ("**OBA**") or receives any compensation for outside services that may be inconsistent with the **Firm's** business interests. Examples of **OBAs** may include, but are not limited to, the following with any non-TCW entities or organizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving in any capacity of any non-affiliated company or institution,
including positions in TCW investment-related entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting appointment as a fiduciary, including executor, trustee, guardian, conservator or general partner,
except for the employee or immediate family for estate planning and other non-commercial and personal purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honorariums, public speaking appearances or instruction courses at educational institutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing investment advice, or any other financial services to, any person, organization or association,
including any that are exclusively charitable, fraternal, religious, civic and are recognized as tax exempt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regardless if compensation is received or not, ANY active role/position you have with an outside entity or
organization.

**Obtaining Approval/Reporting** 

All employees are required to obtain pre-approval before engaging in any **OBA** by submitting an Outside Business Activity request through StarCompliance. The **Administrator of the Code of Ethics** will then coordinate the approval and reporting process.

In addition, all employees are required to submit an initial Outside Business Activity request upon their hire through StarCompliance if they have any **OBA .** Each employee that has disclosed an **OBA** must submit an updated request upon material changes to the activity or role involved. All employees will also complete the Report on Outside Business Activity annually.

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**Political Activities & Contributions** 

**Introduction** 

In the U.S., both federal and state laws impose restrictions on certain kinds of political contributions and activities. These laws apply not only to U.S. citizens, but also to foreign nationals and both U.S. and foreign corporations and other institutions. Accordingly, the **Firm** has adopted policies and procedures concerning political contributions and activities regarding federal, state, and local candidates, officials and political parties.

This policy applies to the **Firm** and all employees, and in some cases to affiliates, consultants, placement agents and solicitors working for the **Firm**. Failure to comply with these rules could result in civil or criminal penalties for the Firm and the individuals involved or loss of business for the **Firm**.

These policies are intended to comply with these laws and regulations and to avoid any appearance of impropriety. These policies are not intended to otherwise interfere with an individual's right to participate in the political process. If you have any questions about political contributions or activities, contact the **Administrator of the Code of Ethics**.

**General Rules** 

All persons are prohibited from making or soliciting political contributions where the purpose is to assist the **Firm** in obtaining or retaining business.

No employee shall apply pressure, direct or implied, on any other employee that infringes upon an individual's right to decide whether, to whom, in what capacity, or in what amount or extent, to engage in political activities.

All persons are prohibited from doing indirectly or through another person anything prohibited by these policies and procedures or to avoid a required review for approval.

**Fundraising and Soliciting Political Contributions** 

**Firm** officers, directors or other personnel may not make political solicitations under the auspices of the **Firm**, unless authorized in writing by the **General Counsel** who will maintain a copy. Use of **Firm** letterhead, email signature blocks, logos or other identifiers of **TCW** is prohibited.

Any solicitation or invitations to fundraisers by a **Firm** officer, director or other personnel on behalf of candidates, party committees or political committees must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• originate from the individual's home address,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make clear that the solicitation is not sponsored by the **Firm**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make clear that the contribution is voluntary on the part of the person being solicited.

**Rules Governing Firm Contributions and Activities** 

*Federal Elections* 

The **Firm** is prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making or facilitating contributions to federal candidates from corporate treasury funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making or facilitating contributions or donations to federal political party committees and making donations to
state and local political party committees if the committees use the funds for federal election activities,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using, or allowing the use of, corporate facilities, resources, or employees for federal political activities
other than for making corporate communications to its officers, directors, stockholders, and their families, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making partisan communications to its "rank and file" employees or to the public at large.

**Contributions to State and Local Candidates and Committees** 

The limitations on corporate political contributions and activities vary significantly from state to state. All Firm employees must obtain pre-clearance from the **General Counsel** prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using the **Firm's** funds for any political contributions to state or local candidates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making any political contribution in the **Firm's** name.

**Political Activities on Firm Premises and Using Firm Resources** 

*Federal, State, and Local Elections* 

All employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using **Firm** resources for political activities, including the use of photocopier paper for political
flyers, or **Firm** -provided refreshments at a political event, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directing subordinates to participate in federal, state, and/or local fundraising or other political activities,
except where those subordinates have voluntarily agreed to participate in such activities. Any employee considering the use of the services of a subordinate employee (whether or not in the same reporting line) for political activities must inform
the subordinate that his or her participation is strictly voluntary and that he or she may decline to participate without the risk of retaliation or any adverse job action.

Federal law and **Firm** policy allow an individual to engage in limited personal, volunteer political activities on company premises on behalf of a federal candidate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the individual obtains approval before the activities occur. Contact the Administrator of the Code of Ethics to
request approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the political activities are isolated and incidental (they may not exceed 1 hour per week or 4 hours per month),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not prevent the individual from completing normal work or interfere with the Firm's normal
activity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not raise the overhead of the **Firm** (for example, result in phone charges, postage or
delivery charges, use of **Firm** materials), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the activities do not involve services performed by other employees (including secretaries, assistants, or other
subordinates) unless the other employees voluntarily engage in the political activities.

**TCW** follows the above policy for activities related to state and local elections.

**Rules for Individuals** 

*Responsibility for Personal Contribution Limits* 

Federal law and the laws of many states and localities establish contribution limits for individuals. Each employee is responsible for knowing and remaining within those limits.

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*Pre-Approval of all Political Contributions and Volunteer Activity* 

Each **TCW** employee, and their spouse, domestic partner and relative or significant other sharing the same house, must submit a Political Contribution Request Form to the **Administrator of the Code of Ethics** and obtain pre-approval before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making or soliciting any **Contribution** to a current holder or candidate for a state, local or federal
elected office, or a campaign committee, political party committee, proposition, referendum, initiative, 501(c)4, other political committee or organization (example: Republican, Democratic Governors Association or Super PAC) or inaugural committee.
A **Contribution** includes anything of value given or paid to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influence any election for federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay any debt incurred in connection with such election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay any transition or inaugural expenses incurred by the successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volunteering their services to a political campaign, political party committee, proposition, referendum,
initiative, political action committee ()"**PAC**") or political organization.

**Access Persons** are required to affirm after the end of each calendar quarter that they have reported all political contributions and volunteer services they, and each of their spouse, domestic partner and relative or significant other sharing the same house, have provided during the quarter.

**New Hires** 

**TCW** considers all employees to be Covered Associates. New hires may not be made without the prior review of their political contributions and activities by Compliance. Human Resources will gather information on any new hire and provide this to Compliance for review. This information shall include information about the political contributions or activities of the new hire. Legal and Compliance can exempt individuals or categories of employees from this review.

**Participation in Public Affairs** 

The Firm encourages its employees to be involved in public affairs and political processes. Normally, participation in public affairs takes place outside of regular business hours. If participation in public affairs requires corporate time, or you wish to accept an appointive office, or you want to run for elective office, contact the **Administrator of the Code of Ethics** in order to request approval.

You must campaign on your own time. You may not use **Firm** property or services without proper reimbursement to the **Firm**.

Employees participating in political activities do so as individuals and not as representatives of the **Firm**. You may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use either the **Firm's** name or its address in material you mail or fundraising, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify the **Firm** in any advertisements or literature, except as necessary biographical information.

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**Other Employee Conduct** 

**Personal Loans** 

You may not borrow from clients or from **Firm** vendors or service providers, except those who engage in lending in the usual course of their business and then only on terms offered to others in similar circumstances, without special treatment. This prohibition does not preclude borrowing from individuals related to you by blood or marriage.

**Taking Advantage of a Business Opportunity That Rightfully Belongs To the Firm** Employees must not take for their own advantage a business opportunity that rightfully belongs to the **Firm**. Whenever the **Firm** has been actively soliciting a business opportunity, or the opportunity has been offered to it, or the **Firm's** funds, facilities, or personnel have been used in pursuing the opportunity, that opportunity rightfully belongs to the **Firm** and not to employees who may be in a position to divert the opportunity for their own benefits.

Examples of improperly taking advantage of a corporate opportunity include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling information to which an employee has access because of his/her position,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring any property interest or right when the **Firm** is known to be interested in the property in
question,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving a commission or fee on a transaction that would otherwise accrue to the **Firm**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diverting business or personnel from the **Firm**.

**Disclosure of a Direct or Indirect Interest in a Transaction** 

If you or any family member have any interest in a transaction (whether on behalf of a client or the Firm), that interest must be disclosed, in writing, to the **General Counsel** or the **Chief Compliance Officer** to allow assessment of potential conflicts of interest.

You do not need to report any interest that is otherwise reported in accordance with the Personal Investment Transactions Policy.

Example of an interest that should be disclosed: conducting **TCW** business with a vendor or service provider who is related to you or for which your parent, spouse, or child is an officer should be disclosed.

**Corporate Property or Services** 

You may not purchase or acquire corporate property or use of the services of other employees for personal purposes. For example, you may not use inside counsel for personal legal advice absent approval from the **General Counsel** or use of outside counsel for that advice at the **Firm's** expense.

**Use of TCW Stationery** 

You may not use corporate stationery for personal correspondence or other non-job-related purposes.

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**Giving Advice to Clients** 

The Firm cannot practice law or provide legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid statements that might be interpreted as legal advice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid giving clients advice on tax matters, the preparation of tax returns, or investment decisions, except as
appropriate in the performance of a fiduciary or advisory responsibility, or as otherwise required in the ordinary course of your duties.

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**Confidentiality** 

All information relating to past, current, and prospective clients is confidential and is not to be discussed with anyone outside the organization under any circumstance. All employees and on-site long term temporary employees and consultants will be required to sign and adhere to a Confidentiality Agreement. You should report violations of the Confidentiality Agreement to the **Chief Compliance Officer**.

**Sanctions** 

The **Firm** may impose such sanctions it deems appropriate upon discovering a violation of this **Code**, including, but not limited to, an oral or written reprimand, supplemental training, a reversal of a transaction and disgorgement of profits, demotion, and suspension or termination of employment.

**Reporting Illegal or Suspicious Activity - "Whistleblower Policy"** 

**Policy** 

The **Firm** is committed to compliance with the law and its policies in all of its operations. The **Firm's** employees can provide early identification of significant issues that arise with compliance with policies and the law. The **Firm's** policy is to create an environment in which its employees can report these issues in good faith without fear of reprisal.

The **Firm** requires that all employees report activity that is illegal or does not comply with the **Firm's** policies and procedures ("**Compliance Issues**"), including this **Code**. Reports about **Compliance Issues** will be held confidentially by the **Firm** except as otherwise required to investigate and address the issues raised. The Firm expects the exercise of the Whistleblower Policy to be used responsibly. If an employee believes that a policy is not being followed because it is being overlooked, one first step could be to bring the issue to the attention of the party charged with the operation of the policy. If, however, you believe that a policy is not being followed and feel uncomfortable bringing it to the attention of the person involved, you may follow the other procedures set forth in this policy.

**Procedure** 

In some cases, an employee should be able to resolve issues or concerns with their manager or, if appropriate, other management senior to their manager. However, this may fail or the employee may have legitimate reasons to choose not to notify management. In such cases, the Firm has established a system for employees to report **Compliance Issues**.

An employee who has a good faith belief that a **Compliance Issue** may occur or is occurring is required to come forward and report under this policy. "Good faith" means that the employee believes that they are disclosing information that is truthful, but it does not require that a reported concern is correct.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **34** |

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The report should be made to the **General Counsel** or an Associate General Counsel, and may be made in person, in writing, via email at <u>TCWWhistleblower@tcw.com</u> or via the whistleblower line at (213) 244-0055. The whistleblower email and line is only directly accessible by the **General Counsel**. Reports may also be made anonymously via the whistleblower line or the whistleblower drop box located in the dining room on the 21st floor of the Los Angeles office and in the Town Hall pantry in the New York office; however, the **Firm** encourages employees to identify themselves when making a report to facilitate follow-up communication. When making a report, employees should state in as much detail as possible the facts that raised a concern.

The **General Counsel** will consult with others. Depending on the nature of the matters covered by the report and other relevant facts and circumstances, the other persons consulted may include other members of the Legal team, the **Chief Compliance Officer** and other members of the Compliance team, outside counsel and/ or independent investigators, as appropriate, about the investigation. If deemed necessary and appropriate, a formal or informal investigation may be conducted by the **General Counsel** and Legal team or an external party.

The **Firm** understands the importance of maintaining confidentiality of the reporting employee. The identity of the employee making the report will be kept confidential, except to the extent that disclosure may be required by law, a governmental agency, or self-regulatory organization, or as an essential part of completing the investigation. The employee making the report will be advised if confidentiality cannot be maintained. To the extent practicable, employees will be kept apprised of the Firm's response to their reports.

The **Chief Compliance Officer** will follow up to assure that the investigation is completed, that any **Compliance Issue** is addressed, and that no acts of retribution or retaliation occur against the person reporting violations or cooperating in an investigation in good faith.

Each quarter (or more frequently as necessary), the **General Counsel** will provide **TCW's** Board of Directors with an update regarding the status of each report received under this policy during the preceding quarter. Employees may also contact the SEC's Office of the Whistleblower at (202) 551-4790 or via fax at (703) 813-9322, or via the California Office of the Attorney General's whistleblower hotline at (800) 952-5225. The Attorney General refers calls received on its whistleblower hotline to an appropriate governmental authority for review and possible investigation.

Submitting a report that is known to be false is a violation of this Reporting of Illegal or Suspicious Activity Policy.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **35** |

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**Glossary** 

**A** 

**Access Person(s)** -– Includes all of the **Firm's** directors, officers, and employees, except those who (i) do not devote substantially all working time to the activities of the **Firm**, and (ii) do not have access to infor- mation about the day to-day investment activities of the **Firm**. A consultant, temporary employee, or other person may be considered an **Access Person** depending on various factors, including length of service, na- ture of duties, and access to **Firm** information.

**Accoun**t – A separate account and/or a commingled fund (e.g., limited partnership, trust, mutual fund, **REIT**, and **CBO/CDO/CLO**).

**Administrator of the Code of Ethics** – Shall be a member of the Compliance Department, as designated by the Chief Compliance Officer .

**Approving Officers** – The following conflicts of interest situations involving a Covered Officer must be approved by (i) Managing Director of Product Services & Data or Chief Operating Officer of the Firm and (ii) one of the General Counsel or Chief Compliance Officer.

**B** 

**Beneficial Interest** – an interest of an **Access Person** in a security or account of another person under which they (i) can obtain benefits substantially equivalent to owning the security, (ii) can obtain ownership of the security immediately or within 60 days, or (iii) can vote or dispose of the security.

**C** 

**CBO** – Collateralized bond obligation.

**CDO** – Collateralized debt obligation. A security backed by a pool of bonds, loans, and other assets.

**Chief Compliance Officer** – The **Chief Compliance Officer of TCW**. For purposes of this policy, the term **Chief Compliance Officer** shall include persons authorized by the **Chief Compliance Officer** to handle certain matters under this **Code of Ethics** policy.

**CLO** – Collateralized loan obligation.

**Code of Ethics** or **Code** – This Code of Ethics.

**Covered Account** – Any account of an Access Person or Covered Person is a "**Covered Account .**" Covered Accounts include any personal trading account in which you have a beneficial interest. A non-exhaustive or a representative list of such accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage accounts (i.e. individual, joint, trust, custodial); Individual Retirement Accounts (all types); DRIPs,
profit sharing, and any other account/vehicle that have the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) and 529 Plans accounts that provide the ability to trade any non-exempt investment product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please note: If the accounts hold MetWest or TCW funds, these accounts require reporting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts held directly at mutual funds are exempt unless the account holds MetWest or TCW funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative's brokerage account for which the Access Person can effect trades, or an estate for which the
Access Person makes investment decisions as executor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investments in private funds

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**Covered Person** – Spouse, minor child, relative or significant other sharing a house with an **Access Person**, or any other person, when the **Access Person** has a "**beneficial interest**" in the person's accounts or securities.

**Covered Transaction** – A transaction in a **Covered Account**.

**Cryptocurrencies** – Cryptocurrencies, like Bitcoin and Ethereum, are pieces of computer code that are not managed by any authority (see **Digital Currencies** definition, below). Creation, as well as use, is maintained through a distributed ledger, typically a blockchain, that serves as a public financial database.

**D** 

**Digital Currencies** – Digital currency refers to the electronic form of fiat money issued by governments. Unlike Cryptocurrencies, digital currency does not require encryption, and users are required to use secure and unique passwords in order to protect their digital wallets from hacking or theft.

**Direct Purchase Plan** – An investment service that allows individuals to purchase a security directly from a company or through a transfer agent. Not all companies offer Direct Purchase Plans and the plans often have restrictions on when an individual can purchase.

**E** 

**Entertainment** – Generally refers to items of value that are given or received by hosts or guests while in the presence of TCW Access Persons. This means the attendance by both you and your hosts or guests at a meal, sporting event, theater production, tickets to an event sponsorship, or comparable event which may also include accommodation expenses covering your hosts or guests' meal, travel to, or other related accommodation expenses at a conference or an out-of-town event.

**ETF** – Exchange Traded Fund. A fund that tracks an index but can be traded like a stock .

**ETN** – Exchange Traded Note – An unsecured debt security that tracks an underlying index of securities and trade on a major exchange like a stock.

**Ethical Walls or Informational Barriers** – The conscientious use of a combination of trading restrictions and information barriers designed to confine material non-public information to a given individual, group, or department.

**Exchange Act** – Securities Exchange Act of 1934, as amended.

**Exempt Securities** – Those **Securities** described in the subsection **Exempt Securities** in the Personal Investment Transactions Policy.

**F** 

**Financial Commodity** – Any futures or option contract that is **not** based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes currencies (both virtual and non-virtual), equity securities, fixed income securities, and indexes of various kinds.

**Firm** or **TCW** – The TCW Group of companies.

**Firm Personnel** – All directors, officers and employees of the Firm and any persons engaged to act on behalf of the Firm, including agents, representatives, temporary agency personnel, consultants, and contract-based personnel, wherever located.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **38** |

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**Foreign Official** – Includes (i) government officials, (ii) political party leaders, (iii) candidates for office, (iv) employees of state-owned enterprises (such as state-owned banks or pension plans), and (v) relatives or agents of a **Foreign Official** if a payment is made to such relative or agent of a **Foreign Official** with the knowledge or intent that it ultimately would benefit the **Foreign Official**.

**G** 

**General Counsel** – The **General Counsel of TCW**. For purposes of this policy, the term **General Counsel** shall include persons authorized by the **General Counsel** to handle certain matters under this **Code of Ethics** policy.

**Gift** – Anything of value received without paying its reasonable fair value (e.g., favors, credit, special discounts on goods or services, free services, loans of goods or money, tickets to sports or entertainment events, trips and hotel expenses). If something falls within the definition of **Entertainment**, it does not fall within the category of **Gifts**.

**I** 

**Initial Coin Offerings (ICOs)** – An initial coin offering (ICO) is a type of capital-raising activity in the cryptocurrency and blockchain environment. The ICO can be viewed as an initial public offering (**IPO**) that uses **cryptocurrencies** and may be considered securities offerings which may need to be registered with the SEC or fall under an exemption to registration under the **Exchange Act**.

**IPO** – Initial public offering. An offering of securities registered under the **Securities Act**, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the **Exchange Act**.

**Inside information** – Material, non-public information.

**Investment Compliance** – The support group for certain trading areas that, among others, checks proposed trades and open trades against investment restrictions.

**Investment Personnel** – Includes (i) any portfolio manager or securities analyst or securities trader who provides information or advice to a portfolio manager or who helps execute a portfolio manager's decision, and (ii) a member of the **Investment Compliance** Department.

**L** 

**Limited Offering** – An offering that is exempt from registration under the **Securities Act** pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the **Securities Act**. Note that a **CBO** or **CDO** is considered a **Limited Offering** or **Private Placement**.

**Linked Broker** – A broker that provides account information by automatic feed to StarCompliance.

**LM-10 Information Report** – Report required for reporting gifts or entertainment to labor unions or union officials.

**M** 

**Material Information** – Information that a reasonable investor would consider important in making an investment decision. Generally, this is information the disclosure of which could reasonably be expected to have an effect on the price of a company's securities.

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**MetWest** – Metropolitan West Asset Management, LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

**MetWest Mutual Funds** – Metropolitan West Funds, each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by **MetWest**.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **40** |

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**N** 

**Non-Discretionary Accounts** – Accounts for which the individual does not directly or indirectly make or in- fluence the investment decisions.

**Non-Financial Commodity** – Any futures contract based on an agricultural commodity, a natural resource such as energy or metals, or other physical or tangible commodity. It includes commodities that may be physically delivered or agricultural commodities. This extends to environmental commodities like carbon offset credits, emission allowances and renewable energy credits (RECs).

**O** 

**Outside Fiduciary Accounts** – Certain fiduciary accounts outside of the **Firm** for which an individual has received the **Firm's** approval to act as fiduciary and that the **Firm** has determined qualify to be treated as **Outside Fiduciary Accounts** under this **Code of Ethics**.

**P** 

**Private Placements** – An offering that is exempt from registration under the **Securities Act** pursuant to Sections 4(2) or 4(6), or pursuant to Rules 504, 505, or 506 or under the **Securities Act**. Note that a **CBO** or **CDO** is considered a **Limited Offering or Private Placement**.

**R** 

**REIT** – Real estate investment trust.

**Registered Person(s)** – Any person having a securities license (e.g., Series 6, 7, 24, etc.) with **TFD**.

**Restricted Securities List** – A list of the securities for which the Firm is generally limited firm-wide from engaging in transactions.

**Rule 10b5-1 Plan** – A rule established by the Securities Exchange Commission (**SEC**) that allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own. Rule 10b5-1 allows major holders to sell a predetermined number of shares at a predetermined time.

**S** 

**SEC** – Securities and Exchange Commission.

**Securities** – Includes any interest or instrument commonly known as a security, including stocks, bonds, **ETFs**, **ETNs**, shares of mutual funds, and other investment companies (including money market funds and their equivalents), options, warrants, **financial commodities**, a derivative linked to a specific security or other derivative products and interests in privately placed offerings and limited partnerships, including hedge funds. Does not include **cryptocurrencies** or **digital currencies**.

**Securities Act** – Securities Act of 1933, as amended.

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**T** 

**TAMCO** – TCW Asset Management Company LLC, a U.S.-registered investment advisor and direct subsidi- ary of The TCW Group, Inc.

**TCW** or **Firm** – The TCW Group of companies.

**TCW Advisor** – Includes **TAMCO**, **TIMCO**, **MetWest** and any other U.S. federally registered advisors directly or indirectly controlled by The TCW Group, Inc.

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**TCW Funds** – TCW Funds, Inc., each of its series, and any other proprietary, registered, open-end investment companies (mutual funds) advised by **TIMCO**.

**TCW Mutual Funds** – Collectively, the **TCW Funds**, **MetWest Mutual Funds**, and **TSI** and any other registered investment company advised by **TIMCO**, **MetWest** or any other affiliate, unless otherwise indicated.

**TFD** or **TCW Funds Distributors LLC** – A limited-purpose broker-dealer (formerly, TCW Brokerage Services).

**TIMCO** – TCW Investment Management Company LLC, a U.S.-registered investment advisor and direct subsidiary of The TCW Group, Inc.

**TSI** – TCW Strategic Income Fund, Inc., a registered, closed-end investment company advised by **TIMCO**.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g456053dsp158.jpg)  | For INTERNAL Use Only<br> PPc6133 10/07/22 **43** |

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## Ex-99.(P)(12)

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| **MFS<sup>®</sup> Code of Ethics Policy** | ![LOGO](g456053dsp214.jpg) |
| December 8, 2022 | **Personal Investing** |
| <br> **Applies to** |  |
| All MFS full-time, part-time and temporary employees globally | The inherent nature of MFS' services in selecting and trading securities has the potential to create a real or apparent conflict of interest with your personal investing activities. As a result, every individual subject to this policy has a fiduciary duty to avoid taking personal advantage of any knowledge of our clients' investment activities. |
| <br> All MFS contractors, interns and co-ops who have been notified by Compliance that they are subject to this policy |  |
| <br> All MFS entities | Following the letter and spirit of the rules in this policy is central to meeting client expectations and ensuring that we remain a trusted and respected firm. |
| <br> **Questions?** |  |
| <br> iComply@mfs.com<br>Compliance Helpline, x54290<br>Ryan Erickson, x54430 |  |
| <br> Elysa Aswad, x54535<br>Carrie Arnott, x55971 |  |
| <br> For more information on administration such as regulatory authority, supervision, interpretation and escalation, monitoring, related policies, amendment or recordkeeping please <u>click</u><u> </u><u>this</u><u> </u><u>link</u>. |  |

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![LOGO](g456053dsp214.jpg)

**Rules That Apply to Everyone**![LOGO](g456053g0218124017886.jpg)

**Your fiduciary duty** 

Always place client interests ahead of your own. You must never:

• Take advantage of your position at MFS to misappropriate investment opportunities from MFS clients.

• Seek to defraud an MFS client or do anything that could have the effect of creating fraud or manipulation.

• Mislead a client.

**Account reporting obligations** 

Make sure you understand which accounts are reportable accounts. To determine whether an account is reportable, ask the following questions:

1 Is the account one of the following?

• A brokerage account.

• Any other type of account (such as employee stock option or stock purchase plans or UK Stocks and Shares ISA accounts) in which you have the ability to hold or trade reportable securities (see the list of reportable
securities on page 8).

• Any account, including MFS-sponsored retirement or benefit plans, that holds a reportable fund (see definition of reportable fund on page 9 and a list of these funds on iComply).

2 Is any of the following true?

• You beneficially own the account.

• The account is beneficially owned by your spouse or domestic partner.

• The account is beneficially owned by another member of your household such as a parent, sibling or child for whom you provide financial support, such as sharing of household expenses.

• The account is beneficially owned by anyone who you claim as a tax deduction.

• The account is controlled (such as via trading authority or power of attorney) by you or another member of your household (other than to fulfill duties of employment) for whom you provide financial support, such as
sharing of household expenses.

If you answered "yes" to both questions, the account is reportable.

**HELPFUL TO KNOW** 

Beneficial ownership

The concept of beneficial ownership is broader than that of outright ownership. Anyone who is in a position to benefit from the gains or income from, or who controls, an account or investment is considered to have beneficial ownership. This means that this policy applies not only to you, but to others that share beneficial ownership in these accounts or securities. See examples on page 7. Frequently Asked Questions on the topic can be found <u>here</u>.

Ensure that MFS receives account statements for all your reportable accounts. Depending on the type of account or your location, you may need to provide them to Compliance directly.

Promptly report any newly opened reportable account or any existing account that has become reportable (including those at an approved broker). This includes accounts that become reportable accounts through life events, such as marriage, divorce, power of attorney or inheritance.

**ADDITIONAL REQUIREMENT FOR US EMPLOYEES** 

*Does not include interns, contractors, co-ops, or temporary employees* 

Maintain your reportable accounts at an approved broker. When you join MFS, if you have accounts at non- approved brokers you must close them or move them to an approved broker (list available on iComply).

In rare cases, if you file a request that includes valid reasons for an exception, we may permit you to maintain a reportable account at a broker not on the approved broker list (for instance, if you have a fully discretionary account).

**HELPFUL TO KNOW** 

Mobile Investing Apps

Many brokerage firms offer apps for mobile devices that allow you to quickly invest in reportable securities. Be aware that these apps are brokerage accounts that are covered by this policy, and all of its rules apply to those accounts as they would to any other brokerage account. Be aware of these rules and be sure to speak with your family or household members about the applicability of this policy when using such apps.

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![LOGO](g456053dsp214.jpg)

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**HELPFUL TO KNOW** 

Discretionary accounts and automatic investment plans

Discretionary accounts (accounts that are managed for you by a third-party registered investment adviser or bank or trust company) and transactions made under an automatic investment plan (such as an Employee Stock Ownership Plan) are reportable, but with approval from Compliance they are:

• exempt from quarterly transaction and annual holdings certifications (though you must still provide account statements).

• exempt from the Access Person and Research Analyst/Portfolio Manager trading rules (such as the rules concerning pre-clearance and the 60-day holding period, pp. 5–6), but you still must obtain pre-approval before your advisor participates in an IPO or private placement.

• exempt from certain "Ethical Personal Investing" trading rules such as excessive trading and trading of MFS funds (pp. 3–4).

Request approval for these accounts using the Account Exception form found in iComply.

**Securities reporting obligations** 

Make sure you understand which securities are reportable securities. This includes most stocks, bonds, MFS funds, exchange- traded funds (ETFs), futures, options, structured products, private placements and other unregistered securities even if they are not held in a reportable account. See the table on page 7.

Report all applicable accounts, transactions and holdings timely. Use the iComply system and submit all reports by these deadlines:

• Initial Accounts & Holdings reports: Submit within 10 calendar days of hire or upon an access level change. Information about these holdings must be no more than 45 days old when submitted.

• Quarterly Personal Transaction Report: Submit within 30 days of the end of each calendar quarter.

• Annual Holdings Report: Submit within 30 days of the end of each calendar year.

Note that you must submit each report even if no transactions or other changes occurred during the time period.

The Quarterly Personal Transaction Reports do not need to include:

• Transactions or holdings in non-reportable securities.

• Transactions or holdings in discretionary accounts for which there is an approval on file with Compliance.

• Involuntary transactions, such as automatic investment plans, dividend reinvestments, etc. The Annual Holdings Report, however, must reflect these transactions.

**ADDITIONAL REQUIREMENTS FOR APPOINTED REPRESENTATIVES IN SINGAPORE** 

Provide a copy of the contract note for any trade of any security, including reportable securities and non- reportable securities, to Singapore Compliance, within 7 days of the trade. Check with Singapore Compliance on the information you must provide.

**Ethical Personal Investing** 

Never trade securities based on the improper use of information, and never help anyone else to do so. This includes any trade based on:

• Information about the investments of any MFS client, including front-running and tailgating (trading just before or just after a similar trade for a client account).

• Confidential information or inside information (information about the issuer of a security, or the security itself, that is both material and non-public).

Do not buy or sell options on Reportable Securities. This includes options on equities (but not employee stock options), ETFs and indexes. This rule does not apply to those securities listed in the Exempt Securities box below.

Do not sell securities short. This rule does not apply to those securities listed in the Exempt Securities box below.

**IMPORTANT TO KNOW** 

Securities exempt from options and short selling rules

• Options on, or ETFs that track, the following indexes: S&P 500; NASDAQ 100; Russell 2000; S&P Europe 350; FTSE 100; FTSE Mid 250; Hang Seng 100; Nikkei 225; S&P ASX 200; S&P TSX

• Options (but not ETFs) based on non-reportable securities (e. *g.* commodities, currencies, US Treasuries)

Consult with Compliance when uncertain. Compliance may update this list with approval from the Employee Conduct Oversight Committee and maintain a current list on iComply.

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![LOGO](g456053dsp214.jpg)

![LOGO](g456053g0218124017886.jpg)

Do not trade excessively. At MFS, personal trading is a privilege, not a right. It should never interfere with your job performance. MFS may limit the number of trades you are allowed during a given period, or may discipline you for trading excessively. In addition, frequent trading in MFS funds may trigger other penalties, as described in the relevant fund prospectuses.

Do not accept investment discretion over accounts that are not yours. In limited circumstances, and with advance approval from Compliance, you may be allowed to assume power of attorney relating to financial or investment matters for another person or entity.

If you become an executor or trustee of an estate and it involves control over a securities account, you must notify Compliance upon assuming the role, and you must meet any reporting or pre-clearance obligations that apply.

Do not participate in any investment contest or club. This applies whether or not any compensation or prize is awarded.

Do not trade securities that MFS has restricted. Follow MFS' instructions when you are notified of a restriction in designated securities.

Only make investments in MFS open-end funds or funds sub- advised by MFS through these methods:

• Directly through MFS Service Center (for US open-end funds) or State Street (Lux) (for Meridian Funds)

• Through an MFS Approved Broker (US employees)

• Non-US employees may invest through a financial institution of their choice

• Through an MFS-sponsored benefit plan account

• Accounts for which you have received an exception from Compliance, such as a fully discretionary account

Note that investments in non-MFS accounts are publicly available share classes only. You must also follow all rules of the relevant prospectus and all rules in this policy, such as reporting and statements.

Do not participate in initial public offerings (IPOs) or other limited offerings of securities except with advance approval from MFS. This rule includes initial, secondary and follow-on offerings of equity securities and closed-end funds and new issues of corporate debt securities.

To request approval for an IPO or secondary offering, enter an Initial Public Offering Request using the form found on iComply. Note that approval is not typically granted, and when granted often involves strict limits.

Never use a derivative, or any other instrument or technique, to get around a rule. If an investment transaction is prohibited, then you are also prohibited from effectively accomplishing the same thing by using futures, options, ETFs or any other type of financial instrument.

Do not invest in Contracts for Difference or engage in spread betting on financial markets. This includes any wagering on market spreads or behaviors and any off-exchange trading.

Do not invest in exchange traded funds based on exposure to a single security or issuer ("single-stock ETFs"). These products offer leveraged, inverse, or other complex exposure and are often designed to provide returns over short periods of time.

**HELPFUL TO KNOW** 

Changes in job status and life events

When changing jobs within MFS, ensure that you understand the rules that apply to you. Confirm with your new manager and Compliance what your access level is and what restrictions and requirements apply to you.

When going on leave, you must continue to comply with this policy unless otherwise approved by Compliance. When you return from leave you must complete any outstanding obligations.

Be cognizant of reporting obligations under this policy when life events occur such as marriage, divorce or inheritance of an account. Consult with Compliance when uncertain.

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**Rules that Apply Only to Access Persons**![LOGO](g456053g0218124017886.jpg)

**Pre-clearing personal trades** 

**WHICH ACCESS LEVEL ARE YOU?** 

**Access Persons** Most MFS personnel, including all officers and directors, are designated as Access Persons. You should consider yourself an Access Person unless it has been communicated to you by Compliance that you are not.

**Research Analysts and Portfolio Managers** In addition to the rules for Access Persons, these individuals are subject to additional rules, as noted on the following pages.

*Compliance may designate other personnel as Access Persons. This may include consultants, contractors or interns who provide services to MFS, and employees of Sun Life Financial Inc.* 

Make sure you understand which securities require pre-clearance. Note that there are some differences between which securities require pre-clearance and which must be reported. See the table on page 8 of this policy.

Pre-clear all personal trades in applicable securities. Request pre-clearance on the day you want to place the trade by entering your request in the iComply system. Remember that you must pre-clear trades for all of your reportable accounts (such as those of a spouse or domestic partner) as well as for securities not held in an account.

Once you have requested pre-clearance, wait for a response. Do NOT place any trade order until you have received notice of approval for that trade. Note that pre-clearance requests can be denied at any time and for any reason.

Pre-clearance approvals expire at the end of the trading day on which they are issued.

Obtain advance approval for any private investments or other unregistered securities. This includes private placements (investments in private companies), private investment in public equity securities (PIPES), hedge funds or other private funds, "crowdfunding" or "crowdsourcing" investments, peer-to-peer lending, pooled vehicles (such as partnerships), Initial Coin Offerings (ICO's), Security Tokens and other similar investments.

Before investing, enter a Private Placement/Unregistered Securities Approval Request found on iComply, and do not act until you have received approval.

**HELPFUL TO KNOW** 

**Not recommended: Good 'til canceled orders and buying on margin** 

These practices can create significant risk of policy violations.

Good 'til canceled orders may execute after your pre-clearance approval has expired. Placing day orders avoids this risk. With margin, you might not be able to receive pre-clearance approval for those securities you wish to sell to meet a margin call

**Limits to personal investment practices** 

Do not buy and then sell (or sell and then buy) at a profit the same or equivalent reportable security within 60 calendar days. MFS may interpret this rule very broadly. For example, it may look at transactions across all of your reportable accounts and may match trades that are not of the same size, security type or tax lot. Any gains realized in connection with these transactions must be surrendered. Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion, or to involuntary transactions. *Japan-based personnel: See rule with higher*

*standard below.* 

**ADDITIONAL REQUIREMENTS FOR JAPAN-BASED PERSONNEL** 

Do not buy and then sell (or sell and then buy) the same or equivalent reportable security within six months.

Never trade personally in any security you have researched in the prior 30 days or are scheduled to research in the future.

Personal Investing \| Page 5

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![LOGO](g456053dsp214.jpg)

![LOGO](g456053g0218124017886.jpg)

**ADDITIONAL REQUIREMENTS FOR RESEARCH ANALYSTS** 

*including Research Associates and Portfolio Managers who may write research notes* 

Never trade (or transfer ownership of) reportable securities personally while in possession of material information about an issuer you have researched or been assigned to research unless you have already communicated the information in a research note. *Japan-based personnel: See rule with higher standard below.*

Understand and fulfill your duties with regard to research recommendations. You have an affirmative duty to provide unbiased and timely research recommendations in a research note.

You must:

• Disclose trading opportunities for client accounts prior to trading personally in any securities of that issuer.

• Provide a research recommendation if a security is suitable for the client accounts even if you have already traded the security personally or if making such a recommendation would create the appearance of a conflict of
interest. Notify Compliance promptly of any apparent conflicts, but do not refrain from making a research recommendation.

**ADDITIONAL REQUIREMENTS FOR PORTFOLIO MANAGERS** 

*including Research Analysts assigned to a fund as a portfolio manager* 

Never personally trade (or transfer ownership of) a reportable security within seven calendar days before or after a trade in any security or derivative of the same issuer in any client account that you manage. In practice, this means:

• Contacting Compliance promptly when deciding to make a portfolio trade in any security you have personally traded within the past seven calendar days (but do not refrain from making a trade that is suitable for a client
account even if you have traded the security personally).

• Refraining from personally trading any reportable securities you think any of your client accounts might wish to trade within the next seven calendar days.

• Delaying personal trades in any reportable securities your client accounts have traded until the eighth calendar day after the most recent trade by a client account (or longer, to be certain of avoiding any appearance
of conflict of interest).

Note that this rule does not apply to securities that are not subject to pre-clearance, to accounts where a registered investment adviser has investment discretion or to involuntary transactions.

Never buy and then sell (or sell and then buy), within 14 calendar days, any shares of a fund you manage.

Contact Compliance before any fund you manage invests in any securities of an issuer whose private securities you own or if the private entity enters into a material transaction with a public issuer. You will need to disclose your private interest and assist Compliance in performing review.

Personal Investing \| Page 6

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![LOGO](g456053dsp214.jpg)

**Additional Information for all Personnel Subject to this Policy**![LOGO](g456053g0218124017886.jpg)

**BENEFICIAL OWNERSHIP: PRACTICAL EXAMPLES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Accounts of parents or children** |  | **Transfer on death (TOD) accounts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You share a household with one or both parents, but you do not provide any financial support to the parent(s): You are not a beneficial owner of the parents' accounts and securities. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You automatically become the registered owner upon the death of the prior account owner: You are a beneficial owner as of the date the account is re- registered in your name, but not before. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>**Accounts of domestic partners or roommates**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. |  | **Trusts**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership is determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities & Affiliations Policy).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a trustee for an account and you or a family member is a beneficiary: You are a beneficial owner of the account. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>**Accounts of domestic partners or roommates**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. |  | **Trusts**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a trustee for an account whose beneficiaries are not immediate family members: Beneficial ownership is determined on a case-by-case basis, including whether it constitutes an outside business activity (see the Outside Activities & Affiliations Policy).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a trustee for an account and you or a family member is a beneficiary: You are a beneficial owner of the account. |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a beneficiary of the account and can make investment decisions without consulting a trustee: You are a beneficial owner of the account. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>**Accounts of domestic partners or roommates**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a beneficiary of the account but have no investment control: You are a beneficial owner as of the date the trust is distributed, but not before. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>**Accounts of domestic partners or roommates**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are the settlor of a revocable trust: You are a beneficial owner of the account. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You share a household with one or more of your children, whether minor or adult, and you provide financial support to the child: You are a beneficial owner of the child's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a child who lives elsewhere whom you claim as a dependent for tax purposes: You are a beneficial owner of the child's accounts and securities.<br>**Accounts of domestic partners or roommates**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a joint owner or named beneficiary on an account of which a domestic partner is an owner: You are a beneficial owner of the domestic partner's accounts and securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You provide financial support to a domestic partner, either directly or by paying any portion of household costs: You are a beneficial owner of the domestic partner's accounts and securities. | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a roommate: Generally, roommates are presumed to be temporary and to have no beneficial interest in one another's accounts and securities. |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic partner is a trustee and a beneficiary: Beneficial ownership is determined on a case-by-case basis. |  |
| **UGMA/UTMA accounts** |  | **Investment powers over an account** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Either you or your spouse is the custodian of a Uniform Gift/ Trust to Minor Account (UGMA/UTMA) for a minor, and one or both of you is a parent of the minor: You are a beneficial owner of the account. (If someone else is the custodian, you are not a beneficial owner.) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have power of attorney over an account: You are a beneficial owner as of the date you assume control of the trading or investment decisions on the account, but not before. |  |  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Either you or your spouse is the beneficiary of an UGMA/UTMA account and is of majority age (for instance, 18 years or older in Massachusetts): You are a beneficial owner of the account. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have investment discretion over an account that holds, or could hold, reportable securities: You are a beneficial owner of the account, regardless of the location, account type or the registered owner(s) (other than to fulfill duties of employment). |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are serving in a role that allows or requires you to delegate investment discretion to an independent third party: Beneficial ownership is determined on a case-by-case basis. |  |  |
| **HELPFUL TO KNOW**<br>**How we enforce this policy**<br>Compliance is responsible for interpreting and enforcing this policy. Exceptions may only be granted by Compliance. In that capacity, Compliance reviews and monitors transactions and reports and also investigates potential violations.<br>The Employee Conduct Oversight Committee reviews potential<br> violations, and where it determines that a violation has occurred, it<br> usually imposes a penalty. These may range from a violation notice to a requirement to surrender profits to a termination of employment, among other possibilities. |  |  |  |  |

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Personal Investing \| Page 7

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**Additional Information for all Personnel Subject to this Policy**![LOGO](g456053g0218124017886.jpg)

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| | | |
|:---|:---|:---|
| **Security types and transactions that must be reported and/or pre-cleared** | **Report**<br> **All personnel** | **Pre-clear**<br> **Access persons only** |

---

---

| | |
|:---|:---|
| *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* | *Note: Securities terminology varies widely in global markets. If a security type is not listed here or you are unsure how a security is treated under this policy, please contact Compliance directly.* |
| **Funds** |  |
| Money market funds (MFS or other) | No |
| Open-end funds and other pooled products that are advised or sub-advised by MFS (and are not money market funds) | No |
| Open-end funds that are *not* advised or sub-advised by MFS | No |
| 529 Plans holding MFS advised or sub-advised funds | No |
| Closed-end funds (including venture capital trusts, investment trusts and MFS closed-end funds) | Yes |
| Exchange-traded funds (ETFs) and exchange-traded notes (ETNs), including options, futures, structured notes and other derivatives related to these exchange-traded securities | No |
| Private funds | Yes |
| **Equities** |  |
| Sun Life Financial Inc. (publicly traded shares) | Yes |
| Equity securities, including real estate investment trusts (REITS), and including options, futures, structured notes or | Yes |
| other derivatives on equities |  |
| **Fixed income** |  |
| Corporate and municipal bond securities, including options, futures or other derivatives | Yes |
| US Treasury securities and other obligations backed by the full faith and credit of the US government | No |
| US government agency debt obligations that are not backed by the full faith and credit of the US government (such as<br> Fannie Mae, Freddie Mac, Federal Home Loan Banks, Federal Farm Credit Banks and Tennessee Valley Authority) | No |
| Government securities issued by Canada, Singapore, and the UK | No |
| All other government securities issued from countries not shown above, and options, futures or other derivatives on these securities. | Yes |
| Money market instruments, such as certificates of deposit and commercial paper | No |
| **Other types of assets** |  |
| Initial and subsequent investments (including capital calls) in any private placement or other unregistered securities (including real estate limited partnerships or cooperatives) | Yes |
| Private MFS stock and private shares of Sun Life of Canada (US) Financial Services Holdings, Inc. | No |
| Limited offerings, IPOs, secondary offerings | Yes |
| Derivatives (such as options, futures or swaps) on security indexes | No |
| Derivatives (such as options, futures or swaps) on commodities and currencies, including virtual currencies | Only if notified by<br> Compliance |
| **Other types of transactions** |  |
| Involuntary transactions (see definition below) | No |
| Gifts of securities, including charitable donations, transfers of ownership, and inheritances | No |

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Personal Investing \| Page 8

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![LOGO](g456053dsp214.jpg)

![LOGO](g456053g0218124017886.jpg)

---

| | |
|:---|:---|
| **Terms with special meanings** |  |
| Within this policy, the following terms carry the specific meanings indicated below.<br>**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.<br>**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option. | **reportable funds** Any fund for which MFS acts as investment advisor, sub-advisor, or principal underwriter including MFS retail funds, MFS Variable Insurance Trust and MFS Meridian funds. See the iComply system Policies & Procedures page for a current list of reportable funds. |
| Within this policy, the following terms carry the specific meanings indicated below.<br>**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.<br>**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option. |  |
| Within this policy, the following terms carry the specific meanings indicated below.<br>**contract for difference** A contract for difference (CFD) is a contract between an investor and an investment bank or a spread-betting firm. At the end of the contract, the parties exchange the difference between the opening and closing prices of a specified financial instrument, including shares or commodities.<br>**involuntary transaction** Transactions that are not under your direct or indirect influence or control, such as inheritances, gifts received, automatic investment plans, dividends and dividend reinvestments, corporate actions (such as stock splits, reverse splits, mergers, consolidations, spin-offs and reorganizations), exercise of a conversion or redemption right or automatic expiration of an option. |  |

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Personal Investing \| Page 9

## Ex-99.(P)(13)

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| | |
|:---|:---|
| ![LOGO](g456053g0218092105904.jpg) <br>| **AQR Capital Management, LLC \|** Code of Ethics 1 |

---

**Table of Contents** 

---

| | | | |
|:---|:---|:---|:---|
| **I.** | **Code of Ethics** | **Code of Ethics** | **2** |
|  | 1.1 | Compliance with Applicable Federal and Other Securities Laws | 2 |
|  | 1.2 | Fiduciary Obligations | 2 |
|  | 1.3 | Protecting Confidential Information | 2 |
|  | 1.4 | Policy to Prevent Insider Trading | 3 |
|  | (a) | Insider Trading | 3 |
|  | (b) | Recognizing MNPI | 4 |
|  | (c) | Reporting Requirements | 5 |
|  | (d) | Restricted List | 5 |
|  | (e) | Expert Networks, Political Intelligence Firms, and Similar Industry Consultants | 6 |
|  | (f) | Alternative Data | 6 |
|  | 1.5 | Personal Trading Policy | 6 |
|  | (a) | General Policy | 6 |
|  | (b) | Personal Accounts | 6 |
|  | (c) | Reporting Requirements | 7 |
|  | (d) | Pre-Clearance Requirements | 8 |
|  | (e) | Seven-Day Blackout Period | 9 |
|  | (f) | Required Holding Period | 9 |
|  | (g) | Prohibited and Limited Transactions | 9 |
|  | (h) | Third-Party Managed Accounts | 10 |
|  | (i) | Trading Activity | 11 |
|  | (j) | Personal Trading Violations | 11 |
|  | (k) | Bitcoin and Other Cryptocurrencies | 11 |
|  | 1.6 | Violations and Sanctions | 11 |
|  | 1.7 | Duty to Report Violations and Cooperate with Firm Investigations | 12 |
|  | 1.8 | Non-Retaliation Statement | 12 |
|  | 1.9 | Legal and Regulatory Inquiries | 12 |
| **II.** | **Definitions** | **Definitions** | **13** |

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| | |
|:---|:---|
| ![LOGO](g456053g0218092105904.jpg) <br>| **AQR Capital Management, LLC \|** Code of Ethics 2 |

---

**I.** **Code of Ethics<sup>1</sup>** 

**1.1** **Compliance with Applicable Federal and Other Securities Laws** 

Employees are required to comply with all federal and other securities laws, rules and regulations applicable to the business of AQR. Policies concerning these laws are discussed in this Manual and other policies and procedures adopted by the Firm.

**1.2** **Fiduciary Obligations** 

The Firm is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment adviser under the Advisers Act and owes a fiduciary duty to its **Clients**.<sup>2</sup> The SEC's interpretation regarding the standard of conduct for investment advisers under the Advisers Act describes the nature and scope of these obligations. The Firm's fiduciary duty is broad and applies to the entire adviser-Client relationship and obligates the Firm to act in the best interest of Clients at all times, meaning the Firm cannot place its own interests ahead of the interests of its Clients.

Fundamental to the fiduciary standard are the duties of loyalty and care. The duty of loyalty requires the Firm to not put its own interests ahead of its Clients' interests. To meet its duty of loyalty, the Firm must provide full and fair disclosure to its Clients of all material facts relating to the advisory relationship and all conflicts of interest that might incline an investment adviser (consciously or unconsciously) to render advice that is not disinterested.

The duty of care includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to provide investment advice that is in the best interest of the Client (based on a reasonable
understanding of the Client's objectives and the investment mandate and any applicable investment guidelines), which includes a duty to provide advice that is suitable for the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to reasonably ensure that investment advice is based on materially accurate and complete information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to seek best execution of a Clients' transactions where the Firm has the responsibility to select
broker-dealers to execute Client transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to provide advice and monitoring at a frequency that is in the best interest of the Client, taking into
account the scope of the agreed relationship

All employees involved in the investment process must refrain from engaging in any personal business activity that could conflict with the proper execution and management of any fund, product, or strategy over which the Firm has discretionary investment authority, or that could impair the employee's or the Firm's ability to make impartial decisions with respect to the Firm's investment program.

**1.3** **Protecting Confidential Information** 

Employees should take special caution to safeguard the Firm's **Confidential Information**. Such information includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the identity of the Firm's Clients and information related to Client accounts, including but not limited to
fees, securities holdings, and transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee personal information, including performance reviews and compensation information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information related to the Firm's investment process, research, code, signals, operational or organizational
structure, Human Resources Department files, controls, performance, financial assets, net worth, revenues or net income

<sup>1</sup> All employees are subject to the Code of Ethics. The CCO may, at the CCO's sole discretion, subject certain third-party service providers and contractors to this Code of Ethics or a modified version hereof, depending on the facts and circumstances of the engagement.

<sup>2</sup> Capitalized terms used in this Manual are defined in Section **II**, "Definitions", at the end of this Manual. 

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| | |
|:---|:---|
| ![LOGO](g456053g0218092105904.jpg) <br>| **AQR Capital Management, LLC \|** Code of Ethics 3 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information related to the Firm's portfolios, securities recommendations, trading and/or execution
strategies, holdings, executed trades, or pending orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• software, algorithms, models, or programs developed by the Firm

Employees should not circulate or discuss Confidential Information inside or outside of the Firm with unauthorized individuals. Employees also should not access, use, disclose, or divulge any Confidential Information except as may otherwise be required in connection with performance of their duties for the Firm.

Moreover, employees are prohibited from sending any Confidential information to their non-AQR email accounts, such as personal or academic email accounts. If you believe that there is a business need to send Firm work product to your non-AQR email account, you must obtain pre-approval from Compliance (**esurveillance@aqr.com**) before sending.

Employees must promptly report to the Compliance Department if: (1) they become aware that Confidential Information is not secured or may appear to be generally accessible (*e.g.*, on a shared drive); or (2) they have inadvertently received or disclosed Confidential Information.

Other than in the ordinary course of the employee's duties for the Firm, during and subsequent to the employee's employment, the employee shall not copy, take pictures of, remove or forward from the Firm's premises or systems, either directly or indirectly, any drawings or whiteboards, writings, prints, documents, telephone/address directories (whether in hard copy or digital), computer screens or other screen shots, hard drives, thumb or flash drives, cloud systems or anything else containing, embodying, or disclosing any Confidential Information without the prior permission of the CCO or his designee. Upon the termination or resignation of an employee's employment with the Firm for any reason, the employee is expected to immediately return any such items to the Firm. Please contact Compliance at **esurveillance@aqr.com** if you have questions about this policy.

Confidential Information may be made available to certain employees for Compliance surveillance monitoring and other purposes as necessary to perform their duties for the Firm. Confidential Information may also be provided to third-party service providers as necessary to perform their contracted services for the Firm.

In addition, Confidential Information may be disclosed to government, regulatory or self-regulatory organizations to fulfill the Firm's various regulatory obligations, or otherwise when disclosure is required by law, or is necessary for the purpose of, or in connection with, legal proceedings or to defend legal rights.

**1.4** **Policy to Prevent Insider Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Insider Trading** 

It is a criminal violation of law and a violation of Firm policy to engage in insider trading. Insider trading is defined as trading in securities on the basis of material nonpublic information ("**MNPI**") in breach of a duty of trust or confidence. Employees are also prohibited from passing along MNPI or tipping anyone to buy or sell securities while in possession of MNPI relating to those securities. A violation of these restrictions could have severe consequences for both the Firm and its employees. Any employee engaging in activity in violation of the provisions set forth in this section may be subject to disciplinary action, including termination of employment or referral of the matter to the appropriate regulatory agency for civil or criminal investigation. Any employee who learns of any actual or potential violation of the law or provisions of this section must promptly notify the CCO or any member of the Compliance Department.

Federal, state and international securities laws and regulations prohibit securities transactions while in possession of MNPI under certain circumstances, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "misappropriated" information or information improperly obtained by the purchaser or seller

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information provided by a corporate insider to the purchaser or seller in exchange for a monetary or non-monetary consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual prohibited from trading under the items referenced above "tips" the information to the
purchaser or seller

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|:---|:---|
| ![LOGO](g456053g0218092105904.jpg) <br>| **AQR Capital Management, LLC \|** Code of Ethics 4 |

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A violation of insider trading laws could result in civil and/or criminal penalties under both federal and state securities laws, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may be subject to criminal prosecution and, if convicted, significant
monetary fines and imprisonment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm may face SEC action (or other actions pursuant to a non-U.S. law
or regulation) seeking monetary and administrative sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may be subject to lawsuits by private plaintiffs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may face suspension, revocation or termination of their registrations or
memberships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Recognizing MNPI** 

Information is considered "**material**" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision. Generally, this includes any information the disclosure of which is reasonably likely to have a meaningful effect on the price of an outstanding security. Information may be material even if it relates to speculative or contingent events.

The assessment of materiality is highly fact specific. When in doubt, employees should err on the side of caution and bring the information in question to the attention of the CCO or the Compliance Department for further consideration.

Information is considered "**nonpublic**" if such information has not been broadly disseminated to investors in the marketplace, such as an issuer releasing the information over the news wires, disclosing it in public filings made with a regulatory agency (*e.g.,* Forms 10-K or 10-Q) or otherwise disseminating the information in a manner that makes it fully available to investors in the marketplace. The fact that nonpublic information is reflected in rumors in the marketplace does not necessarily mean that the information has been publicly disseminated. Even when some information regarding a matter has been made public, other aspects of the matter may remain nonpublic.

**Examples of where MNPI may arise, depending on the circumstances, include, but are not limited to, the following events:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impending or potential mergers, acquisitions, tender offers, joint ventures or changes in assets, such as large
disposal of the same

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings or revenue information and changes in previously disclosed financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity issues or impending bankruptcy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events regarding the issuer's securities (*e.g.*, advance knowledge of a ratings downgrade, defaults on
securities, calls of securities for redemption, public or private sales of additional securities, stock splits or changes in dividends, repurchase plans or changes to the rights of security holders)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new products or discoveries, or developments regarding clients or suppliers (*e.g.,* the acquisition or loss
of a major contract)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major government action involving the issuer (*e.g.,* FDA decision on a new drug)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in control or management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• content of forthcoming brokerage research reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in auditors or auditor notification that the issuer may no longer rely on an auditor's report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or threatened litigation or regulatory actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information relating to the market for an issuer's securities, such as a large order to purchase or sell
securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepublication of information regarding articles or reports in the financial press

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reporting Requirements** 

Any employee who believes that they may be in possession of MNPI must promptly report the information to the CCO or any member of the Compliance Department.

Unless specifically permitted by the CCO or his designee, such employee must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transact in the securities of the relevant issuer in any account (either personal accounts or accounts managed by
the Firm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss the information with anyone inside or outside of the Firm except for the CCO or any member of the
Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilitate the use or disclosure of MNPI by others—including another AQR employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Restricted List** 

The Firm's **Restricted List** is maintained by the Compliance Department and is a list of issuers whose securities are subject to partial or complete trading prohibitions for personal and Firm trading, except as pre-approved by the CCO or his designee. Issuers are placed on the Restricted List for a variety of business or legal reasons, including to comply with the terms of confidentiality and other agreements, to prevent violations of the securities laws, and to avoid the appearance of misuse of Confidential Information by the Firm.

Employees should not speculate as to why an issuer was placed on the Restricted List. The Restricted List is highly confidential to the Firm and should not be disclosed externally without the Compliance Department's permission.

If a particular issuer is placed on the Restricted List, trading is generally prohibited in all securities related to the issuer, including: equity, options, rights, swaps, debt, warrants, convertible securities, and any other derivative whose market value is determined principally with reference to those securities. In some instances, the Compliance Department may determine that a partial trading prohibition is appropriate. The Restricted List generally does not prohibit trading in exchange traded funds ("**ETFs**"), broad-based indices, diversified baskets, or similar instruments containing the issuer's securities.

Absent prior approval of the CCO or his designee, all employees are prohibited from engaging in any trade that is subject to a Restricted List prohibition, including for any personal account or any account managed by the Firm.

The effectiveness of the Restricted List depends to a large extent on employees' notifying the Compliance Department on a timely basis of events that may require the placement of an issuer on the Restricted List. For that reason, it is critical that an employee notify the Compliance Department immediately if an employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• believes he or she has obtained or may obtain MNPI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receives a request to sign a non-disclosure agreement ("NDA")
or confidentiality agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has been asked to join a formal or informal creditors committee or board of directors

An issuer will ordinarily be removed from the Restricted List when the Compliance Department determines that any MNPI in the Firm's possession has been publicly disclosed or is no longer material and/or the term of the applicable NDA or confidentiality agreement has expired. In some cases, nonpublic information may continue to be material long after the conclusion of the transaction or relationship that led to the receipt of the information.

Any employee may request to add or remove issuers from the Restricted List by contacting the Compliance Department, which has ultimate authority to decide when an issuer should be added to or removed from the Restricted List.

The Compliance Department will maintain a record of all Restricted List entries, including the relevant dates and reasons for placing an issuer on and taking it off the Restricted List and the scope of the trading prohibitions. The Compliance Department will also monitor all personal accounts and all accounts managed by the Firm for trading in Restricted List securities.

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If an employee is uncertain as to whether an issuer should be placed on or taken off the Restricted List, he or she should consult the Compliance Department, which will also address any questions or requests for exceptions to the prohibition against trading securities of issuers on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Expert Networks, Political Intelligence Firms, and Similar Industry Consultants** 

Another possible source of MNPI involves the use of expert networks, political intelligence firms, or similar industry consultants to provide information, advice, analysis, market or industry expertise for use in formulating investment views and decisions. Expert network firms provide specialized information about companies and industries to asset managers, mutual funds and other investment firms in exchange for fees. Political and/or economic intelligence firms collect intelligence—*e.g.,* information or analysis about fiscal or monetary policy decisions, legislative developments, political or regulatory actions—from current or former insiders, including members of Congress, their staffers, employees of regulatory agencies, and other Federal employees, and sell the information to asset managers, mutual funds and other investment firms whose businesses are affected by Federal legislations, regulation, policy changes, etc. Such service providers may have confidential information and/or MNPI by having relationships with, among others: (1) current or recent employees of public companies; (2) known significant suppliers or distributors to public companies; (3) attorneys, accountants and consultants engaged by public companies; (4) government officials; or (5) doctors serving on data safety monitoring boards for clinical trials. **The use of expert networks, political intelligence firms, or similar industry consultants must be pre-approved by the Compliance Department.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Alternative Data** 

The Firm uses various types of data for investment research. Data obtained from non-traditional sources (*e.g.,* consumer transactions, social media mentions) is sometimes referred to as "**alternative data**". Such data may contain potential MNPI or personal information depending on the nature and origin of the data.

**The use of alternative data must be pre-approved by the Compliance Department.** 

Any questions concerning whether a particular data set constitutes alternative data and is subject to Compliance pre-approval should be raised with Compliance.

**1.5** **Personal Trading Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **General Policy** 

The Personal Trading Policy governs the personal trading and investments of all AQR employees globally and their **Household Members**. As an employee, you are prohibited from putting your own interests ahead of the interests of Clients and you must avoid transactions, activities, and relationships that might interfere with making decisions in the best interests of Clients. For example, employees may not execute transactions with the same individual employee at a broker-dealer firm with whom AQR conducts business.

All exceptions to this Personal Trading Policy must be approved by the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Personal Accounts** 

Employees must disclose in the **Compliance System** all brokerage or other investment accounts, including trusts or investment clubs, in which the employee has direct or indirect influence or control (such as joint ownership, trading authorization, or the authority to exercise investment discretion) or a direct or indirect **Beneficial Interest**. Employees are presumed to have a Beneficial Interest in any account or securities held by their spouses, domestic partners, dependent children. The Personal Trading Policy applies equally to all accounts for Household Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Exempt Accounts – No Disclosure Required** 

Employees are <u>not</u> required to disclose the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) and 403(b) retirement plan accounts that only hold U.S. registered open-end mutual funds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts held directly at U.S. registered mutual fund companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **However, you must disclose any accounts holding AQR Mutual Funds** (unless held in AQR's
401(k) plan) (see footnote **5**)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 college savings plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Approved Broker Requirements** 

As a general rule, all employees (and their Household Members) are required to conduct their personal trading through a broker listed on the Approved Broker List (an "**Approved Broker**"). Approved Brokers generally provide an electronic feed of transactions and holdings directly to AQR.<sup>3</sup> Any exception to this requirement to maintain accounts at an Approved Broker must be approved by the CCO or his designee.

The list of Firm-approved brokers is subject to change and is maintained by the Compliance Department. The current list of Approved Brokers is available in the Personal Trading Quick Reference Guide, which is available on the Compliance Page (**Go/Compliance**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Reporting Account Information** 

Employees are required to complete an initial Compliance certification and disclose via the Firm's Compliance System all accounts (other than those noted in Section **1.5(b)(i)**, above) no later than **ten days** after beginning their employment or being designated as subject to the Code of Ethics (both referred to as their "start date"). All new employees (and their Household Members) must agree to close or move their existing accounts to one of the Approved Brokers within **45 days** of their start date unless an exception or extension has been received from the CCO or his designee.

Employees also must promptly report via the Compliance System any changes in their accounts, including the opening of any new accounts and closing of any existing accounts. It is the employee's responsibility to promptly update the Compliance System with this information.

**Note—When opening a new account (including accounts at an Approved Broker), the employee must report the account in the Compliance System and obtain approval before transacting in the account.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Securities Exempt from the Personal Trading Policy** 

The following is a list of securities that are exempt from the Personal Trading Policy, including all reporting and pre-clearance requirements (the "**Exempt Securities**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the Government of the United States (*i.e.*, treasury bills, treasury bonds and U.S.
savings bonds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit, commercial paper, and **High Quality Short- Term Debt Instruments**, including short term municipal bonds and repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by U.S. registered open-end funds (*i.e.,* mutual
funds)  ***other than*** AQR Mutual Funds and ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unit investment trusts (other than ETFs) that are invested exclusively in unaffiliated mutual
funds

<sup>3</sup> In order to maintain personal securities accounts, employees and their Household Members are required to provide consent for their broker(s) to provide AQR their personal trading activity.

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All other types of securities, which include any common or preferred stock, debt securities, ETFs, AQR Mutual Funds, shares issued by a close-end investment company or non-U.S. registered mutual fund, and **Private Placements** (collectively referred to as "**Reportable Securities**") are subject to the Personal Trading Policy and requirements set forth below.

If you have questions as to whether a type of security is exempt, please contact the Compliance Department at **CoreCompliance@aqr.com**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Holdings Reports** 

As part of the initial Compliance certification, employees are required to disclose via the Firm's Compliance System all holdings in Reportable Securities no later than **ten days** after their start date.<sup>4</sup> At least annually, all employees are required to certify to and update as necessary their holdings in Reportable Securities.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **Transaction Reports** 

On a quarterly basis, each employee is required to certify that all transactions in Reportable Securities that occurred during the prior quarter have been accurately reported in the Compliance System or provide any necessary updates. All employees are required to complete the quarterly and annual Compliance certifications, even if they do not hold any accounts and did not enter into any transactions in Reportable Securities during the reporting period.

The Compliance Department will review these reports and any issues or potential violations will be escalated to the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Pre-Clearance Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **General** 

Unless explicitly exempted below, employees are required to submit a trade request in the Compliance System and receive an approval before undertaking any personal transactions in Reportable Securities. This includes, among others, all equity and debt securities, all transactions in Private Placements,<sup>6</sup> and any loan on behalf of employees (or their Household Members) with a financial institution that will be collateralized by Reportable Securities.<sup>7</sup>

Employees are responsible for understanding and monitoring any margin activity (*e.g.,* pro-active funding, capital requirements, Portfolio/Regulation T margin calls) in their personal accounts and pre- clear any liquidation sales related to a margin call. Failure to pre-clear any liquidation sales related to a margin call, including those transactions executed by a broker without the employee's knowledge or direction, may result in a violation of the Code of Ethics and the potential imposition of a sanction.

**Note—The Compliance Department reserves the right to deny any pre-clearance request for any reason and the reasons for any such denial may not be shared with the employee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Approval Period** 

If a pre-clearance request is approved, the approval is effective until local market close on the date of approval; provided, however, the CCO or his designee may shorten or rescind any approval if it is deemed appropriate to do so. Transactions also may not exceed the quantity of shares approved in the pre-clearance request.

<sup>4</sup> The initial holdings report must be current as of a date not more than 45 days prior to their start date. This requirement also applies to Private Placements and all Reportable Securities not held at a broker-dealer.

<sup>5</sup> Holdings information must be current as of a date no more than 45 days prior to the date each subsequent annual report is submitted. AQR Mutual Funds holdings in the AQR 401k Plan at Merrill Lynch do not require reporting to the Compliance Department.

<sup>6</sup> Employees are required to pre-clear all transactions (*i.e.*, initial investment, additional funding to an existing investment or redemption/liquidating transactions) in a Private Placement.

<sup>7</sup> For pre-clearance requests involving collateralized loans, employees will be required to provide the name of the financial institution, the Reportable Securities used as collateral and a description of the loan's purpose.

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**Note—Facts and circumstances may occur, post pre-clearance approval, which may result in the Compliance Department requiring a reversal of the trade and disgorgement of any resulting gains.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Transactions Exempt from Pre-Clearance** 

Employees are <u>not</u> required to obtain prior approval to transact in the following Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AQR Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-US registered open-end funds
(*e.g.*, Non-U.S. mutual funds, UCITs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities acquired through corporate actions, such as stock splits, reverse stock splits, mergers,
consolidations, spin-offs, and other similar corporate reorganizations generally involving all holders of the same class of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary sales due to a company exercising a call provision on its outstanding debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions involving the exercise and/or purchase of securities pursuant to an employer stock option plan and
any other similar plans. Any subsequent sale of Reportable Securities received from such plans must be pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities purchased pursuant to an automatic investment plan, including a dividend reinvestment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities issued by an exercise of rights to the holders of a class of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in direct obligations of non-U.S. Governments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Seven-Day Blackout Period** 

Employees may not purchase or sell any Reportable Security, subject to certain *de minimis* thresholds, during the seven-calendar day period before or after either a buy or sell order for a Client's account is executed or while a Client order is pending for the same or related security (such as securities convertible into the security). The existence of recent Client trades and pending orders will be checked as part of the pre-clearance process described above, and pre-clearance may be denied if the Compliance Department determines it is inconsistent with the best interests of any Client.

**Note—Employees may not knowingly trade parallel to or against a Client in a Reportable Security at any time or in any amount.** 

This prohibition does not apply to **Third-Party Managed Accounts** (discussed in Section **1.5(h)** below) or to securities and transactions that are not subject to the pre-clearance requirements (discussed in Section **1.5(d)(iii)** above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Required Holding Period** 

An employee may not purchase and sell, or sell and purchase, the same security within 30 calendar days. This provision extends across all accounts (*e.g.*, if you purchase a security in one account, you cannot sell that same security in less than 30 calendar days in a different brokerage account).

This prohibition does not apply to Third-Party Managed Accounts (discussed in Section **1.5(h)** below) or to securities and transactions that are not subject to the pre-clearance requirements (discussed in Section **1.5(d)(iii)** above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Prohibited and Limited Transactions** 

The following table lists additional prohibitions and restrictions on transactions and holdings in Reportable Securities. Other than the restrictions on Initial Public Offerings, the below prohibitions do not apply to Third-Party Managed Accounts (discussed in Section **1.5(h)** below).

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| **Transaction Types** | **Prohibition or Limitation** |
| **Initial Public Offerings /**<br> **Initial Token Offerings** | Participation in an Initial Public Offering or any Initial Token Offering (as defined in Section **1.5(k)** below) is prohibited. |
| **Restricted List** | Transactions in securities on the Firm's Restricted List are prohibited. |
| **Affiliated Managers Group, Inc. ("AMG") Securities** | Transactions in securities issued by Affiliated Managers Group, Inc. securities (ticker: AMG) are prohibited.<sup>8</sup> |
| **Short Sales** | Short selling securities is prohibited. Pre-existing short positions must be exited within 30 days of start date (subject to the pre-clearance requirements). |
| **Derivatives** | All derivatives, including options, warrants, swaps, futures and forward contracts are prohibited. Pre-existing positions must be exited within 30 days of start date (subject to the pre-clearance requirements) or held until expiration unless an exception has been approved by the CCO or his designee. |
| **Good until Cancelled / Limit Orders** | "Good until cancelled" orders and limit orders other than a "same-day" limit order generally should be avoided. Such orders are difficult to pre-clear and can cause inadvertent pre-clearance violations. |

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**The below chart contains additional investment activities that are prohibited.** 

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|:---|:---|
| **Type of Activity** | **Prohibition** |
| **Front-Running** | Front-Running is taking a position (or selling a position) in a security or interest in a personal account with knowledge that the Firm will soon take a position (or sell a position) in the same security or interest. Front-Running is an illegal activity and prohibited for all trading, whether for personal accounts or trading on behalf of the Firm. |
| **Scalping** | Scalping refers to taking improper advantage of a Client's trading for the benefit of an employee's personal account. Scalping is an illegal activity and prohibited. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Third-Party Managed Accounts** 

Transactions within approved **Third-Party Managed Accounts** are **exempt** from the pre-clearance requirements and trading restrictions set forth in the Personal Trading Policy if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager has exclusive, discretionary investment authority over the account and the employee (and
their Household Members) have no direct or indirect influence or control over the account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager is independent and not affiliated with or related to the employee (or their Household
Members)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager provides written confirmation that (1) the investment manager has been granted
exclusive, discretionary investment authority, and (2) the account holder does not exercise investment discretion or otherwise have direct or indirect influence or control over the investment decisions<sup>9</sup>

<sup>8</sup> Please note the Firm's portfolio management teams are also prohibited from purchasing or selling AMG securities in Client Accounts.

<sup>9</sup> The written confirmation must be in a form acceptable to the Compliance Department and the manager, investment adviser or trustee may be asked to periodically provide an updated confirmation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the account will not purchase any security issued in an initial public offering

**Note—Robo-advised accounts are <u>not</u> considered Third-Party Managed Accounts.<sup>10</sup> As such, the transactions in these accounts must be limited to securities that are <u>exempt</u> from the Firm's pre- clearance requirements, such as ETFs and mutual funds, and adhere to all reporting requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Trading Activity** 

Employees are discouraged from engaging in a pattern of investment transactions that either: (1) is so frequent as to potentially impact their ability to carry out their assigned responsibilities; (2) gives rise to conflicts or perceived conflicts with the best interest of AQR's Clients; or (3) uses company resources or information learned during the course of their association with AQR for personal gain.

**Note—The use of trading algorithms that operate autonomously for personal trading is prohibited. Employees are also strictly prohibited from buying or selling any funds managed by AQR (including AQR Mutual Funds) on the basis of material non-public information learned during the course of their association with AQR.** 

The Compliance Department monitors the frequency of personal trading and reserves the right to subjectively determine what constitutes excessive trading. The Compliance Department may restrict personal trading for a particular employee (and their Household Members) or for all employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **Personal Trading Violations** 

The CCO or his designee reserves the right to prohibit an employee's personal trading at any time and for any reason. If an employee does not comply with the Personal Trading Policy, the Firm may require the employee to trade out of the applicable position and/or disgorge any resulting gains. Each employee agrees to exit or liquidate upon instructions from the CCO or his designee, with the understanding that no explanation is required if such instruction is given, and no liability will accrue to the Firm as a result of any losses arising out of such exit or liquidation.

Personal trading violations may lead to disciplinary or other action, including but not limited to: (1) a requirement that a trade/transaction be reversed (even if a loss is incurred in doing so) in the event that an employee does not receive pre-approval from Compliance prior to transacting; (2) the suspension of personal trading privileges; (3) other employment-related action, including termination of employment; or (4) referral of the matter to the appropriate regulatory or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **Bitcoin and Other Cryptocurrencies** 

The trading of Bitcoin and other cryptocurrencies (collectively, "**Cryptocurrencies**") is permitted, but may be subject to additional review and restrictions by the Compliance Department based on regulatory guidance. As noted above, Employees (and their Household Members) are prohibited from participating in or fundraising for any initial token offerings, including but not limited to an initial coin offering (ICO), security token offering (STO), initial exchange offering (IEO), or initial dex offering (IDO) (collectively, "**Initial Token Offerings**"). As noted above, employees (and their Household Members) are also prohibited from engaging in derivative transactions, which includes futures and options on cryptocurrencies.

**Note—As stated above, the use of trading algorithms that operate autonomously for personal trading, including for trading cryptocurrencies, is prohibited.** 

**1.6** **Violations and Sanctions** 

A failure to comply with the Manual or the Firm's other policies and procedures may not necessarily amount to a violation. The CCO or his designee makes the determination as to what constitutes a violation and, where applicable, will work with the Human Resources Department and/or the employee's supervisor to determine the appropriate disciplinary action, if any. When evaluating the appropriate disciplinary action for a Code of Ethics violation, if any, relevant facts and circumstances are considered, including, but not limited to, the frequency of occurrence and length of time since any previous violation by the employee.

<sup>10</sup> Robo-advisers are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A robo-advised account is an account offered by a robo-adviser on its digital platform.

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Violations that demonstrate a lack of respect for the Firm's commitment to adhere to high ethical, integrity and business conduct standards may result in disciplinary action, including termination of employment. Additionally, a violation of law may lead to disciplinary action that may include termination of employment and/or referral of the matter to the appropriate regulatory or government agency.

**1.7** **Duty to Report Violations and Cooperate with Firm Investigations** 

Employees are required to report promptly any known or suspected violations of the Manual, any Firm policy or procedure, or any law or regulatory requirement related to our business, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of any applicable securities laws or regulatory requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breach of fiduciary duty arising under any applicable laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of any similar laws or regulations by the Firm or any of its employees or agents

Reporting can be made to a manager, the CCO, any member of the Compliance Department or anonymously via the AQR Hotline.<sup>11</sup> Managers and members of the Compliance Department have an obligation to escalate any such reports to the CCO or his designee, who will determine how to proceed and whether a matter should be reported to any regulatory authority.

Employees (and former employees as needed) must also cooperate as requested by the Firm with any investigation, inquiry, internal review, examination or litigation related to the Firm's business or potential misconduct.

**Note—Notwithstanding anything herein to the contrary, this Manual will not be interpreted or applied in any manner that would violate an employee's legal rights as an employee under applicable law. For example, nothing in this Manual prohibits or in any way restricts any employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. An employee does not need prior authorization from AQR before taking any such action and an employee is not required to inform AQR if he or she chooses to take such action.** 

**1.8** **Non-Retaliation Statement** 

The Firm strictly prohibits intimidation or retaliation against anyone who (i) makes a good faith report about a known or suspected violation of the Manual or any Firm policy or procedure, or any law or regulation, or (ii) assists with any inquiry or investigation of any such violation.

The Firm will endeavor to maintain the confidentiality of any report of potential wrongdoing to the extent practicable and ensure that no employee will face any unlawful retaliatory action for making such report. Information provided will be handled discreetly and shared only with those individuals that the Firm has a need to inform, such as regulators and those who are involved in investigating, resolving and, if necessary, remediating the issue. Employees who have concerns about or are aware of possible retaliatory action must report it, either to their manager, a Human Resources representative, or the Hotline.

**1.9** **Legal and Regulatory Inquiries** 

The financial markets in which AQR participates are highly regulated and, as a result, the Firm and/or its employees may from time to time be involved in certain legal or regulatory matters. Any employee who receives a legal or regulatory inquiry or request for information (relating to AQR or any other entity or person) from entities including, but not limited to, a regulator, government agency, self-regulatory organization, supervisory authority, legislative body, market exchange or litigant should immediately contact the CCO or his designee.

Employees may not reach out to government agencies, regulators or self-regulatory organizations for routine guidance or questions on business, legal or regulatory matters without pre-approval from the CCO or his designee. Nothing in this section shall interfere with an employee's legal rights as an employee under applicable law, as discussed above.

<sup>11</sup> The telephone numbers for the Hotline are located on the Compliance Page (**Go/Compliance**). 

------

---

| | |
|:---|:---|
| ![LOGO](g456053g0218092105904.jpg) <br>| **AQR Capital Management, LLC \|** Code of Ethics 13 |

---

Nothing in this Manual shall prohibit or restrict an employee from participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental agency, legislative body, or any self-regulatory organization, provided that, to the extent permitted by law, upon an employee's receipt of any subpoena, court order or other legal process compelling the disclosure of any such information, documents, or testimony, an employee shall give prompt prior written notice to the CCO or the Compliance Department in order to provide the Firm reasonable opportunity to take appropriate steps to protect its Confidential Information.

**II.** **Definitions** 

**1.** **AQR Mutual Funds:** U.S. registered investment companies advised or sub-advised by AQR Capital Management, LLC and AQR Arbitrage, LLC.

**2.** **Beneficial Interest:** Having or sharing a direct or indirect pecuniary
interest in a security through any contract, arrangement, understanding, relationship or otherwise. Pecuniary interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security.

**3.** **Client:** A person or entity with an advisory or sub-advisory agreement with the Firm.

**4.** **Compliance System:** The Firm's Compliance Pre-clearance, Reporting and Certification System, which is currently Star Compliance and can be accessed on **AQRLive** under Quick Links or on the Compliance Page (**Go/Compliance**).

**5.** **Confidential Information :** Any non-public information, records, files, documents, correspondence or other material regarding the Firm, employees, Clients, or the business of the Firm.

**6.** **High Quality Short-Term Debt Instruments:** Any instrument having a maturity at issuance of
less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality.

**7.** **Household Members :** Persons who share a residence and personal assets with an employee
(*e.g.,* spouse, domestic partner, dependent children), or those that directly or indirectly provide to or receive from an employee material support (*i.e.,* more than 25% annual income).

**8.** **Private Placements:** An offering of unregistered securities to a limited pool of investors
(*e.g.,* hedge fund, private equity fund, venture capital fund, real estate fund).

**9.** **Reportable Securities:** Common or preferred stock, debt securities, ETFs, shares issued by
a close-end investment company, AQR Mutual Funds or non-U.S. registered mutual funds, or any other security other than those that are exempt from the reporting
requirements.

**10.** **Restricted List:** The Firm's list of securities for which personal and Firm trading is
either partially or wholly prohibited unless pre-approved by the CCO or his designee.

**11.** **Third-Party Managed Account:** An account that is managed by an
independent investment manager who has exclusive discretionary authority over all investment decisions in the account.

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![LOGO](g456053g0218092105618.jpg)

**AQR Capital Management, LLC** \| One Greenwich Plaza \| Greenwich, CT 06830 \| U.S. \| **p:** +1.203.742.3600 \| **f:** +1.203.742.3100 \| **w:** aqr.com

## Ex-99.(P)(15)

**MORGAN STANLEY INVESTMENT MANAGEMENT PUBLIC** 

**SIDECODE OF ETHICS AND PERSONAL TRADING GUIDELINES** 

**Effective Date: December 15, 2022** 

------

**Table of Contents** 

**I. INTRODUCTION**<sub>3</sub>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** | **General** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** | **Standards of Business Conduct** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** | **Overview of Code Requirements** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** | **Personal Conflicts** | **5** |
| **II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **II. TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **5** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** | **Employee Securities Accounts** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** | **Fully Managed Account\*** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** | **Other Morgan Stanley Accounts** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **D,** | **Non-Morgan Stanley Accounts** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** | **Individual Savings Accounts ("ISAs") for employees of MSIM Ltd.** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** | **Mutual Fund Accounts** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** | **Issuer Purchase Plans** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** | **Investment Clubs** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** | **Cryptocurrencies** | **9** |
| **III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **III. PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **9** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** | **General** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** | **Initiating a Transaction** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** | **Pre-Clearance Valid for One Day Only** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** | **Restrictions and Requirements for Investment Personnel** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** | **Restrictions and Requirements for PPA Model Personnel** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** | **Employees Designated to be "Above the Wall"** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** | **Transacting in Morgan Stanley Securities** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** | **Trading Derivatives** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** | **Other Restrictions** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** | **Other Activities Requiring Pre-Clearance** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** | **Additional Large Trading Clearance for Employees in Asia Pacific and Japan** | **15** |
| **IV. HOLDING REQUIREMENTS** | **IV. HOLDING REQUIREMENTS** | **16** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** | **Proprietary and Sub-advised Mutual Funds** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** | **Covered Securities** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** | **Holding Requirements Specific to MSIMJ Employees** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** | **Holding Requirements Specific to HK Type 9 licensed Employees** | **16** |
| **V. REPORTING REQUIREMENTS** | **V. REPORTING REQUIREMENTS** | **16** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** | **Initial Reporting and Certification** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** | **Quarterly Reporting and Certification** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** | **Annual Reporting and Certification** | **18** |
| **VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **20** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** | **Approval to Engage in an Outside Activity** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** | **Approval to Invest in a Private Investment** | **21** |

---

---

| | |
|:---|:---|
| **VII. CONSULTANTS AND TEMPORARY WORKERS** | **21** |
| **VIII. REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **22** |
| **IX. ENFORCEMENT AND SANCTIONS** | **22** |
| **X. RELATED POLICIES** | **23** |
|  **XI RECORDKEEPING** | **23** |
| **XII. DEFINITIONS** | **24** |

---

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**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter.

This Code applies to all Public Side Employees of MSIM globally and to Covered Consultants as determined by Compliance. Please note that Private Side Employees and AIP Private Markets employees should consult the <u>IM Private Side Supplement</u> <u>to</u><u> </u><u>the</u><u> </u><u>Global</u><u> </u><u>Employee</u><u> </u><u>Trading</u><u> </u><u>and</u><u> </u><u>Investing</u> <u>Policy</u> and the IM Private Side <u>Code</u><u> </u><u>of</u><u> </u><u>Ethics</u>.

In addition to this Code, there is a separate Morgan Stanley Funds Code of Ethics, which is applicable to the Morgan Stanley mutual funds family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Standards of Business Conduct** 

MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions.

<u>Fiduciary Duties</u>

You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of Clients must be placed first at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of your personal securities transactions must be conducted in compliance with the rules contained in this
Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should never use your position with MSIM, or information acquired through your employment, in your personal
trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it immediately
to your local Compliance group.

------

In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a Client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a Client, including any statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to securities.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u>

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of regulatory and other scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Overview of Code Requirements** 

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

---

| | |
|:---|:---|
| **Activity** | **Code Requirements** |
| Employee Securities Account(s) | Pre-clearance, Reporting |
| Personal Trading Reporting<br> Participating in an Outside Activity | Pre-clearance, Holding Period, Reporting<br> Pre-clearance, Reporting |
| Making a Private Investment | Pre-clearance, Reporting |

---

You must examine the specific provisions of the Code for more details on each of these activities and are strongly urged to consult with Compliance if you have any questions.

------

**D.** **Personal Conflicts** 

As per the Firm's <u>Code of Conduct</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Personal conflicts* can arise from your outside activities or investments, or those of your family.
You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Examples of potential personal conflicts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Having a personal or family interest in a transaction involving Morgan Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Competing with Morgan Stanley for the purchase or sale of services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more
favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley
employees

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO) —including if an actual or potential conflict arises from an investment or activity that was previously approved through the <u>Outside Business Interests (OBI) System</u>. Consult the <u>Conflicts of Interest InfoPage</u> for additional information.

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Employee Securities Accounts** 

Generally, you and your Immediate Family must maintain all Employee Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or an Approved Broker, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Employee Securities Account(s) and accounts of their Immediate Family within 10 calendar days, of hire, using the <u>Initial</u><u> </u><u>Disclosure</u><u> </u><u>Form</u>, and transfer their Employee Securities Account(s) to a Morgan Stanley Broker or an Approved Broker, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of becoming a Covered Person. Failure to do so may be considered a significant violation of this Code.

------

Within 30 calendar days of the commencement of your employment, employees are required to disclose and seek approval of all existing Employee Securities Accounts and Fully Managed Accounts not held at the Firm, and at all times thereafter, employees must obtain prior approval through the Outside Business Interest System.

*<u>Opening a Morgan Stanley Brokerage Account</u>.* When opening an Employee Securities Account, you must notify the Morgan Stanley Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fully Managed Account\*** 

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the <u>Outside Business</u> <u>Interests System</u> (the "OBI System") and arrange for duplicate copies of statements to be sent to Compliance.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account.

In order to establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are actually directing account investments.

To the extent that you become aware of a proposed transaction by the manager in these types of accounts or have personally directed or asked another person to direct trades in these accounts, you are required to pre-clear the transaction prior to execution of the trade by the manager.

Annually, MSIM Employees and Covered Consultants will be required to attest that they have not made, directly or indirectly, any individual investment decision related to such managed account(s), nor have they directed another person to make such investments without first pre-clearing those transactions in accordance with Section III.

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\* Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Other Morgan Stanley Sponsored Accounts** 

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Morgan Stanley Accounts** 

Exceptions to the requirement to maintain Employee Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that duplicate statements are sent to Compliance or uploaded directly into the OBI system. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL** 

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by Compliance through the OBI System. In addition, for Non-discretionary ISAs you must obtain pre-approval for each transaction you wish to undertake via the Trade Pre-Clearance ("TPC") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Mutual Fund Accounts** 

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance You must report participation in these accounts initially and as part of the annual certification process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Issuer Purchase Plans** 

You may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, or "DRIP," by submitting a pre-clearance request via the TPC system. Any future, off-scheduled, transactions (buys and sells) require pre-clearance. You must also report DRIP holdings to Compliance as part of the annual certification process. Please note that these accounts do not require OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Investment Clubs** 

You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Cryptocurrencies** 

You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) as long as they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized).

While trading Cryptocurrencies does not require disclosure or pre-clearance, any other type of participation (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) requires disclosure and pre-approval through the OBI system. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading, Investing and Outside Business</u> <u>Activities</u><u> </u><u>Policy</u>).

**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed, or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre- clear that trade prior to execution. See the Securities Transaction Matrix in <u>Schedule</u><u> </u><u>A</u> for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal.

------

Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initiating a Transaction** 

Prior notification must be given by completing and submitting a pre-clearance form via the TPC system. No transaction requiring preclearance may be executed prior to receiving an "Approval" e-mail from the system. Approval is obtained by entering your trade request into the <u>TPC</u> system (type "IMTPC/" into your browser). Upon completion of the necessary checks, you will receive a system generated email notification advising whether your trade request has been approved or rejected. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance Valid for One Day Only** 

All Covered Persons are required to pre-clear Covered Securities through the TPC system. If your trade request is approved, such approval is valid only for the day on which it is granted (the day on which you receive notification that your trade request was approved). Any transaction not completed (whether in whole or in part) on that day will require a new approval. This means that open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed, transactions must be executed by the next close of trading in that market.

**Note: PPA Model Personnel; see Section III.E "Restrictions and Requirements for PPA Model Personnel" below).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restrictions and Requirements for Investment Personnel** 

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

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Investment Personnel or other Employees who have knowledge of Client trading activity are subject to the same five (5) calendar day Blackout Period. Investment Personnel must obtain approval from their Designated Manager or designee prior to obtaining pre-clearance approval by Compliance.

**<u>Restrictions and Requirements that apply to Eaton Vance Affiliated Entities</u>**

Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a
paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio has
been increased or decreased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a
related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system (e.g., Code Red/FactSet RMS); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for purposes of CRM, that security (or its issuer) has been designated as "eligible" or
"ineligible" or its designation as a "eligible" or ineligible has changed,

then you CANNOT trade the Security and your pre-clearance request will be denied.

**Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated <u>Entities</u>** 

Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Securities Transactions for Securities in Your Coverage Area. You and your Immediate Family may not
enter into a personal securities transaction in any security for which you have coverage responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the
security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the 5<sup>th</sup> calendar day after you have communicated your
new or changed recommendation or research conclusion throughout the relevant investment group; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until you have first determined, with the prior concurrence of local Compliance, that investment in that security
or a related financial instrument is not suitable for any Client.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restrictions and Requirements for PPA Model Personnel** 

PPA Model Personnel may be temporarily restricted from all personal securities trading during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel may also be temporarily restricted from transacting in specific securities during significant model portfolio rebalance or index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance. Additionally, PPA Model Personnel are required to request approval in the TPC System for any personal securities trades for any personal securities trades one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day.

Please consult your local Compliance if you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Employees Designated to be "Above the Wall"** 

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Transacting in Morgan Stanley Securities** 

Transacting in, including the gifting of, Morgan Stanley securities is subject to the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u> and must take place during the designated window periods. Consult MS Today for the window period announcement prior to trading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading Derivatives** 

**MSIM Employees who work in the PPA business are prohibited from trading ALL Derivatives.** 

The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system:

<u>Call Options</u>

*Listed Call Options.* You may purchase a listed call option if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls*. **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.**

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Other Restrictions** 

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Employee Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Employee Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or other such lists applicable to your business unit. You must check the Restricted List and other applicable lists prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Employee Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Employee Securities Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Other Activities Requiring Pre-Clearance** 

The following activities also require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside Business Activities

Please see Section VI "Outside Business Activities and Private Investments" of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside Brokerage Accounts

Please see Section II "Types of Accounts and Account Opening Requirements" of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Private Investments

Please see Section VI "Outside Business Activities and Private Investments" of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Contributions

Please consult the Firm <u>Policy on U.S. Political Contributions and</u><u> </u><u>Activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Additional Large Trading Clearance for Employees in Asia Pacific and Japan** 

Before executing a securities transaction that exceeds USD 500,000 (or its currency equivalent) or where the cumulative value of current transaction and all transactions in the same issuer within a 30-day calendar window exceeds USD 500,000 (or its currency equivalent), all MSIM Employees in Asia Pacific and Japan are required obtain additional large trade pre-clearance by completing the form in the policy link provided below and email a copy to "asialargetrades":

<u>Additional</u><u> </u><u>Large</u><u> </u><u>Trade Clearance</u><u> </u><u>for</u><u> </u><u>Employee</u><u> </u><u>Trades</u> <u>in</u><u> </u><u>Asia</u><u> </u><u>Pacific</u>

<u>Additional</u><u> </u><u>Large</u><u> </u><u>Trade Clearance</u> <u>for</u><u> </u><u>Employee Trades in</u><u> </u><u>Japan</u>

Please note this approval requirement is in addition to the Trade pre-clearance requirement via the IMTPC system referred to in Section B above.

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**IV.** **HOLDING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Proprietary and Sub-advised Mutual Funds and Exchange-Traded Funds** 

You may not redeem or exchange Proprietary or <u>Sub-advised Mutual Funds</u> or Exchange- Traded Funds until at least 30 calendar days from the purchase trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Covered Securities** 

You may not sell a Covered Security until you have held it for at least 30 calendar days.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where an advised or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Holding Requirements Specific to MSIMJ Employees** 

When selling equity and equity-linked notes, Covered Persons at MSIMJ must hold such instruments for at least six months; however, Compliance may grant an exception if the instruments are held for at least 30 calendar days from the date of purchase. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Holding Requirements Specific to HK Type 9 License Holder Employees** 

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

**V.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Reporting and Certification** 

When you commence employment with MSIM or otherwise become a Covered Person, you must provide an <u>Initial Disclosure Form</u> (the "Initial Report") to Compliance no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and
principal amount of any Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker-dealer, bank or financial institution where you maintain an account in which any
securities are held;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Outside Business Activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Initial Report.

All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have read, understand and agree to abide by the terms of the Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the Outside Business Interest system within 30 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. If you have any questions, contact your local Compliance group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Reporting and Certification** 

You must submit a Quarterly Transaction Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transaction Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.

The Quarterly Transaction Report must contain the information set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions in an Employee Securities Account during the previous quarter you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares and principal amount of any Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction (i.e. purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker-dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Quarterly Transaction Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any new account, including accounts for your Immediate Family, established by you during the previous quarter
in which any securities are held for your direct or indirect benefit, you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker-dealer, bank or financial institution with which you established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Reporting and Certification** 

You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of your current brokerage account(s), including those for your Immediate Family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities and principal amount beneficially owned by you in these account(s);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all your approved Outside Business Activities, and Private Investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all other investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any
Covered Securities held in certificate form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of broker-dealers, banks or financial institutions with which you maintain an account in which any
securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed
Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III.

The information in the Annual Report must not be more than 45 calendar days old from the day you submit it to Compliance. You must also certify that you have read and agree to abide by the requirements of the Code and that you are in compliance with the Code.

The link to the Annual Report will be provided to you by Compliance.

Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year.

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**VI.** **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Approval to Engage in an Outside Business Activity** 

You may not engage in any Outside Business Activity, <u>regardless of whether or not</u> <u>you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from the Employee's Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially. In addition, and as part of the Annual Certification of Employees, you are required to review/edit each disclosure for completeness and accuracy.

Examples of an Outside Business Activity include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments or investing in rental properties. For U.S. registered Employees only, real estate investments that generate rental income require disclosure in the <u>OBI System</u>, unless the property is also used by the Employee as a primary, secondary or vacation residence. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm.

In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually.

A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Approval to Invest in a Private Investment** 

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI system is not required for Morgan Stanley proprietary funds (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

For Singapore-licensed Employees, it is prohibited to conduct (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on moneylending business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organizing, promoting or conducting any casino marketing arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being involved in the real estate agency business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing any investment that is not an investment product.

**VII.** **CONSULTANTS AND TEMPORARY WORKERS** 

Consultants and other temporary workers who fall under the definition of a Covered Person by virtue of their duties and responsibilities with MSIM must adhere to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial, quarterly and annual reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision of duplicate account statements to Compliance for transactions in any Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibition against participating in any IPOs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibition against participation in Investment Clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance of Outside Business Activities and Private Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear all personal securities transactions in Covered Securities.

Consultants or temporary workers that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction.

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**VIII.** **REVIEW, INTERPRETATIONS AND EXCEPTIONS** 

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, <u>in advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

**IX.** **ENFORCEMENT AND SANCTIONS** 

Violations of the Code are reported to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. We may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis**.

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale
of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person
required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act;
or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker,
dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person,
salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such
activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

**X.** **RELATED POLICIES** 

In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the <u>Global</u><u> </u><u>Employee</u><u> </u><u>Trading</u><u> </u><u>Investing</u> <u>and Outside Business Activities Policy</u><u>;</u> the <u>Morgan Stanley Code of Conduct</u><u>; the</u> <u>Global</u> <u>Confidential and Material Non-Public Information Policy</u><u>;</u> the <u>Policy on U.S. Political</u> <u>Contributions and Activities;</u> and the <u>MSIM Global Gifts, Entertainment and Charitable Giving Policy</u> (requirements may vary in non-U.S. offices).

**XI.** **RECORDKEEPING** 

A. Firm Requirements

Records are retained in accordance with the Firm's <u>Global Information</u> <u>Management Policy</u>, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention Schedule</u>, which lists various record classes and associated retention periods on a global basis.

B. MSIM Maintenance of Records Relevant to this Code

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, and January 1, 2022.

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**XII** **DEFINITIONS** 

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global</u> <u>Employee</u><u> </u><u>Trading,</u><u> </u><u>Investing</u><u> </u><u>and</u><u> </u><u>Outside</u><u> </u><u>Business</u><u> </u><u>Activities</u><u> </u><u>Policy</u> and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

**"Approved Broker"** means a Firm-approved third-party broker for Employee Securities Accounts.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan (e.g., "DRIP").

**"Beneficial Interest"** generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations there under.

**"Blackout Period"** for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

"**Broad-Based Exchange-Traded Funds ("ETFs")"** for purposes of this Code, means exchanged-traded funds that the IM Compliance Department has found to be sufficiently broad-based in the scope of their investment strategy and holdings so as to not to require pre-clearance. See <u>Schedule</u><u> </u><u>A</u> for a link to the current list of Broad-Based ETFs that are exempt from pre-clearance, but are subject to disclosure and holding period requirements.

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**"Chief Compliance Officer" or "CCO"** refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Research and Management; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

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**"Client"** means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

**"Closed-End Fund"** means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

**"Compliance"** means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

**"Control Group"** is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

**"Covered Consultant"** means a non-employee of MSIM who falls under the definition of a Covered Person or is designated by Compliance as a Covered Consultant.

**"Covered Persons"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All directors and officers of MSIM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person (such as certain consultants, leased workers or temporary workers ("Covered Consultants"))
who provides investment advice to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is
involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent interaction
with Covered Persons or Investment Personnel, as determined by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a
client fund) and such other persons that may be so deemed by Compliance from time to time.

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The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person.

**"Covered Securities"** includes generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All equity or debt securities (excluding high yield securities, which are prohibited), including but not limited
to, derivatives of securities (such as options, warrants and American depositary receipts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate and municipal bonds, and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds including single stock Exchange-traded funds and Exchange-traded Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Coin Offerings and Secondary Coin Offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in all kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in real estate investment trusts (REITs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in private investment funds, hedge funds, private equity funds, and venture capital funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nextshares<sup>TM</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds and Exchange Traded Funds for which MSIM or Eaton
Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in <u>Schedule</u> <u>A</u> and excluding money
market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit investment trusts.

Covered Securities does not include "Exempt Securities," as defined below. Refer to <u>Schedule</u> <u>A</u> for application of the Code to various security types.

**"Cryptocurrency"** means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

**"Derivative"** means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

**"Designated Manager"** means manager designated by your business unit or department to supervise your personal trading and investing activities.

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**"Eaton Vance Affiliated Entity"** means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; ; Parametric Portfolio Associates LLC. ("PPA").

**"Employee"** means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family.

**"Employee Securities Accounts"** are any accounts in your own name <u>and</u> other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that are capable of holding Covered Securities, whether or not such capability is utilized. Employee Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by your Immediate Family (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts where you obtain benefits substantially equivalent to ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts that you or the persons described above could be expected to influence or control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Joint accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Family accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retirement accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you
otherwise guide or influence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrangements similar to trust accounts that benefit you directly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts for which you act as custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partnership accounts.

**"Exempt Securities"** are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit of
the U.S. Government for the timely payment of principal and interest) and equivalent securities issued by non-U.S. governments, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ginnie Maes,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. savings bonds, and U.S. Treasuries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by non-U.S. governments e.g., premium bonds, indexed-
linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to the
public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. *Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares held in money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds or equivalent in other jurisdictions (e.g., UCITS,
SICAVs, UK Authorized Unit Trusts, open-end investment companies ('OEICS") for which MSIM does not act as adviser or sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 Plans provided that the plan is not invested in MSIM Sub-Advised or
Proprietary Funds)

Refer to <u>Schedule A</u> for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license.

**"Firm"** means Morgan Stanley, MSIM's parent company.

**"Fully Managed Account"** means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered an Employee Securities Account.

**"Hong Kong Type 9 License Holder"** means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

**"Immediate Family"** pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another.

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**"Initial Public Offering" ("IPO")** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one-time offering of stock to the public by the issuer of such stock which is not an initial public offering.

**"Investment Personnel"** means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE.

**"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division including, but not limited to, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Ltd. ("MSIM Ltd."), Morgan Stanley Investment Management Company ("MSIM Co."), Morgan Stanley Investment Management (Japan) Co., Ltd. ("MSIMJ"), Morgan Stanley Asia Limited ("MSAL"), Morgan Stanley Investment Management (Australia) Pty Ltd., Atlanta Capital Management Company LLC, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, but excluding the Private Side companies and businesses. See <u>Schedule</u><u> </u><u>B</u> for a list of those legal entities that comprise MSIM.

**"Morgan Stanley Securities"** means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

**"Mutual Funds"** means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

**"Outside Business Activity"** means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, Employees who were Seattle Investment Personnel prior to January 1, 2022.

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**"Portfolio Managers"** means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio.

**"Private Investment"** means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

**"Proprietary or Sub-advised Mutual Fund"** means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

**"Public Side"** means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

**"Research Analysts"** are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations.

**"Restricted Lists"** means any list of issuers or securities maintained by Morgan Stanley where trading in Employee Securities Accounts is restricted due to Firm policies or regulation.

## Ex-99.(P)(16)

![LOGO](g456053dsp270a.jpg)

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**Applicable Entities / Rules** 

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| | |
|:---|:---|
| *Applicable Entities:* | Enterprise wide policy, including American Century Investment Management, Inc., Registered Investment Companies, Schedule A, American Century Investment Services, Inc., American Century Services, LLC |
| *Statutory/Regulatory:* | Investment Company Act § 17(j), Rule 17j-1; Investment Advisers Act § 204A, 206, Rule 204A-1 and 204-2(12) |
| *Effective Date(s):* | October 29, 1999, Last Revised December 14, 2022 |
| ***Policy or Summary:*** | **Policy** |
| ***Related Summary:*** | **Code of Ethics Policies and Procedures** |
| *Related Documents:* | Business Code of Conduct; Insider Trading Policy |

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**Table of Contents** 

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| | |
|:---|:---|
|  Snapshot of the Policy | 2.0 |
|  Requirements for All Employees | 2.0 |
|  Requirements for Access, Investment and Portfolio Persons | 2.0 |
|  Trading Prohibitions for Investment and Portfolio Persons | 2.0 |
| I. Purpose of Code | 3.0 |
| II. Why Do We Have a Code of Ethics? | 4.0 |
| III. Does the Code of Ethics Apply to You? | 5.0 |
| IV. Restrictions on Personal Investing Activities | 6.0 |
| V. Reporting Requirements | 11.0 |
| VI. Can there be any exceptions to the restrictions? | 14.0 |
| VII. Confidential Information | 16.0 |
| VIII. Conflicts of Interest | 16.0 |
| IX. What happens if you violate the rules in the Code of Ethics? | 16.0 |
| X. ACI's Quarterly Report to Fund Directors/Trustees | 18.0 |
|  APPENDIX 1: DEFINITIONS | 19.0 |
|  APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"? | 23.0 |
|  APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES | 26.0 |
|  APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS | 28.0 |
|  APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS | 31.0 |
|  SCHEDULE A: BOARD APPROVAL DATES | 35.0 |
|  SCHEDULE B: SUBADVISED FUNDS | 36.0 |
|  SCHEDULE C: BROKERS | 39.0 |
|  PROHIBITED BROKERS | 39.0 |
|  APPROVED ELECTRONIC BROKERS | 39.0 |

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Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 1

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**Snapshot of the Policy** 

The Code of Ethics is a comprehensive policy which provides the standards for personal investing by American Century Investments (ACI) employees. Each employee has a Code of Ethics classification based on their job responsibilities and the ability to access nonpublic information about ACI client portfolios' security holdings and trading activities. The restrictions on personal investing contained in the Code vary by classification. The Code of Ethics also applies to accounts and securities that ACI employees beneficially own (i.e., owned by immediate family sharing your household, your domestic partner, or accounts for which you have trading authority or power of attorney, etc.).

It is important that you understand the Code and the restrictions on personal investing. These restrictions may include preclearance of trades and reporting of transactions and holdings, including for exchange traded funds (ETFs) and reportable mutual funds. This page contains a summary of the Code requirements. Please review the full text of the Code to fully understand your responsibilities. Contact Compliance if you have questions about the policy and how it applies to your situation. ComplianceAlpha is the primary tool for performing your duties under the Code. All reporting and preclearance activities are performed in ComplianceAlpha.

**Requirements for All Employees** 

*Non-Access Persons, Access Persons, Investment Persons, and Portfolio Persons must* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place our client's interest first

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with federal securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report violations to Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acknowledge that you have read and understand the Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Link reportable brokerage accounts and reportable mutual fund accounts in ComplianceAlpha

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with short-term trading restrictions for ACI client portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain written approval to enter into an arrangement or agreement that could create a conflict of interest with
ACI activities (i.e. serving on the board of directors of a publicly traded company)

**Requirements for Access, Investment and Portfolio Persons** 

*Access Persons, Investment Persons, Portfolio Persons must* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose holdings within 10 days of designation and annually, thereafter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose personal security transactions on a quarterly basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose conflicts of interest annually

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval (preclearance) to trade in reportable securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain approval to transact in an affiliated, self-indexed ETF if you are a member of the Global Analytics team
or the Index Governance Committee (including non-voting members)

**Trading Prohibitions for Investment and Portfolio Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons and Portfolio Persons cannot participate in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons and Portfolio Persons cannot profit on short-term reportable security trades within 60
calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons cannot trade in a security within seven days before and after transactions of a client
portfolio you manage.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons cannot sell a security which is held by your assigned client portfolio or buy a security held
as a short position in your assigned funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Persons that manage a Semi-Transparent Active Exchange Traded Fund (STA ETF) are required to obtain pre-approval prior to trading in shares of the STA ETF. They are restricted from selling shares of a STA ETF that they manage within 30 days after purchase.

**I.** **Purpose of Code** 

The Code of Ethics guides the personal investment activities of American Century Investments (ACI) employees (including full and part-time employees, contract and temporary employees, officers and directors), and members of their immediate family.<sup>1</sup> The Code of Ethics aids in the elimination and detection of personal securities transactions by employees that might be viewed as fraudulent or might conflict with the interests of our client portfolios. Such transactions may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the misuse of client trading information for personal benefit (including so-called "front-running"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the misappropriation of investment opportunities that may be appropriate for client portfolios, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excessive personal trading that may affect our ability to provide services to our clients.

Violations of this Code must be promptly reported to the Chief Compliance Officer.

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<sup>1</sup> The directors or trustees of Fund Clients who are not "interested persons" (the "Independent Directors") are covered under a separate Code applicable only to them.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 3

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**II.** **Why Do We Have a Code of Ethics?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investors have placed their trust in ACI** 

As an investment adviser, ACI is entrusted with the assets of our clients for investment purposes. Our employees' personal trading activities and the administration of the Code are governed by these general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of our clients must be placed before our own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any personal securities transactions must be conducted consistent with this Code and in a manner as to avoid even
the appearance of a conflict of interest.

Complying with these principles is how we earn and keep our clients' trust. To protect this trust, we will hold ourselves to the highest ethical standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **ACI wants to give you flexible investing options** 

Management believes that ACI's own mutual funds, ETFs and other pooled investment vehicles provide a broad range of investment alternatives in virtually every segment of the securities market. We encourage ACI employees to use these vehicles for their personal investments. We do not encourage active trading by our employees. We recognize, however, that individual needs differ and that there are other attractive investment opportunities. As a result, this Code is intended to give you and your family flexibility to invest, without jeopardizing relationships with our clients.

Our employees are able to undertake personal transactions in stocks and other individual securities subject to the terms of this Code. All employees are required to report their personal transactions in securities owned by them and in beneficially owned securities under this Code. Additionally, Portfolio, Investment and Access Persons are required to receive preclearance of transactions and further limitations are placed on the transactions of Portfolio and Investment Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Federal law requires that we have a Code of Ethics** 

The Investment Company Act of 1940 and the Investment Advisers Act of 1940 require that we have safeguards in place to prevent personal investment activities that might take inappropriate advantage of our fiduciary position. These safeguards are embodied in this Code of Ethics.<sup>2</sup>

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<sup>2</sup> Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 serve as a basis for much of what is contained in this Code of Ethics.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 4

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**III.** **Does the Code of Ethics Apply to You?** 

*Yes!* All ACI employees and contract personnel must observe the principles contained in this Code of Ethics. This Code applies to your personal investments, as well as those for which you are a beneficial owner. However, there are different requirements for different categories of employees. The category in which you have been placed generally depends on your job function, although circumstances may prompt us to place you in a different category. The range of categories is as follows:

![LOGO](g456053dsp_273.jpg)

The standard profile for each of the categories is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Portfolio Persons** 

Portfolio Persons include portfolio managers and equity investment analysts and any other Investment Persons (as defined below) with authority to enter purchase/sale orders on behalf of client portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Investment Persons** 

Investment Persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any persons that are involved in or have access to client portfolio securities trading, securities
recommendations, or portfolio holdings or are involved in making securities recommendations that are nonpublic, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any officers and directors of an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Access Persons** 

Access Persons are persons who, in connection with their regular function and duties, consistently obtain information regarding current purchase and sale recommendations and daily transaction and holdings information concerning client portfolios. Examples of persons that may be considered Access Persons include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who are directly involved in the execution, clearance, and settlement of purchases and sales of
securities (e.g. certain investment operations personnel),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose function requires them to evaluate trading activity on a real-time basis (e.g. attorneys,
accountants, portfolio compliance personnel),

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who assist in the design, implementation, and maintenance of investment management technology systems
(e.g. certain I/T personnel, including contractors),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• support staff and supervisors of the above if they are required to obtain such information as a part of their
regular function and duties,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• officers or "interested" director of our Fund Clients, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• members of the Index Governance Committee for affiliated ETFs (including non-voting members).

Single, infrequent, or inadvertent instances of access to current recommendations or real-time trading information or the opportunity to obtain such information through casual observance or bundled data security access may not be sufficient to qualify you as an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-Access Persons** 

If you are an ACI officer, director, or employee and you do not fit into any of the above categories, you are a Non-Access Person. Contractors and temporary employees may be considered Non-Access Persons depending on their role. While your trading is not subject to preclearance and other restrictions applicable to Portfolio, Investment, and Access Persons, you are still subject to the remaining provisions of the Code.

**IV.** **Restrictions on Personal Investing Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Principles of Personal Investing** 

All ACI employees, officers, and directors, and members of their immediate family, must comply with the federal securities laws and other governmental rules and regulations, and maintain ACI's high ethical standards when making personal securities transactions. You must not misuse nonpublic information about client security holdings or contemplated, pending, or completed portfolio transactions for your personal benefit or the benefit of others. Likewise, you may not cause a client portfolio to take action, or fail to take action, for your personal benefit.

In addition, investment opportunities appropriate for client portfolios should not be retained for the personal benefit of yourself or others. Investment opportunities arising as a result of ACI investment management activities must first be considered for inclusion in our client portfolios.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Trading on Inside Information** 

Federal law prohibits you from trading based on material nonpublic information received from any source or communicating this information to others. This could include confidential information received by employees regarding securities that are, or maybe considered as potential portfolio investments. You are expected to abide by the highest ethical and legal standards in conducting your personal investment activities. For more information regarding what to do when you believe you are in possession of material nonpublic information, please consult ACI's **Insider Trading Policy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Trading in ACI Open-End Mutual Funds** 

Excessive, short-term trading of ACI open-end mutual funds and other abusive trading practices (such as time zone arbitrage) may disrupt portfolio management strategies and harm fund performance. These practices can cause funds to maintain higher-than-normal cash balances and incur increased trading costs. Short-term and other abusive trading strategies can also cause unjust dilution of shareholder value if such trading is based on information not accurately reflected in the price of the fund.

You may not engage in short-term trading or other abusive trading strategies with respect to any ACI open-end mutual fund client portfolio. For purposes of this Code, "ACI open-end mutual fund client portfolios" include any open-end mutual fund or variable annuity, advised or subadvised by ACI.<sup>3</sup>

*Seven-Day Holding Period*. You will be deemed to have engaged in short-term trading if you have purchased shares or otherwise invested in a variable-priced (non-money market) ACI open-end mutual fund client portfolio and redeem shares or otherwise withdraw assets from that portfolio within seven days. In other words, if you make an investment in an ACI open-end mutual fund client portfolio, you may not redeem shares from that fund before the completion of the seventh day following the purchase date.

*Limited Trading Within 30 Days*. We realize that abusive trading is not limited to a seven-day window. As a result, we may deem the sale of all or a substantial portion of an employee's purchase in an ACI open-end mutual fund client portfolio to be abusive if the sale is made within 30 days, and it happens more than once every rolling twelve months.

These trading restrictions are applicable to any account for which you have the authority to direct trades or of which you are a beneficial owner, including brokerage accounts, ACI Personal Financial Solutions (PFS) accounts, retirement plans, subadvised accounts, or accounts held through an intermediary.

*Transactions NOT Subject to Limitations*. Automatic investments such as AMIs, dividend reinvestments, employer plan contributions, and payroll deductions are not considered transactions for purposes of the holding requirements. Redemptions in variable-priced funds that allow check writing privileges or trusts used as cash instruments in the retirement plan will not be considered redemptions for purposes of the holding requirements.

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<sup>3</sup> See <u>Schedule A</u> for a list of Fund Clients. See <u>Schedule B</u> for a list of <u>subadvised funds</u>.

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*Information to be Provided*. You may be required to provide certain information regarding mutual fund accounts beneficially owned by you and transactions in reportable mutual funds. See the Reporting Requirements for your applicable Code of Ethics classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Preclearance of Personal Securities Transactions** 

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| | |
|:---|:---|
| **[Portfolio,** | **Investment, and Access Persons]**  |

---

Preclearance of personal securities transactions allows ACI to prevent certain trades that may conflict with client trading activities. The nature of securities markets makes it impossible to predict all conflicts. As a consequence, even trades that are precleared can result in potential conflicts between your trades and those affected for client portfolios. You are responsible for avoiding such conflicts with any client portfolios for which you make investment recommendations. You have an obligation to ACI and its clients to avoid even a perception of a conflict of interest with respect to personal trading activities.

All Portfolio, Investment, and Access Persons must comply with the following preclearance procedures prior to entering into (i) the purchase or sale of a security for your own account or (ii) the purchase or sale of a security for an account for which you are a beneficial owner.<sup>4</sup>

All preclearance request should be submitted in ComplianceAlpha. Refer to "Appendix 4: How the preclearance process works." for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the security a "Code-Exempt Security" or a "Prohibited Security" listed in Appendix 3?

If the security is listed on the Code-Exempt Security list, you may execute the transaction without preclearance.

If the security is listed on the Prohibited Security list, you may not execute the transaction.

If the security is not on either list, then you must obtain preclearance (Proceed to Step 2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit a Preclearance Request in ComplianceAlpha. You will be required to provide the following **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security identifier (Ticker symbol, CUSIP, etc.)

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<sup>4</sup> See <u>Appendix 2</u> for an explanation of beneficial ownership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broker and account number used for the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quantity (number of shares or par value)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The request will be reviewed through our preclearance process. You will receive an e-mail informing you of your approval or denial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If you receive preclearance for the transaction,<sup>5</sup> you may
execute the approved transaction the day your preclearance is granted and the following business day (the "Preclearance Period"). For example, if preclearance is granted at 3:00 p.m. on Wednesday, you have until the close of the market on
Thursday to execute the trade. If you do not execute the approved transaction within the Preclearance Period, you must repeat the preclearance procedure prior to executing the transaction.

ACI reserves the right to restrict the purchase or sale by Portfolio, Investment, and Access Persons of any security at any time. Such restrictions are imposed through the use of a Restricted List that will cause ComplianceAlpha to deny the approval of preclearance to transact in the security. Securities may be restricted for a variety of reasons including without limitation the possession of material nonpublic information by ACI or its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Additional Trading Restrictions** 

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| | |
|:---|:---|
| **[Portfolio** | **and Investment Persons]**  |

---

Participation in the investment management of a client portfolio or participation on a Committee that reviews certain types of information potentially increases the risk of a conflict of interest between an employee's personal trading and the use of client information. The following additional trading restrictions mitigate this risk. Preclearance should be submitted in ComplianceAlpha following the instructions in Appendix 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Public Offerings.</u> You may not acquire securities issued in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Private Placements</u> <u>.</u> Before you acquire any securities in a private placement, you must obtain
approval from the Chief Investment Officer. Request preclearance by entering your request in ComplianceAlpha. While your preclearance request is pending or if you own or beneficially own the privately-placed security, you may not participate in any
consideration of an investment in securities of the private placement issuer for any client portfolios.

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<sup>5</sup> See Appendix 4 for a description of the preclearance process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>60-Day Rule (Short-Term Trading Profits)</u> <u>.</u> You may not
profit from any purchase and sale, or sale and purchase, of the same (or equivalent) securities other than code-exempt securities within sixty (60) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Seven-Day Blackout Period** 

**[Portfolio Persons]**

If you are a Portfolio Person, you may not purchase or sell a security other than a code exempt security during the seven (7) calendar days before and after the day it has been traded in a client portfolio that you manage (i.e., if a client portfolio transacts in a security on Monday, the Portfolio Persons managing the client portfolio must not personally trade in the security from the Monday before until the Monday after the client portfolio transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Securities Held in Your Funds** 

**[Portfolio Persons]**

Personally investing in the same securities held by the client portfolios you manage may result in a conflict of interest. To mitigate this risk, you may not sell a security in which your client portfolio has a long position or purchase a security in which your client portfolio has a short position without an exemption from this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Semi-Transparent Active ETFs (STA ETF) that You Manage** 

**[Portfolio Persons]**

Trading shares of an ACI STA ETF while in possession of information regarding STA ETF security transactions not fully disseminated in the market is prohibited. As a result, you are required to obtain preclearance to transact in the STA ETFs for which you have portfolio manager or trade order authority assigned through the order-trade system. You will only be allowed to execute the trade on the day following your approved preclearance. In addition, you are limited from selling shares of the STA ETF for 30 calendar days after your last purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Trading in Affiliated Self-Indexed ETFs** 

**[Certain Members of the Global Analytics Team and the Index Governance Committee]**

Trading shares of an ACI Self-Indexed ETF while in possession of nonpublic information about the index is prohibited. If you are member of the Global Analytics Team responsible for creating indexes or the Index Governance Committee (including non-voting members), you are required to preclear your transactions in an affiliated Self- Indexed ETF. You will only be allowed to execute the trade on the sixth business day after your preclearance request.

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**V.** **Reporting Requirements** 

You are required to file complete, accurate, and timely reports of all required information under this Code. All reported information is subject to review for indications of abusive trading, misappropriation of information, or failure to adhere to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting Requirements Applicable to All Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Code Acknowledgement

Upon employment, any amendment of the Code, and not less than annually thereafter, you will be required to acknowledge that you have received, read, and will comply with this Code. Compliance will notify you when you must provide this information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Brokerage Accounts and Duplicate Confirmations

You are required to report <u>ALL</u> reportable brokerage accounts in ComplianceAlpha. Reportable brokerage accounts include both brokerage accounts maintained by you and brokerage accounts maintained by a person whose trades you must report because you are a beneficial owner. (Refer to Appendix 5 Account Reporting Instructions). Compliance will use your account information to obtain trade confirmations for the activity in your account.

To aid with required recordkeeping requirements and streamline operations, employees may be required to hold all reportable brokerage accounts at a firm that provides electronic trade confirmations to ComplianceAlpha. Through reporting your account information, you are consenting to receipt by Compliance of electronic trade confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting of American Century Managed Mutual Fund Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Employee-owned ACI Personal Financial Solutions (PFS) and ACI Retirement Plans** 

You are not required to report ACI PFS and ACI Retirement Plan accounts held under your own Social Security number. Trading in these accounts will be monitored based on information contained on our transfer agency and retirement plan systems.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Beneficially-Owned ACI PFS Accounts (Portfolio and Investment Persons Only)** 

You must report all ACI PFS open-end mutual fund accounts that are owned by your immediate family members and other accounts you beneficially-own.

Compliance will obtain trading activity in these accounts which will be monitored for short-term and abusive trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Certain third-party accounts invested in funds managed by ACI** 

You are required to report other accounts invested in funds managed by ACI such as those invested in (i) any subadvised fund (see Schedule B of this Code for a list of subadvised funds); and (ii) non-ACI retirement plan, unit investment trust, variable annuity, or similar accounts in which you own or beneficially own reportable mutual funds.

In addition, you must provide either account statements or confirmations of all trading activity in reportable third-party accounts to Compliance within 30 calendar days of the end of each calendar quarter.

Refer to Appendix 5: Account Reporting Instructions for the process to report your accounts in the ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Reporting Requirements [Portfolio, Investment, and Access Persons]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Holdings Report

Within ten (10) calendar days of becoming a Portfolio, Investment, or Access Person, and annually, thereafter, you must submit a Holdings Report. You will be sent an email from ComplianceAlpha with a link to the compliance system where you will complete your report. The information submitted must be current as of a date no more than 45 calendar days before the report is filed and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities, other than certain code-exempt securities

<sup>6</sup>, that you own or in which you have a beneficial ownership interest. This listing must include the financial institution, account number, security identifier and description, number of shares,
currency, and principal amount of each covered security. If you are using an Approved Electronic Broker (AEB) through the Direct or Aggregation Feed on ComplianceAlpha, your holdings will be imported into ComplianceAlpha for you. For securities held
in accounts listed as Manual in ComplianceAlpha, you will be required to import or manually add your holdings prior to the reporting deadline.

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<sup>6</sup> See Appendix 3 for a listing of code-exempt securities that must be reported.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio and Investment Persons must also provide a list of all reportable mutual fund holdings owned or in
which they have a beneficial ownership interest. This list must include investments held through ACI PFS in accounts that are beneficially-owned, investments in any subadvised fund, holdings in a reportable brokerage account, and holdings in non-ACI retirement plans, unit investment trusts, variable annuity, or similar accounts. ACI PFS reportable mutual fund holdings held under an employee's tax payer identification number are not required to be
listed in ComplianceAlpha. Compliance will obtain the information from ACI PFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A summary of your relationships that may conflict with the interests of ACI, such as outside employment,
relationships with competitors, suppliers, vendors, independent contractors or consultants of ACI, or relationships with directors or trustees in outside organizations other than community charitable activities, education activities, or dissimilar
family business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quarterly Transactions Report

Within 30 calendar days of the end of each calendar quarter, all Portfolio, Investment, and Access Persons must submit a Quarterly Transactions Report. Compliance will notify you of the dates and requirements for filing the report. A report of the transactions for which we have received your trade confirmations during the quarter will be provided for your review in ComplianceAlpha. It is your responsibility to review the completeness and accuracy of this report, provide any necessary changes, and certify its contents when submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Quarterly Transactions Report must contain the following information about each personal securities
transaction undertaken during the quarter other than those in certain code exempt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's name and account number in which the transaction was executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the security identifier and description and number of shares or the principal amount
of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction, that is, purchase, sale, or any other type of acquisition or disposition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price, currency, and amount.

In addition, information regarding accuracy and completeness of your reportable brokerage and other accounts should be verified at this time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Portfolio and Investment Persons are also required to report transactions in reportable mutual funds held
through a brokerage account. The Quarterly Transactions Report for such persons must contain the following information about each transaction during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the fund identifier and description and number of shares or units of each trade
involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction, that is, purchase, sale, or any other type of acquisition or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction price, and amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial institution's name and account number in which the trade was executed.

Transactions of reportable mutual funds that do not need to be reported by Portfolio and Investment Persons on the Quarterly Transaction Report include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvested dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds through the ACI retirement plan
accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds held through ACI PFS accounts
under your Social Security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ACI open-end mutual funds in beneficially-owned ACI PFS
accounts if the account has been linked to ComplianceAlpha through the Aggregation Feed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in reportable third-party accounts for which the account statements or confirmations are provided to
Compliance within 30 days of the end of the calendar quarter in which the transactions took place.

**VI.** **Can there be any exceptions to the restrictions?** 

*Yes.* The Chief Compliance Officer or their designee may grant limited exemptions to specific provisions of the Code on a case-by-case basis. Exemptions are requested in ComplianceAlpha (see Appendix 6: Requesting an Exemption).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Factors Considered** 

In considering your request, the Chief Compliance Officer or their designee may grant your exemption request if they are satisfied of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your request addresses an undue personal hardship imposed on you by the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your situation is not in conflict with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your exemption, if granted, would be consistent with the achievement of the objectives of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Exemption Reporting** 

All exemptions must be reported to the Boards of Directors/Trustees of our Fund Clients at the next regular meeting following the initial grant of the exemption. Subsequent grants of an exemption of a type previously reported to the Boards may be affected without reporting. The Boards of Directors/Trustees may choose to delegate the task of receiving and reviewing reports to a committee comprised of Independent Directors/Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Thirty-Day Denial Exemption on Sales** 

An exemption may be requested when a request to sell a security has been denied once a week over a 30-day timeframe. The covered person must be able to verify that they have periodically entered a preclearance request to sell a security in ComplianceAlpha at least four times throughout a period of time that is at least 30 days. The Chief Compliance Officer or their designee will review the request and determine if the exemption is warranted. If approval is granted, compliance will designate a short trading window during which the sale can take place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Non-volitional Transaction Exemption** 

Certain non-volitional purchase and sale transactions are exempt from the preclearance requirements of the Code. These transactions include stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, receipt of securities as gifts, the giving of securities, inheritances, margin/ maintenance calls (where the securities to be sold are not directed by the covered person), dividend reinvestment plans, and employer sponsored payroll deduction plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Blind Trust/Managed Account Exemption** 

An exemption from the preclearance and reporting requirements of the Code may be requested for securities that are held in a blind or quasi-blind trust arrangement or a managed (discretionary) account. For the exemption to be available, you or a member of your immediate family must not have authority to advise or direct securities transactions of the trust or managed account. You must provide a copy of the trust document or management agreement when requesting the exemption. The request will only be granted once the covered person and/or the investment adviser for the trust or managed account certify that the covered person or members of their immediate family will not advise or direct transactions. ACI may require that statements or trade confirmations be received for the trust or managed account. The employee and/or adviser may be requested by Compliance to re-certify the trust arrangement.

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**VII.** **Confidential Information** 

All information about clients' securities transactions and portfolio holdings is confidential. You must not disclose, except as required by the duties of your employment, actual or contemplated securities transactions, portfolio holdings, portfolio characteristics or other nonpublic information about Clients, or the contents of any written or oral communication, study, report or opinion concerning any security. Employees should consult the Portfolio Holdings and Characteristics Disclosure and the Confidential Information Asset Security policies before disseminating information to individuals that otherwise do not have access to the information. Employees should not disseminate information about clients' securities transactions and portfolio holdings to employees or contract personnel that are Non-Access Persons or elicit material nonpublic information from any independent directors/trustee of a managed fund who also serves as a director trustee, officer, consultant, or employee of, or has similar affiliation with, another business entity that issues publicly traded securities. This does not apply to information which has already been publicly disclosed.

**VIII.** **Conflicts of Interest** 

You must receive prior written approval from ACI's General Counsel or their designee, as appropriate, to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negotiate or enter into any agreement on a client's behalf with any business concern doing or seeking to do
business with the client if you, or a person related to you, has a substantial interest in the business concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enter into an agreement, negotiate or otherwise do business on the client's behalf with a personal friend or
a person related to you; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve on the board of directors of, or act as consultant to, any publicly traded corporation. Please note that
ACI's Business Code of Conduct also contains limitations on outside employment and directorships.

**IX.** **What happens if you violate the rules in the Code of Ethics?** 

If you violate the requirements of the Code of Ethics, you may be subject to serious penalties. Violations of the Code and proposed sanctions are documented by Compliance and submitted to the Code of Ethics Review Committee. The Committee consists of representatives of the investment adviser and the Compliance and Legal departments of ACI. The Committee is responsible for determining the materiality of Code violations and appropriate sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Materiality of Violation** 

In determining the materiality of a violation, the Committee considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indicia of fraud, neglect, or indifference to Code provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary value of the violation in question; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level of influence of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Penalty Factors** 

In assessing the appropriate penalties, the Committee will consider the foregoing in addition to any other factors they deem applicable, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extent of harm to client interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extent of unjust enrichment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tenure and prior record of the violator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which there is a personal benefit from unique knowledge obtained through employment with ACI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The level of accurate, honest and timely cooperation from the covered person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mitigating circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **The penalties which may be imposed include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Non-material violation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Warning (notice sent to manager) and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Attendance at a Code of Ethics training session and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Suspension of trading privileges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Penalties for material or more frequent non-material violations will be
based on the circumstances of the violation. These penalties could include, but are not limited to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Suspension of trading privileges and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Suspension or termination of employment.

In addition, you may be required to surrender to ACI any profit realized from any transaction(s) in violation of this Code of Ethics.

**X.** **ACI's Quarterly Report to Fund Directors/Trustees** 

ACI will prepare a quarterly report to the Board of Directors/Trustees of each Fund Client of any material violation of this Code of Ethics.

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**APPENDIX 1: DEFINITIONS** 

**1.** **"Automatic Investment Plan"** 

"Automatic investment plan" means a program in which regular periodic purchases, exchanges or redemptions are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation including dividend reinvestment plans.

**2.** **"Beneficial Ownership" or "Beneficially Owned"** 

See "Appendix 2: What is Beneficial Ownership?"

**3.** **"Code-Exempt Security"** 

A "code-exempt security" is a security in which you may invest without preclearing the transaction with ACI. The list of code-exempt securities appears in Appendix 3. Code-exempt securities may require reporting of transactions and holdings.

**4.** **"Federal Securities Law"** 

"Federal securities law" means the Securities Act of 1933, the Securities Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted by the Commission or the Department of Treasury.

**5.** **"Fund Clients"** 

Fund clients includes each Fund Client listed on Schedule A.

**6.** **"Initial Public Offering"** 

"Initial public offering" means an offering of securities for which a registration statement has not previously been filed with the SEC and for which there is no active public market.

**7.** **"Investment Adviser"** 

"Investment adviser" includes each investment adviser listed on Schedule A

**8.** **"Member of Your Immediate Family"** 

A "member of your immediate family" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse or domestic partner;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your minor children; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A relative who shares your home.

For the purpose of determining whether any of the foregoing relationships exist, a legally adopted child of a person is considered a child of such person.

**9.** **"Private Placement"** 

"Private placement" means an offering of securities in which the issuer relies on an exemption from the registration provisions of the Federal Securities Laws, and usually involves a limited number of sophisticated investors and a restriction on resale of the securities.

**10.** **"Prohibited Security"** 

**"**Prohibited Security" is a security for which trading has been prohibited for Portfolio, Investment and Access Persons.

**11.** **"Reportable Brokerage Accounts"** 

A "reportable brokerage account" includes any account in which securities are held for the direct or indirect benefit of any person subject to this Code of Ethics.

**12.** **"Reportable Mutual Fund"** 

A "reportable mutual fund" includes any mutual fund issued by a Fund Client (as listed on Schedule A) and any subadvised funds (as listed on Schedule B).

**13.** **"Security"** 

A "security" includes a large number of investment vehicles. However, for purposes of this Code of Ethics, "security" (or "securities") includes but is not limited to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock, (including stock acquired in private placements and restricted stock in nonpublic companies received
through an employee stock ownership program);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Treasury stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange traded fund (ETFs) or similar vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts (UIT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of interest or participation in any profit-sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Collateral-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preorganization certificate or subscription;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transferable share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting-trust certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate of deposit for a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in private investment companies, hedge funds, or other unregistered collective investment vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fractional undivided interest in oil, gas or other mineral rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, future, or privilege on any security or other financial instrument (including a
certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), including stock options received from an employer or through a retirement plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option, future, or privilege entered into on a national securities exchange relating to
foreign currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In general, any interest or instrument commonly known as a "security;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of,
future on or warrant or right to subscribe to or purchase, any of the foregoing.

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**14.** **"Subadvised Fund"** 

A "subadvised fund" means any mutual fund or portfolio listed on Schedule B.

**15.** **"Supervised Person"** 

A "supervised person" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of an investment adviser and is subject to the supervision and control of the investment adviser.

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**APPENDIX 2: WHAT IS "BENEFICIAL OWNERSHIP"?** 

A "beneficial owner" of a security is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares in the opportunity, directly or indirectly, to profit or share in any profit derived from a purchase or sale of the security.

**1.** **Are securities held by immediate family members or domestic partners "beneficially owned" by me?** 

*Yes.* As a general rule, you are regarded as the beneficial owner of securities held in the name of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A member of your immediate family  **** ** OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other person IF you obtain from such securities benefits substantially similar to those of ownership. For
example, if you receive or benefit from some of the income from the securities held by your spouse, or domestic partner, you are the beneficial owner; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You hold an option or other contractual rights to obtain title to the securities now or in the future.

**2.** **Must I report accounts for which I am listed as a joint owner or have power of attorney?** 

*Yes.* As a general rule, you are regarded as an owner of any accounts for which you are listed as a joint owner or have power of attorney.

**3.** **Am I deemed to beneficially own securities in accounts owned by a relative not living in my household for whom I am listed as beneficiary upon death?** 

*Probably not.* Unless you have power of attorney to transact in such accounts or are listed as a joint owner, you likely do not beneficially own the account or securities contained in the account until ownership has been passed to you.

**4.** **Are securities held by a company I own an interest in also "beneficially owned" by me?** 

*Probably not.* Owning the securities of a company does not mean you "beneficially own" the securities that the company itself owns. *However,* you will be deemed to "beneficially own" the securities owned by the company if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You directly or beneficially own a controlling interest in or otherwise control the company; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company is merely a medium through which you, members of your immediate family, or others in a small group
invest or trade in securities  **** ** and the company has no other substantial business.

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**5.** **Are securities held in trust "beneficially owned" by me?** 

*Maybe.* You are deemed to "beneficially own" securities held in trust if you or a member of your immediate family are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a vested interest in the income or corpus of the trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A settlor or grantor of the trust and have the power to revoke the trust without obtaining the consent of all the
beneficiaries.

A blind trust exemption from the preclearance and reporting requirements of the Code may be requested if you or members or your immediate family do not have authority to advise or direct securities transactions of the trust.

**6.** **Are securities in pension or retirement plans "beneficially owned" by me?** 

*Maybe.* Beneficial ownership does not include indirect interest by any person in portfolio securities held by a pension or retirement plan of a company whose employees generally are the beneficiaries of the plan.

However, your participation in a pension or retirement plan is considered beneficial ownership of the portfolio securities if you can withdraw and trade the securities without withdrawing from the plan or you can direct the trading of the securities within the plan (IRAs, 401(k)s, etc.).

**7.** **Examples of Beneficial Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Securities Held by Family Members or Domestic Partners

*Example 1:* Tom and Mary are married. Although Mary has an independent source of income from a family inheritance and segregates her funds from those of her husband, Mary contributes to the maintenance of the family home. Tom and Mary have engaged in joint estate planning and have the same financial adviser. Since Tom and Mary's resources are clearly significantly directed towards their common property, they shall be deemed to be the beneficial owners of each other's securities.

*Example 2:* Mike's adult son David lives in Mike's home. David is self-supporting and contributes to household expenses. Mike is a beneficial owner of David's securities.

*Example 3:* Joe's mother Margaret lives alone and is financially independent. Joe has power of attorney over his mother's estate, pays all her bills and manages her investment affairs. Joe borrows freely from Margaret without being required to pay back funds with interest, if at all. Joe takes out personal loans from Margaret's bank in Margaret's name, the interest from such loans being paid from Margaret's account. Joe is a beneficial owner of Margaret's estate.

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*Example 4:* Bob and Nancy are in a relationship. The house they share is still in Nancy's name only. They have separate checking accounts with an informal understanding that both individuals contribute to the mortgage payments and other common expenses. Nancy is the beneficial owner of Bob's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Securities Held by a Company

*Example 5:* ABC Company is a holding company with five shareholders owning equal shares in the company. Although ABC Company has no business of its own, it has several wholly-owned subsidiaries that invest in securities. Stan is a shareholder of ABC Company. Stan has a beneficial interest in the securities owned by ABC Company's subsidiaries.

*Example 6:* XYZ Company is a large manufacturing company with many shareholders. Stan is a shareholder of XYZ Company. As a part of its cash management function, XYZ Company invests in securities. Neither Stan nor any members of his immediate family are employed by XYZ Company. Stan does not beneficially own the securities held by XYZ Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Securities Held in Trust

*Example 7:* John is trustee of a trust created for his two minor children. When both of John's children reach 21, each shall receive an equal share of the corpus of the trust. John is a beneficial owner of any securities owned by the trust.

*Example 8:* Jane placed securities<u> </u>held by her in a trust for the benefit of her church. Jane can revoke the trust during her lifetime. Jane is a beneficial owner of any securities owned by the trust.

*Example 9:* Jim is trustee of an irrevocable trust for his 21-year-old daughter (who does not share his home). The daughter is entitled to the income of the trust until she is 25 years old and is then entitled to the corpus. If the daughter dies before reaching 25, Jim is entitled to the corpus. Jim is a beneficial owner of any securities owned by the trust.

*Example 10:* Joan's father (who does not share her home) placed securities in an irrevocable trust for Joan's minor children. Neither Joan nor any member of her immediate family is the trustee of the trust. Joan is a beneficial owner of the securities owned by the trust. She may, however, be eligible for the blind trust exemption to the preclearance and reporting of the trust securities.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 25

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**APPENDIX 3: CODE-EXEMPT AND PROHIBITED SECURITIES** 

Because they do not pose a likelihood for abuse, code-exempt securities are exempt from the Code's preclearance requirements. However, confirmations of transactions in reportable brokerage accounts are required in all cases and some code-exempt securities must also be disclosed on your Quarterly Transactions, Initial, and Annual Holdings Reports. Certain securities have been prohibited. Portfolio, Investment and Access Persons are not allowed to trade in a Prohibited Security.

**1.** **Code-Exempt Securities Not Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds that are not considered a reportable mutual fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual funds (Access Persons only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund shares purchased through an automatic investment plan (including reinvested dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank Certificates of Deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government Treasury and Government National Mortgage Association securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements. A "high quality short-term debt
instrument" means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized rating organization.

**2.** **Code-Exempt Securities Subject to Disclosure on your Quarterly Transactions, Initial and Annual Holdings Reports:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable mutual fund shares purchased other than through an automatic investment plan (Portfolio and Investment
Persons only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Products\*, Closed-End Funds and Unit Investment Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities which are acquired through an employer-sponsored automatic payroll deduction plan (only the
acquisition of the security is exempt, NOT the sale)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities other than open-end mutual funds purchased through dividend
reinvestment programs (only the re-investment of dividends in the security is exempt, NOT the sale or other purchases)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large Cap Indices including, but not limited to Standard & Poor's 500 or 100 Index, NASDAQ 100
Index, DOW 30 Industrials, FTSE All World Index, MSCI Indices (ACWI, EAFE, World), Russell 2000 and 3000, Wilshire 5000 . Futures contracts on non-Large Cap Indices and for other financial instruments are not
code-exempt. Please contact Compliance to confirm that an index not listed is exempt from preclearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity futures contracts for agricultural products (corn, soybeans, wheat, etc.) only. Futures contracts on
precious metals or energy resources are  ***not*** Code-exempt.

\* ACI STA ETF transactions require preclearance by the Portfolio Persons who have been granted portfolio manager or trade order access in the order-trade system (See Restrictions on Personal Investing Section H). [Portfolio Persons only]

**3.** **Prohibited Securities (Portfolio, Investment, Access Persons)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options Contract (Calls, Covered Calls, Puts, Naked Calls or Puts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single Stock ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contracts for Difference (CFDs)

We may modify this list of securities at any time. Please contact Compliance to request the most current list.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 27

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**APPENDIX 4: HOW THE PRECLEARANCE PROCESS WORKS** 

Preclearance Requests are submitted in ComplianceAlpha (<u>https://www.compliancealpha.com/auth/login</u>). To submit a request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From the ComplianceAlpha Dashboard, click on the "Submit Trade Request" link under Quick Links.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Click "Trade", the select the appropriate template:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Municipal Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Convertible Corporate Bond Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Private Placement Preclearance Request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. ACI STA ETF (Portfolio Persons assigned to an ACI STA ETF only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Self-Indexed ETF (members of the Index Governance Committee and certain members of Global Analytics Team who
are responsible for creating indexes only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once the preclearance process is complete, you will receive an email indicating if the request is approved or
denied.

After you've entered a Preclearance Request on ComplianceAlpha, your equity transaction is subject to the following tests.

**Step 1: Restricted Security List** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security on any Restricted Security list?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is subject to Step 2.

**Step 2: *De Minimis* Transaction Test (per security per day)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization less than $1 billion and the value of the
employee's requests in the security equal to or less than $5,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization between $1billion and $7.5 billion and the value of the
employee's requests in the security equal to or less than $10,000 per day?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the security issuer's market capitalization greater than $7.5 billion and the value of the
employee's requests in the security equal to or less than $25,000 per day?

*If the answer to any of these questions is "NO",* then your request is subject to Step 3.

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**Step 3: Client Trades Test** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have there been any transactions in the past 24 hours or is there an open order for that security for any Client?

*If "YES",* the system will send a message to you DENYING the personal trade request.

*If "NO",* then your request is Approved. You will receive an email with the approval and trading window.

**The preclearance request process can be changed at any time to ensure that the goals of this Code of Ethics are met.** 

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 29

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**APPENDIX 5: ACCOUNT REPORTING INSTRUCTIONS** 

**Reportable brokerage accounts** 

All employees are required to link their reportable accounts in ComplianceAlpha. ACI has contracted with frequently used brokers to obtain secure electronic trade confirmations and position files for your trading activity and holdings information, listed on Schedule C Approved Electronic Brokers (AEB). Using an AEB is the preferred method for linking your accounts to ComplianceAlpha. However, if you choose to use a broker that is not an AEB, you will be required to link your accounts through ComplianceAlpha's Aggregation Feed. This process requires you to securely provide your log-in credentials so that ComplianceAlpha can obtain your trading and position information. Your log-in information will not be available to Compliance or ComplianceAlpha support staff. By linking your accounts to ComplianceAlpha, you are consenting for Compliance to obtain electronic trade confirmations and position information for your account.

Certain brokers may not be used due to their inability to consistently provide electronic transactions and holdings information. Please review Schedule C for a list of Prohibited Brokers.

Finally, account information, trading history, and position information may be provided manually. This option is not available for most brokerage accounts and is only available for special circumstances, such as a spouse's stock purchase plan, a trust account, or international brokers for which an Account Exemption must be requested (see Appendix 6: Requesting an exemption).

Follow these steps to link your accounts to ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on "Create Brokerage Account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use the **Direct Feed** tile to link Approved Electronic Brokers (listed on Schedule C of this policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your account details (Account Name, Account #s); Click "Next"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide Date Opened, Account Owner Type, and Investment Discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Use the **Aggregation Feed** tile to link accounts for brokers that are not an AEB. Before using the
Aggregation Feed, ensure that your account cannot be linked through the Direct Feed (step 3). The Aggregation Feed requires that you and your family member's account log-in credentials are provided to
link your account to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Click on your broker or click "Search Here" to find your broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide your broker account's Username and Password. Your information is immediately encrypted and passed
along to the broker feed provider to connect your account and pull back your holdings and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Use the **Manual** tile for accounts that cannot be linked through the Direct Feed or Aggregation Feed.
Note, you may be required to move these accounts to a firm that can be accessed through a Direct Feed or Aggregation Feed unless you have a special circumstance to maintain the account through a manual feed. If you are required to move the account,
it must be completed within 90 days of your hire date. See "Appendix 6: Requesting an exemption" to request an Account Exemption.

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**Beneficially-owned ACI PFS Accounts (Portfolio and Investment Persons only)** 

You are required to report your beneficially-owned accounts in ACI open-end mutual funds held at ACI PFS. Use the **Aggregation Feed** tile to link ACI PFS accounts that are beneficially-owned. The Aggregation Feed requires that you and your family member's account log-in credentials are provided to link your account to ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Click on your broker or click "Search Here" to find your American Century Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide your broker account's Username and Password. Your information is immediately encrypted and passed
along to the broker feed provider to connect your account and pull back your holdings and transactions. Compliance and ComplianceAlpha do not have access to the log-in credentials.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 32

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**APPENDIX 6: REQUESTING AN EXEMPTION** 

The Code of Ethics policy allows for limited exemptions. Exemption requests are submitted in ComplianceAlpha using the following process:

**Trading Exemptions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the "Submit Trade Request" link under Quick Links or click on
the Green Action Button and click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Select "Trade" at "What type of request or disclosure would you like to set up?"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Select the type of exemption you are requesting (contact Compliance if you are uncertain of the correct form to
use):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 30-Day Denial Exemption for Sells (used when you have been denied on a
sell request at least four times over a 30-day period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. PM Sell Exemption (used by Portfolio Persons when they have a special circumstance that requires selling a
security, owned personally, which is also held in their assigned funds). Portfolio Persons may be required to go through a 30-day denial exemption before requesting a PM Sell Exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Inheritance Exemption (used when trying to sell a portfolio of securities that were recently inherited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Employee Stock Plan (used to sell a security that is held in a previous employee or beneficially owned stock
purchase plan which has trading restrictions or to exercise employee stock options).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Financial Hardship Exemption (used when selling securities due to a financial hardship).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Complete the required fields on the request form and submit the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Compliance will review your request. If your request is approved, Compliance will assign a one-day trading window for you to complete your transaction. The trading window will typically be the day following the approval of the exemption. You will be notified by email.

**Account Exemptions:** 

A Managed Account or Blind Trust account exemption may be requested for accounts for which you or your immediate family members do not have discretionary trading authority.

An Account Exemption Request may be requested to continue to hold an account which cannot be linked to ComplianceAlpha through the Direct Feed or Aggregation Link (i.e. Manual Accounts). A special circumstance must be in place for the Account Exemption to be approved.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 33

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![LOGO](g456053dsp270a.jpg)

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Exemption requests are submitted in ComplianceAlpha using the following process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Log-in to ComplianceAlpha at <u>https://www.compliancealpha.com/auth/login</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From the Employee Dashboard, click on the green action button.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Click "Create Request or Disclosure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Click on "Other"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Select the appropriate template (Managed/Trust Account or Account Exemption) and click continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Complete the requested information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attaching supporting documentation as required (i.e. Management Agreement or Discretionary Account Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Click Submit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Compliance will review the request and determine if the exemption can be approved. You will be notified of the
completion of the review through an email.

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 34

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![LOGO](g456053dsp270a.jpg)

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**SCHEDULE A: BOARD APPROVAL DATES** 

This Code of Ethics was most recently approved by the Board of Directors/Trustees of the following Companies as of the dates indicated:

---

| | |
|:---|:---|
| Investment Adviser | Most Recent Approval Date |
| American Century Investment Management, Inc. | January 1, 2018 |
| Principal Underwriter | Most Recent Approval Date |
| American Century Investment Services, Inc. | January 1, 2018 |
| Fund Clients | Most Recent Approval Date |
| American Century Asset Allocation Portfolios, Inc. | December 1, 2017 |
| American Century California Tax-Free and Municipal Funds | December 14, 2017 |
| American Century Capital Portfolios, Inc. | December 1, 2017 |
| American Century ETF Trust | December 20, 2017 |
| American Century Government Income Trust | December 14, 2017 |
| American Century Growth Funds, Inc. | December 1, 2017 |
| American Century International Bond Funds | December 14, 2017 |
| American Century Investment Trust | December 14, 2017 |
| American Century Municipal Trust | December 14, 2017 |
| American Century Mutual Funds, Inc. | December 1, 2017 |
| American Century Quantitative Equity Funds, Inc. | December 14, 2017 |
| American Century Strategic Asset Allocations, Inc. | December 1, 2017 |
| American Century Target Maturities Trust | December 14, 2017 |
| American Century Variable Portfolios, Inc. | December 1, 2017 |
| American Century Variable Portfolios II, Inc. | December 14, 2017 |
| American Century World Mutual Funds, Inc. | December 1, 2017 |

---

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 35

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---

| | |
|:---|:---|
| ![LOGO](g456053dsp270a.jpg) | ![LOGO](g456053g0218081614919.jpg) |
| ![LOGO](g456053dsp304.jpg) | ![LOGO](g456053dsp304.jpg) |

---

**SCHEDULE B: SUBADVISED FUNDS** 

***(Last updated December 14, 2022)***

The following funds are subject to the Code of Ethics, as well as any other funds for which American Century Investment Management, Inc. serves as an investment adviser. This list of affiliated funds will be updated on a regular basis.

---

| |
|:---|
| ABN AMRO Funds: ABN AMRO Funds European Sustainable Equities Mandate 10 |
| American Beacon Funds – American Beacon International Equity Fund |
| Bridge Builder Trust – Bridge Builder Small /Mid Cap Value Fund |
| CIBC Global Equity Growth Pool |
| CIBC International Small Companies Fund |
| CIBC U.S. Equity Value Pool |
| Columbia Funds Variable Series Trust II: CTIVP-American Century Diversified Bond Fund |
| EQ Advisors Trust: EQ/American Century Mid Cap Value Portfolio |
| EQ Advisors Trust / American Century Moderate Growth Allocation Fund |
| Fiera Focused International Growth Fund |
| FP Brunel Pension Partnership ACS – Global Small Cap Equities |
| FP Brunel Smaller Companies Equities Fund |
| GuideStone Funds: Defensive Market Strategies Fund |
| GuideStone Funds: Small Cap Equity Fund |
| GuideStone Funds: Value Equity Fund |
| KB Asset Management, Co., LTD: KB Global ESG Securities Master Fund Equity |
| KB Asset Management, Co., Ltd.: KB Yellow Umbrella Global Professional Private Securities Master 36-2 (USD)(FoF) |
| Learning Quest 529 Education Savings Program |
| LGT Select Funds – LGT Select Equity Global |
| Lincoln Variable Insurance Products Trust – LVIP American Century Select Mid Cap Managed Volatility Fund |
| MainStay VP Funds Trust: MainStay VP American Century Sustainable Equity Portfolio |
| MassMutual Select Funds: MassMutual Mid-Cap Value Fund |
| MassMutual Select Funds: MassMutual Small Company Value Fund |
| Mercer Funds: Mercer Non-U.S. Core Equity Fund |
| Mercer Global Investments Canada Limited: Mercer International Equity Fund |
| MML Series Investment Fund: MML Mid Cap Value Fund |
| MML Series Investment Fund: MML Small Company Value Fund |
| MML Series Investment Fund: MML Sustainable Equity Fund |
| Nationwide Mutual Funds: Nationwide American Century Small Cap Income Fund |
|  Nationwide Variable Insurance Trust: American Century NVIT Multi Cap Value Fund |

---

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 36

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---

| | |
|:---|:---|
| ![LOGO](g456053dsp270a.jpg) | ![LOGO](g456053g0218081614919.jpg) |
| ![LOGO](g456053dsp304.jpg) | ![LOGO](g456053dsp304.jpg) |

---

---

| |
|:---|
| NN (L) Global High Dividend |
| NN Hoog Dividend Aandelen Fonds |
| NN(L): NN(L) US High Dividend |
| Nomura – ACI Advanced Medical Impact Investment Mother Fund |
| Nomura – ACI ESG Global REIT Mother Fund |
| Nomura – ACI ESG Global Small Cap Equity Mother Fund |
| Nomura – ACI Global REIT Mother Fund |
| Nomura Asset Management Europe KVG mhB – A-USA-La-ACI |
| Nomura Asset Management Europe KVG mhB – Aktien USA 1 |
| Nomura Asset Management Europe KVG mhB – VZWL INKA |
| Nomura Funds Ireland plc - American Century Global Small Cap Equity Fund |
| Nomura Funds Ireland plc - American Century Global Growth Equity Fund |
| Nomura Funds Ireland plc - American Century Global Concentrated Global Growth Equity Fund |
| Nomura Funds Ireland plc - American Century Emerging Market Equity Fund |
| Nomura Funds Ireland plc - American Century Emerging Market Debt Total Return |
| Nomura Funds Ireland plc - American Century Emerging Markets Sustainable Impact Equity Fund |
| Nomura Funds Ireland plc - American Century Advanced Medical Impact Equity Fund |
| Nomura Funds Ireland plc - American Century Advanced Medical Impact Equity Fund |
| Nomura Institutional Fund Select – American Century Global Growth Fund |
| Nomura U.S. Municipal General Obligation Bond Mother Fund |
| Nomura U.S. Value Strategy Mother Fund |
| Nomura Currency Fund – U.S. Growth Equity Fund |
| Northwestern Mutual Series Fund, Inc.: Inflation Protection Portfolio |
| Northwestern Mutual Series Fund, Inc.: Large Company Value Portfolio |
| Northwestern Mutual Series Fund, Inc.: Mid Cap Value Portfolio |
| Optimum Fund Trust: Optimum Large Cap Growth Fund |
| Pacific SelectFund: Value Portfolio |
| Penn Series Funds, Inc.: Mid Core Value Fund |
| PrivilEdge: American Century Emerging Markets Equity |
| Renaissance Private Pools – Renaissance Global Equity Private Pool |
| Renaissance U.S. Equity Income Fund |
| Schwab Capital Trust: Schwab International Opportunities Fund |
| Seasons Series Trust: SA Multi-Managed Large Cap Value Portfolio |
| SHBNPP Global Professional Investment Type Private Security Master Trust No. 2 (Bond Derivatives) |
| Stichting Blue Sky Active Equity Emerging Markets Global Fund: Blue Sky Active Equity Emerging Markets Global Fund |
| Voya Partners, Inc.: VY American Century Small-Mid Cap Value Portfolio |

---

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 37

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---

| | |
|:---|:---|
| ![LOGO](g456053dsp270a.jpg) | ![LOGO](g456053g0218081614919.jpg) |
| ![LOGO](g456053dsp304.jpg) | ![LOGO](g456053dsp304.jpg) |

---

---

| |
|:---|
| Zurich Investments Concentrated Global Growth Scheme |
| Zurich Investments Unhedged Global Growth Share Scheme |
| Zurich Investments ACI Healthcare Impact Scheme |

---

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 38

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---

| | |
|:---|:---|
| ![LOGO](g456053dsp270a.jpg) | ![LOGO](g456053g0218081614919.jpg) |
| ![LOGO](g456053dsp304.jpg) | ![LOGO](g456053dsp304.jpg) |

---

**SCHEDULE C: BROKERS** 

***(Last updated December 14, 2022)***

Compliance has contracted with Approved Electronic Brokers to obtain a secure electronic transfer of transactions and holdings information for the brokers listed on the Approved Electronic Broker list. Additionally, employees can link their accounts using ComplianceAlpha's aggregation feed if the broker is not listed on our Prohibited Broker list.

Due to the inability to obtain electronic trade confirmations and holdings from some brokers, maintaining a broker account is prohibited with the firms listed under Prohibited Brokers.

**PROHIBITED BROKERS** 

The use of the following brokers is prohibited due to the broker's inability to provide electronic trade confirmations and holdings.

Robinhood

**APPROVED ELECTRONIC BROKERS** 

The following brokers have entered into an agreement with ACI to provide trade confirmations electronically.

Alliance Bernstein

American Century Brokerage (through Pershing)

American Century Private Client Group (through Pershing)

Ameriprise Financial

Charles Schwab - Investments

Chase – Investments

Citi Private Wealth

Citibank - Investments

Deutsche Bank

DriveWealth (Health Savings Account through WealthCare Savers)

Edward Jones

E\*TRADE

Fidelity Investments

Fidelity International (UK)

Goldman Sachs Wealth Management

GW & Wade Asset Management (through National Financial Services)

Interactive Brokers

JP Morgan Private Client

LPL Financial

MML Investors (through National Financial Services)

Merrill Lynch – MyMerrill Investments

Morgan Stanley - ClientServ

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 39

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---

| | |
|:---|:---|
| ![LOGO](g456053dsp270a.jpg) | ![LOGO](g456053g0218081614919.jpg) |
| ![LOGO](g456053dsp304.jpg) | ![LOGO](g456053dsp304.jpg) |

---

Northern Trust Securities

Northwestern Mutual (thru National Financial Services)

Oppenheimer

Raymond James

Royal Bank of Canada Wealth Management (RBC)

Roundtable (through National Financial Services)

Stifel Nicholas

TD Ameritrade, Inc.

UBS

US Trust

Vanguard Investments

Wells Fargo Advisors

Policy updated: December 14, 2022 COMPANY CONFIDENTIAL -©2022 American Century Proprietary Holdings, Inc. 40

## Ex-99.(P)(17)

**<u>APPENDIX H</u>**

**<u>CODE OF ETHICS</u>**

**I.**  **<u>Introduction</u>** 

This Code of Ethics (the "Code") has been adopted by Shenkman with respect to Shenkman's investment advisory services to all of its Clients, including U.S. registered investment companies or series thereof advised or sub-advised by Shenkman. The Code establishes standards and procedures for the detection and prevention of inappropriate personal securities transactions by persons having knowledge of the investments and investment intentions of a Client and addresses other situations involving a potential conflict of interest. Capitalized terms in this Code not defined elsewhere in this Manual can be found in Section IV below. This Code is intended to ensure that persons subject to the Code conduct themselves in accordance with the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duty at all times to place first the interests of Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the requirement that all personal securities transactions be conducted consistent with this Code and in such a
manner as to avoid any actual or perceived conflict of interest or any abuse of an individual's responsibility and position of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the fundamental standard that Shenkman Supervised Persons may not take inappropriate advantage of their
positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the duty at all times to comply with all applicable state and federal securities laws.

**II.**  **<u>Who is Covered by this Code?</u>** 

This Code applies to all Supervised Persons of Shenkman as Shenkman deems all Supervised Persons to be "Access Persons" as defined in Rule 204A-1 of the Advisers Act.<sup>1</sup> Shenkman forbids any Supervised Person from engaging in any conduct that is contrary to this Code. All Supervised Persons are subject to the Code's restrictions and requirements regarding opening securities accounts, effecting securities transactions, reporting securities transactions, maintaining information and documents in a confidential manner, and other matters.

Any Supervised Person who becomes aware of a violation of this Code by any other Supervised Person must promptly report such violation to the CCO, their Department Head, or any other member of senior management. Failure to comply with this Code is a very serious matter and may result in disciplinary action, including, among other things, monetary fines, profit disgorgement, and suspension or termination of employment.

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<sup>1</sup> Shenkman has conducted an analysis and deemed its outside directors to not be Access Persons because they are not involved in day-to-day management or investment decisions with regard to any separate accounts or funds managed by Shenkman. More specifically, they do not have access to nonpublic information regarding any clients' purchase or sale transactions, or nonpublic information regarding the portfolio holdings of any separately managed account or private fund and they are not involved in making investment recommendations to clients or have access to such recommendations that are nonpublic 

------

**III.**  **<u>Prohibition Against Fraudulent Conduct</u>** 

No Supervised Person may use any information concerning an investment held or to be acquired for a Client account or his or her ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Client or in violation of applicable law. In addition, no Supervised Person shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Client or prospective Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make to a Client or prospective Client, any untrue statement of a material fact or omit to state to a Client or
prospective Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which is fraudulent, deceptive, or manipulative.

**IV.**  **<u>Confidentiality</u>** 

Except as required in the normal course of carrying out their business responsibilities, no Supervised Person shall reveal information relating to the investment intentions or activities of any Client, or investments that are being considered for purchase or sale on behalf of any Client account.

**V.**  **<u>Overview of Personal Trading Policy</u>** 

Supervised Person may not engage in personal trading that violates the law, interferes with their duties, or otherwise violates this policy or other Shenkman policies. This includes using Shenkman's proprietary information, or assets, resources, or relationships to generate personal trading ideas (other than incidental use of Shenkman's systems and facilities), spending excessive time during working hours on personal trading, seeking personal benefit at the expense of Shenkman or its Clients, and trading while in possession of MNPI (see Policy and Procedures to Detect and Prevent Insider Trading Policy found at Appendix G).

This policy requires Supervised Persons to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) report the existence of any Accounts that can hold or trade Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) report such Account holdings at the start of becoming a Supervised Person and periodically thereafter as
required by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide access to Accounts and/or reports of securities transactions quarterly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) preclear transactions in Covered Securities, initial public offerings, and Private Placements/Limited
Offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) confirm they have received and read this Code of Ethics.

This policy also prohibits the purchase of certain Covered Securities and certain other securities and instruments as set forth herein. The CCO has discretion to restrict a Supervised Persons from trading if this policy is materially or repeatedly violated.

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**VI.**  **<u>Defined Terms</u>** 

**"Account" –** refers to all accounts that can hold or trade Covered Securities over which the Supervised Person or an Immediate Family Member has Direct or Indirect Influence or Control, or in which they have a Beneficial Interest. This includes futures accounts, and any other type of account that can hold financial products (whether exchange-traded or over-the-counter), regardless of whether the instrument is directly regulated (such as a credit derivative or credit default swap), or whether the security is held in paper/physical form. Examples (this is not an exclusive list) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokerage accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual retirement accounts (IRAs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee stock/stock option plans

as well as the following types of Accounts **but only if they offer the ability to hold or trade Covered Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) plans (other than Shenkman's 401(k) plan)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 education savings accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans

Supervised Persons disclosing Accounts that are either a Managed Account or that are managed pursuant to an automatic investment plan or in a similar manner, where the Account holder or an Immediate Family Member does not have Direct or Indirect Influence or Control, should note this information in the comment field of the Account Disclosure page in ComplySci.

**"Approved Brokers" –** refers to all Shenkman approved brokerage firms that automated electronic feeds in place with ComplySci for the purposes of providing Account holdings and transaction information.

**"Beneficial Interest"** – refers to any situation where the Account holder (whether directly or indirectly) has or shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal title (for example, the person is named as an Account holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic interest (for example, the Supervised Person or Immediate Family Member is a beneficiary of the
Account, even if not named as Account holder – e.g., the as the beneficiary of a trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment discretion over the Account (this is where someone is making investment decisions, or has to ability
to make or influence investment decisions, concerning an Account for the benefit of a third party); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• some other beneficial interest (such as an irrevocable right to acquire ownership of the Account assets via a
trust instrument).

**"Covered Security" –** includes all securities and related derivatives, **<u>except</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the Government of the United States

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banker's acceptances and bank certificates of deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commercial paper and debt instruments with a maturity at issuance of less than 366 days and that are rated in one
of the two highest rating categories by a nationally recognized statistical rating organization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchase agreements covering any of the foregoing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of registered open-end investment companies other than a Shenkman
Registered Fund or Subadvised Registered Fund.

**"Direct or Indirect Influence or Control" –** means the Account holder or another person acting at the direction of the Account holder (or an Immediate Family Member or the Account holder) other than a Third-Party Manager can suggest or direct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the particular allocation of investments to be made in the Account.

------

**"Immediate Family Member"** – means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) sharing the Access Person's household or who relies on the Access Person or any of the foregoing for material financial support.

**"Limited Offering/Private Placement"** – means securities issued in an offering that is exempt from registration with the SEC. Such securities may include common or preferred stock, limited partnerships interests, a membership interest in a limited liability company, or an investment product such as a note or bond. For purposes of the Personal Trading policy, this definition excludes investments in private companies formed by Supervised Persons (and approved by the CCO as an Outside Business Activity) or an Immediate Family Member to conduct a business that is not intended to target institutional investment advisers.

**"Third-Party Manager"** – means a professional who manages the Account pursuant to an investment management agreement (or similar document), who is not a relative or close personal friend of the Account holder or an Immediate Family Member.

**"Managed Account"** – a type of Account where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Third-Party Manager has been given full an exclusive investment discretion to manager the Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• neither the Supervised Person or any Immediate Family Member exercises Direct or Indirect Influence or Control
with respect to the Account.

**VII.**  **<u>Account Opening and Disclosure Requirements</u>** 

Supervised Persons are permitted to open and maintain Accounts with Shenkman Approved Brokers. Supervised Persons are generally not permitted to maintain Accounts with non-Approved Brokers and may only do so with prior written approval from the CCO. The list of Approved Brokers is attached to this policy as Annex 1.

Supervised persons are required to disclose all Accounts in ComplySci, Shenkman's compliance reporting system, within ten (10) days of (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employment (or upon designation as a Supervised Person); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the opening of a new Account.

New Supervised Persons are also required to provide an Account statement for each disclosed Account that is current as of a date that is forty-five (45) days prior to the date he or she became a Supervised Person.

**VIII.**  **<u>Pre-Clearance Requirement</u>** 

All Supervised Persons must obtain written approval from the CCO before engaging in any personal securities transactions involving a Covered Security. Notwithstanding anything stated otherwise herein, the pre-clearance requirement does not apply to transactions involving municipal bonds, sovereign bonds, treasury bonds, digital coins or tokens (unless such coins or tokens are securitized or part of an Initial Coin Offering (aka, an ICO), or closed-end funds (CEFs), exchange traded funds (ETFs), unit investment trusts (UITs), exchange traded notes (ETNs), mutual funds and UCITS for which Shenkman does not serve as an investment adviser or sub-adviser . If Shenkman trades or anticipates trading any CEFs, ETFs, UITs, or ETNs, the CCO may thereafter prohibit Supervised Persons from trading in all or certain CEFs, ETFs, UITs, or ETNs if it is believed that permitting such activity would adversely conflict with Shenkman's Client interests. Notwithstanding anything stated otherwise herein, the CCO may exempt additional securities or types of securities or transaction from these preclearance requirements upon prior written notice to Supervised Persons.

------

Approvals will be valid until the close of the market on the next business day after approval is granted except as otherwise approved in writing by the CCO.

Preclearance and reporting required under this Code is to be made through ComplySci unless otherwise approved in writing by the CCO.

The CCO is subject in all respects to this Code. A designee of the CCO shall be responsible for reviewing the CCO's pre-clearance requests and his securities transaction and holdings reports. Any violations of this policy or concerns with respect to pre-clearance requests shall be raised directly with the President or another member of senior management.

Please note that Shenkman permits personal trading, so long as this trading does not distract the Supervised Person from his or her job responsibilities, compromise the interests of Shenkman or Shenkman's Clients, or otherwise violate Shenkman's prohibition against divulging confidential information or its policy against insider trading set forth in Appendix G. Personal securities transactions that would be permissible under the Code of Ethics are nevertheless still subject to this Insider Trading Policy. The CCO may restrict a Supervised Persons trading at his discretion.

**IX.**  **<u>Prohibited Investments</u>** 

Except as provided in the paragraph below, Supervised Persons shall not purchase or sell in an Account any Covered Security or any other instrument of an issuer that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on Shenkman's Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on Shenkman's Approved List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) held in a Client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) high yield or "cross-over" debt instruments (including convertible securities and leveraged loans
that have a credit rating equal to or lower than BB+ or Ba1 or are not rated but have a non-investment grade credit profile).

The CCO may approve requests to sell a Covered Security<sup>1</sup> provided that the CCO has received confirmation from a Portfolio Manager from each strategy (other than the Portfolio Manager making the request) that there is no intent to transact in the issuer in the next two (2) business days. Any other request for an exception under this policy must be submitted in writing to the CCO with sufficient information for consideration and must be approved in writing by the CCO before the Supervised Person takes action.

**XII.**  **<u>Initial Public Offerings</u>** 

Supervised Persons may not directly or indirectly acquire securities in an initial public offering (including initial coin offerings) without prior written approval from the CCO, which must be sought in accordance with the pre-clearance requirements of this section.

------

<sup>1</sup> While Supervised Persons may not purchase a security or instrument of an issuer on the Approved List, a Supervised Person may hold such an issuer in cases where it was acquired prior to joining Shenkman (i.e., a "legacy position"), or that was acquired prior to the issuer being added to the Restricted List or Approved List or prior to purchase by a Client account. In some cases, the security may have been acquired as a bequest or a gift, or through an employer plan of an Immediate Family Member.) 

------

**XIII.**  **<u>Limited Offerings/Private Placements</u>** 

Supervised Persons may not directly or indirectly acquire securities in Limited Offerings/Private Placements unless the CCO determines whether the investment opportunity is appropriate, and therefore should be reserved, for a Client. The CCO will also determine, among other things, whether any other conflicts may exist and whether such opportunity is being offered to the Supervised Persons by virtue of Shenkman's relationship with the Client.

**X.**  **<u>Manage</u> <u>d Account Preclearance Exception</u>** 

Managed Accounts must be disclosed in ComplySci. A Supervised Person who believes they are reporting a Managed Account should note this in the comment field provided on the Account Disclosure page in Shenkman's compliance software provider and should upload at the bottom of the Account Disclosure page a copy of the investment management agreement (or similar document) substantiating that a Third-Party Manager has been authorized to manage the Account. The CCO will review the information and may request additional information from the Supervised Person. In addition, the Third-Party Manager will be required to complete a certification. Both the Supervised Person and the Third-Party Manager will be required to make annual certifications and the CCO may periodically request Account statements to spot-check trading activity in the Account.

**XI.**  **<u>Preclearance Exceptions for Other Non-Volitional Trading</u>** 

Transactions in other types of automatic investment plans, or that are non-volitional on the part of the Supervised Person or Immediate Family Member (such as mergers and tender offers) are also not subject to trade preclearance.

**XI.**  **<u>Outside Activities, Affiliations, and Ownership Interests</u>** 

Supervised Persons are required to disclose certain outside activities, affiliations, and ownership interests so that the CCO can identify and resolve any potential conflicts. In the event that a resolution to the conflict cannot be reached, the Supervised Person may be asked to terminate the activity, affiliation, or ownership interest or their position with Shenkman.

Supervised Persons are required to disclose to Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any companies, partnerships, entities, or businesses in which you or an Immediate Family member directly or
indirectly (e.g., through any trust or joint ownership arrangement) own greater than 10% of the outstanding ownership interests or voting rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any outside business interests for which you receive any compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any outside activities where you are an officer, a director or are involved in making investment decisions (e.g.
serving on an investment committee) of another public, private or not-for-profit entity (including charitable, religious and fraternal groups)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether an immediate family member, spouse or significant other is an officer or director of a publicly traded
company or any issuer of high yield debt or works for a financial industry firm (including, without limitation, brokerage firm, hedge fund, or investment adviser); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any outside activity that will require a significant amount of the Supervised Person's time and attention
during business hours.

The term "compensation" should be construed broadly to includes payments, commission, consulting and referral fees, or profit-sharing arrangements.

Supervised Persons are prohibited from serving on the board of directors of publicly or privately traded companies, absent prior authorization based upon a determination by the CCO that the board service would not conflict with the interests of any Client.

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**XIV.**  **<u>Ongoing Account Reporting and Certification Requirements</u>** 

Supervised Persons are required to provide an Account statement for any disclosed Account which ComplySci is not receiving broker transaction feeds. Statements must be provided no later than thirty (30) days after the end of a calendar quarter. The CCO has discretion to request other periodic statements and supplement information at any time, including with respect to Managed Accounts, as described above.

Supervised Persons are required to certify quarterly as to the accuracy and completeness of their Account disclosures and compliance with this policy. The CCO has discretion to request other ad hoc certifications as needed.

Supervised Persons are required to certify annually that they have received, read and understood the Code (and any amendments hereto) and recognize that they are subject to the Code. Further, all Supervised Persons are required to certify annually that they have complied with all the requirements of the Code and have disclosed all accounts that can hold or trade in Covered Securities and all transactions in such accounts.

**XV.**  **<u>Authority to Exempt Transactions</u>** 

The CCO has the authority to exempt any Supervised Person or any securities transaction of a Supervised Person from any or all of the provisions of this Code if the CCO determines that such exemption would not be against any interests of a Client or violate any of the securities laws. The CCO shall document any exemption granted, describing the circumstances and reasons for the exemption.

**XVI.**  **<u>Oversight of the Code</u>** 

The CCO shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inform each Supervised Person of the requirements of this Code promptly upon becoming a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) review securities transaction and holdings reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain certifications by each Supervised Person who is subject to this Code.

The CCO will review transactions and certifications to determine whether Accounts have been fully and accurately disclosed and that all required documentation was provided, and whether there have been any failures to preclear transactions, or any other violations of this policy.

**XVI.**  **<u>Submission to Fund Board</u>** 

The CCO shall at least annually prepare a written report to the Board of Directors of a Shenkman Registered Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) describes any issues under this Code or its procedures since the last report to the Directors, including, but
not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and

certifies that Shenkman has adopted procedures reasonably necessary to prevent its Supervised Persons from violating this Code.

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**CODE OF ETHICS** 

**ANNEX I** 

**List of Approved Brokers** 

**As of April 2022** 

---

| | |
|:---|:---|
| **Ameriprise Financial Services** | **Merrill Lynch** |
| **Charles Schwab & Co.** | **Morgan Stanley** |
| **Citigroup Inc.** | **Raymond James Financial** |
| **E\*TRADE Securities** | **RBC Advisor Services** |
| **Fidelity Investments** | **Robinhood Markets** |
| **Goldman Sachs Group** | **T. Rowe Price** |
| **Hargreaves Lansdown plc** | **TD Ameritrade** |
| **HSBC Securities** | **UBS Group** |
| **Interactive Brokers** | **Vanguard Group** |
| **JPMorgan Chase** | **Wells Fargo** |

---

## Ex-99.(P)(18)

**HEITMAN LLC Code of Ethics** 

Applicable to Heitman LLC and Affiliated Entities

![LOGO](g456053g0218090306996.jpg)

*Revised April 15, 2022* 

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | PAGE |
|  Code of Ethics |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. General Principles | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Standards of Business Conduct | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Policy and Procedure Concerning Insider Trading | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Scope of the Securities Trading and Securities Related Conduct by Access Persons | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Gifts and Entertainment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Political Contributions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Reporting and Certifications | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Recordkeeping | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Administration and Enforcement of the Code | 17 |
|  Appendix 1<br> Glossary | 20 |
|  Exhibit A<br> Reportable vs. Non-Reportable Securities—Examples | 25 |

---

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**I.** **INTRODUCTION** 

*Heitman LLC and Affiliated Entities* ("we", "the firm", "the firms" or "the Advisers") have adopted the Code of Ethics ("Code") in accordance with Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 of the Investment Company Act of 1940 (the "Company Act"). The firm developed the Code to promote the highest levels of ethical conduct among its officers, managers and employees ("Employees" or "you"). Among the purposes of the Code are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. educate Employees regarding the firms' expectations and the laws governing Employees' conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. remind Employees that they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. protect the reputation of the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. guard against violation of securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. protect our clients by avoiding and deterring misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. establish procedures for Employees to follow so that the firm can assess whether Employees are complying with
the firm's ethical principles.

This Code addresses principles of ethical conduct including personal trading and other securities-related activities of Employees (and in some cases their Immediate Family Members (defined in Appendix 1)) and is an integral aspect of our compliance program. **It is important to understand and be aware that this Code, which is primarily intended to comply with applicable U.S. securities laws, is in addition to other policies and procedures that may apply given your location.**

**II.** **GENERAL PRINCIPLES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fiduciary Relationship

We have a fiduciary relationship with our clients. Accordingly, the firm owes its clients the utmost duty of loyalty, good faith and fair dealing. You are obligated to uphold these important duties and conduct yourself accordingly. We embrace the following general principles with respect to your conduct when acting on the firm's behalf or in any capacity that affects the interests of the firm's clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The duty at all times to place the interests of our clients first and not take inappropriate advantage of your
position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The requirement that you conduct personal securities transactions consistent with the Code and in such a manner
as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The fiduciary principle that information concerning the security holdings and financial circumstances of
clients is confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The principle that the firm and Employees will exercise independent, unbiased judgment in the investment
decision-making process; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The importance of acting with honesty, integrity and professionalism in all aspects of our business.

These general principles and applicable securities laws of the various jurisdictions in which the firm operates govern all conduct, whether or not the conduct also is covered by more specific provisions below. We expect all of our Employees to abide by the Code both in word and in actions. Failure to comply with the Code is a serious matter that may result in disciplinary action, up to and including termination of employment. If you have any questions or need clarification regarding what the Code does and does not permit, please do not hesitate to contact the firm's Chief Compliance Officer ("CCO"), including any delegate, or a member of the compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Intolerance for Fraud and Dishonest Conduct

Heitman does not tolerate fraudulent activity. Heitman requires all Employees to act honestly and with integrity at all times, and to safeguard the resources, tangible and intangible assets for which they are responsible. Should Heitman become aware that any Employee is involved in, or is assisting in the commission of fraud, Heitman will take appropriate action against such person and parties involved in such acts. Employees who are approached, either directly or indirectly, to engage in fraud or engage in suspicious behavior or behavior detrimental or disadvantageous to Heitman or its clients' interests, or who are offered a bribe or personal inducement, should report such incidents to their Supervisor, a compliance representative, the CCO or the Firm's General Counsel. As set forth throughout our manuals and Codes, no retaliation will be taken against you for having done so. The CCO will report back to you about the results of any internal investigation of the reported event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Disciplinary Event Reporting

Heitman and Heitman Affiliates are subject to reporting obligations with the SEC as regulated entities. In that respect, certain disciplinary events impacting any Employee must be disclosed. To meet that requirement, you must complete a Disciplinary History Disclosure Questionnaire and Certification via either hard copy or the firm's online compliance system for purposes of reporting applicable criminal, civil and regulatory actions. This certification must be completed once becoming an Employee, annually (confirming that there has been no change in the information previously furnished) and promptly if you become aware of any changes or inaccuracies in the information previously furnished. If there is any doubt as to whether a Disciplinary Event requires reporting, you must promptly discuss the matter and all relevant facts with the CCO.

**III.** **STANDARDS OF BUSINESS CONDUCT** 

You are required to comply with certain standards of business conduct in accordance with the firm's fiduciary obligations to clients. Heitman Employees must avoid situations that represent or give the appearance of a conflict of interest or impropriety. The following is a non-exhaustive list of some examples of Conflicts of Interest. You should consider your own individual situation and whether there are any circumstances for you to disclose and/or discuss with the CCO or member of the Compliance team.

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A. Examples of Conflicts of Interest

Noted below are examples of Employee conduct that would or could create a conflict of interest and are prohibited by Heitman:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Real Estate and/or Securities transactions between clients, Heitman, Heitman Affiliates, on the one hand and
Heitman Employees on the other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any circumstance that gives the appearance that Heitman or its Employees favor the interests of one client over
another client without disclosure to the clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any Heitman Employee using knowledge about pending or current client transactions to profit personally,
directly or indirectly, as a result of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any Heitman Employee negotiating or making decisions regarding Heitman's business with a vendor or
supplier without disclosing the existence of the Employee's personal investment or other relationship with the vendor or supplier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any Heitman Employee engaged in outside business interests or employment that conflicts with the proper
performance of their duties as an Employee.

B. Compliance with Laws and Regulations

You must comply with all applicable securities laws. You are not permitted, in connection with the purchase or sale (directly or indirectly) of a security held or to be acquired by a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To defraud a client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To mislead a client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a
client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To engage in any manipulative practice with respect to securities, including price manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To make any statement or circulate and disseminate any information concerning any security which you know or
have reasonable grounds for believing is false or misleading or would improperly influence the market price of such security.

C. Excessive or Inappropriate Trading

The firm understands that Employees participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that creates no potential conflicts with the interests of any Heitman-Advised Mutual Fund or client portfolio. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades or other measure as deemed appropriate by the CCO or other compliance representative), may compromise the best interests of any Heitman-Advised Mutual Funds or Portfolios if such excessive trading is conducted during work-time. Accordingly, if the CCO or other compliance representative believes at any time that any Employee's personal trading is either excessive or otherwise inappropriate, the CCO or compliance representative may advise such Employee to curtail trading and may raise concerns to the Employee's senior manager and/or the firm's senior management.

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**IV.** **POLICY AND PROCEDURE CONCERNING INSIDER TRADING** 

*General Policy* 

You are prohibited from any trading, either personally or on behalf of others, while in possession of material nonpublic information. You are also prohibited from communicating material nonpublic information to others except in the ordinary course of your job duties. In addition, care should always be taken so that any such information is secure. For example, files containing material nonpublic information should be sealed; access to computer files containing material nonpublic information should be password-protected or otherwise restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Definition of Material Information

"Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider such information important in making an investment decision, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that Employees should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information is nonpublic until it has been effectively communicated to the market place, such as by publication of the information in the Wall Street Journal, Dow Jones or other publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Concept of "Insider"

The concept of "insider" is broad. It includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, the firm may become a temporary insider of a company it advises or for which it performs other services. For that to occur the company must expect Heitman to keep the disclosed nonpublic information confidential and the relationship must at least imply such a duty before the firm will be considered an insider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Possession of Material Nonpublic Information

All Employees who come into possession of material nonpublic information are required to advise a compliance representative or the CCO immediately. All Employees are subject to the firm's prohibitions on insider trading and any potential sanctions. Penalties for violating the firm's insider trading policies and procedures may include civil injunctions, permanent bars from employment in the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines, and jail sentences.

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While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider, while in possession of material nonpublic information, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider, while in possession of material nonpublic
information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material nonpublic information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Safeguards and Controls Established

The firm has established the following procedures to safeguard against insider trading:

*Restricted Stock List* 

The applicable compliance representatives maintain "Restricted Stock Lists" ("List") for each of the Heitman Investment Advisers, if necessary, which contain the names of privately held and publicly traded securities which the compliance representative believes Employees may have access to inside information by virtue of their employment. Securities on the List may not be purchased or sold without prior written approval by the CCO. Each respective List is updated and distributed at least quarterly or more frequently as necessary. Disclosure of this List or its contents outside of Heitman or to any Heitman Employee in a different business unit is prohibited (i.e. recipients of the Heitman Private Equity List may not discuss it with any Heitman Public Securities Employee).

*Training* 

The law on Insider Trading is fluid and can change typically as a result of judicial decisions. The firm will provide, on a regular basis, an educational program to familiarize all Employees with the firm's Insider Trading Policy and Procedure. Attendance is required.

*Other Restrictions* 

Service on a Board of Directors—Given the high potential for conflicts of interest and insider trading issues; you are generally prohibited from serving on the board of directors of a publicly traded company. On a case by case basis, Heitman's CEO, in consultation with the CCO, may provide prior written waiver allowing an individual to serve as a director of a publicly traded company.

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*Outside Business Activities* 

You must disclose to a compliance representative or the CCO any personal interests that may present a conflict of interest or harm the reputation of the firm. Additionally, you must obtain prior written approval by the CEO for other outside activities that may create a potential conflict of interest for you or the firm, including outside business or investment activities (such as directorships, consulting engagements, outside business affiliations, or other positions with publicly traded companies) and acting as an executor or trustee (except in personal matters). You will complete an annual certification via the firm's compliance reporting software that you have complied with this policy. Generally, the firm will not require pre-approval to serve as a director (or in a similar capacity) of a charitable, religious or educational organization provided that the proposed role does not involve providing investment or real-estate related recommendations to the organization, including any foundation associated with the organization.

Under no circumstances may a Supervised Person represent or suggest that his or her association with any outside business activity in any way reflects the sponsorship or endorsement by Heitman of that organization, such organization's securities, its manner of doing business or any person connected with such organization or its activities.

*Communications Restrictions / Screening Violations* 

Because Employees may, in the course of their employment, have access to material non-public information about or otherwise affecting Publicly Traded REITS or REOCs or other securities or because an Employee may have a business relationship with respect to a publicly traded security, the firm has adopted a broad screening policy whereby all Employees are prohibited from communicating non-public information to any other Employee except in the performance of their job responsibilities. In no event should non-public information regarding Heitman Private Investments Business be communicated to any Heitman Public Securities Employee and vice versa. However, client introductions and discussions between private equity and public securities employees and/or their respective clients regarding general market conditions, operating trends and matters relating to the commercial real estate industry that involve publicly available information are permitted. Please contact a member of the compliance group if you have any questions.

Any breach of the above restriction that any Employee becomes aware must be reported as soon as possible to a compliance representative or the CCO.

**V.** **PERSONAL TRADING AND SECURITIES-RELATED CONDUCT BY ACCESS PERSONS** 

*Overview* 

Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Company Act require the Firm to impose certain restrictions on the personal securities trading of Access Persons and an Access Person's Immediate Family Members living in the same household. These restrictions include obtaining pre-approval for proposed transactions in certain securities and private transactions in certain securities, and reporting certain trading activities and securities holdings. This Personal Trading Policy is designed to prevent potential legal, business or ethical conflicts, to minimize the risk of unlawful trading in any Personal Securities Account and to guard against the misuse of confidential information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Securities Accounts

Access Persons, defined in the Glossary at Appendix 1, must report all Reportable Securities held in, and transactions within, Personal Securities Accounts. These requirements also apply with respect to Reportable Securities held or Beneficially Owned by the Access Person's Immediate Family Members living in the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reporting

Access Persons must submit holdings and transaction reports through the firm's compliance system in order to provide the Firm with information to enable it to determine with reasonable confidence the absence of any indications of, or the appearance of, a conflict of interest with regard to the investment activities of Clients.

The personal trading compliance platform receives electronic feeds of personal investment transactions and holdings from broker-dealers that have arrangements or agreements with the system. All Access Persons are required to facilitate reporting through the personal trading compliance system by promptly completing any authorizations required by their broker-dealer to establish the electronic feed. Subject to prior approval by the CCO, alternative methods of reporting may be accommodated on a case-by-case basis.

For trades that do not occur through a broker-dealer (*e.g.*, private placements and other limited offerings), the Access Person must manually enter the equivalent data into the compliance platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Holdings Reports

Access Persons will be required to file an initial report of all Securities holdings no later than ten (10) calendar days after the commencement of their designation as an Access Person. The initial holdings report must be current as of a date not more than forty-five (45) calendar days prior to the date when first becoming an Access Person.

Access Persons are also required to provide a complete list of Securities holdings, no later than February 15th of each calendar year (which information must be current as of December 31st of the preceding year). Such information is to be submitted through the personal trading compliance platform.

Each holdings report (both the initial and annual) will be completed through the compliance platform and must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the title and type of security and, as applicable, the exchange ticker symbol or CUSIP number, number of shares
and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the name of any broker, dealer or bank with which the Access Person maintains a Personal Securities Account in
which any Security is held for the Access Person's direct or indirect benefit as well as all current password access data; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Quarterly Transactions Reports

Access Persons are required to report all transactions in Reportable Securities no later than thirty (30) days after calendar quarter-end and certify that the quarterly transaction report accurately represents a complete record of the Access Person's transactions that occurred during the relevant reporting quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For feed eligible accounts, Access Persons must verify that all transactions appear in the personal trading
compliance platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions occurring at broker-dealers that do not provide an automated feed and for trades do not occur
through a broker-dealer (*i.e.*, direct rather than through a broker, for example, the purchase of a private placement interest), the Access Person must manually enter the equivalent data into the compliance system.

Quarterly transaction reports must contain at least the following information for each transaction in a Reportable Security in which the Access Person had, or as a result of the transaction acquired or disposed of, any direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the
interest rate and maturity date (if applicable), the number of shares and the principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. New Accounts

Each Access Person must promptly disclose any new Personal Securities Account with a broker or custodian via the personal trading compliance reporting platform. This disclosure is also required when the Access Person moves an existing Personal Securities Account to a different broker or custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exceptions to Reporting Requirements

In addition to Non-Reportable Securities, defined in Appendix 1, Access Persons need not submit Personal Securities Account transaction reports under the following limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected pursuant to an Automatic Investment Plan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions executed by a third-party manager or adviser in a Non-Controlled Account (defined in the Glossary as an account in which the Access Person or Immediate Family Member has given trading discretion to another individual and does not influence or participate in
the decision-making process of any transactions with respect to Reportable Securities). To qualify for this reporting exemption, each Access Person must submit a Non-Controlled Account Compliance
Certification(s) and provide a signed copy of the investment advisory agreement with the third-party manager or similar proof of third-party discretionary management. The CCO may require additional periodic certifications confirming that the Access
Person has no direct or indirect influence or control of such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Preclearance of IPOs, REITs, REOCs and Private Placements

Access Persons must complete and submit an Access Person Preclearance Request through the online compliance system and obtain compliance department prior approval before acquiring or selling shares or interests in an IPO, REIT, REOC or a Limited Offering. For guidance purposes, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REIT and REOC securities. Following reasonable due diligence, should it continue to be unclear whether a security is a REIT or REOC for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination of whether a specific security requires pre-approval.

When submitting requests, Access Persons are required to certify that they do not possess MNPI or have any other reason preventing them from engaging in the requested transaction. It is the responsibility of the Access Person requesting pre-clearance to provide all relevant and necessary information relating to the proposed transaction, including the applicable offering documents or private placement memorandum.

The CCO or a compliance representative will review and approve or deny the proposed transaction via the personal trading online compliance system. A notice of the decision will be issued to the Access Person. Pre-clearance approvals of purchase transactions shall remain effective for two trading days following approval and applies to the original amount requested or a lesser amount but additional pre-clearance approval would be necessary for amounts in excess of the initial amount included in a pre-clearance request. In the case of a limited offering/privately-placed transaction, approval will remain until the purchase or sale is accepted by the issuer. Access Persons must submit a new pre-clearance request for follow-on investments in any limited offerings.

The firm shall retain in the personal trading compliance system all pre-clearance forms indicating whether Access Persons' requests for pre-clearance have been approved or denied. All notifications of approval or denial of pre-clearance to enter into a personal securities transaction issued by the CCO or a compliance representative shall be treated confidentially.

Heitman-Advised Mutual Fund in a Controlled Account may not be sold for at least 30 days after acquisition **AND** may not be sold for a profit for at least 90 days after acquisition. Heitman-Advised Mutual Funds means any mutual fund for which any direct or indirect subsidiary of Heitman LLC, including the Advisers, acts as a manager, adviser or subadviser. A list of the Heitman-Advised Mutual Funds can be found on the personal trading compliance system.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Restricted List

The CCO or a compliance representative maintains a list of issuers for which the firm has obtained Material Non-Public Information (the "Restricted List"). The Restricted List is an internal list which is designed to prevent the misuse of Material Non-Public Information. This list is for internal use only and may not be disclosed to any entity or person outside of Heitman, unless such disclosure is approved by the CCO. Securities will remain on the Restricted List until such time as the CCO deems their removal appropriate.

Access Persons are prohibited from personally, or on behalf of a client, purchasing or selling securities that appear on the Restricted List. It is the responsibility of each Access Person to check the Restricted List, a current version of which will be available electronically, prior to making a trade. The firm maintains separate Restricted Lists for the Private Equity and Public Securities businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Review

On at least a quarterly basis, or at any other time as may be advisable, the CCO shall review the personal trading activity of all Access Persons through the automated compliance platform. The CCO will closely monitor the investment activity of Access Persons to detect any abuses. The CCO may, at his or her discretion, appoint a designee to assist with the review of the personal trading activity of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Confidentiality of Reporting

The CCO and any other designated compliance personnel receiving reports of Access Person holdings and transactions under this Code will keep such reports confidential, except to the extent that the CCO and such compliance personnel are required to disclose the contents of such reports to regulators. The section of the Code addresses the personal trading and other securities-related conduct of Employees and is an integral aspect of our compliance program. Relevant terms are defined in the Glossary, attached as Appendix 1.

**VI.** **GIFTS AND ENTERTAINMENT** 

You may not receive any gift, service or other thing of more than $100 USD from any person or entity that does business with or on behalf of the firm. You may not give or offer any gift of more than $100 USD to existing clients, prospective clients or any entity that does business with or on behalf of the firm without prior approval of the CCO. You may not give or accept cash gifts or cash equivalents to or from a client, prospective client, or any entity that does business with or on behalf of the firm. You may not provide or accept extravagant or excessive entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of the firm. You may provide or participate in business related entertainment of reasonable value, such as dinner or a sporting event where the purpose of the event is to conduct business. Reasonable expenditures associated with business entertainment are not considered a gift. You should seek the prior approval of the CCO when you are unsure about the value of proposed entertainment.

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You may not directly or indirectly accept inappropriate gifts, favors, business entertainment, special accommodations or other things of material value that could influence your decision-making or suggest that you are beholden to any particular person or firm, including clients. Similarly, you may not offer gifts, favors, business entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to you or the firm.

*Conferences & Events* 

The cost-per-individual at an industry educational or networking event (*e.g.,* industry conference, vendor user conference, investor relations event, etc.) is not considered entertainment and, as such, is not counted towards the above-referenced $100 USD limit, provided that the conference has a reasonable relationship to the duties you perform for the firm and the expenses for such attendance are reasonable in light of the benefits afforded to the firm.

However, you should keep in mind that if there are separate excursions or other entertainment connected with such large-scale events (*e.g.*, golf outings, boating trips, etc.) that the above limit <u>will</u> apply to these separate events (if in doubt, you should consult the CCO) unless you obtain pre-approval from the CCO. You are viewed as firm ambassadors at all entertainment events and are kindly asked to act accordingly.

*Prohibited Conduct* 

No Gift or Entertainment should ever be accepted with the expectation of any *quid pro quo* relationship (*i.e.*, you get something in exchange for sending business) from Heitman (or any Affiliate) or any Employee. You are prohibited from receiving, and must tactfully refuse, any gift of cash, gift certificates or cash equivalents.

You should avoid the frequent acceptance of gifts and/or entertainment from the same business relationship (and associated business enterprise) that, although individually below the limitation thresholds, when viewed in the aggregate, could create the appearance of impropriety or undue influence.

**VII. POLITICAL CONTRIBUTIONS** 

Rule 206(4)-5 under the Advisers Act (the "Play-to Pay Rule") addresses certain pay-to-play practices such as making or soliciting campaign contributions or payments to certain candidates for offices of Government Entities to influence the awarding of investment advisory services for the management of public pension plan assets and other state governmental investments. The Pay-to-Play Rule broadly defines "contributions" to include gifts, loans, the payment of debts, and the provision of any other thing of value.

To comply with the Pay-to-Play Rule, the firm and its Covered Associates are subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Two-Year "Time Out" for Contributions

Heitman is prohibited from receiving compensation for providing investment advisory services to a Government Entity for a two-year period after the firm or any of its Covered Associates makes a political contribution to an Official (which include candidates for such office) who is or will be in a position to influence the award of advisory business of a Government Entity. Investment advisory services covered under this provision include directly managed assets of a Government Entity, such as a separate account, or those managed indirectly, such as through a pooled investment vehicle (*e.g.*, private fund) or mutual fund that is an investment option of a plan or program of a Government Entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Restrictions on Soliciting and Coordinating Contributions and Payments (Bundling)

The Play-to-Play Rule also prohibits the firm and its Covered Associates from circumventing its provisions by, for instance, making payments to political parties or coordinating a large number of small employee contributions to influence an election in order to affect the investment adviser selection process. Accordingly, the firm and its Covered Associates are prohibited from soliciting or coordinating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any contribution to a U.S. Political Official to which the firm is providing (or seeking to provide) investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any payment to a political party of a state or locality where the firm is providing (or seeking to provide) investment advisory services to a Government Entity.

Similarly, the Pay-to-Play Rule also includes provisions that prohibit the firm and its Covered Associates from channeling contributions to U.S. Political Officials through third-parties such as spouses, attorneys or companies affiliated with the firm. Basically, it is unlawful for the firm or any of its Covered Associates to do anything indirectly which, if done directly, would result in a violation of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Prohibition on Using Third-Parties to Solicit Government Business

The firm and its Covered Associates are prohibited from paying a third-party, such as a solicitor, pension consultant or placement agent, to solicit a Government Entity on behalf of the Firm. However, there are exceptions to this prohibition, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Solicitations on behalf of the firm by any of its employees, general partners, managing members or executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Solicitations made by "regulated persons" (such as broker-dealers, investment advisers or municipal advisors, as defined by the Pay-to-Play Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Firm Political Activities

No Covered Associate may make political contributions of firm assets, directly or indirectly, to any public official, political candidate or political party, or to any other organization that might use the contribution to support or influence a public official, political candidate or political party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Personal Political Activities of Covered Associates

Covered Associates may not make personal political contributions for the purpose of obtaining or retaining advisory services with Government Entities. Any personal political contributions of more than $150 USD will need to be pre-approved by the CCO through the Political Contribution Pre-Approval Form. The CCO is likely to approve of a contribution of $350 USD in the aggregate for one official per election if the requester is entitled to vote for that candidate and $150 USD in the aggregate for one official per election if they are not entitled to vote. Contributions in excess of those amounts are not likely to be approved unless it is a contribution intended for a candidate running for federal office and the candidate is not currently a state or local official of an office that can select or influence the selection of advisers to state and local pension plans. Those seeking pre-approval will certify that the contribution is not made for the purpose of obtaining or retaining the firm's engagement as an investment adviser by the Government Entity. Annual reporting is required for all political contributions. Current laws and rules in various jurisdictions may also prohibit or limit gifts or entertainment extended to Officials. These laws and rules must be followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. De Minimis Contributions

Covered Associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 USD per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 USD per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, and not by the firm.

The CCO, or other designated officer, will implement the following procedures to ensure compliance with the Pay-to-Play rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain records including the names, titles, and business and residence addresses of all Covered Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Obtain appropriate information from new employees (or employees promoted or otherwise transferred into
positions) deemed to be Covered Associates, regarding any political contributions made within the preceding two years (from the date they become a Covered Associate) if such person will be soliciting municipal businesses or Government Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Monitor and maintain records identifying all Government Entities to which the firm provides advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Monitor and maintain records detailing political contributions made Covered Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Such records will be maintained and will detail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name and title of the contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The name and title (including any city/county/state or other political subdivision) of each recipient of a contribution or payment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The amount and date of each contribution or payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether any such contribution was the subject of the exception for certain returned contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Maintain appropriate records following the departure of a Covered Associate who made a political contribution
triggering the two-year 'time out' period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintains records reflecting approval of political contributions over $150 USD by its Covered Associates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The CCO, or other designated officer, maintains records of each regulated person to whom the firm provides or
agrees to provide (either directly or indirectly) payment to solicit a government entity for advisory services on its behalf.

**VIII.** **REPORTING AND CERTIFICATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Reporting Requirements for Supervised Persons who are not Access Persons

Within 10 days of commencement of employment or within 10 days of Compliance's determination that designation as a Supervised Person is warranted, all Supervised Persons must submit an Initial Acknowledgement to the applicable compliance representative or other officer designated by the CCO, indicating that such Supervised Person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. received a copy of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. read and understand the provisions of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. agreed to comply with the provisions of the amended Code; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. agreed to promptly report to the CCO or applicable compliance representative any known or apparent violation of
the amended Code of which such Supervised Person becomes aware.

Within 30 days after year-end, each Supervised Person must also submit to the applicable compliance representative or other officer designated by the CCO an Annual Acknowledgment indicating that such Supervised Person has complied with the requirements of the amended Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reporting Requirements for Access Persons

Access Persons are responsible for entering and maintaining up-to-date information in the firm's personal trading compliance system of both themself and their Immediate Family Members. Access Persons verify that all transactions appear in the personal trading compliance platform. Heitman has established an electronic feed with many investment management and brokerage firms, which may hold an Access Person's or their Immediate Family Member's account. Access Persons or their Immediate Family Members are expected to provide authorization to include this/these accounts on said feed. For transactions occurring at broker-dealers that do not provide an automated feed and for trades that do not occur through a broker-dealer, the Access Person must manually enter the equivalent data into the compliance system.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Holdings Transaction Reports.* 

Within 10 days of commencement of employment or within 10 days of Compliance's determination that designation as an Access Person is warranted, all Access Persons must submit an Initial Holdings Report to the applicable compliance representative or other officer designated by the CCO indicating that such Access Person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. received a copy of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. read and understand the provisions of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. agreed to comply with the provisions of the amended Code and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. agreed to promptly report to the CCO or applicable compliance representative any known or apparent violation of the amended Code of which such Access Person becomes aware.

This report also requires disclosure of information regarding all Controlled Accounts and all holdings in Reportable Securities in Controlled Accounts which such Access Person or his/her Immediate Family Members have a Beneficial Ownership (including Private Placements and Limited Offerings).

Information contained in the Initial Holdings Report should be current as of a date not more than 45 days before being designated an Access Person.

Access Persons are also required to submit an Annual Holdings Report within 30 days of year end. If the custodian or Access Person provides duplicate statements or the Access Person provides electronic feed authorization for all Controlled Accounts where Reportable Securities are traded, then the only additional disclosure required annually are investments in Private Placements/Limited Offerings and Reportable Securities that are <u>not</u> held at an investment management or brokerage firm (such as stock certificates that are maintained by the Access Person or Immediate Family Member).

**Exception: Disclosure of Heitman-sponsored investment vehicles is not required on the Annual Holdings Report because such records are maintained by other departments in the firm.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Quarterly Transaction Reports*.

As an Access Person, you are required to submit to the applicable compliance representative, quarterly transaction reports indicating you have complied with the requirements of the amended Code and report all transactions in Reportable Securities in Controlled Accounts in which you or your Immediate Family Members have a beneficial interest. You must also disclose any account opened with any bank, broker or other entity during the quarter in which you or an Immediate Family Member maintains Beneficial Ownership in any security residing in such account or the ability to transact in any Reportable Security in such account. This means that even if you intend to only trade Non-Reportable Securities in the account, if the bank, broker, or other entity would allow Reportable Securities to be traded in the account, you must report its establishment. This report must be submitted no later than 30 days after the end of each calendar quarter. Certain types of transactions, listed in subsection B.3. below, are not required to be included in these reports.

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**Exception: Disclosure of Heitman-sponsored investment vehicles is not required on the Quarterly Transaction Report because such records are held elsewhere at the firm.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Reporting Exemptions.* 

You do not need to include any of the following in your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. securities held in Non-Controlled Accounts over which you and/or your
Immediate Family Members have no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. transactions effected pursuant to an automatic investment plan (including a dividend reinvestment plan) or
systematic withdrawal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. duplicate information contained in broker trade confirmations or account statements or provided via an
electronic feed so long as the firm receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Confidentiality of Reports

All transactions, holdings and other reports made by you that are reported pursuant to the foregoing requirements under the Code will be kept confidential, except to the extent necessary to implement and enforce the provisions of the Code or to comply with requests for information from government authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Acknowledgement of Amendments

To the extent material changes are made to the Code such amendments will be provided to all Supervised and Access Persons and you will be required to supply a written acknowledgement that you have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. received a copy of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. read and understand the provisions of the amended Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. agreed to comply with the amended Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. agreed to promptly report to the CCO or applicable compliance representative and known or apparent violations
of the amended Code of which you become aware.

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This document further acknowledges that any violation of the amended Code may be grounds for disciplinary action or dismissal and may be a violation of the securities laws in the various jurisdictions in which the firm operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Monitoring of Personal Securities Transactions

The applicable compliance representative is responsible for periodically reviewing personal securities transactions and holdings reports or ensuring that such information has been provided electronically or manually input into the personal trading compliance system.

**VI. RECORDKEEPING** 

The firm maintains the following records related to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of the Code and any action taken as a result of such violation for five years from
the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of written acknowledgments for each person who is currently, or within the past five years was, a
Supervised Person or Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Holdings and transactions reports made pursuant to the applicable Code(s), including any brokerage confirmation
and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A list of persons who are currently, or within the past five years were Supervised Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A list of persons who are currently, or within the past five years were Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A list of persons who are currently, or within the past five years were Chief Compliance Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A record of any decision and supporting reasons for approving the acquisition of securities by Access Persons
in a private placement or limited offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A record of any pre-clearance requests and the decisions regarding
such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. A record of any decision and supporting reasons for granting any Employee a waiver from or exception to the
Code.

**VII. ADMINISTRATION AND ENFORCEMENT OF THE CODE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Training and Education

The CCO shall be responsible for training and educating Employees regarding the Code. Such training shall be mandatory for all Employees and shall generally occur on an annual basis and as determined necessary by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reports to Investment Companies

The CCO shall report to investment company clients as requested and as required by Rule 17j-1 under the Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Report to Senior Management

The CCO shall disclose to the CEO any material violations that are identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Reporting Violations

You are required to report actual or suspected violations of the firm's Code promptly to the CCO or the applicable compliance representative, or in the case of a violation by the CCO, to Special Counsel or other senior management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Confidentiality* 

We will treat any report satisfying these requirements confidentially and will investigate it as promptly as required under the particular circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Types of Reporting* 

You are obligated to report any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. noncompliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. fraud or illegal acts involving any aspect of the firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. material misstatements in regulatory filings, internal books and records, clients' records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. activity that is harmful to clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. material deviations from required controls and procedures that safeguard clients and the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Guidance* 

We encourage you to seek guidance from the applicable compliance representative or CCO or other senior management with respect to any action or transaction that may violate the Code and to refrain from any action or transaction that might lead to the appearance of a violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Sanctions

A violation of the Code may result in any disciplinary action that the CCO or senior management deems appropriate, including but not limited to a warning, fines, disgorgement, suspension, demotion or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities when appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Further Information Regarding the Code

You should contact the CCO to obtain any additional information about compliance and ethics issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Exceptions

The CCO is empowered to make reasonable exceptions to the requirements and prohibitions contained in the Code.

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**Appendix 1 – Glossary** 

"**Access Person**" An Access Person is a Supervised Person who has access to nonpublic information regarding a Client's purchase or sale of securities, is involved in making securities recommendations to Clients or who has access to such recommendations that are nonpublic. A Supervised Person who has access to nonpublic information regarding the portfolio holdings of affiliated registered funds (*i.e.*, an open-end or closed-end investment company that is registered under the Investment Company Act of 1940) is also an Access Person.

The CCO is responsible for determining whether a Heitman Supervised Person is an Access Person.

"**Advisers Act**" refers to the Investment Advisers Act of 1940, as amended.

"**Affiliate**" or "**Affiliated Entity(ies)**" means with respect to Heitman, any of its directors, officers or employees as well as any person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, Heitman. This would include, but is not limited to, Heitman Capital Management LLC, Heitman International LLC, Heitman International HK Limited (collectively known as "Heitman Private Equity Investment Advisers"), Heitman Real Estate Securities LLC, Heitman International Real Estate Securities HK Limited, Heitman International Real Estate Securities Pty Limited (collectively known as "Heitman Public Securities Investment Advisers").

"**Applicable Law**" means, as applicable, Federal Securities Laws as well as relevant blue-sky securities, state data privacy, and state and federal real estate mortgage laws.

"**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation (*e.g.*, qualified retirement plans that allow eligible employees to save and invest for their own retirement whether or not on a tax deferred basis). An Automatic Investment Plan includes a dividend reinvestment plan.

"**Beneficial Ownership**" (or words of similar import) means the direct or indirect pecuniary interest in Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. An Access Person is presumed to be a Beneficial Owner of Securities that are held by Immediate Family members living in the same household.

Additional examples of beneficial interest may include, but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A general partner's proportionate interest in the portfolio investments held by a general or limited
partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A right to dividends that is separate or separable from the underlying investments. Otherwise, a right to
dividends alone does not constitute a financial interest in the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An interest in investments held by a trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A right to acquire an investment within 60 days through the exercise or conversion of any derivative instrument,
whether or not presently exercisable.

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If you are not sure if you have a beneficial interest in a particular account or security, please consult with the CCO or authorized designee.

"**Chief Compliance Officer**" or "**CCO**" is the individual designated as Heitman's Chief Compliance Officer in Form ADV Part 1A. References to the CCO are also intended to refer to the Heitman Compliance Department as relevant.

"**Company Act**" means the Investment Company Act of 1940, as amended.

"**Client**" means any natural person or entity who is a party to an investment advisory agreement with Heitman.

"**Code**" means the Heitman LLC Code of Ethics, as amended.

"**Compliance Manual**" means Heitman's Compliance Manual, as amended.

"**Contribution**" means: (i) a gift, subscription, loan, advance, deposit of money or anything of value made for the purpose of influencing an election for a U.S. federal, state or local office, including any payments for debts incurred in such an election; and (ii) inaugural expenses incurred by a successful candidate for state or local office. The SEC does not consider a donation of time by a Covered Associate to be a Contribution, provided that the adviser has not solicited the Covered Associate's efforts and the adviser's resources, such as office space and telephones, are not used. Charitable Contributions made by an investment adviser to an organization that qualifies for an exemption from U.S. federal taxation under the Internal Revenue Code are not considered to be a Contribution.

"**Controlled Account**" means an account over which an Employee (including an Access Person) or an Immediate Family Member controls, actively influences or makes the trading decisions concerning Reportable Securities.

"**Covered Associate**" means: (i) any general partner, managing member or Executive Officer or other individual with a similar status or function; (ii) any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee; and (iii) any U.S. political action committee controlled by the investment adviser or by any of its Covered Associates. Access Persons are deemed to be Covered Associates.

"**Disciplinary Event**" means any circumstance that must be disclosed on Form ADV Part 1A, Item 11, and any basis to be a "Bad Actor" under Regulation D, Rule 506, under the Securities Act of 1933, including applicable criminal, civil and regulatory actions involving Heitman or any of Heitman's Supervised Persons.

**"Domestic Partner"** means an individual, at least 18 years of age, with whom an employee: (i) resides with as if married and intends to do so indefinitely; (ii) lives with as a domestic partner for 12 consecutive months; (iii) shares financial responsibilities and expenses; and (iv) is not related any closer than would make the marriage illegal.

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"**Entertainment**" refers to meals, sporting events, hunting expeditions or other entertainment events only when the giver participates in or attends the event with the recipient (*e.g.*, accompanies the recipient of baseball tickets to the game). If the host/giver is not present, the activity is considered a gift. This term does not include food and refreshments served at conferences, business events, investor meetings or business solicitation activities with Clients, potential clients, gatekeepers and consultants (other than elected officials or lobbying activities).

"**Executive Officer**" means (i) Heitman's President; any managing director, assistant vice president (or equivalent) in charge of a principal business unit, division or function (such as sales, administration or finance); any other officer of Heitman who performs a policy-making function; or any other person who performs similar policy-making functions for Heitman.

"**Federal Securities Laws**" include the Securities Act of 1933, the Securities Exchange Act of 1934, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules and official interpretations adopted or promulgated by the SEC (including Commission staff) under these statutes, the Bank Secrecy Act as it applies to investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury or the Department of Justice.

"**Firm**" or "**Heitman**" means Heitman LLC and affiliated entities described under "Affiliate."

"**Government Entity**" means any state or political subdivision of a state, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any agency, authority, or instrumentality of the state or political subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A pool of assets sponsored or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a state general fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A plan or program of a Government Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

"**Gift**" means any object or thing provided for the recipient's personal use or enjoyment.

"**Immediate Family Member**" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. It also includes Domestic Partners and any other persons who have financial interdependence with the Access Person.

"**Initial Public Offering**" or "**IPO**" means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

"**Limited Offering**" means an offering of Securities that is exempt from registration under the Securities Act, pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rules 504 or 506 of Regulation D, and is sometimes referred to herein as "private placements."

"**Material Non-Public Information**" or "**MNPI**" means any information that is both material and nonpublic. Material information is generally defined as information that a reasonable investor would likely consider important in making his or her investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information is nonpublic unless it has been effectively communicated to the marketplace. MNPI is more fully discussed in Heitman's Insider Trading Policy.

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"**Personal Securities Account**" means a personal investment or trading account holding Reportable Securities owned (whether directly, indirectly or Beneficially Owned) by Access Persons and any and all members of the Access Person's Immediate Family living in the same household. Personal Securities Accounts include: (i) trusts for which an Access Person acts as trustee, executor, custodian or discretionary manager; (ii) accounts for the benefit of the Access Person's spouse or minor child; (iii) accounts for the benefit of a relative living with the Access Person; (iv) accounts for the benefit of any person to whom the Access Person provides primary financial support; and (v) an investment or trading account over which an Access Person exercises control or provides investment advice or a proprietary investment or trading account maintained for the Firm or its Access Persons.

"**REIT**" means a real estate investment trust, whether privately or publicly held or traded. For guidance purposes, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REIT securities. If you are unclear and following reasonable due diligence, should it continue to be unclear whether a security is a REIT, for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination f whether a specific security requires pre-approval.

"**REOC**" means a real estate operating company, whether privately or publicly held or traded. For guidance purposes, the FTSE EPRA/NAREIT Developed Index can be referred to as a non-exhaustive list of publicly traded REOC securities. Following reasonable due diligence, should it continue to be unclear whether a security is a REOC for purposes of these pre-clearance requirements, you should contact a compliance representative to assist in the determination of whether a specific security requires pre-approval.

"**Reportable Securities**" means all Securities as well as those Securities issued or sponsored by Heitman and Affiliates but excludes Non-Reportable Securities.

"**Non-Reportable Securities**" include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shares issued by open-end investment companies registered under the
Company Act (mutual funds). To be clear, shares of closed-end registered funds, registered exchange traded funds and any registered funds for which Heitman or an Affiliate acts as the investment adviser or
principal underwriter for the fund, are all Reportable Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are advised or underwritten by the Firm or an Affiliate.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) derivatives (options, futures, etc.) to the extent that the underlying Securities are also Non-Reportable; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) futures or options on broad-based indices are also considered to be Non-Reportable Securities, unless the underlying index is issued, sponsored, or advised by Heitman or its Affiliates.

"**Restricted List**" shall have the meaning as provided in Heitman's Insider Trading Policy.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Security**" or "**Securities**" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Interests in a REIT or REOC are securities for purposes of this Code.

"**Securities Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Supervised Person**" means any of Heitman's officers, partners, directors (or other persons occupying a similar status or performing similar functions), or employees, or any other person who provides investment advice on Heitman's behalf and is subject to Heitman's supervision or control.

"**Third-Party Managed Account**" means an account for which an Access Person (including accounts of Immediate Family living in the same household) has designated investment discretion entirely to an unaffiliated investment adviser. In such account, the Access Person cannot exercise any investment discretion in the purchase or sale of Securities. The CCO has authority under this Code to determine at any time whether a particular account qualifies or continues to qualify as a Third-Party Managed Account, whether additional information should be provided or whether additional steps must be taken in order to maintain Third-Party Managed Account status.

"**U.S. Political Official**" means political candidates, successful candidates and officials of any U.S. state or U.S. locality. This includes U.S. federal officials running for U.S. state or U.S. local office and U.S. state and U.S. local officials running for U.S. federal office. U.S. federal officials running for U.S. federal office are not considered to be U.S. Political Officials.

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**EXHIBIT A** 

Examples of Preclearance Requirements, Reportable Transactions and Holdings for **Access Persons**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ACCOUNT TYPE** | **WHAT CAN BE HELD<br>IN THE ACCOUNT** | **Do I need to<br>disclose the<br>account? <sup>1</sup>** | **What kind of trades<br>need to be<br>pre-cleared?** | **Which trades do I need<br>to report?** | **Which holdings or<br>positions do I need to<br>report?** |
| 1 | Checking/Savings Account | Cash | No |  |  |  |
| 2 | Certificate of Deposit Account | Certificate of Deposit | No |  |  |  |
| 3 | Money Market Account | Cash or Money Market Funds | No |  |  |  |
| 4 | Account held at a **Bank or Trust Company** in which may not be in my name but I have decision making authority, for example, a Trust or Gift To Minors account | Cash, Securities, ETFs or Mutual Funds | Yes | REITs, REOCs and Limited Offerings<sup>2</sup> require Pre-Clearance | Trades in Securities or ETFs and acquisition or disposition of a Limited Offering | Securities, ETFs, Limited Offerings and Reportable Funds<sup>3</sup> |
| 4 | Account held at a **Bank or Trust Company** in which may not be in my name but I have decision making authority, for example, a Trust or Gift To Minors account | <br> Non-US Mutual Funds or Non-US ETFs | <br> Yes |  | <br> Trades in Non-US Mutual Fund and/or Non-US ETF | <br> Positions in Non-US Mutual Funds and/or Non-US ETFs |
| 5 | Account held at a **Brokerage Firm** , for example, Individual, IRA, Custodial, Joint, Trust and including those that have a linked checking or bank account | Cash, Money Market Funds, Securities, ETFs, UITs or Mutual Funds | Yes | REITs, REOCs and Limited Offering transactions require Pre-Clearance | Trades in Securities or ETFs and acquisition or disposition of a Limited Offering | Securities, ETFs, Limited Offerings and Reportable Funds<sup>3</sup> |
| 5 | Account held at a **Brokerage Firm** , for example, Individual, IRA, Custodial, Joint, Trust and including those that have a linked checking or bank account | <br> Non-US Mutual Funds or Non-US ETFs | <br> Yes |  | <br> Trades in Non-US Mutual Fund and/or Non-US ETF | <br> Positions in Non-US Mutual Funds and/or Non-US ETFs |

---

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<sup>1</sup> If the table indicates a "Yes," then the Account still needs to be reported, even if the Account does not hold any Securities, ETFs, UITs, Limited Offerings or Reportable Funds.

<sup>2</sup> **Limited Offerings** are offers to purchase any Security or interest, whether stock, debt securities, or partnership interests, from any entity, in which the Security is exempt from registration or otherwise not registered with the SEC under the Securities Act of 1933. For example, if you were to invest in a partnership that was going to establish a restaurant and you would have an ownership interest due to your investment, that partnership is a limited offering because it is not offered or traded on an established listed exchange. 

<sup>3</sup> **Reportable Mutual Funds** are those advised or subadvised by Heitman's Public Securities group. A list of Reportable Mutual Funds can be found in the online compliance system. 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ACCOUNT TYPE** | **WHAT CAN BE<br>HELD IN THE<br>ACCOUNT** | **Do I need to<br>tell Compliance<br>about the<br>account?** | **What kind of<br>trades need to be<br>pre-cleared with<br>Compliance?** | **Which trades do I need<br>to tell Compliance<br>about?** | **Which holdings or<br>positions do I need to<br>tell Compliance<br>about?** |
| 6 | **Mutual Fund or Unit Investment Trust (UIT) Account** | US-Issued Mutual Funds<br> Excluding Reportable Funds<sup>2</sup> | Yes |  |  |  |
| 6 | **Mutual Fund or Unit Investment Trust (UIT) Account** | <br> UITs | <br> Yes |  | <br> Purchases or Redemptions<br>Automatic Purchases do not need to be reported | <br> UIT positions |
| 6 | **Mutual Fund or Unit Investment Trust (UIT) Account** | <br> Non-US Mutual Funds or Non-US ETFs | <br> Yes |  | <br> Trades in Non-US Mutual Fund and/or Non-US ETF | <br> Positions in Non-US Mutual Funds and/or Non-US ETFs |
| 7 | **Third-Party Managed Account<sup>4</sup>** | Cash, Money Market Funds, Securities, ETFs, UITs or Mutual Funds<br>Non-US Mutual Funds or Non-US ETFs | Yes |  |  |  |
| 8 | **Reportable Fund**<sup>3</sup> Account | Reportable Fund | Yes |  | Yes | Reportable Fund |
| 9 | 401K/Retirement/Employer Savings/Deferred Compensation Account | Money Market Fund, Mutual Funds | No |  |  |  |
| 9 | 401K/Retirement/Employer Savings/Deferred Compensation Account | <br> Securities, ETFs or Limited Offerings | <br> Yes | <br> <u>REITs,</u> <u>REOCs</u> and Limited Offerings require Pre-Clearance | <br> Trades in Securities or ETFs and acquisition or disposition of a Limited Offering | <br> Securities, ETFs, Limited Offerings and Reportable Funds<sup>3</sup> |
| 9 | 401K/Retirement/Employer Savings/Deferred Compensation Account | <br> Non-US Mutual Funds or Non-US ETFs | <br> Yes |  | <br> Trades in Non-US Mutual Fund and/or Non-US ETF | <br> Positions in Non-US Mutual Funds and/or Non-US ETFs |
| 10 | Automatic Stock Investment/ Dividend Reinvestment (Systematic Withdrawal) Plans, Employee Stock Purchase Plans, Employer Granted Options | Options, Securities | Yes |  | Employee directed transactions, Option exercises and sales are reportable<br>Automated transactions do not need to be reported | Positions in Options and/or Securities |

---

------

<sup>4</sup> Account for which investment discretion has entirely been given to an unaffiliated investment adviser and proof of such arrangement or copy of the agreement has been provided to Compliance.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ACCOUNT TYPE** | **WHAT CAN BE<br>HELD IN THE<br>ACCOUNT** | **Do I need to<br>tell Compliance<br>about the<br>account?** | **What kind of<br>trades need to be<br>pre-cleared with<br>Compliance?** | **Which trades do I need<br>to tell Compliance<br>about?** | **Which holdings or<br>positions do I need to<br>tell Compliance<br>about?** |
| 11 | 529 Plans (automatic and non-automatic contributions) | Underlying Mutual Funds | No |  |  |  |
| 12 | Individual/Group/Variable Life Insurance Contract | Cash or shares of variable contract (invested in underlying mutual funds) | No |  |  |  |
| 13 | Variable Annuity | Shares of Variable Annuity (invested in underlying mutual funds) | Yes |  | Variable Annuity investments or redemptions require reporting; however, automated transactions do not need to be reported | Variable Annuity Holding |
| 14 | Futures Account (including foreign currency futures) | Commodities or Futures | No |  |  |  |
| 15 | Tokens, Cryptocurrency, Digital Currency, Coin Offerings | Cash/Currency | No |  |  |  |
| 16 | Private Equity, Venture Capital, Hedge Fund Account and Investment-Related LPs/LLCs | Limited Offerings | Yes | Limited Offering | Initial acquisition or if investor decides to redeem, the transaction needs to be reported<br>Cash calls and return of capital does not need to be reported<br>| Acquisition amount or approximate value at year - end |
| 17 | Investments in all Heitman- sponsored<sup>5</sup> real estate funds | Limited Offerings | No |  |  |  |

---

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<sup>5</sup> Records for employees' interests in **Heitman-sponsored real estate funds** are held in different departments within the firm and, thus, do not require re-reporting to Compliance.

## Ex-99.(P)(19)

![LOGO](g456053g0218124015890.jpg)

**December 2022** 

**LGIM America** 

71 South Wacker Drive Suite 800

Chicago, Illinois 60606

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LGIM America Code of Ethics

**Contents** 

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| | | |
|:---|:---|:---|
| I. | Introduction | 2.0 |
| II. | Who is covered by this Code | 3.0 |
| III. | Definition of Terms | 3.0 |
| IV. | Statement of General Principles | 5.0 |
| V. | Gifts, Entertainment and Charitable Donations | 5.0 |
| VI. | Board Service and Outside Business Activities | 7.0 |
| VII. | Procedures for and Restrictions on Personal Account Investing | 7.0 |
|  | (i) Pre-Clearance for Personal Account Trading | 9.0 |
|  | (ii) Reporting Requirements | 9.0 |
|  | (iii) Exceptions to Pre-Clearance and/or Reporting Requirements | 10.0 |
| VIII. | Code Certifications | 10.0 |
| IX. | Reporting Code Violations | 11.0 |
| X. | Monitoring Procedures | 11.0 |
| XI. | Duties of the CCO and the Compliance Team | 11.0 |
| XII. | Client Opportunities | 11.0 |
| XII. | Insider Trading | 12.0 |
|  | A. Law and Policy | 12.0 |
|  | B. Procedures | 13.0 |
| XIV. | Sanctions | 14.0 |
| XV. | Miscellaneous | 14.0 |

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 <br> LGIM America i

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LGIM America Employee Handbook

**I. Introduction** 

Legal & General Investment Management America, Inc. ("LGIM America") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") under the U.S. Investment Advisers Act of 1940, as amended ("Advisers Act"), a commodity trading advisor registered with the U.S. Commodity Futures Trading Commission ("CFTC") under the U.S. Commodity Exchange Act ("CEA") and a member of the U.S. National Futures Association ("NFA"). LGIM America is also registered as a portfolio manager in the Canadian Provinces of Ontario and Quebec. As such, we owe our clients fiduciary duties, including the highest duty of trust and fair dealing, and must place clients' interests ahead of our own. Therefore, investment adviser personnel, when making their own investment and other personal decisions, may not place their personal interests ahead of or in conflict with those of our clients.

LGIM America has adopted this Code of Ethics ("Code") to satisfy such fiduciary obligations and comply with Applicable Law, particularly Advisers Act Rule 204A-1 and Rule 17j-1 of the U.S. Investment Company Act of 1940, as amended (the "Company Act").

Rule 204A-1 requires SEC registered investment advisers to adopt, maintain and enforce a written code of ethics that sets forth standards of conduct and require compliance with the Advisers Act and the other federal securities laws. Our Code, like other codes adopted under Rule 204A-1, has five core requirements:

1. establishes standards of conduct for us and Covered Persons (as defined below);

2. requires Covered Persons to comply with Applicable Law (as defined below);

3. imposes certain requirements on Covered Persons and their personal investment activities, and on our Chief
Compliance Officer ("CCO") to review such activities;

4. ensures that Covered Persons receive this Code, acknowledge receipt, understand it and comply fully with it;
and

5. requires Covered Persons to report Code violations.

In addition, under Rule 17j-1 of the Company Act, employees may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any registered investment company:

• employ any device, scheme, or artifice to defraud a registered investment company;

• make any untrue statement of a material fact to the registered investment company or omit to state a material
fact necessary in order to make the statements made to the registered investment company, in light of the circumstances under which they are made, not misleading;

• engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the
registered investment company; or

• engage in any manipulative practice with respect to the registered investment company.

Our Code is reasonably designed to help ensure compliance with Applicable Law. Our Code is not meant to inhibit responsible personal investments and other personal activities by employees, but rather imposes reasonable restrictions designed to address conflicts of interests and to preclude any overreaching or violations of Applicable Law. However, this Code does not encompass all possible areas of potential liability that employees may experience under Applicable Law, which all of us are required to observe. For instance, the federal securities laws preclude investors from trading on the basis of inside information or communicating this information in breach of a fiduciary duty. Although this Code includes requirements reasonably designed to protect and prevent the misuse of material non-public information (i.e., "inside information," or "MNPI"), it does not cover all personal liability scenarios that could apply to Covered Persons. Therefore, Covered Persons are advised to obtain advice before engaging in any transactions or activities other than the regular performance of their normal business duties if the transaction or activity directly or indirectly involves or could impact any LGIM America client or holdings of LGIM America clients.

Questions about this Code should be addressed to the LGIM America CCO.

**When in doubt, ask.** 

 <br> LGIM America 2

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LGIM America Employee Handbook

**II. Who is covered by this Code** 

Under SEC Rule 204A-1, a Code of Ethics applies to a registered investment adviser's supervised persons<sup>1</sup> and the personal investment activities provisions of such code apply to the registered investment adviser's access persons<sup>2</sup>. To ensure consistency in our Compliance program, the LGIM America Board of Directors has decided to apply the regulatory definitions and requirements of supervised persons and access persons equally to all involved with LGIM America, with the exception of our non-executive directors<sup>3</sup>. This means that every LGIM America officer, executive director, employee (including temporary employees and contractors), as well as any other person who provides investment advice on LGIM America's behalf and is subject to LGIM America's supervision and control, will be subject to all requirements set forth in this Code of Ethics as a policy matter, even if he or she is not an access person or a supervised person under Applicable Law. For ease of reference, this Code refers to all such persons subject to the requirements of this Code as "Covered Persons". LGIM America may, in its discretion and via a future amendment to this Code, adopt the regulatory definitions of supervised person and access person and apply their respective regulatory requirements only to such current Covered Persons as may meet such regulatory definitions.

We engage LGIM International ("LGIMI"), one of our affiliates, as our sub-advisor with respect to certain regulated services, including trading, valuation and proxy voting. LGIMI is itself a registered investment adviser with the SEC and has adopted its own Code of Ethics and personal investments oversight framework in accordance with Rule 204A-1. In addition, LGIM America has entered into a services agreement with Legal & General Investment Management (Holdings) Limited ("LGIM(H)") for the provision of non-regulated administrative services. Therefore, neither LGIMI nor LGIM(H) are deemed "participating affiliates" of LGIM America and their employees are not deemed supervised persons or access persons of LGIM America for regulatory purposes of Covered Persons under this Code. However, given that, through these relationships, LGIMI and LGIM(H) employees might have access to LGIM America's confidential client information, it is the responsibility of LGIM America to (1) ensure that LGIMI and LGIM(H) implement and administer adequate policies and procedures to protect this information and (2) exercise oversight over any activities or services delegated to such affiliates.

**III. Definition of Terms** 

"Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

"Applicable Law" means the Advisers Act, the Company Act, the U.S. Securities Act of 1933, as amended ("Securities Act"), the U.S. Securities Exchange Act of 1934, as amended ("Exchange Act"), and the rules and regulations adopted by the SEC under any of these; the CEA and the rules and regulations adopted by the CFTC under any of these; the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of the Treasury, the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any rules and regulations adopted thereunder by the U.S. Department of Labor ("DOL"); and any applicable laws in Canada.

"Beneficial ownership" is interpreted in accordance with Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Therefore, beneficial ownership will be deemed to exist if a person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has a direct or indirect pecuniary interest in the securities (i.e., an opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities). Under this definition, beneficial ownership by a person includes securities held by members of a person's immediate family sharing the same household, securities held in certain trusts, and a general partner's proportionate interest in the portfolio securities held by a general or limited partnership. A person will not be deemed to be the beneficial owner of securities held in the portfolio of a registered investment company solely by reason of his or her ownership of shares or units of such registered investment company.

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<sup>1</sup> The Advisers Act defines a "supervised person" as any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. 

<sup>2</sup> The SEC defines an "access person" as a supervised person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients, who has access to such recommendations that are nonpublic, or who has access to nonpublic information regarding the portfolio holdings of affiliated mutual funds. 

<sup>3</sup> In accordance with procedures in the SEC release adopting Advisers Act Rule 204A-1, LGIM America opted to exclude its non- executive directors from the Code's personal investment requirements.

 <br> LGIM America 3

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LGIM America Employee Handbook

"Connected Person" means a spouse, live-with partner, minor child, step-child, relative or others who reside with or are dependent on a Covered Person; a company, trust or partnership, including an affiliate of same in which a Covered Person or his/her Connected Person(s) is or are directly or indirectly, the owner of 25% or more of the equity, or control more than 25% of the voting power of the organization; a trustee of any trust in which a Covered Person or that Connected Person has a beneficial interest (excluding trustees of pension plans); an executor or administrator of any estate in which a Covered Person or that Connected Person has a beneficial interest; or any person that, in the opinion of the CCO, should be a Connected Person.

"Control", as defined in Form ADV, means the power, directly or indirectly, to direct the management or policies of a person, whether through ownership of securities, by contract, or otherwise. A firm's officers, partners, or directors exercising executive responsibility (or persons having similar status or functions) are presumed to control the firm. A person is presumed to control a corporation if the person: (i) directly or indirectly has the right to vote 25% or more of a class of the corporation's voting securities; or (ii) has the power to sell or direct the sale of 25% or more of a class of the corporation's voting securities. A person is presumed to control a partnership if the person has the right to receive upon dissolution, or has contributed, 25% or more of the capital of the partnership. A person is presumed to control a limited liability company ("LLC") if the person: (i) directly or indirectly has the right to vote 25% or more of a class of the interests of the LLC; (ii) has the right to receive upon dissolution, or has contributed, 25% or more of the capital of the LLC; or (iii) is an elected manager of the LLC. A person is presumed to control a trust if the person is a trustee or managing agent of the trust.

"Discretion" is the ability of a person to effect a transaction in a Reportable Security. A person has discretion where they give an order to buy or sell a Reportable Security. A person does not have discretion over, for example, the securities underlying a mutual fund – if a person holds shares of a mutual fund, they have discretion over the shares of the fund that they actually hold, but not the securities that comprise the portfolio of the mutual fund because the actual fund manager of the mutual fund has discretion over those underlying assets.

"IPO" means an offering of securities registered under the Securities Act where, before the IPO, the issuer of the securities did not have Exchange Act reporting requirements.

"Private Placement" means an offering that is exempt from Securities Act registration.

"Provider" means any person or entity that does, or may desire to do, business with LGIM America or its clients.

"Reportable Fund" is any fund of pooled assets advised by a Legal & General Group ("L&G Group") entity or is any investment company registered under the Company Act for which LGIM America is the investment adviser or sub-adviser or whose investment adviser or principal underwriter controls LGIM America, is controlled by LGIM America or is under common control with LGIM America.

"Reportable Security" means a Security (as defined in Section 202(a)(18) of the Advisers Act<sup>4</sup>) but excludes (a) direct obligations of the U.S. Government; (b) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (c) shares issued by money market funds; (d) shares issued by open-end funds other than Reportable Funds; (e) shares issued by unit investment trusts invested exclusively in one or more open-end funds, and (f) 529 Plans<sup>5</sup>, none of which are Reportable Funds. The CCO may designate a security as a "Reportable Security" that would otherwise fall within one of these six exceptions. For the purpose of clarity, LGIM America deems all types of exchange-traded funds ("ETFs") to be Reportable Securities.

"Transaction in a Reportable Security" includes any activity, whether discretionary or not, that impacts the holding of a Reportable Security (e.g. buy, sell, exchange, tender, stock dividend and so on).

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<sup>4</sup> Section 202(a)(18) of the Advisers Act defines a "security" as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. 

<sup>5</sup> SEC No Action Letter issued to WilmerHale, LLC, dated July 28, 2010, excludes 529 Plans that are prepaid college tuition or college savings plans from the definition of Reportable Security.

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**IV. Statement of General Principles** 

A. The Code is based on the principle that SEC registered advisers owe fiduciary duties to their clients: honesty;
good faith; avoidance or the proper handling of conflicts; and fair dealing. No Covered Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. defraud any client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. mislead any client, including by making a statement that is materially incorrect or that omits a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of conduct that operates or would operate as a fraud, manipulation or
deceit upon any client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to securities, including price manipulation.

B. Covered Persons must conduct their personal securities transactions in a way that does not violate Applicable
Law, interfere with client transactions, cause conflicts of interest or take unfair advantage of their relationship to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Covered Person shall enter into or engage in a transaction, business activity, or other relationship that
may result in any financial or other conflict of interest between such person and any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Personal investment activities must adhere to these general principles, as well as this Code's specific
provisions. Technical compliance will not automatically insulate trades from scrutiny that show a pattern of abuse of the individual's fiduciary duties to the clients, or from liability for personal trading or other conduct that violates
Applicable Law or a fiduciary duty to clients that shall conflict with the duty to place the interests of clients above and before any personal interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Covered Persons shall conduct personal investment activities consistent with the requirements in this Code, and
in such a manner as to avoid any conflict of interest or any abuse of a position of trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No Covered Person shall directly or indirectly take advantage of his or her position with a client. This
includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. he or she shall not profit, directly or indirectly, due to his or her position with respect to such client,
including that a person who learns about any corporate opportunity due to his or her position may not take advantage of and profit from such corporate opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. no one shall accept any special favors, benefits or preferential treatment due to the fiduciary relationship
with any client, save for the usual and ordinary benefits directly provided by LGIM America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. no one shall release any information regarding contemplated or actual securities transactions or holdings by a
client or any actual or proposed client holding changes, save in the performance of employment duties or in connection with any official report or disclosure which makes such information public knowledge.

C. Covered Persons must address conflicts according to the Conflicts of Interest resolution procedures in the LGIM
America Compliance Manual, including a prompt report to the Compliance Team, and seek clarification when warranted.

**V. Gifts, Entertainment and Charitable Donations** 

1. Prohibitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should offer or accept any gifts, favors, gratuities, meal, entertainment or other items of
value (collectively, "Gifts and Entertainment") that could be viewed as influencing decision-making, creating the intention of being beholden to client/vendor/counterparty or otherwise could be considered as creating a conflict of interest
on the part of the recipient. Only gifts and entertainment as a courtesy may be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All solicitation of Gifts and Entertainment is unprofessional and is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Persons are prohibited from receiving any compensation, including Gifts and Entertainment, with respect
to the registered investment companies (i.e., the mutual funds) which LGIM America advises ("Mutual Fund G&E") outside of the compensation set forth in the relevant Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charitable donations by LGIM America or employees to charities with the intention of influencing such charities
to become clients are prohibited.

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2. Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts and Entertainment Valued at $150 or More: Covered Persons must submit a pre-clearance request through MyComplianceOffice Compliance Technologies ("MCT") for any Gift or Entertainment (other than Mutual Fund G&E) with a value of one hundred fifty dollars ($150) or
more per person prior to receiving from, or giving to, a Provider or a client, unless pre-clearance is not practicable, in which case notification after-the-fact must be submitted through MCT as soon as practicable upon receipt or giving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts and Entertainment Valued Less Than $150: Covered Persons must report within MCT any Gift or Entertainment
(other than Mutual Fund G&E) received from, or given to, a Provider or a client with a value of less than one hundred fifty dollars ($150) no later than 5 business days after the end of the month on which the Gift or Entertainment was given or
received. For the avoidance of doubt, these types of Gifts and Entertainment do not require pre-clearance through MCT but must still be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charitable Donations: Covered Persons may not, directly or indirectly, use any funds or other assets of LGIM
America for charitable contributions of any kind, even if lawful, unless made in compliance with this Code. All donations made by LGIM America must be submitted to Compliance for approval via MCT. Employees must notify Compliance if they perceive an
actual or apparent conflict of interest in connection with any charitable contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Special Requirement for State and Municipal Officers: Covered Persons must be mindful that myriad state and
municipal regulations exist around the exchange of Gifts and Entertainment with such officials. In addition, certain Gifts, Entertainment or charitable donations may also fall under LGIM America's Pay-to- Play Policy. Accordingly, Covered Persons must pre-clear via MCT all Gifts, Entertainment or charitable donations to state or municipal officials of any value
to ensure any such action would be in compliance with local regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Special Requirements for ERISA Clients: As an asset manager for ERISA plan assets, LGIM America is subject to the
rules promulgated by the DOL, which includes ERISA §406(b)(3). Under such rule, the receipt by a fiduciary of a plan (including his or her relatives) of the following items or services from any one individual or entity (including any employee,
affiliate, or other related party) managing assets for the plan (i.e., LGIM America) is permissible as long as the aggregate annual value of such is less than $250 and the receipt of which does not violate any plan policy or provision:
(a) gifts, gratuities, meals, entertainment, or other consideration (other than cash or cash equivalents) and (b) reimbursement of expenses associated with educational conferences. To ensure that LGIM America complies with this
requirement, Covered Persons must pre-clear via MCT all Gifts or Entertainment to employees or other fiduciaries of any pension plan or other ERISA client for whom LGIM America manages or anticipates managing
money. The Compliance Team will reject any request that would cause the $250 aggregate annual value threshold to be excluded. Notwithstanding the check completed by the Compliance Team, Covered Persons should be aware that it is the person
responsibility of any Covered Person who provides a Gift or Entertains an employee of an ERISA client to fully understand and comply with this ERISA requirement, including doing their own review of what other Gifts or Entertainment have been
provided throughout the calendar year to each employee of the plan. Providing items that exceed the $250 limit create a violation of this policy and potentially a violation of the ERISA rules.

3. Exceptions and Compliance:

If a Covered Person is unsure if a Gift, Entertainment or charitable donation might violate sub-paragraphs 1 or 2 above, he or she may submit, in advance, a request to the Compliance Team. The request shall contain: (a) a description of the circumstances under which an exception is requested; (b) a reasonable estimate of the value of any Gift, Entertainment or charitable donation to be received or given, as applicable (supporting documentation may be required); and (c) any other information deemed relevant to the request or requested by the Compliance Team. In considering a request, the Compliance Team may take into account customary business practices, value, lack of a conflict of interest or existence of a conflict mitigation, and other relevant circumstances. The approval or denial of any such request shall be in writing and retained for file and audit purposes.

Notwithstanding anything herein to the contrary, the CCO or his/her designee has the discretion to determine that no further Gifts, Entertainment or charitable donations may be provided or received with respect to a specific Covered Person, Provider or client for a period of time should the cumulative amount be determined to be excessive or for other reasons in the CCO's or such designee's discretion.

In accordance with Section XIV of this Code, violations shall be referred to Compliance for the appropriate sanction.

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**VI. Board Service and Outside Business Activities** 

1. Pre-Clearance Requirements:

Covered Persons must pre-clear the following board service and outside business activities ("OBAs"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board service (of any type, including advisory boards and committee) of: (1) a publicly traded entity;
(2) an entity that issues debt or equity securities; (3) an entity that engages in investment related business; or (4) any entity that might create a conflict of interest to the Covered Person's position at or the business of
LGIM America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service on the Investment Committee for any company, non-profit, trust or
endowment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service on Finance Committee for any company, trust, or endowment that is or could be an LGIM America client,
that LGIM America might reasonably invest in on behalf of clients, or with whom LGIM America might do business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All OBAs. An OBA is any activity outside of your employment with LGIM America that involves (1) regular and
continuous dedication and time commitment with the reasonable expectation of compensation and/or income, (2) the active management of assets that are not securities (such as real estate) to generate compensation and/or income, or (3) poses
a conflict to LGIM America. There is no difference if the Covered Person serves as an employee, independent contractor, sole proprietor, officer, director or partner in connection with the OBA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase of any security via a Private Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participating in an IPO, as set forth in Section VII.D. of this Code.

All of the foregoing pre-clearances must be submitted for approval through MCT's Outside Business Activity form. Covered Persons must wait for approval prior to accepting a position. The CCO or his/her designee shall determine whether the requested board or committee service or OBA raises conflicts of interest or is inconsistent with the interests of our clients. The CCO or his/her designee, at a minimum, shall establish appropriate information barriers or, if required, other procedures to isolate the person serving on a board, committee or participating in an OBA from those within LGIM America making investment decisions as to securities of any such company. The CCO or his/her designee may determine that no procedures can adequately eliminate the conflicts and may require the Covered Person to resign from a board or not participate in an OBA.

Once a board or committee service or an OBA is approved, Covered Persons are responsible for maintain their status updated in MCT. Any change to the status in the board position of OBA (including resignations and terminations) must be updated in MCT within 10 days of the change. In addition, Covered Persons will be required to confirm any such board service and outside business activities on an annual basis.

2. Special Requirements for Control Positions:

OBA's that involve a company, trust or partnership, including an affiliate of same, in which a Covered Person or his/ her Connected Person(s) is or are, directly or indirectly, the owner of 25% or more of the equity or control more than 25% of the voting power of the organization, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. submit a Connected Person disclosure in MCT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. comply with the personal account investing procedures set forth in Section VII below.

**VII. Procedures for and Restrictions on Personal Account Investing** 

Conflicts of interest arise when certain investment adviser personnel (e.g. those with knowledge of client positions or impending client transactions) buy and sell securities for their own accounts or those of their Connected Persons ("personal investment activities," or "personal account transactions," or "PA dealing"). Currently, LGIM America treats all personnel as subject to this potential conflict of interest and therefore as Covered Persons to which personal account investing restrictions apply. For the avoidance of doubt, these procedures apply to Connected Persons and references to Covered Persons in this Section VII also include Connected Persons. Violations constitute a breach of this Code and will be dealt with pursuant to Section XIV of the Code.

A. Personal account trading in corporate bonds and U.S. dollar denominated Reportable Securities, except for non-restricted equities and non-restricted shares of Reportable Funds, tax-exempt municipal bonds, foreign currency, crypto-currencies,
options and futures, is prohibited, unless otherwise approved by Compliance after submission of a pre-approval request via MCT. Exceptions to this prohibition will only be made in cases where a Covered Person
wishes to sell positions that are already held in a personal account. These sales require written pre-clearance as per the pre-clearance procedures described herein. In
addition to any corrective action or sanction that may be deemed appropriate, any profits realized on prohibited trades will be disgorged, per Section XIV of this Code.

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B. Personal account trading in spread bet or short positions in L&G Group shares are prohibited.

C. No one shall knowingly buy or sell, directly or indirectly, a security (i) in which he or she has, or by
reason of such transaction acquires, any beneficial ownership at a time when LGIM America is engaging in a transaction in the same or equivalent security for a client and/or (ii) when he or she knows or should have known at the time they
acquired the Reportable Security that the same or equivalent security is being considered for purchase or sale by a client or is the subject of a recommendation or an order being worked. A security is "being considered for purchase or sale by a
client" when a recommendation to purchase or sell a security has been made and/or communicated by LGIM America to a client and, with respect to the Covered Person doing this, when he or she seriously considers making such a recommendation to or
for a client. Equities and bonds issued by the same issuer are not considered equivalent securities, but securities that are convertible or exchangeable into these securities within a 60-calendar day window
are equivalent securities. Subject to compliance with applicable legal or regulatory requirements and consistent with the discharge of our fiduciary duties to our clients, LGIM America reserves the right to impose restrictions or conditions on the
ability to buy or sell the securities of an issuer that any analyst covers, for example, if a person covers fixed income securities, he or she may be restricted from buying the equity securities of such companies, but not so restricted in the equity
securities of a company not covered by him or her. In addition to any corrective action or sanction that may be deemed appropriate, any profits realized on trades within the prescribed periods will be disgorged.

D. No one shall acquire, directly or indirectly, beneficial ownership in securities distributed in an IPO, Initial
Coin Offering (ICO), or Private Placement, unless pre-approved by Compliance via MCT. In determining whether approval should be granted, Compliance will consider all of the pertinent facts and circumstances
including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the investment opportunity should be reserved for clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the opportunity is being offered to the employee by virtue of their position with LGIM America or LGIM
America's relationship with a client, affiliate, or other third-party.

E. Any Covered Person who wishes to purchase, acquire or sell any asset that is issued and transferred using
distributed ledger or blockchain technology, including, but not limited to, virtual currencies, crypto-currencies, non-fungible tokens (NFTs), digital "coins" or "tokens" ("Digital
Assets"), should consult with the Compliance Team as to whether such Digital Asset would be considered a Reportable Security for purposes of this policy. On April 3, 2019, the SEC published a framework for investment contract analysis of
Digital Assets. The Compliance Team may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security and, therefore, a Reportable Security for the purposes of this policy, such
that pre-clearance is required. A Digital Asset is likely to be considered a Digital Security, and therefore a Reportable Security, if it is offered and sold as an investment contract.

F. No one shall buy or sell, directly or indirectly, in any security subject to restriction on trading issued by
the CCO, whether under LGIM America's insider trading policies and procedures set forth in this Code, or that is on the Restricted List or subject to a blackout period.

G. Short selling of allowable Reportable Securities that do not violate the provisions of this Code is not
prohibited, but all such transactions must be pre-cleared by Compliance via MCT.

H. Short-term trading in securities of issuers in which any person is an officer, director or owner of 10% or more
of a class of equity securities is prohibited by law. LGIM America strongly discourages short-term and speculative trading by all Covered Persons. Accordingly, all securities must be held for not less than 30 calendar days. The holding period of 30
calendar days is calculated on a last in, first out basis, therefore holding periods are calculated using the date following the last transaction in a particular security. In the case of short sells, positions can only be covered after the 30-calendar day holding period has elapsed from when the short sell was executed. There are at present no restrictions on re-purchasing securities within 30 calendar days
after they have been sold, but any such transactions must be pre-cleared by and subject to review by Compliance. In circumstances where a Covered Person can document compelling personal reasons for engaging in
a transaction that would otherwise violate 30 calendar day holding period, the CCO may consider an exemption. Every request for an exemption must be submitted via MCT when possible, by creating a Pre-Clearance Request. Otherwise an email to Compliance may suffice. Such an exemption is wholly within the discretion of the CCO, and any request for such exemption will be evaluated on the basis of the facts of the particular situation.

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**(i) Pre-Clearance for Personal Account Trading** 

Every individual proposing to trade an allowable Reportable Security, including Reportable Funds, per Section VII.A., must obtain prior written clearance from Compliance. Every request must be submitted via MCT by creating a new Pre-clearance Request. A list of Reportable Mutual Funds can be found on MCT under View Policies. Questions on how to navigate the system should be directed to Compliance. Compliance also ensures all Covered Persons receive proper training on MCT.

L&G Group stock shares received as part of an employees' compensation package are subject to pre-clearance requirements if the employee elects to take ownership of the shares and sell at a later date. As there are blackout periods for L&G Group throughout the year, employee sales of L&G stock may be restricted and must be approved by Compliance prior to the sale.

Covered Persons who have a private, non-public encounter with an issuer in his or her capacity as a Covered Person are restricted from trading the otherwise allowable Reportable Security within thirty (30) business days of the encounter with the issuer.

Compliance shall review the pre-clearance request as soon as practicable, but no longer than one full business day after its receipt, to determine whether to approve or reject said request. Every request is reviewed and considered by the CCO or his/her designee, except under the circumstances when the CCO submits a pre-trade clearance request, the CEO will be responsible for the review and consider the request. A clearance to trade is valid for the same trading day starting from the time the clearance approval was given. A pre-trade clearance that is approved after the 3:00 PM market close is good for the next trading day. In determining whether to give a clearance, the CCO (or their designee) shall consider, among other factors:

1. current client trading activity and other relevant information;

2. whether the investment opportunity should be reserved for clients;

3. the information currently available and whether it impacts or would impact the proposed transaction;

4. whether the opportunity is being offered to an individual by virtue of his/her position with LGIM America or
LGIM America's relationship with a client; and

5. such other information as the CCO or his/her designee may require.

Compliance reviews the trading activity of all Covered Persons on a periodic basis to ensure required pre-clearances were obtained and executed in the manner specified above. Records shall be maintained of all clearances and non- clearances.

**(ii) Reporting Requirements** 

1. *Initial Reports. Within 10 calendar days of an individual becoming a Covered Person, he or she must submit to Compliance a properly completed Personal Investing Accounts Report which information must be current as of a date not more than 45 days prior to the date the person becomes and Covered Person (Please request from Compliance). A copy can be found as Attachment B to this Code.* 

2. *Opening and Closing Accounts, Confirmations and Periodic Statements*. Every Covered Person shall direct
his or her banks or broker(s) to provide direct feeds to MCT, if capable, and not exempted by Compliance, and if not capable, shall give Compliance on a timely basis duplicate copies of confirmations of all securities transactions and copies of all
periodic statements for all securities accounts involving Reportable Securities in which the Covered Person acquires or foregoes direct or indirect beneficial ownership. Every Covered Person shall notify Compliance in writing of the opening or
closing of any of their accounts or the accounts of a Connected Person as soon as possible but in any event no later than the end of the calendar quarter following the quarter on which the account was opened or closed.

3. *Certification of Discretionary Accounts*. Covered Persons may rely on a Broker to manage their personal
securities account by giving full discretion to their Broker. Transactions that occur in these accounts are directed by the Broker only, with no ability or discretion for either the Covered Person or any of their Connected Persons to direct the
trades. LGIM America will exempt the pre-clearance requirement, except for IPO and Private Placements as referenced above, and the delivery of account statements and confirmations for these accounts once a
Broker provides either a signed or e-mailed certification that it has full discretion of the account and that the Covered Person has no ability to direct the trading of Reportable Securities. Employees are
responsible for (i) affirming their Discretionary Accounts on a quarterly basis, and (ii) reporting any changes in these accounts should their ability to direct trades change. Furthermore, 529 Plans will be exempted from the certification
requirement based on the SEC No Action Letter that exempts 529 Plans as Reportable Securities (see more information under the definition of Reportable Securities). Compliance may periodically require a re-certification of these accounts to ensure that appropriate reporting.

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4. *Quarterly Transaction Reports*. No later than 10 calendar days after the end of each quarter, Compliance
will direct every Covered Person to review all of his or her personal and Connected Persons' transactions reported, and any account established in MCT during the relevant quarter. Each individual must certify through MCT, within 20 days of the
receipt of such request, the correctness of such reports. Should a Covered Person determine that any reportable security transactions and information required are not included, he or she is required to provide the appropriate details to ensure
Compliance has the correct information concerning every Reportable Security transaction effected during that quarter, regardless of whether pre-clearance was required.

5. *Annual Holdings Report*. No later than 10 calendar days after the end of each calendar year, Compliance
will direct every Covered Person to review in MCT: (a) all of his or her personal or Connected Persons' transactions affected during the prior calendar year; and (b) the list of all Reportable Securities that they currently hold. Each
Covered Person must certify within 20 calendar days of the receipt of such request, through MCT, the correctness of such information. Should a Covered Person determine that any Reportable Security transaction is not included in either list, it is
his or her responsibility to provide all relevant details and information required no later than February 14 (45 days after the end of the calendar year) to ensure Compliance has the correct information concerning every transaction effected
during the year, regardless of whether pre-clearance was required.

Records shall be maintained of all clearances and non-clearances.

**(iii) Exceptions to Pre-Clearance and/or Reporting Requirements.** 

Covered Persons do not need to obtain pre-clearance under Section VII(i) or provide the reports under Section VII(ii) with respect to the following:

1. purchases or sales of securities effected in an account over which you do not have discretion or direct or
indirect influence or control, per Section VII(ii);

2. purchases or sales of securities that are non-volitional on the part of
the individual or a client or part of an automatic reinvestment plan (e.g., purchases through dividend reinvestment plans, transactions in corporate mergers, stock splits, tender offers);

3. purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

4. purchases or sales of foreign currencies, some crypto-currencies (refer to section VII.E), or mutual funds that
are not Reportable Funds;

5. purchases or sales of bonds and other direct debt instruments issued by the U.S. Government such as Treasury
Bills, Treasury Notes, and Treasury Inflation Protected Securities (TIPS);

6. L&G Group shares given to employees as part of their compensation package and the employee elects to
liquidate at the time of vesting; or

7. purchases or sales that receive the prior written approval of the CCO to exempt the transaction. The CCO may
grant an exemption from certain provisions of the Code, as permitted by applicable law, and after due consideration of the circumstances of the proposed transaction or activity, the conflicts it may raise and whether it is consistent with the
objectives and spirit of the Code. Exceptions are documented.

**VIII. Code Certifications** 

1. Each new Covered Person will be given the Code upon joining the Firm and will thereafter receive all
amendments. Within 10 calendar days of commencing employment, such person shall file an acknowledgement with the CCO that he or she has read and understands the Code and will comply fully with it, a copy of which is contained in Attachment A to this
Code.

2. All Covered Persons must certify through MCT, on an annual basis, that they (a) have read and understood
the Code, (b) recognize that they have been and will continue to be subject to the Code, (c) have complied fully with the requirements of the Code and (d) will continue to comply fully with the Code. Also, every Covered Person must
certify on an annual basis that he or she has disclosed or reported (i) all boards of directors upon which such person serves and (ii) have reported all outside business activities.

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**IX. Reporting Code Violations** 

Covered Persons are required to report promptly to the CCO or in the case of the CCO to the CEO, any violations of the Code. Reports will be treated confidentially to the extent permitted by law and will be investigated promptly. Reports may be made anonymously. A violation of this Code is a breach of Advisers Act Rule 204A-1 and our written policies and procedures. Retaliation against any person reporting a violation is prohibited and is a breach of this Code that may result in the sanctions set forth in Section XIV of this Code. Covered Persons should review LGIM America's Whistleblowing Policy.

**X. Monitoring Procedures** 

The CCO or other designated personnel will monitor all personal investment activities, including the reports and confirmations filed by every Covered Person. The criteria for monitoring and testing shall remain confidential.

**XI. Duties of the CCO and the Compliance Team** 

1. *Review Reports*. Designated personnel of the Compliance Team shall review the reports submitted under
Section VII(ii) of this Code and escalate material items to the CCO as appropriate.

2. *Notification of Obligations*. Designated personnel of the Compliance Team shall update staff lists to
include new Covered Persons and notify them of their obligations hereunder.

3. *Supervision of designees*. The CCO shall train his or her designees and may delegate any of his or her
activities hereunder.

4. *Log of Code Violations*. The Compliance Team shall keep a log that includes Code violations and action
taken in connection with the violation (including any remediation and/or sanctions), including, but not limited to, reporting to the LGIM America Board of Directors, the Boards of Directors of any mutual funds that LGIM America advises pursuant to 17j-1 or, if required, the SEC or other regulatory body.

5. The CCO, directly or through a designee, shall prepare a report to LGIM America's Board of Directors at
least annually as to the adequacy of this Code and the effectiveness of its implementation and shall address in any such report the need (if any) for further changes or modifications to this Code or its implementation.

6. The CCO shall take reasonable steps to ensure that LGIM America maintains records required under Rule 204-2 under the Advisers Act and 17j-1 under the Company Act for the periods required under these Rules.

7. In the event of a material change to this Code, the CCO shall inform of such change the CCO of each mutual fund
for which LGIM America serves as investment adviser and assist the mutual fund's CCO, as necessary, in having the mutual fund's board approve the change as may be required by Applicable Law.

**XII. Client Opportunities** 

No Covered Person may cause or attempt to cause any client to purchase, sell or hold any security for the purpose of creating any personal benefit for him or her. Sections 206(1) and 206(2) of the Advisers Act prohibit LGIM America from employing a "device, scheme or artifice" to defraud clients or engaging in a "transaction, practice or course of business" that operates as a "fraud or deceit" on clients. While these speak of fraud, they have been construed broadly by the SEC and used to regulate, by enforcement action, many types of adviser behavior that the SEC deems to be not in the best interest of clients or inconsistent with fiduciary obligations. One such category of behavior is taking advantage of investment opportunities for personal gain that would be suitable for clients.

Advisers Act Section 208(d) prohibits any person from doing indirectly that which cannot be done

directly. Accordingly, Covered Persons may not take personal advantage of any opportunity properly belonging to LGIM America of any client. This applies to the acquisition of securities of limited availability for a Covered Person's account that would be suitable and could be purchased for the account of a client, or the disposition of securities from a Covered Person's account prior to selling a client position.

A Covered Person may not cause or attempt to cause any client to purchase, sell, or hold any security for the purpose of creating any benefit to LGIM America's accounts or to a Covered Person's accounts.

 <br> LGIM America 11

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LGIM America Employee Handbook

If a Covered Person believes that he/she (or a Connected Person) stands to benefit materially from an investment decision for a client that LGIM America or the Covered Person is recommending or making, that individual must disclose that interest to the Compliance Team. The disclosure must be made before the investment decision and should be documented by the Compliance Team. Based on the information given, the CCO or his/her designee will make a decision on whether to restrict that Covered Person's participation in the investment decision. In making this determination, the CCO or his/her designee will consider at least the following factors: (i) was any client legally and/or financially able to take advantage of this opportunity; (ii) whether any client would be disadvantaged in any manner; (iii) whether the opportunity is de minimis, and (iv) whether the opportunity is clearly not related economically to the securities to be purchased, sold or held by an client.

A memorandum concerning the investment opportunity and the disposition of the approval request will be prepared promptly and maintained by the Compliance Team.

**XII. Insider Trading** 

**A. Law and Policy** 

Whether or not in the course of business and whether or not voluntarily, LGIM America and its Covered Persons may obtain inside information about issuers, securities or the potential effects of LGIM America's own investment and trading in securities. LGIM America forbids any Covered Person to trade, personally or on behalf of others, including clients and Connected Persons, while having inside information, or to communicate inside information to others. This is called "insider trading" and "tipping", respectively. These apply to all Covered Persons and extend to activities within and outside their duties at LGIM America.

The term "insider trading" is not defined in the federal securities laws, but in case law under Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. It is used to refer to the use of inside information to trade in securities (whether or not one is an "insider") or to communicate, or tip, inside information to others.

The law concerning insider trading is dynamic and the SEC brings cases on a regular basis. The law prohibits:

1. trading or tipping by an insider while in possession of inside information;

2. trading or tipping by a non-insider while in possession of inside
information, where the information was disclosed to the non-insider in breach of a duty to keep it confidential or was misappropriated;

3. communicating inside information to others; or

4. trading ahead of research or recommendations prepared by LGIM America.

Concerns about the misuse of inside information by LGIM America or Covered Persons may arise primarily in two ways.

First, LGIM America may come into possession of inside information about another company, such as an issuer in which it is investing for clients or in which its own personnel might be investing for their own accounts. As further set forth below, if it is determined that LGIM America has inside information about an issuer, investments in that issuer on behalf of clients and by LGIM America personnel, in any securities of the issuer, will be prohibited.

Second, LGIM America as an investment adviser, has inside information in relation to its own business. The SEC has stated that the term "inside information" may include information about an investment adviser's recommendations and client securities holding and transactions. It is the policy of LGIM America that all such information is to be kept in strict confidence by those who receive it, and may be divulged only within LGIM America and to those who have an established need for it in connection with the performance of services to clients. Despite this, some trades in which LGIM America has invested for clients may be permitted because of the fact that LGIM America has made such investments may not be viewed as material (e.g. trades in highly liquid securities with large market caps). The personal trading procedures in this Code establish circumstances under which such trades will be considered permissible or restricted and the procedures to follow in making such trades.

**Who is an Insider?** The concept of "insider" is broad. It includes officers, directors and employees of a company. A person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, a person who advises or otherwise performs services for a company may become a temporary insider of that company. An employee of LGIM America, for example, could become a temporary insider to a company because of LGIM America's and/or employee's relationship to the company (e.g. by having contact with company executives while researching the company). A company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider or temporary insider.

 <br> LGIM America 12

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LGIM America Employee Handbook

It may also be the case that a Connected Person of a Covered Person may have inside information and be deemed to be an insider. Accordingly, the Covered Person might be deemed to be an insider. One must be cautious in such situations in order to avoid liability for tipping or misappropriating inside information.

**What is Material Information?** Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a security. It "alters the total mix of information available." Such information includes, but is not limited to: dividend changes, earnings, estimates, changes in previously released earnings and estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, knowledge of an impending default, knowledge of an impending change in a rating by a rating agency, and/or extraordinary management developments.

What is Non-public Information? Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to a fact to show that the information is generally public. For example, information in a report filed with the SEC, or appearing in Dow Jones, Reuters, The Wall Street Journal or other publications of general circulation would be considered public.

What is Tipping? Tipping is giving or making available inside information to anyone who might be expected to trade while in possession of that information. A Covered Person may become a "tippee" by acquiring inside information from a tipper, which would then require the Covered Person to follow the procedures below for reporting and limiting use of the information.

Penalties. Penalties for trading on or communicating inside information are severe for individuals involved in such unlawful conduct and their employers, and may include fines or damages up to three times the amount of any profit gained or loss avoided. A person may be subject to some or all of the applicable penalties even if he or she does not personally benefit from the violation.

**B. Procedures** 

**Identification and Prevention of Insider Information.** If a Covered Person believes that he or she has information that is material and non-public, or has questions as to whether information is material and non-public, he or she must:

• report the matter immediately to the CCO, who shall document the matter;

• refrain from buying or selling the securities on behalf of himself or others;

• refrain from communicating the information inside or outside LGIM America other than to the CCO.

**Watch List and Restricted List.** If the CCO determines a Covered Person has inside information or that a security should be restricted (there may be no inside information but it becomes necessary to restrict dealings in that security), the CCO will follow the process and procedures set forth in the LGIM(H) Information Barrier Policy and Watchlist Procedure (the "Info Barrier Policy") and take steps to ensure that the individual(s) that has inside information understands that he shall refrain from any activity – trading or tipping. The CCO will take steps to monitor the activities of all other Covered Persons that do not have the inside information while they engage in activities normal to the business. All decisions about whether to add or delete a security to the Watch List or Restricted List or amend an entry shall be made in accordance with the Info Barrier Policy. All activity in any security placed on the Restricted List shall cease, unless approved in writing by the CCO and subject to the Info Barrier Policy. A security shall be removed from the Restricted List in accordance with the Info Barrier Policy if the CCO determines that no insider trading issues remain with respect to such security (for example, if the information becomes public or no longer is material).

**Restricting Access to Inside Information.** Care should be taken so that such information is secure. For example, files containing inside information should be sealed, access to computer files containing inside information should be restricted, and relevant conversations should take place behind closed doors.

**Detecting Insider Trading.** To detect insider trading, the Compliance Team will, among other things, review the trading activity reports of client accounts and Covered Persons. It is also the responsibility of each Covered Person to notify the CCO of any potential insider trading issues. The Compliance Team will investigate any instance of possible insider trading and fully document the results of any such investigation. An investigation record should include at least: (i) the name of the security; (ii) the date the investigation commenced; (iii) an identification of the account(s) involved; and (iv) a summary of the investigation disposition.

 <br> LGIM America 13

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LGIM America Employee Handbook

**XIV. Sanctions** 

Violations of the Code of Ethics are taken very seriously by the Board of Directors and Executive Committee of LGIM America. Sanctions due to violations in personal account trading are implemented to ensure that Covered Persons understand the severity of their actions. As such the following "Three Strikes" Policy will be enforced for personal account trading violations.

1. A first offense will subject the Covered Person to disgorgement of profits or in the case of a loss, a $100
fine;

2. Should a second offense occur, a Covered Person will be subject to double the disgorgement amount, or in the
event of a loss, a $500 fine;

3. If a third offence occurs, a Covered Person will be prohibited from transacting discretionary personal account
trades, in non-restricted Reportable Securities until further notice.

Upon discovering any other violations of this Code, Compliance may impose such sanctions as it deems appropriate, including, a letter of censure or criminal referral of the violator, and the Executive Committee may impose such sanctions as it deems appropriate, including, the imposition of fines, suspension of trading, Code of Ethics training paid for by the employees, verbal or written warning by LGIM America Human Resources, and termination of employment.

**XV. Miscellaneous** 

A. All reports, internal reporting of violations, and any other information filed with LGIM America pursuant to
this Code shall be treated as confidential.

B. LGIM America may, from time to time, adopt such interpretations of this Code as it deems appropriate.

C. All records will be maintained by Compliance in accordance with the Advisers Act and the Firm's record
retention policies.

**End of Code** 

 <br> LGIM America 14

## Ex-99.(P)(20)

**NEUBERGER BERMAN** 

**<u>CODE OF ETHICS</u>** 

---

| | |
|:---|:---|
| **Last Updated:** | 13 January 2023 |
| **Policy Owner:** | NB Central Compliance |
| **Previous Versions:** | 30 June 2022 |
|  | 31 March 2022 |
|  | 18 January 2022 |
|  | 26 January 2021 |
|  | January 2019 |
|  | January 2018 |
|  | January 2016 |
|  | January 2013 |
|  | May 2011 |

---

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**CODE OF ETHICS** 

This Code of Ethics (the "Code") is adopted by the North-American based registered investment advisers (the "NB Advisers")<sup>1</sup> of Neuberger Berman Group LLC (the "Firm") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), the Neuberger Berman Group of Funds (the "NB Funds") and any NB Adviser that serves as investment adviser or sub- adviser to the NB Funds or other non-NB Funds (collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "Company Act").

Any questions relating to this document should be brought to the attention of your designated Chief Compliance Officer or the firm's Head of Compliance, Brad E. Cetron. A list of Chief Compliance Officers and other Compliance contacts of the NB Advisers is attached here as Exhibit A.

By accepting employment with the Firm, you have agreed to be bound by this Code of Ethics. On an annual basis you will be required to certify in writing your understanding of, and adherence to, this Code and your intention to comply with its requirements (including any amendments).

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<sup>1</sup> Neuberger Berman Investment Advisers LLC ("NBIA"), NB Alternatives Advisers LLC ("NBAA"), Neuberger Berman Canada ULC ("NB Canada") and Neuberger Berman BD LLC ("NBBD"). This Code also applies to Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A.

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**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  **Statement of General Principles** | **Statement of General Principles** | **4** |
| **A. General Prohibitions** | **A. General Prohibitions** | **5** |
| **B. Definitions** | **B. Definitions** | **5** |
| **C. Code Policies** | **C. Code Policies** | **11** |
| 1. | Covered Accounts | 11 |
| 2. | Initial Public Offerings | 11 |
| 3. | Information Barrier | 11 |
| 4. | Transactions in Restricted List Securities | 12 |
| 5. | Private Placements | 12 |
| 6. | Digital Assets | 12 |
| 7. | Dissemination of Client Information | 13 |
| 8. | Gifts | 13 |
| 9. | Related Issuer | 13 |
| 10. | Trading Opposite Clients | 13 |
| 11. | Service on a Board of Directors | 14 |
| 12. | Limitations on Short and Long Positions | 14 |
| 13. | Transactions in Shares of Funds | 15 |
| 14. | Transactions in Futures, Swaps, Forwards and Commodities | 15 |
| 15. | Sanctions | 15 |
| 16. | Violations | 15 |
| **D. Reporting Requirements** | **D. Reporting Requirements** | **15** |
| 1. | Reports by Access Persons | 16 |
| 2. | Reports by Disinterested Directors/Trustees | 17 |
| 3. | Exceptions to Reporting Requirements | 17 |
| 4. | Notification of Reporting Obligations | 18 |
| **E. Code Procedures** | **E. Code Procedures** | **18** |
| 1. | Maintenance of Covered Accounts | 18 |
| 2. | Pre-Clearance of Securities Transactions | 18 |
| 3. | Blackout Period | 19 |
| 4. | Price Restitution | 20 |
| 5. | Holding Period | 21 |
| 6. | Code Procedures Monitoring | 22 |
| **F. NB Funds' Ethics and Compliance Committee** | **F. NB Funds' Ethics and Compliance Committee** | **23** |
| **G. Annual Report to the NB Funds' Board** | **G. Annual Report to the NB Funds' Board** | **23** |
| **H. Administration** | **H. Administration** | **23** |
| **I. Recordkeeping** | **I. Recordkeeping** | **24** |
|  **EXHIBIT A - Compliance Contacts** | **EXHIBIT A - Compliance Contacts** | **25** |
|  **EXHIBIT B - Applicability of Code Procedures to Temporary Access Persons** | **EXHIBIT B - Applicability of Code Procedures to Temporary Access Persons** | **26** |

---

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**Statement of General Principles** 

The Code is designed to ensure, among other things, that employees put Client interests first and conduct their activities in a manner consistent with applicable Federal Securities Laws. The following principles shall govern the personal investment activities of all individuals subject to this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees must at all times place the interests of Clients ahead of their personal interests - Client trades have priority over personal securities trades.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Personal securities transactions must be conducted in accordance with this Code and in such a manner as to avoid any actual, perceived or potential conflict of interest or abuse of an employee's position of trust and responsibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees should not take advantage of their position to benefit themselves at the expense of any Client.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **In personal securities investing, employees should follow a philosophy of investment rather than trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees must comply with applicable Federal Securities Laws.** 

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**A. General Prohibitions** 

No person associated with the NB Advisers or the Firm, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Client, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employ any device, scheme or artifice to defraud any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Make any untrue statement of a material fact to any Client or omit to state to such Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any manipulative practice with respect to any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any transaction in a security while in possession of material nonpublic information regarding the security or the issuer of the security; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any transaction intended to raise, lower, or maintain the price of any security or to create a false appearance of active trading.** 

**B. Definitions** 

The following words have the following meanings in this Code:

**Access Person** 

a. Any employee, officer, director of any NB Adviser or NB Fund (or any company controlled by the NB Advisers) and
their Immediate Family Members; and

b. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business,
makes, participates in or obtains information regarding the purchase or sale of Covered Securities by any NB Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any
recommendation to the NB Fund regarding the purchase or sale of Covered Securities.

c. Any temporary employee, consultant, contractor, intern or other person who will be on the Firm's premises
for a period of ninety (90) days or more. See Exhibit B for applicability of Code Procedures to Temporary Access Persons.

**Advisory Person** 

An Access Person of the NB Advisers who, in connection with his or her regular functions or duties, makes, or participates in making, recommendations regarding the purchase or sale of Covered Securities by a Related Client. The determination as to whether an individual is an Advisory Person shall be made by the Legal and Compliance Department, taking into consideration the following roles and responsibilities: Portfolio Manager, Traders, Analysts (credit/research) and any member on any of their respective teams, including Administrative Assistants.

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**Beneficial Interest** 

An employee has a Beneficial Interest in an account if they may profit or share in the profit from transactions. In general, a person is regarded as having direct or indirect Beneficial Interest in securities held in his or her name, as well as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the name of an Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in his or her name as trustee for himself or herself or for his or her Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a trust in which he or she has a Beneficial Interest or is the settlor with a power to revoke;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by another person and he or she has a contract or an understanding with such person that the securities held in
that person's name are for his or her benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the form of acquisition rights of such security through the exercise of warrants, options, rights, or
conversion rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a partnership of which he or she is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a corporation which he or she uses as a personal trading medium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a holding company which he or she controls; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other relationship in which a person would have beneficial ownership under Rule 16a- 1(a)(2) of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect Beneficial Interest shall apply to all securities which an Access
Person has or acquires.

Any employee who wishes to disclaim a Beneficial Interest in any securities must submit a written request to the Legal and Compliance Department explaining the reasons therefore. Any disclaimers granted by the Legal and Compliance Department must be made in writing. Without limiting the foregoing, if a disclaimer is granted to any employee with respect to an account of an Immediate Family Member, the provisions of this Code applicable to such employee shall not apply to the Immediate Family Member for which such disclaimer was granted. However, if the Immediate Family Member whose account was disclaimed is also an employee of an NB Adviser, the sections of this Code applicable to employees would still be applicable to the employee's Immediate Family Member.

**Blind Trust** 

A trust in which an Access Person has Beneficial Interest or is the settlor with a power to revoke, with respect to which the Legal and Compliance Department has determined that such Access Person has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein, provided, however, that direct or indirect influence or control of such trust is held by a person or entity not associated with the Firm and not a relative of such Access Person.

**Client** 

An investment advisory account, including, but not limited to, the Funds, other commingled investment vehicles and separate accounts for which any of the NB Advisers provides investment advice, management or exercises discretion.

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**"Control"** means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Generally, any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company (Section 2(a)(9) of the Company Act).

**Covered Account** 

An account held in the name of an Access Person where the Access Person has, or is deemed to have, a Beneficial Interest, including investments held outside of an account over which an Access Person has physical control, such as a stock certificate.

**Covered Security** 

a. Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of
interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security,
fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on
the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate
of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing;

b. Shares of any Fund; and

c. Exchange Traded Funds and closed-end funds registered under the Company
Act.

The term Covered Security does not include:

a. Direct obligations of the Government of the United States, its territories or States or Related Securities
thereof, (including short term debt securities that are government securities within the meaning of the law);

b. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt
instruments including repurchase agreements; and

c. Shares issued by registered open-end investment companies for which any
NB Adviser does not act as investment adviser, sub-adviser or distributor provided such shares are held directly with the fund company in a mutual fund account and not in a third-party brokerage account unless
the Access Person has obtained prior written approval from the Legal and Compliance Department to maintain such account.

***De minimis* Restitution** 

Price restitutions that result in less than $2500 collectively (which may be updated from time to time) or where the gain to be received by each underlying Client account is less than $100.

**Digital Asset** 

A "Digital Asset" is an asset that is issued and/or transferred using distributed ledger or blockchain technology ("distributed ledger technology"), including, but not limited to, so-called "virtual currencies," "coins," and "tokens." A particular digital asset may or may not meet the definition of "security" under the federal securities laws. Cryptocurrency is a form of digital asset. References made herein to "Digital Assets" should be construed as referring to all digital assets, including cryptocurrency (for example, Bitcoin, Ethereum and any other cryptocurrencies).

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**Digital Asset Derivative** 

A Digital Asset Derivative is one whose value is based on or derived from the value of a Digital Asset such as options, futures and swaps on a Digital Asset.

**Disinterested Director/Trustee** 

A person who serves as director/trustee of an NB Fund and is not otherwise affiliated with an NB Fund.

**Domestic Partnership** 

An interpersonal relationship between two individuals who live together and share a common domestic life ("Domestic Partners").2

**Ethics and Compliance Committee** 

The Ethics and Compliance Committee of the NB Funds (except the NB Registered Private Equity Funds).

**Exchange Traded Fund** 

Unit investment trusts or open-ended investment companies registered under the Company Act that trade on a national stock exchange.

**Exempt Transactions** 

Transactions that may be exempt from certain provisions of the Code such as, pre-clearance, minimum holding period, or blackout periods. Exempt Transactions are not exempt from the general provisions of the Code including reporting requirements. The following have been defined as Exempt Transactions:

a. Transactions in Managed Accounts.

b. Transactions made automatically in accordance with a predetermined schedule and allocation, such as part of a
dividend reinvestment plan ("DRIP").

c. An involuntary purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of a
class of its securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.

d. The acquisition or disposition of securities through stock dividends, stock splits, reverse stock splits,
mergers, margin calls, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

e. Securities transactions effected in Blind Trusts.

f. A transaction by an NB Fund Disinterested Director/Trustee unless at the time of such transaction, the
Disinterested Fund Director/Trustee, knew or should have known that, during the fifteen calendar day period immediately preceding or, after the date of the transaction by the Disinterested Director/Trustee, such security was purchased or sold by the
NB Fund or was being considered for purchase or sale for Clients of the NB Adviser, provided that the foregoing does not apply if the Disinterested Fund Director/Trustee gains knowledge that such security was held by the NB Fund due to public
disclosure on the NB Fund's website of such holding.

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<sup>2</sup> The above definition is being used solely for purposes of this Code of Ethics and should not be construed as the applicable definition for other purposes (e.g., employee benefits).

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g. Transactions in the following broad-based security indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average. <sup>3</sup>

h. Other transactions designated in writing by the Legal and Compliance Department.

**Federal Securities Laws** 

The Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Company Act, the Advisers Act, the Sarbanes-Oxley Act of 2002 (as applicable), Title V of the Gramm- Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to registered investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Fixed Income Advisory Person** 

Solely for Covered Accounts maintenance purposes, an Advisory Person who reports, directly or indirectly, to the Chief Investment Officer and Global Head of Fixed Income.

**Fund** 

Any investment company, and series thereof, registered under the Company Act for which any NB Adviser is the investment manager, investment adviser, sub-adviser, administrator or distributor.

**iCompliance** 

The Firm's proprietary employee compliance dashboard managed by the Legal and Compliance Department. iCompliance facilitates the reporting and monitoring of a number of key compliance requirements including: the Firm's annual personal securities holding affirmation; tracking of employee outside investments, outside activities, political contributions and employee licenses and registrations; and a pre-trade approval process for employee trading activity that occurs at third party broker-dealers.

**Immediate Family Member** 

a. An Access Person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, Domestic
Partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in- law, sister-in- law, including adoptive relationships who share the same household as the Access Person or to whom the employee provides material financial support; and

b. Any other relative or person who shares the same household as the Access Person or to whom the employee
provides material financial support and is deemed to be an Immediate Family Member by the Legal and Compliance Department.

**Legal and Compliance Department** 

The Neuberger Berman Legal and Compliance Department.

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<sup>3</sup> Transactions involving a futures contract or swap on the broad-based security indices are prohibited.

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**Limited Access Person** 

An Access Person's Immediate Family Member who would otherwise be an Access Person but who is determined by the Legal and Compliance Department to be a Limited Access Person considering factors including, but not limited to, whether the Immediate Family Member shares the same household as the Access Person <u>and</u> is financially dependent on the Access Person.

**Limited Access Person Account** 

An account in the name of a Limited Access Person held at the Firm. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**Managed Account** 

A Covered Account where full control and investment discretion has been delegated pursuant to an investment advisory agreement that includes the payment of a management fee to: 1) an unrelated third- party investment manager, or 2) a Neuberger Berman portfolio management team of which the employee is not a member. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**NB Advisers** 

The Firm's North American-based investment advisers: Neuberger Berman Investment Advisers LLC, Neuberger Berman Canada ULC, Neuberger Berman BD LLC, NB Alternatives Advisers LLC, Neuberger Berman Trust Company N.A., Neuberger Berman Trust Company of Delaware N.A.

**NB Closed-End Fund ("CEF") Insider** 

An Access Person who is a director, officer or principal stockholder (holder of more than 10% of a class of reportable securities) of any company that has a class of equity securities registered pursuant to Section 12 of the Exchange Act and is subject to beneficial ownership reporting obligations under Section 16. Obligations apply to all insiders of the closed-end funds ("NB CEF") as well as to NBIA and certain of its affiliated persons.

**NB Funds** 

The NB Group of Funds.

**Private Placement** 

An offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the Securities Act.

**Related Client** 

A Client account, including a proprietary account consisting of seed capital during the incubation period, for which an Advisory Person or the portfolio management team of which the Advisory Person is a member, has or is deemed to have, investment decision-making authority or is responsible for maintaining and/or reviewing information pertaining to the account.

**Related Issuer** 

An issuer with respect to which an Advisory Person or their Immediate Family Member: (i) has a material business relationship with such issuer or any promoter, underwriter, officer, director, or employee of such issuer; or (ii) is an Immediate Family Member of any officer, director or senior management employee of such issuer.

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**Related Security** 

A Related Security is one whose value is based on or derived from the value of another security, including convertible securities and derivative securities such as options and warrants.

**Security Held or to be Acquired by a Client** 

Any Covered Security (or Related Security) that within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or has been held by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being or has been considered by a NB Adviser for purchase by such Client.

**Trading Desk** 

The Neuberger Berman Trading Desk.

**C. Code Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered Accounts</u> 

Access Persons who are not Advisory Persons are generally permitted to maintain their Covered Accounts at Neuberger Berman, or with prior approval from the Legal and Compliance Department, at Fidelity Investments ("Fidelity"). Advisory Persons are generally required to maintain their Covered Accounts at Neuberger Berman.<sup>4</sup>

***Canadian Employees Only****.* Employees in Canada are required to maintain their Covered Accounts at RBC and to ensure that any accounts opened are added to the electronic feed between Neuberger Berman and RBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial Public</u> <u> </u> <u>Offerings</u> 

Access Persons are generally prohibited from acquiring direct or indirect beneficial ownership of any equity security in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information</u> <u> </u> <u>Barrier</u> 

The Firm has adopted Information Barrier Policies and Procedures (the "Policy"). All Access Persons are required to be familiar with the Policy and shall certify, on an annual basis, that they have read, understood and complied with the requirements of this Code and the Policy.

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<sup>4</sup> See Section E(1) for information related to Maintenance of Employee Covered Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transactions in Restricted List</u> <u> </u> <u>Securities</u> 

Access Persons may obtain material non-public information ("MNPI") or establish special or "insider" relationships with one or more issuers of securities (e.g., the employee may become an officer or director of an issuer, a member of a creditor committee that engages in material negotiations with an issuer, and so forth). In such cases, the Access Person should keep in mind that they are subject to the Firm's Information Barrier Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Private Placements</u> 

Access Persons may not acquire direct or indirect Beneficial Interest in any Private Placement without prior written approval from the Legal and Compliance Department and such other persons as may be required. Private Placements include, but are not limited to, any interest in a hedge fund, private equity vehicle or other similar private or limited offering investment. Pre- approval for NB-sponsored private securities transactions made through the firm's Employee Investment Solutions (EIS) team are submitted by the Legal and Compliance Department on the employee's behalf.

Approval of a Private Placement shall take into account, among other factors, whether: i) the investment opportunity should be reserved for a Client, and ii) the opportunity is being offered to the individual by virtue of his or her position with the Firm, the NB Adviser or his or her relationship with or to the Client or the issuer of the Private Placement. Additional capital investments (other than capital calls related to the initially approved investment) in a previously approved Private Placement require a new approval.

Advisory Persons who hold a previously approved Private Placement and are subsequently involved, or play a part in the consideration of the same Private Placement as an investment for a Related Client, must inform the Legal and Compliance Department of their personal investment (or their Immediate Family Member's investment). The decision to invest in the Private Placement for a Related Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

Access Persons' private placement redemptions are subject to review and approval by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Digital Assets</u> 

Access Persons transacting in Digital Assets are required to disclose their coin-exchange accounts ("Digital Assets Accounts")<sup>5</sup> and obtain prior approval for Digital Asset transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

*Same-Day Blackout Period*. An Advisory Person may not buy or sell a Digital Asset on a day during which a Related Client account executes a "buy" or "sell" order in the same Digital Asset or a Digital Asset Derivative. Purchases that occur on the same day will be required to be "broken." Any losses will be incurred by the Advisory Person and any gains (including gains disgorged from a sale on the same day) may be donated to a charitable organization designated by the Firm.

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<sup>5</sup> For example, Coinbase, Robinhood, etc.

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*Quarterly iCompliance Certification*. Within 30 days of each calendar quarter-end, Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

In addition, Advisory Persons who transact in Digital Assets for Related Client accounts are also required to provide evidence of any Digital Assets transactions executed during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Dissemination of Client Information</u> 

Access Persons are prohibited from revealing material information relating to current or anticipated investment intentions, portfolio transactions or activities of Client/Funds except to persons whose responsibilities require knowledge of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Gifts</u> 

Access Persons are prohibited from giving or receiving any gift or other item of value to or from any one person or entity that does business with the Firm without prior approval from the Legal and Compliance Department. Generally, promotional items valued at $25 or less do not require prior approval although certain recipients may be subject to stricter gift limits under state rules or rules applicable to ERISA fiduciaries. The Firm has adopted the Gifts & Entertainment Policy and Procedures to which all employees are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Related</u> <u> </u> <u>Issuer</u> 

Advisory Persons are required to disclose to the Legal and Compliance Department when they play a part in any consideration of an investment by a Client in a Related Issuer. The decision to purchase securities of the Related Issuer for a Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Trading Opposite Clients</u> 

No Advisory Person or Advisory Person of a Fund may execute transactions in a Covered Security held in a Covered Account that would be on the opposite side of any trade in a Related Client account that was executed within 5 business days prior to the trade in the Covered Account ("Opposite Side Trade"). For example, if an Advisory Person executes a purchase of shares of Company XYZ on Monday, February 1st for a Related Client account(s), that Advisory Person and their team will be prohibited from executing a sale of shares of Company XYZ fortheir Covered Accounts between the time when the Related Client order was submitted on Monday, February 1st through the close of trading on Monday, February 8th.

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Notwithstanding the foregoing, an Advisory Person or Advisory Person of a Fund (or their team member) may execute an Opposite Side Trade for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to capture a gain or loss for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund sold the security for the Related Client account in order to
raise cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions effected in Blind Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions that are non-volitional on the part of the
Advisory Person or Advisory Person of a Fund. Non-volitional transactions include shares obtained or redeemed through a corporate action (e.g., stock dividend) or the exercise of rights issued by an issuer pro
rata to all holders of a class of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other such exceptions as may be granted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Service on a Board of</u> <u> </u> <u>Directors</u> 

Access Persons are prohibited from serving on the board of directors of any public or private company without prior written approved from the Legal and Compliance Department.<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Limitations on Short and Long</u> <u> </u> <u>Positions</u> 

Advisory Persons are not permitted to: a) sell short any security (or Related Security) that they hold or intend to hold for a Related Client; or b) buy a long position in a security (or Related Security) if they have or intend to create a short position in the same security for a Related Client. Notwithstanding the foregoing, certain types of transactions may be permitted with prior approval from the Legal and Compliance Department and the CIO (or designee), such as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A purchase to cover an existing short position, except that if an Advisory Person intends to create a long
position for a Related Client in the same security, all Related Client transactions must be completed before the Advisory Person can cover their short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A short sale against a broad-based index. Approved broad-based indices include the S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average. Any other index must be approved by the Legal and Compliance Department before engaging in any short sales
against such index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A short sale to hedge an existing security position provided the hedging activity is proportionate to the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any approvals granted under this section will not relieve the Advisory Person from being subject to Price
Restitution.

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<sup>6</sup> Request must be made through iCompliance by completing the Outside Affiliation request form. Requirement also applies to positions held with outside companies in connection with an employee's NB work-related responsibilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Transactions in Shares of</u> <u> </u> <u>Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All trading in shares of a Fund is subject to the terms of the prospectus and the Statement of Additional
Information of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No Access Person may engage in excessive trading or market timing in any shares of any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Transactions in Futures, Swaps, Forwards and</u> <u> </u> <u>Commodities</u> 

The Firm is subject to regulatory requirements mandating the monitoring of certain financial instruments positions held by client accounts, and in some cases, employee personal accounts. To minimize the regulatory risk to the Firm and ensure the focus is on required client monitoring, Access Persons are prohibited from entering into any transaction (long or short) involving a futures contract, swap, forward contract (including currency forwards), and commodities. Access Persons who join the Firm with such holdings must close out the positions at the earliest opportunity. Adding to, or rolling such positions is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Sanctions</u> 

The Firm shall have the authority to impose sanctions for violations of this Code. Such sanctions may include a letter of censure, suspension or termination of the employment of the violator, forfeiture of profits, forfeiture of personal trading privileges, forfeiture of gifts, or any other penalty deemed to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Violations</u> 

Access Persons must report apparent or suspected violations in addition to actual or known violations of the Code to the Legal and Compliance Department. Access Persons are encouraged to seek advice from the Legal and Compliance Department with respect to any action or transaction which may violate this Code and to refrain from any action or transaction which might lead to the appearance of a violation. The types of reporting that are required under this Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraud or illegal acts involving any aspect of the Firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material misstatements in regulatory filings, internal books and records, client records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activity that is harmful to clients, including fund investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deviations from required controls and procedures that safeguard clients and the Firm.

**D.** **Reporting Requirements<sup>7</sup>** 

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<sup>7</sup> All Code reporting disclosures are done through iCompliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reports by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Access Persons must disclose their Covered Accounts within 10 calendar days of becoming an Access Person.
The initial holdings disclosure must include all Covered Accounts in which the Access Person has a direct or indirect Beneficial Interest. Access Persons may satisfy this requirement by providing copies of their account statements for all Covered
Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge receipt of the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Within 30 days of the end of each calendar quarter, Access Persons must disclose securities transactions in any
Covered Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Interest that occurred during the previous quarter. For each transaction executed during the quarter, the following
information must be provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• type of transaction (buy, sell, short, cover, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• name of security, exchange ticker, symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares, price and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the broker, dealer or bank with, or through which, the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest rate and maturity date (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The above requirement may be satisfied if information is being received by Neuberger Berman as stated in
Section D(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Annual Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On an annual basis, Access Persons must affirm that all Covered Accounts have been reported and are reflected
in iCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to certify that they have read, understand, and complied with the Code of Ethics
and the Information Barrier Policies and Procedures, and have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported pursuant to the requirements of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The information provided must be current as of a date no more than 45 days of the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. With respect to any Blind Trust in which an Access Person has a Beneficial Interest, such Access Person must
certify that they do not exert any direct or indirect influence or control over the trustee by: a) suggesting or directing any particular transactions in the account, or b) consulting with the trustee regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. With respect to any Managed Account managed by a third-party, Access Persons must certify that they do not
exert any direct or indirect influence or control over the third- party manager by: a) suggesting or directing any particular transactions in the account, or b) consulting with the third-party manager regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reports by Disinterested Directors/Trustees

A director/trustee of a NB Fund who is not an "interested person" of the NB Fund within the meaning of section 2(a)(19) of the Company Act, and who would be required to make a report solely by reason of being a NB Fund director/trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An initial holdings disclosure and annual holdings disclosure under Section D(1)(a) and (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A quarterly transactions disclosure under Section D(1)(b) above, unless the director/trustee knew or, in the
ordinary course of fulfilling their official duties as a NB Fund director/trustee, should have known that during the 15-day period immediately before or after the director/trustee's transaction in a
Covered Security, the NB Fund purchased or sold the Covered Security, or the NB Fund or its investment adviser considered purchasing or selling the Covered Security, provided that the foregoing does not apply if the Disinterested Fund
Director/Trustee gains knowledge that such security was held by the NB Fund due to public disclosure on the NB Fund's website of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements

With regards to Section D(1)(b), Access Persons need not disclose holdings if such disclosure would duplicate information contained in trade confirmations or account statements (including electronic feeds of such information) received by Neuberger Berman. For purposes of the foregoing, the Legal and Compliance Department maintains (i) electronic records of all securities transactions effected through Neuberger Berman and Fidelity, and (ii) copies of any duplicate confirmations that have been provided to the Legal and Compliance Department, or electronic feeds received by the Legal and Compliance Department under this Code of Ethics with respect to securities transactions that, pursuant to exceptions granted by the Legal and Compliance Department, have not been effected through Neuberger Berman.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations

The Legal and Compliance Department shall identify all Access Persons who are required to make reports under the Code and inform them of their reporting obligations.

**E.** **Code Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons who are either Fixed Income Advisory Persons or not Advisory Persons may maintain their Covered
Accounts at Neuberger Berman or Fidelity. <u>Prior written approval from the Legal and Compliance Department is required for Fidelity accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Advisory Persons, other than Fixed Income Advisory Persons, are required to maintain their Covered Accounts at
Neuberger Berman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Limited Access Persons are not required to keep their securities accounts at Neuberger Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to Maintenance of Covered Accounts at Neuberger Berman or Fidelity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Managed Accounts. Any Access Person granted approval to maintain an external Managed Account is required to
direct their broker, adviser or trustee to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. DRIPs established directly with the issuer that have been approved by the Legal and Compliance Department and
for which duplicate copies of confirmations and periodic statements are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Other accounts as may be permitted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance of Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons are required to obtain prior approval for transactions in Covered Accounts not maintained at
Neuberger Berman by submitting a pre-clearance request in iCompliance that is compared with the Firm's Restricted List.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to obtain prior approval from the Trading Desk before executing any transactions in
Covered Accounts held at Neuberger Berman. Before granting approval, the Trading Desk, subject to oversight by the Legal and Compliance Department, will determine whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the employee is an Advisory Person of a Fund that is a Related Client with a pending "buy" or
"sell" order in the same (or Related Security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the security is on the Firm's Restricted List(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transaction is *de minimis* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Legal and Compliance Department reviews transactions for required trade pre- clearance and all transactions are subject to the Price Restitution review, subject to certain exceptions (see section E(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Advisory Persons

Advisory Persons who are members of the Firm's Equity Research Department are subject to additional pre-approval requirements for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. NB CEF Insiders

Access Persons who are NB CEF Insiders must obtain prior approval from mutual fund compliance before placing any transactions in the NB CEFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions from Pre-clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Other securities designated in writing by the Legal and Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blackout Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day – Advisory Persons of a Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An Advisory Person of a Fund may not buy or sell a Covered Security (or a Related Security) on a day during
which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any losses
will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Certain Limited Access Person Accounts may be subject to the Same Day Blackout Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department may be subject to a blackout period for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases or sells
the same security during the same day, the Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Limited Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Advisory Person related to a Limited Access Person purchases or sells a Covered Security in the Limited
Access Person Account and such Advisory Person purchases or sells the same security during the same day for a Related Client, the Limited Access Person Account may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Five(5)/One(1) Day Price Restitution – Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If an Advisory Person purchases or sells a Covered Security within five (5) business days prior, or one
(1) business day subsequent to a Related Client ("5/1 Price Restitution"), the Advisory Person may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain Limited Access Person Accounts may be subject to the 5/1 Price Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Price Restitution Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Price restitution will generally be executed when there is a total gain of at least $2500 (which may be updated
from time to time) from the difference in price received by the Access Person vs. the Related Client(s), and a gain of at least $100 to each underlying Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to the Funds, the Legal and Compliance Department reserves the right to review the individual
restitutions below $2500 and may require payment of these amounts if facts and circumstances warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Where restitution is required, preference shall be to provide the economic benefit to Clients where
operationally, contractually or legally permitted. Where otherwise not feasible or permitted, restitution may be made by transfer, wire or check and shall be remitted to the Firm for donation to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions to Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *De minimis* Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions in non-Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions arising through hedged options trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions in the Firm's retirement contribution program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Certain transactions related to the initial investment of a Related Client account or investments made as a
result of additional funds contributed to an existing Related Client account communicated to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Other exceptions designated in writing by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the holding period
has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The holding period begins on the day of the transaction and is measured on a last-in, first-out ("LIFO") basis.

------

<sup>8</sup> Effective February 1, 2022.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to the Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions in Managed Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. U.S. Treasury obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Bona fide hedging transactions, identified as such to the Legal and Compliance Department prior to execution,
on the following broad-based indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Positions where at time of order entry, there is an expected loss of at least 10%. This exclusion does not
apply to losses in options on equities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding the foregoing, on a limited basis and with the prior approval of the Legal and Compliance
Department and CIO (or designee), shares that have been held for at least one year may be sold even if additional shares of the same security were purchased in the last 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The 60-day holding period for Funds shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable and tax-exempt money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts for which a Fund does not serve as the underlying investment vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of an investment company that are purchased through an automatic investment program or payroll deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The above exclusions shall not apply if, in the opinion of the Legal and Compliance Department, a pattern of
excessive trading exists.

Any requests for exceptions to the above holding period must be submitted to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Code Procedures Monitoring

The Legal and Compliance Department will conduct post-trade monitoring of employee trades to ascertain that such trading conforms to the procedures above, and where required, that employees have obtained the necessary pre-trade approvals as may be applicable.

------

**F.** **NB Funds' Ethics and Compliance Committee<sup>9</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Ethics and Compliance Committee shall be composed of at least two members who shall be Disinterested
Director/Trustees selected by the Board of Directors/Trustees of the Company/Trust (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Ethics and Compliance Committee shall consult regularly with the Legal and Compliance Department and/or the
NB Funds Chief Compliance Officer and either the Committee or the Board shall meet no less frequently than annually with the Legal and Compliance Department and/or the NB Funds Chief Compliance Officer regarding the implementation of this Code. The
Legal and Compliance Department shall provide the Ethics and Compliance Committee with such reports as are required herein or as are requested by the Ethics and Compliance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On a quarterly basis, i) the NB Funds' Chief Compliance Officer reviews with the Ethics and Compliance
Committee violations of the Code, if any, and ii) the Chief Compliance Officers of NBIA and NBBD provide certifications to the NB Funds' Board with respect to whether there were any material violations of the Code.

**G.** **Annual Report to the NB Funds' Board** 

No less frequently than annually and concurrently with reports to the Board, the NB Funds Chief Compliance Officer shall furnish to the Funds, and the Board must consider a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes any issues arising under this Code or procedures concerning personal investing since the last such
report, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that NBIA, the NB Funds or any NB Adviser, as applicable, have adopted procedures reasonably necessary
to prevent Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies any recommended changes in existing restrictions or procedures based upon the fund's experience
under the Code, evolving industry practices, or developments in applicable laws or regulations.

**H.** **Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Access Persons must be presented with a copy of this Code of Ethics upon commencement of employment and any
amendments thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Access Persons are required to read this Code of Ethics and to acknowledge in writing that they have read,
understood and agreed to abide by this Code of Ethics, upon commencement of employment and on an annual basis thereafter. In addition, Access Persons are required to read and understand any amendments thereto.

------

<sup>9</sup> The Ethics and Compliance Committee is a committee for all the NB Funds except the NB Registered Private Equity Funds. On a quarterly basis, the NB Funds' Chief Compliance Officer reviews with the Board of Directors/Trustees of the NB Registered Private Equity Funds ("PE Funds Board") violations of the Code, if any; and on a quarterly basis the Chief Compliance Officers of NBIA, NBAA and NBBD provide certifications to the PE Funds' Board with respect to whether there were any material violations of the Code. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons are required to provide a list of their Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons who violate the rules of this Code of Ethics are subject to sanctions, which may include
censure, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing contained in this Code of Ethics shall be interpreted as relieving any Covered Account from acting in
accordance with the provisions of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If any Access Person has any question with regard to the applicability of the provisions of this Code of Ethics
generally or with regard to any securities transaction, he or she should consult with the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Legal and Compliance Department may grant exceptions to the requirements of this Code based upon individual
facts and circumstances. Exceptions granted will be documented and retained in accordance with record-keeping requirements. Exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

**I.** **Recordkeeping** 

The Firm shall maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics and any Code of Ethics that has been in effect within the previous five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any record of any violation of this Code of Ethics and any action taken as a result of the violation. These
records shall be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person as required by this Code of Ethics, including any information
provided in lieu of the monthly reports. These records shall be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons, currently or within the past five years, who are or were required to make reports
under this Code of Ethics, or who are or were responsible for reviewing these reports. These records shall be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each decision to approve an acquisition by an Access Person of any Private Placement. These records
must be maintained for at least five years after the end of the fiscal year in which the approval is granted.

------

**EXHIBIT A** 

**Compliance Contacts** 

---

| | | |
|:---|:---|:---|
| **NB Adviser** | **Compliance Contact** | **Contact<br>Information** |
| **NB Alternatives Advisers LLC and Neuberger Berman Investment Advisers LLC—Alternatives** | Joseph Bertini, CCO | (212) 476-9802 |
| **NB Alternatives Advisers LLC and Neuberger Berman Investment Advisers LLC—Alternatives** | Beverly Griffith-Swan | (646) 497-4402 |
| **NB Alternatives Advisers LLC and Neuberger Berman Investment Advisers LLC—Alternatives** | David Leimgruber<br> Thomas Posella | (212) 476-8992<br> (646) 497-4591 |
| **Neuberger Berman Canada ULC** | Viviana Beltrametti Walker, CCO | (646) 497-4354 |
| **Neuberger Berman Investment Advisers LLC—Fixed Income** | Brian Lord, CCO | (312) 325-7707 |
| **Neuberger Berman Investment Advisers LLC—Fixed Income** | Paul Carter | (312) 325-7765 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Brad Cetron, CCO | (646) 497-4654 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Anna Movchan | (646) 497-4651 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Henry Rosenberg | (646) 497-4668 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Joshua Blackman | (646) 497-4791 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Jason Hauptman | (646) 497-4681 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Stacy Miller | (646) 497-4663 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Cathy Collier | (212) 476-8120 |
| **Neuberger Berman Investment Advisers LLC—Equity**<br>**Neuberger Berman BD LLC** | Paula Roman<br> Deborah Jeng | (646) 497-4667<br> (646) 497 4098 |
| **Neuberger Berman Investment Advisers LLC—Mutual Funds** | Savonne Ferguson, CCO | (646) 497-4934 |
| **Neuberger Berman Investment Advisers LLC—Mutual Funds** | Chris Connor | (212) 476-5430 |
| **Neuberger Berman Investment Advisers LLC—Mutual Funds** | Joelle Edwards | (646) 497-4665 |
| **Neuberger Berman Investment Advisers LLC—Mutual Funds** | Noel Daugherty<br> Alice Lam | (646) 497-4653<br> (646) 497-4056 |
| **Neuberger Berman Trust Company N.A. Neuberger Berman Trust Company of Delaware N.A** | Benedykt Szwalbenest, CCO | (212) 476-9869 |

---

**Registration Department Contacts** 

Robert Ciraola (646) 497-4656 <br> Tara Rodrigues (646) 497-4694

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**EXHIBIT B** 

**Applicability of Code Procedures to Temporary Access Persons** 

This section describes the requirements under the Code procedures applicable to Temporary Access Persons who will be on the Firm's premises for ninety (90) days or more and will have access to certain types of firm information. **The Legal and Compliance Department reserves the right to treat persons who will be on the Firm's premises for less than ninety (90) days as Temporary Access Persons if it deems so appropriate.** Absent specific mention in this section, Temporary Access Persons are subject to all other provisions of the Code.

---

| | |
|:---|:---|
| **D.1.** | **Reporting Requirements – Temporary Access Persons**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All Temporary Access Persons must disclose their Covered Accounts within 10 calendar days of becoming a
Temporary Access Person. The initial holdings disclosure must include all Covered Accounts in which the Temporary Access Person has a direct or indirect Beneficial Interest. Temporary Access Persons may satisfy this requirement by providing copies
of their account statements for all Covered Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Temporary Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge
receipt of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Temporary Access Persons must provide the Legal and Compliance Department with duplicate statements of all
Covered Accounts disclosed, on a monthly basis (or quarterly, as may be applicable) for their duration at the Firm.

---

| | |
|:---|:---|
| **E.1.** | **Maintenance of Covered Accounts**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are not required to hold their Covered Accounts at Neuberger Berman, but must either
1) direct their broker, adviser or trustee, as applicable, to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department for their duration at the Firm, or 2) provide copies of
their trade confirmations and account statements to the Legal and Compliance Department.

---

| | |
|:---|:---|
| **E.2.** | **Pre-Clearance of Securities Transactions**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are required to obtain prior approval for transactions in Covered Accounts by
submitting a pre-clearance request in iCompliance.

------

---

| | |
|:---|:---|
| **E.3.** | **Same-Day Blackout Period**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Temporary Access Person of a Fund may not buy or sell a Covered Security (or Related Security) on a day
during which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any losses
will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

---

| | |
|:---|:---|
| **E.4.** | **Price Restitution**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases
or sells the same security during the same day, the Temporary Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Five(5)/One(1) Day Price Restitution<sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security within five (5) business days prior, or
one (1) business day subsequent to a Related Client ("5/1 Price Restitution"), the Temporary Access Person may not receive a more favorable price than that received by the Related Client.

---

| | |
|:---|:---|
| **E.5.** | **Holding Period**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Temporary Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the
holding period has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The holding period begins on the day of the transaction and is measured on a last-in, first- out ("LIFO") basis.

------

<sup>10</sup> Applicable only if the Temporary Access Person is part of a portfolio management team or is otherwise involved in investment-related activities.

------

---

| | |
|:---|:---|
| **E.6.** | **Digital Assets**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons transacting in Digital Assets are required to disclose their Digital Assets Accounts
in iCompliance and obtain prior approval for Digital Assets transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to
the 60 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within 30 days of each calendar quarter-end, Temporary Access Persons
are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

## Ex-99.(P)(24)

**WCM Investment Management, LLC** 

**CODE OF ETHICS** 

------

*A copy of this Code of Ethics is maintained in WCM Document Library and Schwab Compliance Technologies ("<u>Schwab CT</u>") and is accessible to each Supervised Person of WCM Investment Management, LLC ("WCM") for reference. This Code is the property of WCM and its contents are confidential.* 

------

**WCM Investment Management, LLC** 

**281 Brooks Street** 

**Laguna Beach, CA 92651** 

**949.380.0200** 

**Reviewed and adopted: May 31, 2022** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| I. | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM") | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM") | STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM") | 1 |
| II. | ANTI-FRAUD AND FIDUCIARY OBLIGATION | ANTI-FRAUD AND FIDUCIARY OBLIGATION | ANTI-FRAUD AND FIDUCIARY OBLIGATION | 1 |
| III. | ANTI-CORRUPTION AND BRIBERY | ANTI-CORRUPTION AND BRIBERY | ANTI-CORRUPTION AND BRIBERY | 2 |
|  | A. | Foreign Corrupt Practices Act ("FCPA") | Foreign Corrupt Practices Act ("FCPA") | 2 |
|  | B. | WCM's Policy | WCM's Policy | 2 |
|  |  | 1. | Supervised Persons | 3 |
|  |  | 2. | Third Parties | 3 |
|  |  | 3. | Government officials | 3 |
|  |  | 4. | Facilitation payments | 4 |
|  |  | 5. | Violations | 4 |
| IV. | INITIAL/ANNUAL ACKNOWLEDGEMENTS | INITIAL/ANNUAL ACKNOWLEDGEMENTS | INITIAL/ANNUAL ACKNOWLEDGEMENTS | 4 |
| V. | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES | 5 |
|  | A. | Use of WCM Funds or Property | Use of WCM Funds or Property | 5 |
|  |  | 1. | Personal Use of WCM Funds or Property | 5 |
|  |  | 2. | Payments to Others | 5 |
|  |  | 3. | Improper Expenditures | 5 |
|  | B. | Conflicts of Interest and WCM Opportunities | Conflicts of Interest and WCM Opportunities | 5 |
|  |  | 1. | Outside Business Activities and Interest in Competitors, Clients or Suppliers | 6 |
|  |  | 2. | Charitable Contributions | 7 |
|  |  | 3. | Political Contributions | 7 |
|  |  | 4. | Interest in Transactions | 10 |
|  |  | 5. | Acting as a Registered Representative of a Broker-Dealer | 10 |
|  |  | 6. | Diversion of WCM Business or Investment Opportunity | 10 |
| VI. | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS | 10 |
|  | A. | Fair and Equitable Treatment of Clients | Fair and Equitable Treatment of Clients | 10 |
|  | B. | No Guarantees Against Loss | No Guarantees Against Loss | 10 |
|  | C. | No Guarantees or Representations as to Performance | No Guarantees or Representations as to Performance | 10 |
|  | D. | No Legal or Tax Advice | No Legal or Tax Advice | 10 |
|  | E. | No Sharing in Profits or Losses | No Sharing in Profits or Losses | 11 |
|  | F. | No Borrowing From or Lending To a Client | No Borrowing From or Lending To a Client | 11 |

---

i

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | G. | Supervised persons May Not Act as a Custodian of a Client | Supervised persons May Not Act as a Custodian of a Client | 11 |
|  | H. | Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents | 11 |
|  | I. | Executing Transactions or Exercising Discretion Without Proper Authorization | Executing Transactions or Exercising Discretion Without Proper Authorization | 11 |
| VII. | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING | 11 |
|  | A. | Need for Policy | Need for Policy | 11 |
|  | B. | General Policies and Procedures Concerning Insider Trading and Tipping | General Policies and Procedures Concerning Insider Trading and Tipping | 12 |
|  |  | 1. | "Material" | 12 |
|  |  | 2. | "Nonpublic" | 13 |
|  |  | 3. | "Advisory Information" | 13 |
|  | C. | Prohibitions | Prohibitions | 13 |
|  | D. | Protection of Material, Nonpublic Information | Protection of Material, Nonpublic Information | 13 |
|  | E. | Procedures to Safeguard Material, Nonpublic Information | Procedures to Safeguard Material, Nonpublic Information | 14 |
|  | F. | Protection of Other Confidential Information | Protection of Other Confidential Information | 15 |
|  | G. | Procedures to Safeguard Other Confidential Information | Procedures to Safeguard Other Confidential Information | 15 |
| VIII. | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES | 16 |
|  | A. | Designation of Advisory Persons | Designation of Advisory Persons | 16 |
|  | B. | Obligations of Advisory Persons | Obligations of Advisory Persons | 16 |
|  | C. | General Policy Concerning Non-Advisory Persons | General Policy Concerning Non-Advisory Persons | 16 |
|  | D. | Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures | 16 |
| IX. | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS | 17 |
|  | A. | Who is Covered by These Requirements | Who is Covered by These Requirements | 17 |
|  | B. | What Accounts and Transactions Are Covered | What Accounts and Transactions Are Covered | 17 |
|  | C. | What Securities are Covered by These Requirements ("Reportable Securities") | What Securities are Covered by These Requirements ("Reportable Securities") | 18 |
|  | D. | What Transactions are Prohibited by these Requirements | What Transactions are Prohibited by these Requirements | 18 |
|  |  | 1. | Front-Running or Scalping | 18 |
|  |  | 2. | Short Sales of a Security Held by a Client | 18 |
|  |  | 3. | Use of Confidential or Material, Nonpublic Information | 18 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | E. | Personal Securities Transactions Which Must Be Pre-Cleared | Personal Securities Transactions Which Must Be Pre-Cleared | 18 |
|  |  | F. | Obtaining Pre-Clearance | 20 |
|  |  | G. | Identification of Securities Accounts and Reports of Securities Holdings | 20 |
|  |  | H. | Reporting of Securities Transactions | 21 |
|  |  | I. | Confidentiality of Personal Securities Information | 22 |
|  |  | J. | Addressing Personal Trading Conflicts with Advisory Persons | 22 |
|  |  | K. | Waivers | 23 |
|  X |  | REPORTING TO THE MUTUAL FUND BOARD | REPORTING TO THE MUTUAL FUND BOARD | 24 |

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**CODE OF ETHICS** 

**I.** **STATEMENT OF BUSINESS ETHICS OF WCM INVESTMENT MANAGEMENT ("WCM")** 

WCM is committed to maintaining the highest legal and ethical standards in the conduct of our business. We have built our reputation on client trust and confidence in our professional abilities and our integrity. As fiduciaries, we place our clients' interests above our own. Meeting this commitment is the responsibility of WCM and each and every one of our Supervised Persons.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

The Compliance Team is responsible for investigating any potential violations, discussing such violations with any supervised person believed to have committed such a violation, and recommending an appropriate sanction to the Leadership Team. In consultation with legal counsel, the Leadership Team will determine the appropriate sanction and have responsibility to affect the violative conduct.

Any capitalized terms used but not defined in this Code of Ethics will have the meanings assigned to them by the applicable law or regulation.

**II.** **ANTI-FRAUD AND FIDUCIARY OBLIGATION** 

WCM is <u>registered as an investment adviser with the U.S. Securities and Exchange Commission</u> (the "SEC") and has made a notice filing in its home state of California. It is WCM's policy to notice file in all 50 states. In conducting WCM's investment advisory business, WCM and its Supervised Persons must comply at all times with applicable federal securities laws, including the provisions of the <u>Investment Advisers Act of 1940</u>, as amended (the "Advisers Act"), the rules under the Advisers Act and applicable provisions and rules under the laws of the various states where WCM does business or has clients. In addition, when managing accounts of employee benefit plans subject to the <u>Employee Retirement Income Security Act of 1974</u>, as amended ("ERISA") and Individual Retirement Accounts, WCM must comply with all applicable provisions of ERISA, the <u>Internal Revenue Code of 1986</u>, as amended, and the rules under those laws.

As a registered investment adviser, WCM and its Supervised Persons also have fiduciary and other obligations to clients. WCM's fiduciary duties to its clients require, among other things, that WCM: (i) render disinterested and impartial advice; (ii) make suitable recommendations to clients in light of their needs, financial circumstances and investment objectives; (iii) exercise a high degree of care to ensure that adequate and accurate representations and other information about securities are presented to clients; (iv) have an adequate basis in fact for any and all recommendations, representations and forecasts; (v) refrain from actions or transactions that conflict with interests of any client, unless the conflict has first been disclosed to the client and the client has (or may be considered to have) waived the conflict; and (vi) treat all clients fairly and equitably.

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A breach of any of the above duties or obligations may, depending on the circumstances, expose WCM and its Supervised Persons involved, to SEC and state disciplinary actions and to potential criminal and civil liability, as well as subject the Supervised Person to WCM sanctions up to and including termination of employment. All Supervised Persons are required to promptly report violations of this Code of Ethics to the Chief Compliance Officer.

**III.** **ANTI-CORRUPTION AND BRIBERY** 

As a global investment adviser, WCM is presented with the unique challenge of trying to observe local business customs while still complying with applicable U.S. and other laws prohibiting corruption. The <u>U.S. Foreign Corrupt Practices Act</u> ("FCPA") and other anti-corruption laws prohibit any payment or offer of payment to a "foreign official" for the purpose of influencing that official to assist in obtaining or retaining business for a company. WCM has established this policy to ensure that all Supervised Persons of the Firm are aware of the FCPA and engage in ethical and legal practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Foreign Corrupt Practices Act ("FCPA")** 

The FCPA prohibits any officer, agent, or Supervised Person of the Firm from directly or indirectly paying or giving, offering or promising to pay, giving or authorizing or approving such offer or payment, of any funds, gifts, services or anything else of any value to any foreign official or other person (each, a "Covered Person") for the purpose of obtaining business, favorable treatment, or other commercial benefits, whether by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influencing any act or decision of the Covered Person in his official capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to act or not act in violation of his lawful duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inducing the Covered Person to use his influence to that end with a foreign government or instrumentality

The same prohibition applies to a Covered Person's agent, intermediary (including, for example, a Covered Person's friend, relative, business or law firm), or other person while knowing that all or a portion thereof will directly or indirectly be forwarded to a Covered Person for such purpose.

For purposes of this Anti-Corruption and Bribery policy, a "Covered Person" is any foreign official including, without limitation, any officer or employee of any foreign government or any governmental department, agency, or instrumentality (e.g., a central bank) or any government-owned or controlled enterprise or any person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality, or enterprise). It also includes any foreign political party, party official or candidate for political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **WCM's Policy** 

Bribery and corruption are not only against WCM's values, they are illegal and can expose both the employee and the firm to fines and penalties, including imprisonment and reputational damage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Supervised Persons** 

WCM strictly prohibits bribery and other corrupt practices. The firm, nor its Supervised Persons, will seek to influence others, either directly or indirectly, by offering, promising, giving, or authorizing the giving or receiving of bribes or kickbacks, no matter how small. Supervised persons and representatives of WCM are expected to decline any opportunity which would place our ethical principles and reputation at risk. While certain laws apply only to bribes of government officials (domestic and foreign; see Political Contributions Policy), this policy applies to all dealings including non-government business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Third Parties** 

WCM and its Supervised Persons cannot avoid liability by using a third party to give or receive a bribe. Third parties representing and/or acting on behalf of WCM are expected to comply with our Anti-Bribery and Foreign Corruption Policy. In some jurisdictions, WCM can be convicted of a criminal offense if it fails to prevent a bribery carried out on its behalf by a third party, even if no one in the Firm had actual knowledge of the bribe. Therefore, whenever WCM seeks to engage a third party in which the third party may interact with a Government Official for or on behalf of WCM, the following guidelines apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due diligence should be performed to ensure that the third party is a bona fide and legitimate entity, is
qualified to perform services for which it will be retained, and maintains standards consistent with the legal, regulatory, ethical, and reputational standards of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreements with third parties must be in writing and should contain provisions related to the following, based on
corruption risk present in the third-party relationship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A representation that the third party will remain in compliance with all relevant anti-corruption laws, including
the FCPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A provision that requires the third party to respond to reasonable requests for information from the Firm
regarding the work performed under the agreement and related expenditures by the third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Government officials** 

Sales to Government Officials or government entities may present increased anti-corruption risk. Where WCM sells investment products or services to Government Officials or entities, such as public pensions, other state-owned financial institutions, or government affiliated institutions, the sales/marketing efforts related to these government clients should be clearly documented. As noted above, any expenditures made in connection with such business (entertainment, travel, etc.) must not be for any improper purpose and must comply with local law. Laws and regulations are strict when dealing with Government Officials. (For example, reasonable corporate hospitality that is acceptable with other business associates might not be allowable when government officials are involved.)

***Before such expenses are incurred, Supervised Person must obtain prior approval from the Compliance Team.*** 

A Government Official is any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual elected or appointed to a governmental entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• official or employee of a company wholly or partially controlled by a government (such as state-owned companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• candidate for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political party or official of a political party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• person acting in an official capacity for any of the above regardless of rank or position.

The definition of what could constitute a bribe to a Government Official is broad and can occur even when the benefit being offered is small, such as gifts, entertainment and even business meals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Facilitation payments** 

"Facilitation or grease payments" are payments that facilitate a normal governmental function, such as to expedite processing paperwork. While these types of payments may be accepted as "a cost of doing business" in some cultures, they are illegal and counter to our values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Violations** 

Supervised persons and representatives of WCM should seek clarification on any questions or concerns regarding activities under consideration or the interpretation of any law. If you are offered a bribe from a person or entity doing business with or seeking to do business with WCM, report it immediately to the Compliance Team.

Failure to comply with this policy may result in significant civil and criminal penalties, costly legal fees, and damage to the reputation of the Firm and the individuals involved and cause disciplinary action against such individuals, up to and including termination.

Actual or potential violation of the anti-bribery or foreign corruption laws of this policy by the Firm, or another Supervised Person, must promptly be report to the Compliance Team.

**IV.** **INITIAL/ANNUAL ACKNOWLEDGEMENTS** 

Supervised persons should keep this Code of Ethics ("COE") available for easy reference. A copy of the COE is given to each Supervised Person and is maintained in the WCM Document Library and within Schwab Compliance Technologies ("<u>Schwab CT</u>"). Each Supervised Person will, before starting to work at WCM and each year thereafter, read this COE and acknowledge that they have reviewed and understand it, and will adhere to the COE by completing the Annual Acknowledgement via Schwab CT. From time to time, the COE will be revised or supplemented. The Chief Compliance Officer is responsible for providing each Supervised Person with a revised copy of this COE when material changes have occurred.

Each year, Supervised Persons must also complete the Disciplinary History questionnaire via Schwab CT, which requests information about whether the Supervised Person has been subject to any disciplinary event, that is, a criminal, civil and/or regulatory action by a U.S. or foreign court, military court or regulatory or self-regulatory body. The employment of any person who is subject to such a reportable disciplinary event might, absent appropriate disclosures or specific relief from the SEC, tarnish WCM's reputation, jeopardize business relationships and opportunities for both WCM and its personnel or expose WCM itself to potential disciplinary sanctions or disqualifications. Accordingly, a Supervised Person must notify the Compliance Team immediately if he or she becomes aware of anything that could result in a change in any of this information. Failure to accurately complete the questionnaire or to notify the Compliance Team of changes to information relating to disciplinary actions may subject a Supervised Person to disciplinary action or be grounds for dismissal.

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**V.** **GENERAL STANDARDS OF CONDUCT AND WCM PROCEDURES** 

**A.** **Use of WCM Funds or Property** 

WCM's policy is to require each Supervised Person to respect the funds and property belonging to WCM, to limit the personal use of such funds or property, and to prohibit questionable or unethical disposition of WCM funds or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Personal Use of WCM Funds or Property** 

No Supervised Person may take or permit any other Supervised Person to take, for his personal use, any funds or property belonging to WCM. Misappropriation of funds or property is theft and, in addition to subjecting a Supervised Person to possible criminal and civil penalties, will result in a WCM disciplinary action up to, and including, dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payments to Others** 

No WCM funds or property may be used for any unlawful or unethical purpose, nor may any Supervised Person attempt to purchase privileges or special benefits through payment of bribes, kickbacks or any other form of "payoff." Customary and normal courtesies in conformance with the standards of the industry are allowable except where prohibited by applicable laws or rules. *(See following section on* "<u>Anti-Corruption and Bribery</u>," "<u>Gifts and Entertainment</u>," and "<u>Political Contributions</u>" *for additional information.)* Particular care and good judgment are required when dealing with federal, state or local government officials to avoid inadvertent violations of government ethics rules. (Also, see following section on "<u>Political Contributions</u>" regarding important rules.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Improper Expenditures** 

No payment by or on behalf of WCM will be approved or made if any part of the payment is to be used for any purpose other than that described in the documents supporting the payment. Records will be maintained in reasonable detail that accurately and fairly reflect the transactions they describe and the disposition of any funds or property of WCM.

Any questions concerning the propriety of any use of WCM funds or property should be directed to the Compliance Team.

**B.** **Conflicts of Interest and WCM Opportunities** 

It is not possible to provide a precise or comprehensive definition of a conflict of interest. However, one factor that is common to all conflict-of-interest situations is the possibility that a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of WCM, its affiliates or clients, and/or the Supervised Person's own personal interests. A particular activity or situation may be found to involve a conflict of interest even though it does not result in any financial loss to WCM, its affiliates or its clients or any gain to WCM or the Supervised Person, and irrespective of the motivations of the Supervised Person involved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Outside Business Activities and Interest in Competitors, Clients or Suppliers** 

Supervised persons should avoid other employment or business activities, including personal investments that interfere with their duties to WCM, divide their loyalty, or create or appear to create a conflict of interest. In no event should any Supervised Person have any outside business activity that might cause embarrassment to or jeopardize the interests of WCM, interfere with its operations, or adversely affect his or her productivity or that of other Supervised Persons.

Each Supervised Person must pre-clear all outside business activities, for profit or non-profit. In addition, no Supervised Person or member of his or her "Immediate Family" (including any relative by blood or marriage living in the Supervised Person's household), shall serve as an officer, director, general partner, advisor, or trustee of, or have a substantial interest in or business relationship with a company (private or public), competitor, client, or supplier of WCM without the prior approval of the Chief Compliance Officer.

Any conflict that the Chief Compliance Officer determines is harmful to the interests of clients or the interests or reputation of WCM will be prohibited. The Chief Compliance Officer's determination as to whether a conflict exists or is harmful shall be conclusive.

Approval will be granted on a case-by-case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict-of-interest issues can be satisfactorily resolved and all of the necessary disclosures are made on Part 2 of Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts and Entertainment** 

Giving, receiving or soliciting gifts and/or entertainment ("G&E") in a business setting may create an appearance of impropriety or may raise a potential conflict of interest. Additionally, WCM is subject to G&E-related laws and restrictions as a result of being a fiduciary and acting as an investment adviser to government entities, ERISA and Taft-Hartley plans, and mutual funds.

Therefore, WCM has adopted the following policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment over $250 per person may be restricted; therefore, it must be reported via Schwab CT and approved
by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment is an <u>event</u> which includes participation by both parties for the mutual building of a
business relationship. Events, such as meals, golfing, sporting events, and the like, are considered commonly accepted business practices and they are usually permissible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts over $250 per person may be restricted; therefore, it must be reported via Schwab CT and approved by the
Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts are <u>things</u> given or received by a Supervised Person. Entertainment is considered a gift when the
event is not attended by both parties. Charitable donations are considered gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from state or city pension plan representatives or non-U.S. government entities must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from ERISA or Taft-Hartley plans is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>ANY</u> G&E to or from broker-dealers executing purchases or sales for mutual funds advised or sub-advised by WCM is prohibited. This is required by Section 17(e)(1) of the 1940 Act, which prohibits WCM or its Supervised Persons from accepting any sort of compensation for the purchase or sale of property
to or from any mutual fund WCM advises.

WCM expects that it will bear the costs of travel and lodging associated with conferences, research trips, and other business-related travel. If these costs are borne by a person or entity other than WCM, pre-approval must be sought as such travel expenses will be treated as a gift to the Supervised Person for purposes of this policy.

The Compliance Team will coordinate with WCM's Finance Team for the review and reimbursement of employee expense reports to ensure compliance with this policy. If a Supervised Person has any questions regarding what constitutes G&E or how to handle it, it is their responsibility to ask the Compliance Team.

***Note:*** *Registered Representatives of Foreside have additional requirements. Please see your Supervising Principal and Foreside Compliance Manual for more details.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Charitable Contributions** 

Charitable contributions, sponsorships and grants, including those that are solicited by business partners and Government Officials may present increased corruption risk. Proposed charitable contributions, sponsorships or grants must not be used to conceal a bribe or otherwise benefit the business partner or Government Official. Charitable contributions, sponsorships and grants should not be provided for any improper purpose. As noted above, Charitable Contributions are considered Gifts and must be reported in Schwab CT and approved by the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Political Contributions** 

No Supervised Person shall make or solicit any political contribution for the purpose of obtaining or retaining advisory contracts with government entities. Contributions by a Covered Associate made to any elected official who, within two years of the contribution, is in a position to influence the retention or has legal authority to retain WCM, will result in the firm's prohibition in receiving any adviser fees from that government entity for a period of two years. Covered Associates are therefore not permitted to coordinate, or to solicit any person or political action committee to make, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contribution to an official of a government entity to which the investment adviser is providing or seeking to
provide investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment to a political party of a State or locality where the investment adviser is providing or seeking to
provide investment advisory services to a government entity.

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For purposes of this Political Contribution policy, a Covered Associate is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any general partner, managing member or executive officer of WCM, or other individual with a similar status or
function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any employee who solicits a government entity for WCM and person who supervises, directly or indirectly, such
employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any political action committee ("PAC") controlled by WCM or by any such persons described above.

<u>Exceptions for De Minimis Contributions</u>. Covered associates are permitted to make aggregate contributions, without triggering the two-year "time out," of up to $350 per election to an elected official or candidate for whom the Covered Associate is entitled to vote, and up to $150 per election to an elected official or candidate for whom the Covered Associate is not entitled to vote. These de minimis exceptions are available only for contributions by Covered Associates, not WCM.

<u>Exceptions for Return Contributions</u>. This exception, created to enable Advisers to cure an inadvertent political contribution made by a Covered Associate to an official for whom the Covered Associate is not entitled to vote, is available for contributions that in the aggregate, do not exceed $350 to any one official, per election. WCM must have discovered the contribution that resulted in the violation within four months of the date such contribution was made, and within 60 days after learning of such contribution, the contributor must obtain the return of the contribution.

As such, all political contributions by a Covered Associate to any official, PAC or through a third party must be pre-cleared by the Compliance Team via the Political Contribution disclosure form in Schwab CT prior to making the contribution. If and only if a contribution does not present a conflict of interest or harm WCM's ability to obtain clients will the Covered Associate be allowed to make such a contribution. Generally, contributions made by a Covered Associate to an official for whom the Covered Associate was entitled to vote at the time of the Contributions and which in the aggregate do not exceed $350 to any one official, per election, or to officials for whom the Covered Associate was not entitled to vote at the time of the Contributions and which in the aggregate do not exceed $150 to any one official, per election, will be approved.

Indirect actions by a Covered Associate that would result in a violation of the Political Contribution Rule, <u>Rule 206(4)-5</u>, if done directly, are prohibited.

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<u>Look-Back Provisions</u>. Advisers are required to maintain a list of government entities to which the Adviser provides, or has provided, advisory services in the past 5 years, but not prior to the Rules' effective date. Furthermore, the Rule's look-back requirements continue to apply to an Adviser that does not currently have any government entity clients. Consequently, an Adviser that did not previously provide advisory services to a government entity and therefore had not maintained records required under this Rule, would be required to determine whether any contributions made by the firm or its Covered Associates, and any former Covered Associates, would subject the Adviser to the two-year "time out" period prior to the Adviser accepting compensation from a new government entity client.

The two-year time out restriction will generally apply to WCM in the event that a newly hired Covered Associate has made a prohibited contribution prior to the commencement of his or her employment if the Covered Associate solicits clients for the Adviser. The ban will apply for a "look-back" period of up to two years, beginning from the date of the contribution. However, if the new Covered Associate does not solicit clients on behalf of the Adviser, the two-year ban period is reduced to a maximum of six months.

As such, all newly hired Covered Associates must report to the Compliance Team, upon employment, all political contributions made two years prior to the commencement of his or her employment.

Furthermore, the two-year or six-month ban will continue to apply to the Adviser for the duration of the ban period in the event that the Covered Associate who made the relevant contribution is no longer employed by WCM. The SEC has indicated that this 'look-forward' provision is intended to prevent a firm from channeling contributions through departing employees.

Periodically, the Compliance Team will review the list of Covered Associates, and the list of government entity clients for accuracy and compliance with the Pay-to-Play rule.

The following will be maintained by the Compliance Team for a period of five years from fiscal year end of last use, with at least two years on-site:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Names, titles and address (business & home) of Covered Associates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients that are government entities (past 5 years, not prior to September 13, 2010)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All direct and indirect contributions made by adviser and Covered Associate (in chronological order) indicating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and title of each contributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name and title of each recipient

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amount and date of each contribution or payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether subject to exception from returned contributions

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Interest in Transactions** 

No Supervised Person, or member of his or her Immediate Family, shall engage in any transaction involving WCM if the Supervised Person or a member of his Immediate Family has a substantial interest in the transaction or can benefit directly or indirectly from the transaction (other than through the Supervised Person's normal compensation), except as specifically authorized in writing by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Acting as a Registered Representative of a Broker-Dealer** 

A Supervised Person of WCM may only act as a Registered Representative of a Broker-Dealer upon prior written approval from the Chief Compliance Officer. The Chief Compliance Officer may approve such activity, only after applicable licensing requirements have been met and appropriate disclosures have been made in Parts 1, 2A and 2B of Form ADV and the individual's Form U-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Diversion of WCM Business or Investment Opportunity** 

No Supervised Person shall acquire, or derive personal gain or profit from, any business or investment opportunity that comes to his or her attention as a result of his or her association with WCM, and in which he or she knows WCM or its clients might reasonably be expected to participate or have an interest, without first disclosing in writing all relevant facts to WCM, offering the opportunity to WCM or its clients, and receiving specific written authorization from the Chief Compliance Officer.

**VI.** **GENERAL STANDARDS OF CONDUCT IN DEALING WITH CLIENTS AND PROSPECTIVE CLIENTS** 

Supervised persons of WCM must adhere to the following standards at all times:

**A.** **Fair and Equitable Treatment of Clients** 

All clients must be treated fairly and equitably. No client may be favored over another.

**B.** **No Guarantees Against Loss** 

No Supervised Person may guarantee a client against losses with respect to any securities investments or investment strategies.

**C.** **No Guarantees or Representations as to Performance** 

No guarantee may be made that a specific level of performance will be achieved or exceeded. Any mention of an investment's past performance or value must include a statement that it does not necessarily indicate or imply a guarantee of future performance or value.

**D.** **No Legal or Tax Advice** 

No Supervised Person may give or offer any legal or tax advice to any client regardless of whether the Supervised Person offering such advice is qualified to do so.

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**E.** **No Sharing in Profits or Losses** 

No Supervised Person may directly share in the profits or losses of a client's account.

**F.** **No Borrowing From or Lending To a Client** 

No Supervised Person may borrow funds or securities from, or lend funds or securities to, any client of WCM.

**G.** **Supervised persons May Not Act as a Custodian of a Client** 

No Supervised Person may act as custodian of securities, money, or other funds or property of a client.

**H.** **Orders May Not Be Placed Through Unlicensed Broker-Dealers or Agents** 

No Supervised Person shall place an order to purchase or sell a security for a client through a broker-dealer or agent or any bank unless such broker-dealer or agent or bank is properly registered or is exempt from registration in the state in which the client resides.

**I.** **Executing Transactions or Exercising Discretion Without Proper Authorization** 

No Supervised Person shall execute any transaction on behalf of a client or exercise any discretionary power in effecting any transaction for a client account unless WCM has (i) obtained written authority from the client and (ii) authorized the Supervised Person's execution of client transactions or exercise of discretionary authority with respect to that client.

**VII.** **PROTECTION OF MATERIAL, NONPUBLIC AND OTHER CONFIDENTIAL INFORMATION AND PREVENTION OF INSIDER TRADING AND TIPPING** 

**A.** **Need for Policy** 

WCM and its personnel have access to confidential information about clients of WCM, investment advice provided to clients, securities transactions being effected for clients' accounts and other sensitive information. In addition, from time to time, WCM or its personnel may come into possession of information that is "material" and "nonpublic" (each as defined below) concerning a company or the trading market for its securities.

It is unlawful for WCM or any of its Supervised Persons to use such information for manipulative, deceptive or fraudulent purposes. The kinds of activities prohibited include "front-running," "scalping" and trading on inside information. "Front-Running" refers to a practice whereby a person takes a position in a security in order to profit based on his or her advance knowledge of upcoming trading by clients in that security which is expected to affect the market price. "Scalping" refers to a similar abuse of client accounts, and means the practice of taking a position in a security before recommending it to clients or effecting transactions on behalf of clients, and then selling out the Supervised Person's personal position after the price of the security has risen on the basis of the recommendation or client transactions.

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Depending upon the circumstances, WCM and any Supervised Person could be at risk of violating federal securities laws for insider trading or tipping if they advise clients concerning, or execute transactions in, securities with respect to which WCM possesses material, nonpublic information ("MNPI"). In addition, WCM as a whole may be deemed to possess MNPI known by any of its Supervised Persons, unless WCM has implemented procedures to prevent the flow of that information to others within WCM.

<u>Section 204A</u> of the Advisers Act requires that WCM establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of MNPI by WCM and its Supervised Persons. Violations of the laws against insider trading and tipping by WCM Supervised Persons can expose WCM and any Supervised Person involved to severe criminal and civil liability. In addition, WCM and its personnel have ethical and legal responsibilities to maintain the confidence of WCM's clients, and to protect as valuable assets, confidential and proprietary information developed by or entrusted to WCM.

Although WCM respects the right of its Supervised Persons to engage in personal investment activities, it is important that such practices avoid any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Supervised Persons must exercise good judgment when engaging in securities transactions and when relating to others information obtained as a result of employment with WCM. If a Supervised Person has any doubt whether a particular situation requires refraining from making an investment or sharing information with others, such doubt should be resolved against taking such action.

**B.** **General Policies and Procedures Concerning Insider Trading and Tipping** 

WCM has adopted the following policies and procedures to: (i) ensure the propriety of Supervised Person trading activity; (ii) protect and segment the flow of material, nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information; (iii) avoid possible conflicts of interest; and (iv) identify trades that may violate the prohibitions against insider trading, tipping, front-running, scalping and other manipulative and deceptive devices prohibited by federal and state securities laws and rules.

No Supervised Person of WCM shall engage in transactions in any securities while in possession of MNPI regarding such securities (so called "insider trading"). Nor shall any Supervised Person communicate such MNPI to any person who might use such information to purchase or sell securities (so called "tipping"). The term "securities" includes options or derivative instruments with respect to such securities and other securities that are convertible into or exchangeable for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Material"** 

The question of whether information is "material" is not always easily resolved. Generally speaking, information is "material" where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy or sell the securities in question, or where the information, if disclosed, could be viewed by a reasonable investor as having significantly altered the "total mix" of information available. Where the nonpublic information relates to a possible or contingent event, materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the event in light of the totality of the activities of the issuer involved. Common, but by no means exclusive, examples of "material" information include information concerning a company's sales, earnings, dividends, significant acquisitions or mergers and major litigation. So called "market information," such as information concerning an impending securities transaction, may also, depending upon the circumstances, be "material." **Because materiality determinations are often challenged with the benefit of hindsight, if a Supervised Person has any doubt whether certain information is "material," such doubt should be resolved against trading or communicating such information.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Nonpublic"** 

Information is "nonpublic" until it has been made available to investors generally. In this respect, one must be able to point to some fact to show that the information is generally public, such as inclusion in reports filed with the SEC or press releases issued by the issuer of the securities, or reference to such information in publications of general circulation such as The Wall Street Journal or other publisher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"Advisory Information"** 

Information concerning: (i) specific recommendations made to clients by WCM; or (ii) prospective securities transactions by clients of WCM ("Advisory Information") is strictly confidential. Under some circumstances, Advisory Information may be material and nonpublic.

**C.** **Prohibitions** 

In the handling of information obtained as a result of employment with WCM and when engaging in securities transactions, WCM Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not disclose material, nonpublic or other confidential information (including Advisory Information) to
anyone, inside or outside WCM (including Immediate Family members), except to the Chief Compliance Officer or on a strict need-to-know basis and under circumstances that
make it reasonable to believe that the information will not be misused or improperly disclosed by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall refrain from recommending or suggesting that any person engage in transactions in any security while in
possession of MNPI about that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from transactions for their own personal accounts or for the account of any client, in any security
while in possession of MNPI regarding that security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall abstain from personal transactions in any security while in possession of Advisory Information regarding
that security, except in compliance with the section for <u>Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons</u>.

**D.** **Protection of Material, Nonpublic Information** 

No Supervised Person of WCM shall intentionally seek, receive or accept information that he or she believes may be material and nonpublic.

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In the event that a Supervised Person of WCM should come into possession of information concerning any company or the market for its securities that the Supervised Person believes may be material and nonpublic, **<u>it is critical</u>** that such Supervised Person refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. The Supervised Person should notify the Compliance Team immediately and file a report in Schwab CT using the "Material Nonpublic Information" form.

On occasion, a company may, as a means to seek investors in restricted or private-placement securities issued by it, want to share material, nonpublic or other confidential information with the Firm. Such requests to "come over the wall" must be approved by the Compliance Team. The Compliance Team will put restrictions in place to prevent any inappropriate trading by the Firm or any Access Persons.

**E.** **Procedures to Safeguard Material, Nonpublic Information** 

While MNPI may be encountered in many ways, there are certain areas that present a greater risk of exposure based on WCM's business practices. One such area is WCM's use of "Expert Networks". To mitigate this risk, the Compliance Team will review and confirm the adequacy of the Expert Networks' controls for the protection and handling of MNPI prior to engaging their service. Also, the Compliance Team will track all interactions (e.g., emails, calls, meetings) between WCM and the Expert Networks. Supervised Persons are prohibited from sharing their authorized access to Expert Networks.

Another area of risk occurs when Supervised Persons meet directly with personnel of publicly and privately traded companies. The typical (and preferred) method for interaction with a company is with C-suite or Investor Relations ("IR") personnel, who are knowledgeable and have been trained regarding proper handling of MNPI. In the rare instance of interaction with anyone else at the company without the presence of C-suite or IR personnel, WCM's Supervised Person will ensure that we communicate that WCM invests in public equity markets and we are not interested in, nor looking to receive material nonpublic information about any publicly traded company.

This communication is particularly important when interacting with private company personnel as they may assume based on the private engagement that WCM does not trade in public equities. Before engaging any personnel of a privately traded company, WCM's Supervised Persons will disclose that WCM invests in public equity markets and confirm with the privately traded company that they do not have any known connections with publicly traded companies for which WCM may hold a security. If any connection is discovered, the WCM Supervised Person is prohibited from engaging any personnel in that privately traded company without the prior approval of the CCO.

If, during a phone call or meeting, a Supervised Person becomes aware of any information that he or she believes, or has reason to believe, may be MNPI – regardless of the source (e.g. clients, fund investors, consultants, etc.) – they should promptly end the call or meeting and immediately consult with the CCO as noted earlier. Again, the Supervised Person should not share such information with anyone else.

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In the event that a Supervised Person is contacted by an Expert, personnel of a publicly traded company, or industry analyst, via non-business channels (such as personal email or phone, LinkedIn, or other social media) to discuss WCM's investment-related activities, the Supervised Person must redirect the conversation to the proper business channels (WCM email or phone, Expert Network, etc.) Further communication with such parties on non-business channels is strictly prohibited.

All firm trading and personal trading by Supervised Persons is monitored for potential use of MNPI in Schwab CT. Unusual trade activity sends an alert to the CCO, who will investigate the rationale behind the trade decision, review Expert Network activity, conduct a targeted email review, and examine trading patterns.

**F.** **Protection of Other Confidential Information** 

Information relating to past, present, or future activities of WCM or clients that has not been publicly disclosed, shall not be disclosed to persons, within or outside of WCM, except within the guidelines of this policy. Supervised persons are expected to use their own good judgment in relating to others information in these areas.

In addition, information relating to another Supervised Person's medical, financial, employment, legal, or personal affairs is confidential and may not be disclosed to any person, within or outside of WCM, without the Supervised Person's consent or for a proper purpose authorized by the Chief Compliance Officer or an officer of WCM.

**G.** **Procedures to Safeguard Other Confidential Information** 

In the handling of other confidential information, including Advisory Information, Supervised persons of WCM shall take appropriate steps to safeguard the confidentiality of such information. Although WCM's offices are not generally open to the public or unannounced visitors, Supervised Persons must still take precautions to avoid storing nonpublic personal information in plain view in potentially public areas of WCM's offices. Furthermore, Supervised Persons must remove nonpublic personal information from conference rooms, reception areas and other areas when not in use and always prior to a visit by any third party. Particular care should be exercised when nonpublic personal information must be discussed or reviewed in public places such as restaurants, elevators, taxicabs, trains or airplanes, where that information may be overheard or observed by third parties. *For more information and guidance see the Privacy Policy Compliance Procedures section of the Compliance Manual and the Information Security Program.*

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**VIII.** **PROTECTION OF CONFIDENTIAL INFORMATION CONCERNING CLIENT RECOMMENDATIONS, ADVICE, OR TRADING AND "CHINESE WALL" PROCEDURES** 

WCM has adopted the following policies and procedures to limit access to Advisory Information to those Supervised Persons of WCM who have a legitimate need to know that information:

**A.** **Designation of Advisory Persons** 

The Chief Compliance Officer shall designate as "Advisory Persons" those of WCM's Supervised Persons who make or participate in decisions as to what advice or recommendations should be given to clients or what securities transactions should be affected for client accounts, whose duties or functions relate to the making of such recommendations or who otherwise have a legitimate need to know information concerning such matters.

All Advisory Persons are Access Persons, but not all Access Persons are necessarily Advisory Persons.

**B.** **Obligations of Advisory Persons** 

In the handling of Advisory Information, Advisory Persons shall take appropriate measures to protect the confidentiality of such information. Specifically, Advisory Persons shall refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing Advisory Information to anyone other than another Advisory Person, inside or outside of WCM (including
any Supervised Person of an affiliate); except on a strict need-to-know basis and under circumstances that make it reasonable to believe that the information will not be
misused or improperly disclosed by the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in transactions — or recommending or suggesting that any person (other than a WCM client) engage in
transactions — in any security to which the Advisory Information relates.

**C.** **General Policy Concerning Non-Advisory Persons** 

As a general matter, Non-Advisory Persons of WCM should not seek or obtain access to Advisory Information. If a Non-Advisory Person of WCM should come into possession of Advisory Information, he or she should refrain from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in transactions) in the securities to which such information relates. In the event that a Non-Advisory Person of WCM obtains Advisory Information, he or she should promptly notify the Chief Compliance Officer.

**D.** **Monitoring Compliance with Insider Trading and Tipping Policies and Procedures and Effectiveness of "Chinese Wall" Procedures** 

The Chief Compliance Officer or his designee shall use Schwab CT to review initial and annual holdings reports and quarterly transaction reports for Supervised Person accounts. This review is designed to: (i) ensure the propriety of the Supervised Person's trading activity (including whether pre-approval was obtained as required by the <u>Rules Governing Personal Securities Accounts, Holdings, And Transactions By WCM Access Persons</u>); (ii) avoid possible conflict situations; and (iii) identify transactions that may violate the prohibitions regarding insider trading and manipulative and deceptive devices contained in the federal and state securities laws and SEC rules. Schwab CT maintains records of review.

The Compliance Team shall report to the Leadership Team any findings of possible irregularity or impropriety.

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**IX.** **RULES GOVERNING PERSONAL SECURITIES ACCOUNTS, HOLDINGS, AND TRANSACTIONS BY WCM ACCESS PERSONS** 

The personal investing activities of all WCM personnel must be conducted in a manner to avoid actual or potential conflicts of interest with WCM's clients and WCM itself. No Supervised Person of WCM may use his or her position with WCM or any investment opportunities they learn of because of his or her position with WCM to the detriment of WCM's clients or WCM.

The following policies and procedures were adopted to meet WCM's responsibilities to clients and to comply with SEC rules. Violations may result in law enforcement action against WCM and its Supervised Persons by the SEC or state regulators and/or disciplinary action by WCM against any Supervised Person involved in the violation, including termination of employment.

All Supervised Persons should read these requirements carefully and be sure that they are understood. It is particularly important to understand and accept that these pre-clearance requirements may mean that a Supervised Person will be prohibited from purchasing or selling a particular security because of client interest in that security. This restriction on a Supervised Person's ability to sell a security can have a harsh impact on individual Supervised Persons and their Immediate Family members.

&nbsp;&nbsp;&nbsp;&nbsp;**A. Who is Covered by These Requirements** 

All Access Persons of WCM ***and members of their Immediate Family who reside in their household*** are subject to WCM's policies and procedures governing personal securities transactions, with the limited exceptions noted below. An Access Person is defined as a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;**B. What Accounts and Transactions Are Covered** 

These personal securities policies and procedures cover all personal securities accounts and transactions for which an Access Person has, or acquires, any direct or indirect beneficial ownership. For purposes of these requirements, "beneficial ownership" has the same meaning as in <u>Securities Exchange Act Rule 16a-1(a)(2)</u>. Generally, a person has beneficial ownership of a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in the security. ***A transaction and holding by or for the account of an Immediate Family member (living in the same home with an Access Person) is considered the same as a transaction and holding by the Access Person.***

According to SEC guidelines, the following exemption is permissible. The firm can trade securities for any of the WCM Access Person accounts as long as the securities are blocked with client trades. The securities in the trade block allocated to the Access Person are dollar-cost-averaged or settled at the worst price of the day. All Access Person trades must bear the fiduciary responsibility of putting the clients' interests first.

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&nbsp;&nbsp;&nbsp;&nbsp;**C. What Securities are Covered by These Requirements ("Reportable Securities")** 

All securities (and derivative forms thereof including options and futures contracts) are covered by these requirements except: (1) direct obligations of the U.S. government (e.g., treasury securities); (2) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements; (3) shares issued by money market funds; (4) shares of <u>unaffiliated</u> open-end mutual funds; (5) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds; and (6) shares of Section 529 College Savings and Prepaid Tuition plans.

&nbsp;&nbsp;&nbsp;&nbsp;**D. What Transactions are Prohibited by these Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Front-Running or Scalping** 

Access persons of WCM are not permitted to "front-run" any securities transaction of a client or WCM, or to "scalp" by making securities recommendations for clients with the intent of personally profiting from personal holdings of or transactions in the same or related securities, as noted in the section, <u>Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Short Sales of a Security Held by a Client** 

No Access Person may sell short any security held in a client's account managed by WCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Use of Confidential or Material, Nonpublic Information** 

Access person may not buy or sell any security if he or she has material, nonpublic information about the security or the market for the security obtained in the course of his or her employment with WCM or otherwise, as noted in the section, <u>Protection Of Material, Nonpublic And Other Confidential Information And Prevention Of Insider Trading And Tipping</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**E. Personal Securities Transactions Which Must Be Pre-Cleared** 

Before placing any order to purchase or sell any security, or otherwise acquiring or disposing of a security, including participation in Initial Public Offerings ("IPO") and limited or private investments, an Access Person of WCM must pre-clear the transaction with WCM's Compliance Team.

Access Persons who have purchased or sold any private investments are required to pre-clear any subsequent investment in that issuer. However, investments in private equity or private credit funds do not require pre-clearance for each capital call once the initial investment and commitment amount have been approved.

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Pre-clearance is **<u>not</u>** required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. government agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of any open-end mutual funds and securities of any other
registered investment company, e.g., closed-end funds, exchange traded funds or unit investment trusts, <u>not affiliated with or sub-advised by</u> WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high quality short-term debt instruments, such as bankers' acceptances, commercial paper, repurchase
agreements and bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases through automatic reinvestment of dividends pursuant to a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involuntary acquisitions or dispositions of securities, such as by inheritance or court-order upon divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions effected for any account or entity over which the Access Person does not have or share investment
control, such as a "blind trust";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in securities through an employer sponsored or other tax qualified employee benefit plan, such as a
401(k) plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales resulting from the exercise or assignment of options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sells in an Access Person's account which is managed and directed by WCM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Index Futures, Commodity Futures, Interest Rate Futures, Index Options, Commodity Options and Interest Rate
Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales in an intern's Immediate Family Member's account who shares the same household as
the Access Person, except trades that are in IPOs, private placements & limited offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other securities or transactions as may be added to this list of exceptions in writing by the Chief
Compliance Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;**F. Obtaining Pre-Clearance** 

To obtain pre-clearance, an Access Person must log into Schwab CT and submit a pre-clearance form. Most requests are automatically approved or denied based on conflicts with firm trades. The CCO or member of the Compliance Team will manually pre-clear Access Persons' trades that are not able to be automatically approved. A member of the Leadership Team will pre-clear personal trades of the CCO that cannot be automatically approved by Schwab CT (i.e., require manual approval). The status of a pre-clearance request is viewable in Schwab CT under the employee section "My Pre-clearances".

A pre-clearance approval is valid until the subsequent close of the applicable market.

*Several examples:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval for a trade executed in the U.S. market expires at the subsequent close of the U.S. market (typically 4PM Eastern Time).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Tuesday evening after the close of market on Tuesday is valid until the close of market on Wednesday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Friday evening after the close of market on Friday is valid until the close of market on Monday (assuming the market is open on Monday.)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approval on Thursday during market hours is valid until the close of market on Thursday.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre-clearance approvals for a trade executed in a non-U.S. market expires at the subsequent close of that market.* 

For trades in instruments or securities that do not adhere to market hours (such as Limited Partnerships, etc.) pre-clearance approval is valid for 30 days.

Failure to follow the pre-clearance requirements places the firm at risk therefore is a consequential matter. In the event an Access Person violates the pre-clearance requirements, the Compliance Team will email them regarding the violation and copy the Leadership Team. A pattern of frequent offenses indicates a disregard for the Code and will result in disciplinary action, such as the revocation of personal trading privileges, fines, and even termination.

&nbsp;&nbsp;&nbsp;&nbsp;**G. Identification of Securities Accounts and Reports of Securities Holdings** 

Access persons must report all securities accounts (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has any direct or indirect "beneficial interest," by filing a Personal Brokerage Account Disclosure in Schwab CT. These reports must be completed, as required by the Code of Ethics Rule, <u>Rule 204A-1</u>, (1) no later than 30 days after the end of each calendar quarter and (2) in the case of new Access Persons, within 10 days of the individual becoming an Access Person. The as-of date for initial reports (i.e., when an individual first becomes an Access Person) must not be older than 45 days.

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<u>Accounts</u> **<u>with</u>** <u>"reportable securities"</u>. Reports for securities accounts holding "<u>reportable securities</u>" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares,
and principal amount of each reportable security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the Access Person submits the report.

<u>Accounts</u> **<u>without</u>** <u>"reportable securities"</u>. Reports for securities accounts holding securities excluded from the list of "<u>reportable securities</u>" requires only the name of any broker, dealer or bank with which the Access Person maintains an account and the date the Access Person submits the report.

Securities accounts linked to Schwab CT satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to Schwab CT or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within Schwab CT, or, with approval, e-mailed to the Chief Compliance Officer.

These reports are reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer are reviewed by the COO and/or his designee.

If an Access Person has no securities accounts or holdings to report, they must affirm so through a quarterly affirmation via Schwab CT.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;**H. Reporting of Securities Transactions** 

SEC rules impose strict requirements on WCM and its Access Persons with respect to the reporting of personal securities transactions. Access persons must submit quarterly reports of all personal securities transactions (including securities accounts of Immediate Family members residing in the same household as the Access Person) in which the Access Person has a "beneficial interest," by filing a transaction report in Schwab CT. This report must be filed no later than 30 days after the end of each calendar quarter as required by the Code of Ethics Rule, <u>Rule 204A-1</u>.

<u>Transactions of "reportable securities"</u>. Reports for transactions of "<u>reportable securities</u>" must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares, and principal amount of each reportable security involved the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the price of the security at which the transaction was effected; the name of the broker, dealer or bank with or
through which the transaction was effected; and the date the Access Person submits the report.

<u>Transactions of non-"reportable securities".</u> These transactions do not need to be reported.

Securities accounts linked to Schwab CT satisfy these reporting requirements for the periods in which the account is linked. If a securities account cannot be linked to Schwab CT or there is a period of time that the account is not linked, the information noted above must be manually entered into the form within Schwab CT, or, with approval, e-mailed to the Chief Compliance Officer.

These personal securities transaction reports will be reviewed by the Chief Compliance Officer or his designee. The reports of the Chief Compliance Officer will be reviewed by the Chairman and/or his designee.

If an Access Person has no reportable securities transactions to report, they must affirm so through a quarterly affirmation via Schwab CT.

Late reporting is considered a violation of the Code of Ethics and SEC Rule, is not acceptable and will not be tolerated by WCM. This can lead to disciplinary action against an Access Person, including possible termination.

&nbsp;&nbsp;&nbsp;&nbsp;**I. Confidentiality of Personal Securities Information** 

Access to reports of personal securities transactions, securities holdings, securities accounts, duplicate confirmations and account statements will be restricted to the Chief Compliance Officer and such other persons as WCM may designate to assist the Chief Compliance Officer with review of the reports and pre-clearance. All such materials will be kept confidential, subject to the right of inspection by the SEC or other government agencies, outside counsel for compliance purposes, and WCM's Leadership Team.

&nbsp;&nbsp;&nbsp;&nbsp;**J. Addressing Personal Trading Conflicts with Advisory Persons** 

WCM's compliance program seeks to provide the greatest amount of flexibility while still achieving the objective of protecting clients and following rules. Although Advisory Persons can trade in the same securities as clients, those trades are subject to the pre-clearance requirements, as mentioned above, as well as additional controls to prevent and remediate potential conflicts that might occur because of the advisory-related information Advisory Persons may have access to.

One potential conflict exists when Advisory Persons profit, or perceive to have profited, from the firm trading of our clients. WCM addresses this potential conflict by restricting Advisor Persons' trading within two weeks of a firm trade program in the same security, both after and before the firm trading occurs.

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As Advisory Person may not be aware of the exact timing of a firm trade program, an Advisory Person may receive approval to trade a certain security after submitting a preclear, only later to find out that the trade created a conflict once a firm trade program started. Rather than require an Advisory Person to reverse the trade, this policy allows the Advisory Person to maintain a position and compare their trade against the least-favored client execution (worst for front side; best for back side) in the trade program. An Advisory Person can still choose to reverse their trade instead.

**<u>Front side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) before the beginning of client trading

**<u>Back side</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opposite side trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2 weeks (14 calendar days) after the last client trade

An Advisory Person can choose one of the following options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reverse their trade and donate profits; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain their position and compare their execution price against worst client execution price, donating any
profitable difference.

The procedure above aims to mitigate special conflicts that may exist with Advisory Persons trading the same securities of our clients within a window of time where the client trading may have a reasonably foreseeable impact on marketing pricing.

The Chief Compliance Officer will ensure that the appropriate corrective action is taken by the Advisory Person to neutralize the resulting conflict.

&nbsp;&nbsp;&nbsp;&nbsp;**K. Waivers** 

The Chief Compliance Officer may, in his discretion, after consultation with the Leadership Team, waive compliance by any person with any of the restrictions and pre-clearance requirements set forth herein, if the Leadership Team finds that such a waiver: (i) is necessary to alleviate hardship in view of unforeseen circumstances or is otherwise appropriate under all of the relevant facts and circumstances; (ii) will not be inconsistent with the purposes of WCM's policies and procedures governing personal securities transactions; (iii) will not adversely affect the interests of clients or WCM; and (iv) is not likely to permit a transaction or conduct that would violate provisions of applicable laws or rules.

Any waiver shall be documented by the Chief Compliance Officer and shall state the basis for the waiver. The Chief Compliance Officer shall promptly send a copy of the waiver to the Leadership Team and shall maintain a copy in the Compliance program folders or Schwab CT.

23 WCM Code of Ethics

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**X.** **REPORTING TO THE MUTUAL FUND BOARD** 

No less frequently than quarterly, the Chief Compliance Officer or his/her designee will furnish to the Board of Directors of all mutual funds managed by WCM, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code of Ethics since the last report to the Board of Directors, including,
but not limited to, information about material violations of the Code of Ethics, or procedures and sanctions imposed in response to any material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that WCM has adopted procedures reasonably necessary to prevent Access Persons from violating the
Code of Ethics.

The Firm will furnish to the Board of Directors of all mutual funds managed by WCM, a copy of the Code of Ethics and any material changes to the Code of Ethics.

24 WCM Code of Ethics

## Ex-99.(P)(29)

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| | |
|:---|:---|
| ![LOGO](g456053dsp418.jpg) | ![LOGO](g456053g0218124015992.jpg) |
| ![LOGO](g456053dsp418.jpg) | PERSONAL CODE OF ETHICS |
| ![LOGO](g456053dsp418.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Account Dealing |
| ![LOGO](g456053dsp418.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside Business Activities |
| ![LOGO](g456053dsp418.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts, Entertainment and Meals Received |
| ![LOGO](g456053dsp418.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Activities |
| ![LOGO](g456053dsp418.jpg) | Initial Adoption: *August 1, 2017* |
| ![LOGO](g456053dsp418.jpg) | Effective: *January 1, 2022* |
| ![LOGO](g456053dsp418.jpg) | Last Revised: *November 4, 2021* |
| ![LOGO](g456053dsp418.jpg) | Version: *3.2* |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |
| ![LOGO](g456053dsp418.jpg) |  |

---

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**Personal Code of Ethics** 

------

**Contents** 

---

| | | |
|:---|:---|:---|
| 1 | Overview | 1 |
| 1.1 | Policy Statement | 1 |
| 1.2 | &nbsp;&nbsp;&nbsp;&nbsp; Scope | 1 |
| 1.3 | &nbsp;&nbsp;&nbsp;&nbsp; Roles and Responsibilities | 1 |
| 1.4 | &nbsp;&nbsp;&nbsp;&nbsp; References | 2 |
| 1.5 | &nbsp;&nbsp;&nbsp;&nbsp; Escalation Requirements | 2 |
| 2 | Definitions | 2 |
| 3 | Policy Requirements | 3 |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp; Personal Account Dealing ("PAD") | 3 |
| 3.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 3 |
| 3.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approved Brokers | 3 |
| 3.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure | 3 |
| 3.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preclearance Requirements for Dealing in Covered Securities | 4 |
| 3.1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restrictions on Dealing in Covered Securities | 5 |
| 3.1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions | 6 |
| 3.1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading in Janus Henderson Products | 8 |
| 3.1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading in Janus Henderson Group plc Securities | 8 |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp; Outside Business Activities (OBA) | 9 |
| 3.2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 9 |
| 3.2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Approval Requirements | 9 |
| 3.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval Process | 10 |
| 3.3 | &nbsp;&nbsp;&nbsp;&nbsp; Gifts, Entertainment and Meals Received | 10 |
| 3.3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 10 |
| 3.3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Approval Requirements | 11 |
| 3.3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval and Exceptions Process | 11 |
| 3.4 | &nbsp;&nbsp;&nbsp;&nbsp; Political Activities | 12 |
| 3.4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Key Principles | 12 |
| 3.4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Approval Requirements | 12 |
| 3.4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval and Exceptions Process | 13 |
| 3.4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conditions and Prohibitions | 13 |
| 3.4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers | 14 |
| Appendix 1 – Definitions | Appendix 1 – Definitions | 15 |
| Appendix 2 – PAD Guidelines | Appendix 2 – PAD Guidelines | 17 |
| Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines | Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines | 19 |
| Appendix 4 – Policies for Independent Fund Trustees | Appendix 4 – Policies for Independent Fund Trustees | 22 |

---

------

**Personal Code of Ethics** 

------

---

| | |
|:---|:---|
| **1** | **Overview**  |

---

**1.1** **Policy Statement** 

Janus Henderson is entrusted with the assets of our clients for investment purposes. As a result, we have an obligation to place our clients' interests before our own and manage conflicts of interest fairly. The Personal Code of Ethics (the "Code") provides a set of rules and principles to ensure that we meet that obligation when we engage in personal account dealing, conduct outside business activities, receive gifts, entertainment and meals, and participate in political activities.

While the Code sets out a number of requirements, prohibitions and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. Where the application of the Code is unclear, you should evaluate your proposed course of conduct against the following values and/or consult with Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We place the interests of our clients first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are honest and forthright in words and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We avoid, mitigate and/or disclose relevant conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We comply with applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We hold each other accountable by reporting any violations of the Code.

The Code has been drafted to comply with laws, rules and regulations of the various jurisdictions where Janus Henderson operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Scope** 

Except as otherwise noted, the Code applies to all Employees of Janus Henderson. The Code also applies to directors, trustees, officers and employees of funds sponsored by Janus Henderson to the extent those funds have adopted the Code as their own. The independent trustees of the Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trust are subject only to the general principles in sections 1.1 and 3.1.1 and the specific obligations and restrictions in Appendix 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Roles and Responsibilities** 

Employees will attest to their receipt of the Code at hire, on an annual basis and anytime material amendments to the Code are made. In attesting to the Code, Employees agree to their understanding of the Code and agree to comply with the requirements of the Code.

Compliance administers and monitors adherence to the Code, including by reviewing disclosures, providing training and identifying violations. Compliance also maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements.

The Ethics & Conflicts Committee provides oversight of the Code, including by reviewing exceptions and addressing violations. The Ethics & Conflicts Committee reviews the Code on a periodic basis in line with business changes and changes to regulation.

The Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trusts's Boards of Trustees must approve any material amendments to the Code.

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**Personal Code of Ethics** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **References** 

The Code is designed to ensure compliance with laws, rules and regulations applicable to Janus Henderson's business across the globe, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 206 of the US Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 17(j) of the US Investment Company Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 17j-1, Personal Investment Activities of Investment Company
Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 204-2, Books and Records To Be Maintained by Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 204A-1, Investment Adviser Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC Rule 206(4)-5, Political Contributions by Certain Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3320, Influencing or Rewarding the Employees of Others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3270, Outside Business Activities of Registered Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA Rule 3280, Private Securities Transactions of an Associate Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FCA COBS 2.3 and 2.3A, Inducements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FCA COBS 11.7 and 11.7A, Personal Account Dealing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong SFC Code of Conduct for Persons Licensed by or Registered with the SFC Section 12.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAS Code of Ethics & Standards of Professional Conduct 2.12, Personal Conduct and Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAS Code of Ethics & Standards of Professional Conduct 2.14, Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ASX Listing Rules 12.9 et seq., Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NYSE Listing Rules 303A.10, Code of Business Conduct and Ethics Requirements

The Code complements and should be read in conjunction with other policies that address ethics and conflicts, such as the Code of Business Conduct, the Conflicts of Interest Policy, the Market Conduct Policy, the Share Trading Policy and the Anti-Bribery and Corruption Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Escalation Requirements** 

Failure to adhere to any of the requirements of the Code or report violations may result in a breach of the Code. The Company takes breaches very seriously. Any potential violation of the provisions of the Code will be investigated by Compliance and may be reported to the Ethics & Conflicts Committee. If a determination is made that a violation has occurred, Janus Henderson may impose appropriate sanctions, including but not limited to one or more of the following: a written warning, profit surrender, personal trading ban, and termination of employment or referral to civil or criminal authorities.

Material violations of our personal account dealing rules will be reported promptly to the respective boards of trustees/managers of the Janus Henderson Products or relevant committees of the boards.

To report suspected violations of the Code, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our independent hotline provider on an anonymous or identified basis via web at <u>https://janushenderson.ethicspoint.com</u> or telephone at 844.765.6701 (U.S.), 0808.234.9715 (UK) or AT&T Direct Access Code + 844.765.6701 (Other). The Company will not tolerate any discrimination, harassment or retaliation against anyone who makes a good faith report or assists in an investigation.

---

| | |
|:---|:---|
| **2** | **Definitions**  |

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See Appendix 1.

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**Personal Code of Ethics** 

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---

| | |
|:---|:---|
| **3** | **Policy Requirements**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Personal Account Dealing ("PAD")** 

**3.1.1** **Key Principles** 

Your Personal Account Dealing may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose brokerage accounts and holdings, disclose and receive approval for any Personal Account Dealing and conduct approved securities transactions in accordance with the requirements of this Code.

You must carefully consider the nature of your Janus Henderson responsibilities— and the type of information that you might be deemed to possess in light of any particular securities transaction—before engaging in any investment-related activity or transaction. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not improperly benefit by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not profit, or cause others to profit, based on your knowledge of completed or contemplated client
transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must preclear all of your personal trades and subsequently execute your trades in accordance with stated
timeframes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where applicable, you must execute all of your personal trades with Approved Brokers as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No dealing is permitted that is in conflict with the interests of our clients, the parameters set by the Code, or
the restrictions imposed by Janus Henderson restricted/embargo lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not deal on the basis of material non-public (inside)
information.

**3.1.2** **Approved Brokers** 

All Employees located in the U.S. and the U.K. are required to maintain Reportable Accounts at, and execute all transactions in Covered Securities through, one or more Approved Brokers. All Reportable Accounts held with a non-Approved Broker must be moved to an Approved Broker within 90 days of your start date unless the account qualifies for an exception.

See Approved Broker Guidelines for the current list of Approved Brokers and exceptions.

**3.1.3** **Disclosure** 

**3.1.3.1** **Initial Brokerage Account Disclosures** 

Within 10 calendar days of your start date, you must disclose all Reportable Accounts. Reportable Accounts are all brokerage accounts and any other accounts in which you have Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.

See Appendix 2 for more detailed information on Beneficial Ownership and Covered Securities.

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**Personal Code of Ethics** 

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**3.1.3.2** **Initial Holdings Disclosures** 

Within 10 calendar days of your start date, you must disclose all Covered Securities and all Janus Henderson Products in which you have Beneficial Ownership Holdings information must be current as of 45 days prior to your start date.

**3.1.3.3** **Ongoing Disclosure Requirements** 

Accounts: You must promptly disclose any newly opened Reportable Accounts.

Transactions/Holdings: You must deal through your own brokers and must ensure that Compliance receives transactions and holdings data as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Electronic feeds – If you hold relevant accounts with an Approved Broker, you must allow your broker to
provide Compliance with transactions and holdings data via electronic feed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employee upload of confirmations and statements – If you hold relevant accounts with a non-Approved Broker, you must enter the trade details and upload the trade confirmation/contract notes into MyComplianceOffice (MCO) within 7 days of executing a precleared trade. Additionally, you must attest to
your trades quarterly and upload year-end statements annually as discussed in section 3.1.2.5.

**3.1.3.4** **Attestation Requirements** 

You are required to submit the following periodic attestations. You may also be required to complete additional attestations to meet jurisdictional and regulatory requirements.

Annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account Attestation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings Attestation

Quarterly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Trades Attestation (for accounts held with a non-Approved Broker)

**3.1.4** **Preclearance Requirements for Dealing in Covered Securities** 

The requirements in the Code are designed to mitigate or eliminate any potential conflict or appearance of conflict that may occur between your personal account dealing and client security dealing. The following requirements apply to your personal dealing in Covered Securities in accounts you beneficially own.

**3.1.4.1** **Requesting Preclearance** 

You and your related parties (your spouse, minor children and other adult family members living in your household) must preclear any trades in Covered Securities via MCO unless the transaction meets one of the provisions noted in the Excluded Transactions section. Preclearance requests are evaluated for potential conflicts of interest that may deem the trade to not be or appear to not be in the best interest of clients.

Generally, most requests are approved or denied immediately, but some may take up to 48 hours to evaluate.

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**Personal Code of Ethics** 

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Compliance retains the right to refuse you permission to conduct a personal trade without providing a reason for the refusal. No reason for refusal will be given if in the opinion of Compliance the explanation would result in the release of confidential information.

**3.1.4.2** **Approval Window** 

Approvals and denials are communicated from MCO via email. If your requested transaction is approved and you choose to transact, you must place and execute your transaction by the close of business on the day after you receive an approval email from MCO.

If the day after the date of preclearance approval is a market holiday or a weekend, then you must place and execute the transaction by the close of business on the day you receive approval.

If the transaction is not placed and executed within the approved timeframe, then you must submit a new request to trade in MCO. Limit orders are allowed only if they are set to expire within the preclearance approval window.

If your trade has a delayed execution date (e.g., an illiquid or unlisted security), you should request an exception from Compliance.

**3.1.4.3** **Preclearance Attestation (Portfolio Managers and Research Analysts only)** 

If you are requesting to personally trade a Covered Security that is an eligible investment for client accounts you manage or provide analysis to, you must provide your rationale for the trade via an attestation form in MCO.

**3.1.5** **Restrictions on Dealing in Covered Securities** 

**3.1.5.1** **Blackout Periods** 

Generally, you will not be granted preclearance to deal in a Covered Security when there is a pending buy or sell order for a client in that same security. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons will generally not be granted preclearance to trade in a Covered Security within one
(1) business day after a client trade occurs in the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Persons will generally not be granted preclearance to trade in a Covered Security within seven
(7) calendar days after a client trade occurs in the same security.

**3.1.5.2** **Minimum Holding Periods** 

Minimum holding periods are applicable for any purchase and subsequent sale, or any sale then subsequent purchase (for short sales), of the same Covered Security (or its equivalent) where a profit will occur. With respect to derivatives, any transaction to close out a derivative position cannot be executed until the end of the holding period. The holding period starts the day after execution of your trade. Profit calculations are made using the "first-in, first-out" (FIFO) method.

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**Personal Code of Ethics** 

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Minimum holding periods for Covered Securities are as follows:

---

| | | |
|:---|:---|:---|
| **Profile** | **ETFs/ETNs**<br> **(Including Janus Henderson ETFs/ETNs)** | **All Other Covered Securities** |
| Access Person | One week (7 calendar days) | Three months (90 calendar days) |
| Investment Person | One week (7 calendar days) | Six months (180 calendar days) |

---

Where this restriction would cause undue financial hardship due to your personal circumstances or in periods of extreme market turmoil, you may request an exception to this restriction. This should be seen as an exceptional measure and requires the approval of the Compliance and will be ratified by the Ethics & Conflicts Committee.

Holding periods are designed to discourage derivatives trading and securities trading with a high frequency.

**3.1.5.3** **Best Price Rule** 

In order to eliminate even the appearance of impropriety, if you (1) buy or sell a security within seven days before a client trade is executed in the same security and (2) receive a price advantage over the client's trade, you may be required to surrender the price advantage at the discretion of the Ethics & Conflicts Committee.

**3.1.5.4** **Private Placements and Initial Public Offerings (IPOs)** 

You must request pre-approval prior to investing in a private placement or limited offering. Requests should be submitted in MCO via the Private Placement/Limited Offering form at least two weeks in advance of the proposed investment date. No Employee, or other Access Person, shall acquire any security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) unless Compliance gives express prior written approval and documents the basis for granting approval after due inquiry. In determining whether approval should be given, Compliance will take into account, among other factors, whether the investment opportunity should be reserved for a client and whether the opportunity is being offered to the individual by virtue of his or her position with Janus Henderson. Contact Compliance for assistance with these requests.

You are not allowed to participate in IPOs. Exceptions to this rule will be considered only under limited circumstances and only with prior approval from Compliance, in consultation with the Ethics & Conflicts Committee. Please contact Compliance for advice and direction.

**3.1.5.5** **Restricted Securities** 

You may not trade securities of any issuer that is on the Janus Henderson restricted/embargoed list. Certain securities may have restrictions placed upon them that restrict both personal and client dealing, typically when Janus Henderson or a part of Janus Henderson is in receipt of material non-public (inside) information. These restrictions will be maintained collectively using the restricted/embargoed list.

**3.1.6** **Exceptions** 

**3.1.6.1** **Excluded Transactions** 

The following transactions are excluded from the Covered Securities trading restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions involving futures or options in foreign currencies or broad-based indices.

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**Personal Code of Ethics** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are not voluntary, which include but are not limited to: tender offers and broker-
initiated transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are part of an automatic investment plan that has been disclosed to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities as a result of a corporate action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities as a result of a gift or inheritance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an employer's securities through an employer retirement plan such as a 401(k) plan or stock purchase plan

(Note: The subsequent sale of any securities acquired is subject to all trading restrictions of the Code.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers in-kind of Covered Securities.

Please refer to <u>Section 3.1.7.1</u> for details on Janus Henderson Group plc security transfers.

**3.1.6.2** **Discretionary Management by Third Parties** 

The trading restrictions outlined above do not apply to trades in an investment account or another arrangement over which you have no direct or indirect influence or control ("Discretionary Management"). In order to rely upon this provision you must receive approval from Compliance. To receive approval, you must submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of your advisor or other designee.

Discretionary accounts still require disclosure in MCO and are subject to the restriction on the purchase of IPOs. Additionally, transactions in Janus Henderson Group plc stock and limited offerings still require preclearance approval.

You are required to inform Compliance immediately if you terminate any approved advisory relationship or make management changes. Additionally, you are required to acknowledge and attest annually that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have had no direct or indirect influence or control over the trading decisions in your discretionary
account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You did not suggest trades to the manager or in any way direct the manager to make any particular trades in
securities for the discretionary account(s).

**3.1.6.3** **Share/Investment Clubs** 

If you wish to participate in collective arrangements (e.g., a share or investment club), seek advice and direction from Compliance.

**3.1.6.4** **Spread Betting** 

Spread betting is a speculative transaction that involves taking a bet on the price movement of a security, index or other financial product via a spread betting company. Spread betting on financial products is not permitted and you may not use spread betting accounts to circumvent this Code. Spread betting on non-financial products, such as sporting events, is not covered by this Code.

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**Personal Code of Ethics** 

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**3.1.7** **Trading in Janus Henderson Products** 

Janus Henderson serves as the adviser or subadviser to a variety of investment products including open-end mutual funds, exchange traded products and investment trusts.

**3.1.7.1** **Janus Henderson Mutual Funds** 

Preclearance is not required to deal in Janus Henderson Funds; however, a minimum holding period of 90 days is required for all funds with the exception of money market funds.

Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The holding period starts the day after execution of the trade and lasts until the 90th day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prohibition applies on a "first in, first out" (FIFO) basis.

The restriction does not apply to acquisitions or sales of a fund where it is executed without instruction from the Employee (e.g., automatic dividend reinvestments, share plan investing etc.).

**3.1.7.2** **Janus Henderson Exchange Traded Products** 

Janus Henderson ETFs/ETNs are treated the same as all other ETFs/ETNs under the Code. See Sections 3.1.4 and 3.1.5.

**3.1.7.3** **Janus Henderson Investment Trusts** 

The Code also extends to trading in securities of other Janus Henderson Group plc related entities that are listed on a securities exchange while in the possession of material non-public (inside) information concerning that entity. A person who is a director of an investment trust managed by Janus Henderson must also comply with the FCA's Listing and Disclosure Guidance and Transparency Rules, which prohibits dealings during "Closed Periods".

Fund managers of investment trusts managed by Janus Henderson should be aware of the specific regulatory risks associated with personal investing in their trusts and should consult Compliance if they consider that there might be any potential conflict or market conduct risk associated with a proposed personal account trade. All preclearance requests for Janus Henderson-managed investment trusts will be blocked pending checks for risks such as closed periods or involvement or information on buy-back programmes.

A list of these Investment Trusts can be found at here, and "Closed Period" restrictions may be applied in MCO for all persons.

**3.1.8** **Trading in Janus Henderson Group plc Securities** 

Janus Henderson Group plc (JHG) is a publicly traded company and, as an Employee of Janus Henderson, all of your trades in securities issued by JHG are monitored. You may not engage in transactions in JHG securities if they are speculative or short-term in nature (less than 90 days). For example, speculative trading includes short sales, transactions in "put" or "call" options or similar derivative transactions. In addition, you may not engage in any hedging or monetization transactions with respect to JHG securities. The Janus Henderson Group Share Trading Policy provides additional guidance on the trading of JHG securities.

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**Personal Code of Ethics** 

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**3.1.8.1** **Preclearance of Janus Henderson Group plc Securities** 

You must obtain preclearance in MCO for all personal deals in JHG securities. This includes in-kind transfers where ownership of the shares changes, as in a charitable gift of shares. Preclearance requests must be submitted via MCO.

You may request to trade in JHG shares only during the window period. The window period generally opens the day after Janus Henderson publicly announces its quarterly earnings and closes at each quarter end.

Automatic investment plans, default activities, stock awards and grants are exempt from preclearance.

**3.1.8.2** **Material Non-Public Information** 

You may not trade or take up rights, or cause someone else to trade, in JHG securities while in the possession of material non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Outside Business Activities (OBA)** 

**3.2.1** **Key Principles** 

Your business activities outside of work may present a conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for OBA and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any OBA that involves a significant amount of time or provides a significant amount of income may present a
conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any OBA that is investment-related, including activities on behalf of a non-profit, may present a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any OBA that involves service on the board of directors of a publicly traded company may present a conflict and
will generally not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, the interests of the Company and its clients take priority over the outside business activities of
Employees.

**3.2.2** **Disclosure and Approval Requirements** 

You are required to disclose and seek pre-approval for any of the following OBAs:<sup>1</sup><sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as an employee, independent contractor, sole proprietor, officer, director or partner of a for-profit business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as a director, officer or executive management of a non-profit entity or performing investment-related functions on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any other outside employment or activity (paid or unpaid) that may give rise to a conflict with the
Company, its shareholders or clients, or other risk (e.g., operating a blog that provides financial advice).

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<sup>1</sup> FINRA obligation: If you are a FINRA-licensed person, please consult with Distribution Compliance on the disclosure obligations in relation to outside directorships and other business interests.

<sup>2</sup> Hong Kong SFC obligation: If you are a Hong Kong SFC-licensed person, please consult with local compliance on the disclosure obligations in relation to outside directorships and other business interests.

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**Personal Code of Ethics** 

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You are not required to disclose service as a non-director, non-officer, non-executive management employee or volunteer for a non-profit entity, including civic organizations (e.g., your local homeowners or resident association), unless you will be performing investment-related functions on its behalf.

Upon joining the Company, you must submit a request for approval in MCO before continuing any existing OBA. Additionally, prior to commencing any new OBA, you must submit a request for approval in MCO.

You must abide by the Company's decision as to whether to permit an OBA and, if so, any conditions it places on your participation in the OBA.

You are required to keep your OBA disclosures current and accurate by promptly notifying Compliance of any relevant changes to your status (e.g., you are now serving on the investment committee) or the entity's status (e.g., the company has become or is becoming publicly-traded). You must attest to the accuracy and completeness of your OBA disclosures in MCO annually.

**3.2.3** **Approval Process** 

Compliance reviews and approves your OBA request if it does not present any actual or potential conflict or other risk. Compliance escalates your request to the Ethics & Conflicts Committee and your direct manager, as appropriate, if the activity presents perceived, actual or potential conflict. The Ethics & Conflicts Committee reviews and approves or denies any requests escalated by Compliance.

In deciding whether to approve the activity, Compliance, your direct manager and/or the Ethics & Conflicts Committee will consider whether the OBA presents any conflict or other risk and, if so, whether that conflict or risk can be effectively mitigated. Your request will not be denied without good cause. Compliance, your direct manager and/or the Ethics & Conflicts Committee may impose any conditions on your participation in the OBA reasonably necessary to manage any conflicts or risks, including but not limited to requiring periodic certifications.

As a general rule, you will not be allowed to serve on the board of directors of any company with publicly traded equity or debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Gifts, Entertainment and Meals Received** 

**3.3.1** **Key Principles** 

Your receipt of Gifts and Entertainment from Business Relationships may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for Gifts and Entertainment received or intended to be accepted from a Business Relationship in accordance with the requirements of this Code.

You must follow the restrictions that apply to your jurisdiction and business as set forth in the relevant regional rules in Appendix 3. Employees located or doing business in the UK and Europe are generally limited to receiving certain minor non-monetary benefits, including hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event.

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**Personal Code of Ethics** 

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Regardless of your business unit and location, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive cash, cash equivalents, loans or personal services on behalf of Janus Henderson, even if these fall
within the limits outlined in the Appendices. This includes gift cards or certificates if they can be redeemed for cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive special discounts unless they are available to all other Employees (e.g., a discount coupon from a retail
store).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive a Gift or Entertainment if it could be perceived by others as a bribe or consideration for a business
favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive a Gift or Entertainment that would be embarrassing to you or Janus Henderson if made public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request a Gift or Entertainment from a Business Relationship.

**3.3.2** **Disclosure and Approval Requirements** 

You are required to disclose any Gifts or Entertainment that you receive or wish to accept to the extent they exceed the relevant Disclosure Threshold described in the Appendices. You are also required to seek pre-approval for any Gifts or Entertainment that you receive or wish to accept to the extent they exceed the relevant Individual or Annual Limit described in the Appendices or are otherwise restricted.

The Appendices outline for each jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure Thresholds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual Limits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Limits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other rules or guidelines.

The described thresholds and limits apply to the total, fair market value of the Gift or Entertainment, including meals, drinks, tickets to sporting events, etc. For the avoidance of doubt, fair market value is the greater of the value at which it could be purchased in the open market and the nominal cost to the Business Relationship. Any Annual Limits per provider apply to the combined total of all Entertainment received from the Business Relationship, including Business Meals. All Individual and Annual Limits related to Business Meals are exclusive of tax and gratuity.

You are required to attest at least annually that you have disclosed all Gifts and Entertainment required to be disclosed and that you have not received any Gifts or Entertainment outside of the Code requirements.

**3.3.3** **Approval and Exceptions Process** 

Any Gift or Entertainment whose value exceeds the relevant Individual or Annual Limit, or that is otherwise impermissible due to restrictions described in the Appendices constitutes an exception to the Code. Compliance and your direct manager will generally review and approve or deny any exceptions to the Code. The receipt of Gifts and Entertainment in excess of the Individual or Annual Limits by the CEO is subject to review and approval by the Chairman of the Janus Henderson Board. The receipt of Gifts and Entertainment in excess of the Individual or Annual Limits by other members of the Executive Committee is subject to review and approval by the CEO. In connection with the approval of an exception, the Company may impose additional conditions or restrictions on the receipt of the Gifts or Entertainment, including but not limited to requiring the Employee to reimburse the Business Relationship or donate to an appropriate charitable organization the amount by which the fair market value of the Entertainment exceeds the relevant Individual Limit. The Ethics & Conflicts Committee will review all exceptions granted.

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**Personal Code of Ethics** 

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You may be invited to speak at industry conferences and events. In some situations, the speech or appearance involves travel, lodging, or other customary speaker amenities (travel accommodations). You must promptly disclose such accommodations in MCO and seek Compliance approval to receive such accommodations.

If, after you have received Gifts or Entertainment, you or Compliance determine the value is over the relevant Individual or Annual Limit or is otherwise inappropriate, your direct manager and Compliance will work with you to resolve the issue and ensure that you remain compliant with the Code and local regulations. In the event an Employee receives a Gift over the applicable limit, the Employee will be required to return the Gift or, at the direction of Compliance and the Ethics & Conflicts Committee, (1) pay the fair market value of the Gift and keep it, (2) donate the Gift to charity or (3) dispose of the Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Political Activities** 

**3.4.1** **Key Principles** 

Your participation in Political Activities and your making of Political Contributions may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you<sup>3</sup> must disclose and receive pre-approval for Political Activities and Political Contributions and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Only Covered Associates are allowed to solicit investment advisory services business from U.S. Government
Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are prohibited from directly or indirectly using a third party to solicit investment advisory services
business from U.S. Government Entities without pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are prohibited from performing any act which would result in a violation of the Code whether directly or
through or by any other person or means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Employee may undertake any Political Activity (1) using the Company's name, (2) during working
hours, (3) on the Company's premises and/or (4) with the use of Company's equipment, property, funds or personnel without obtaining pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all times, the interests of the Company and its clients take priority over the personal political interests of
Employees.

**3.4.2** **Disclosure and Approval Requirements** 

You are required to disclose and seek pre-approval for any Political Activities or Political Contributions of yourself or the Company. All executive officers of SEC-registered investment advisers are also required to disclose and seek pre-approval for any Political Activities or Political Contributions of their family members (i.e., a spouse, domestic partner or minor children). You should submit all requests for pre-approval to Compliance via MCO.

Any Political Contributions made by others (e.g., spouses, domestic partners, family members, friends, placement agents, consultants, attorneys, businesses, etc.) at the direction or suggestion of an Employee are considered to be made by that Employee for purposes of the Code.

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<sup>3</sup> For purposes of these Political Activities disclosure and pre-clearance rules alone, the terms "you" and "Employee" do not cover contractors.

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**Personal Code of Ethics** 

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**3.4.3** **Approval and Exceptions Process** 

You must obtain written approval from Compliance prior to making any Political Contribution or engaging in any Political Activity on behalf of yourself or the Company. All officers must also obtain written approval from Compliance before a family member (i.e., a spouse, domestic partner or minor children) makes a Political Contribution or engages in any Political Activity.

Compliance, and Legal as necessary, will review all requests to determine whether they are permissible based on the requirements of the Code as well as applicable federal, state and local restrictions.

In general, you may make Political Contributions of $150 (U.S. or local equivalent) to a candidate per election, subject to Compliance approval. Primary and general elections are considered separate elections. You may request exceptions to the $150 limit, which may be reviewed by representatives of the Legal and Compliance departments. In certain cases, exception requests may be escalated to the CEO for approval. The Company's Political Activities and Political Contributions must be approved by the Executive Committee.

In general, contributions to and activities for charitable organizations, such as 501(c)(3)s, are not typically considered Political Activities or Contributions; however, you must keep in mind the anti-circumvention provisions of the Code (see Section 3.4.4). If you are unsure if a particular contribution or activity would comply with the Code and legal or regulatory requirements or require pre-approval, please consult with Compliance.

**3.4.4** **Conditions and Prohibitions** 

You are expected to exercise good judgment when engaging in Political Activities, making Political Contributions or otherwise using political influence. You must consider any actual, potential or apparent conflicts of interests when engaging in Political Activities or making Political Contributions. Regardless of amount, all Political Contributions must be entirely voluntary and unlikely to influence the candidate's judgment regarding any continued or future investment advisory services business.

You are prohibited from making Political Contributions when the solicitation or request for such contribution implies that continued or future business depends on making such contributions. Similarly, no Political Activities should be performed nor Political Contributions made that create the appearance that the Company stands to receive preferential treatment in the selection of investment advisory services.

The Company and its Covered Associates are flatly prohibited from "bundling", pooling or otherwise facilitating contributions or soliciting, directly or indirectly, contributions on behalf of candidates for state and local office and payments to state or local political parties. This includes activities such as serving on a candidate's campaign finance committee, hosting fundraisers or otherwise engaging in political fundraising for Officials and state and local political parties, including political action committees (PACs) and inaugural and transitional expenses. For example, merely having one's name appear in letterhead or any other portion of a fundraising letters or sponsoring a meeting or conference that features a government official as an attendee or guest speaker and involves fundraising may be considered soliciting contributions for a candidate or party.

In addition, any payments and/or contributions to state and local parties made to a PAC controlled by an SEC-registered investment adviser or any of its Covered Associates, either directly or indirectly, are strictly prohibited. As a result, Covered Associates and, for executive officers of SEC-registered investment advisers, members of their households are strictly prohibited from establishing, controlling or being involved with a PAC or any other entity that makes Political Contributions.

You are prohibited from performing any act that would result in a violation of the Code directly or through or by any other person or means. This means that you may not use other persons or entities, including affiliated entities or unaffiliated PACs, as "conduits" to circumvent applicable laws, rules, regulations and/or the Code.

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**Personal Code of Ethics** 

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**3.4.5** **Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers** 

Only Covered Associates are allowed to "solicit" investment advisory services business from U.S. Government Entities. Soliciting in this context means any direct or indirect communication with a U.S. Government Entity for the purpose of obtaining or retaining investment advisory services business. The following are examples of when such solicitation could result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leading, participating in or merely being present at a sales/solicitation meeting with a U.S. Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise holding oneself out as part of the investment advisory services sales/solicitation effort with a U.S.
Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• signing a submission to a Request for Proposal in connection with investment advisory business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving a sales commission, servicing trailer, finder's fee or other compensation for helping an
investment adviser obtain or retain investment advisory business with a U.S. Government Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making introductions between officials of a U.S. Government Entity and an investment adviser.

Compliance will notify individual Employees of his or her status as a Covered Associate and will maintain and update these lists as necessary. Compliance will work with Human Resources to screen potential hires and internal transfers who may be entering or exiting Covered Associate status to ascertain if their Political Contributions have or have not exceeded the applicable de minimis limits prescribed by any legal, regulatory or contractual limitations.

No Employee may directly or indirectly use a third party or an affiliate (i.e., anyone who is not an Employee of the SEC-registered investment adviser) to solicit investment advisory services business from U.S. Government Entities without pre-approval from Compliance. Among other things, Compliance will vet any potential third party to determine if it is a permissible placement agent under SEC Rules 206(4)-3 and 206(4)-5.

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|:---|:---|
| **Appendix** | **1 - Definitions**  |

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**Access Person**: Any Employee who has access to non-public information regarding any client's purchase or sale of securities or non-public information regarding the portfolio holdings of any client account. All persons covered by the Personal Account Dealing rules are deemed Access Persons.

**Annual Limit**: The maximum fair market value of Gifts or Entertainment that can be received from a single provider over the course of a year, absent an exception. The Annual Limit is combined for Business Meals and Entertainment.

**Approved Brokers:** Those brokers that provide Compliance with transactions and holdings data via electronic feed into MCO. A current list of Approved Brokers can be found in the <u>Approved Broker Guidelines</u>.

**Beneficial Ownership**: You are the beneficial owner of any account or securities in which you have a direct or indirect financial interest. This includes accounts held in the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you to whom you provide financial support and can include trusts for which you are a trustee or a beneficiary. See Appendix 2 for more detailed information on Beneficial Ownership.

**Business Meals**: A meal which the Business Relationship pays for and whose primary purpose is to discuss business. If the meal accompanies a form of Entertainment, it should be disclosed in conjunction with the Entertainment.

**Business Relationship**: Any person or entity that does or seeks to do business with or on behalf of Janus Henderson or any client.

**CCO**: Chief Compliance Officer or his/her designee.

**Closed Period**: The time period between the completion of a listed company's financial results and the announcing of these results to the public.

**Covered Associate**: Employees who are identified by Compliance based upon requirements of Rule 206(4)-5, including but not limited to members of sales teams, Compliance, Legal, Investments, Marketing, the Executive Committee and certain department heads.

**Covered Securities**: In general, any securities (and derivatives thereof), including but not limited to individual stocks and bonds, exchange-traded products (ETFs and ETNs), closed-end funds, private placements and limited offerings. See Appendix 2 for a detailed list of Covered and Non-Covered securities.

**Disclosure Threshold**: The fair market value above which Gifts or Entertainment are required to be disclosed.

**Employees or You**: All employees of Janus Henderson, as well as certain contactors as identified by Compliance.

**Entertainment**: A sporting event, concert, theatre performance, outdoor activity, reception, cocktail party, Business Meal or any other event that the Business Relationship pays for. In order to qualify as Entertainment, the Business Relationship must attend the event with you.

**Ethics & Conflicts Committee**: Governance committee composed of senior leaders throughout Janus Henderson Group. The Committee meets quarterly, or more often as needed, to review potential violations of the Personal Code of Ethics, our Code of Business Conduct and other related policies.

**FCA**: Financial Conduct Authority – a UK regulator.

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**Gift**: Any item of value that is received from a current or prospective Business Relationship. Entertainment that the Business Relationship pays for, but does not attend, qualifies as a Gift.

**Individual Limit**: The maximum fair market value of Gifts or Entertainment that can be received from a single provider in connection with a single event, absent an exception.

**Investment Person**: An Access Person who also makes or participates in making, decisions regarding the trading of securities in any client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations, compliance, investments, product development and ExCo members.

**Janus Henderson or the Company**: Janus Henderson Group plc, its affiliates and its subsidiaries.

**Janus Henderson Products:** Any fund or product for which JHG acts as an investment adviser, sub-adviser or principal underwriter (e.g., mutual funds, exchange-traded products, UCITS funds, investment trusts, commingled pools, hedge funds or subadvised products)

**MyComplianceOffice (MCO)**: The monitoring system utilized for all personal compliance disclosures including Personal Account Dealing.

**Outside Business Activity (OBA)**: Any personal activities outside of work subject to the disclosure and pre- approval requirements described in Section 3.2.2.

**Personal Account Dealing (PAD)**: The personal transactions in Covered Securities held in accounts under the Beneficial Ownership of persons covered by the Code.

**Political Activity**: Any activity that directly or indirectly supports a candidate's campaign for governmental office, including but not limited to: (1) hosting fundraisers for candidates, committees and parties; (2) using your name or the Company's name on fundraising literature; (3) "bundling" or coordinating contributions on behalf of others; (4) volunteering to make phone calls or canvas neighbourhoods; (5) participating in a PAC; (6) giving endorsements; or (7) serving on a candidate's election committee.

**Political Contribution**: Any gift, subscription, loan, advance, or deposit of money or anything of value for: (1) the purpose of influencing any election for governmental office; (2) the payment of debt incurred in connection with any such election; or (3) transition or inaugural expenses incurred by the successful candidate for governmental office. Political Contributions include both monetary contributions and in-kind contributions. For example, if an Employee pays for services, provides facilities or a personal residence (e.g., to host a reception), or uses other resources to benefit any candidate, political party, political organization, inaugural committee or transition team, these activities could be considered Political Contributions.

**Reportable Accounts:** All brokerage accounts and any other accounts in which the Employee has Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.

**SEC:** U.S Securities and Exchange Commission – a U.S. regulator.

**U.S. Government Entity**: Any U.S. state or local government; any agency, authority or instrumentality of a state or local government; any pool of assets sponsored by a state or local government (such as a defined benefit pension plan, separate account or general fund); and any participant-directed government plan (such as 529, 403(b), or 457 plans).

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**Personal Code of Ethics** 

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|:---|:---|
| **Appendix 2** | **– PAD Guidelines**  |

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**Covered Securities** 

The following securities (and derivatives thereof) are considered Covered Securities and are therefore subject to the Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equities – listed and unlisted shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixed income instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. guaranteed or of federally sponsored enterprises (FHLMC, FNMA, GNMA, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• municipal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closely held

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADRs, EDRs and GDRs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all ETFs/ETNs (including Janus Henderson ETFs/ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• special purpose acquisition companies (SPACs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private placements and limited offerings (including security token offerings or initial coin offerings related to
crypto-currencies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment trusts (including Janus Henderson-managed investment trusts and REITs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments listed above held in a wrapped product, such as an ISA, SIPP, EIS, SEIS, etc.

Any investment that you are unsure about should be precleared.

**Non-Covered Securities** 

The following securities, commodities, currencies and instruments (and derivatives thereof) are considered Non-Covered Securities and are not subject to the Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bank and term deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonds and other direct debt instruments issued by the government of the UK, the US or other foreign governments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• premium bonds (UK specific)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct investment or derivatives trading (such as futures and options) in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• physical commodities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broad-based indices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• crypto currencies (other than those in security token offerings or initial coin offerings)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated open-end funds (UCITS, NURS, US mutual funds, Australian
managed investment schemes, etc.) unless Janus Henderson Products.

While the above securities, commodities, currencies and instruments are exempt from the specific preclearance requirements and investment restrictions set out in the Code, be aware that any type of trading that could result in a conflict of interest arising is actively discouraged. This includes high levels of trading in Non-Covered Securities.

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**Personal Code of Ethics** 

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**Beneficial Ownership** 

**Definition of Beneficial Ownership** 

The Code applies to all accounts and securities beneficially owned by you as well as accounts under your direct or indirect influence or control. Essentially, this means that if you have the ability to profit, directly or indirectly, or share in any profit from a transaction, you have Beneficial Ownership. If you are unsure if an account or investment falls under your beneficial ownership, contact Compliance for further guidance.

**Practical Application** 

You live with your parents: If you live in your parents' house but do not financially support your parents, your parents' accounts and securities are not beneficially owned by you and do not require disclosure.

Your parent lives with you: If you provide financial support to your parent, your parent's accounts and securities are beneficially owned by you and require disclosure.

You have an adult child living in your home: If you provide financial support to your child, your child's accounts and securities are beneficially owned by you and require disclosure.

You have a college-age child: If your child is in college and you still claim the child as a dependent for tax purposes, you are the beneficial owner of their accounts and securities.

Your child has an UGMA/UTMA account: If you (or your spouse) are the custodian for the minor child, the child's accounts are beneficially owned by you. If someone other than you (or your spouse) is the custodian for your minor child's account, the account is not beneficially owned by you.

You have a domestic partner or similar cohabitation arrangement: If you contribute to the maintenance of a household and the financial support of a partner, your partner's accounts and securities are beneficially owned by you and require disclosure.

You have a roommate: Generally, roommates are presumed to be temporary and therefore you have no beneficial ownership in one another's accounts and securities.

You have power of attorney: If you have been granted power of attorney over an account, you are not the beneficial owner of the account until the time that the power of attorney has been activated.

You are the trustee and/or the beneficiary of a trust: Due to the complexity and variety of trust agreements, these situations require case-by-case review by Compliance.

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**Personal Code of Ethics** 

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|:---|:---|
| **Appendix** | **3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines**  |

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**U.S. and North America Requirements** 

Limits and Thresholds

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure<br>Threshold** | **Individual Limit**<br>**(per event)** | **Annual Limit**<br>**(per provider)** |
|  Gifts | $50 | $100 | $100 |
|  Business Meals | $50 | $300 <sup>\*</sup> | $1,500<br> (combined) |
|  Entertainment | $50 | $300 <sup>\*</sup> | $1,500<br> (combined) |

---

**Prohibitions** 

You may not receive any Entertainment that constitutes an "extraordinary" event, such as the Super Bowl, World Series, College Football Playoff Semi-Final and Championship games, NBA Finals, NHL Finals, etc.

**Additional Restrictions for Traders and Trade Operations** 

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from the applicable Head of Trading. The Employee's portion of the event must be paid for by the Employee or treated as a company expense and must be documented in MCO with proof supporting the expense or the reimbursement to the provider.

------

**Personal Code of Ethics** 

------

**UK and Europe Requirements** 

**Limits and Thresholds** 

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in the UK and Europe may receive Gifts or Entertainment that do not qualify as acceptable minor non-monetary benefits *only if* the Gift or Entertainment is unrelated to the provision of an investment service or an ancillary service. In making this determination, Compliance will evaluate all relevant factors, including the Employee's position, the nature of the Gifts or Entertainment and the nature of the Business Relationship. By way of example, a Gift or Entertainment, such as invitations to a sporting or social event, provided by a software vendor to a member of the Finance team would likely not be related to the provision of an investment service or an ancillary service. For any Gift or Entertainment that is determined to be unrelated to the provision of an investment service or an ancillary service, the limits and thresholds described below apply. For other Gifts or Entertainment, the stricter limits and thresholds outlined in the "Additional Restrictions" section apply. Regardless of how a Gift or Entertainment is categorized, the approver must consider the appropriateness of the receipt of the Gift or Entertainment by the Employee when reviewing for approval.

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure<br>Threshold** | **Individual Limit<br>(per event)** | **Annual Limit<br>(per provider)** |
|  Gifts | £10 | £75 | £75 |
|  Business Meals | £30 | £225 | £1,125<br> (combined) |
|  Entertainment | £30 | £225 | £1,125<br> (combined) |

---

**Additional Restrictions for Front Office and Distribution Employees** 

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in the Front Office and Distribution functions may only receive acceptable minor non-monetary benefits. Acceptable minor non-monetary benefits are those which are (1) capable of enhancing the quality of service provided to the client; (2) of a scale and nature that they could not be judged to impair Janus Henderson's duty to act honestly, fairly and professionally in the best interests of the client; and (3) reasonable, proportionate and of a scale that is unlikely to influence Janus Henderson's behaviour in any way that is detrimental to the interests of the relevant client.

For purposes of the Code, this is limited to participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service and hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event. The following limits and thresholds apply.

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure<br>Threshold** | **Individual<br>Limit (per<br>event)** | **Annual<br>Limit<br>(per<br>provider)** |
|  Gifts | Not permitted | Not permitted | Not permitted |
|  Business Meals | £30 | £125 | £750 |
|  Entertainment\* | Not permitted | Not permitted | Not permitted |

---

**\*** Includes golf days, cricket and football matches and attendance of concert or theatre events. 

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**Personal Code of Ethics** 

------

**Asia Pacific Requirements** 

**Limits and Thresholds** 

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **Disclosure Threshold** | **Individual Limit<br>(per event)** | **Annual Limit<br>(per provider)** |
|  **Australia** | **Australia** | **Australia** | **Australia** |
|  Gifts | AUD 50 | AUD 200 | AUD 200 |
|  Business Meals | AUD 100 | AUD 250 | AUD 1,250<br> (combined |
|  Entertainment | AUD 50 | AUD 250 | AUD 1,250<br> (combined |
|  **Hong Kong & PRC<sup>4</sup>** | **Hong Kong & PRC<sup>4</sup>** | **Hong Kong & PRC<sup>4</sup>** | **Hong Kong & PRC<sup>4</sup>** |
|  Gifts | HKD 300 | HKD 1,000 | HKD 1,000 |
|  Business Meals | HKD 600 | HKD 1,500 | HKD 7,500<br> (combined |
|  Entertainment | HKD 300 | HKD 1,500 | HKD 7,500<br> (combined |
|  **Taiwan<sup>5</sup>** | **Taiwan<sup>5</sup>** | **Taiwan<sup>5</sup>** | **Taiwan<sup>5</sup>** |
|  Gifts | TWD 1,200 | TWD 3,000 | TWD 3,000 |
|  Business Meals | TWD 2,400 | TWD 6,000 | TWD 30,000<br> (combined |
|  Entertainment | TWD 1,200 | TWD 6,000 | TWD 30,000<br> (combined |
|  **Japan** | **Japan** | **Japan** | **Japan** |
|  Gifts | JPY 4,000 | JPY 15,000 | JPY 15,000 |
|  Business Meals | JPY 8,000 | JPY 20,000 | JPY 100,000<br> (combined |
|  Entertainment | JPY 4,000 | JPY 20,000 | JPY 100,000<br> (combined |
|  **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  Gifts | SGD 50 | SGD 200 | SGD 200 |
|  Business Meals | SGD 100 | SGD 250 | SGD 1,250<br> (combined |
|  Entertainment | SGD 50 | SGD 250 | SGD 1,250<br> (combined |

---

**Prohibitions** 

Gifts of travel or accommodation cannot be accepted.

**Additional Restrictions for Traders and Trade Operations** 

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from the applicable Head of Trading. The Employee's portion of the event must be paid for by the Employee or treated as a company expense and must be documented in MCO with proof supporting the expense or the reimbursement to the provider.

------

<sup>4</sup> For PRC, the amount is RMB equivalent. 

<sup>5</sup> For Taiwan, this limit applies to any Gifts received for festivals/custom convention purposes (SITCA rule). Limit applies on a case-by-case basis for each client.

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**Personal Code of Ethics** 

------

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| | |
|:---|:---|
| **Appendix** | **4 – Policies for Independent Fund Trustees**  |

---

The following provisions apply to the Independent Trustees of the Janus Investment Fund (JIF), the Janus Aspen Series (JAS), and the Janus Detroit and Clayton Street Trusts.

**Personal Account Dealing Requirements** 

**Disclosure Requirements** 

As an Independent Trustee, you must disclose to Compliance any new and existing accounts in which you have beneficial ownership through which shares of Janus Henderson Products are held. You must complete the disclosures and certify annually thereafter. In addition, you must allow your brokers or financial institutions to provide duplicate account statements to Compliance.

**Trades in Covered Securities** 

You must refrain from trading in a Covered Security when you have knowledge of Janus Henderson trading recommendations for that security. Additionally, you must certify annually that you adhered to this requirement.

**Janus Henderson Mutual Funds – Ninety Day Rule for Trustees of JIF/JAS** 

Trading in and out of Janus Henderson Funds within 90 days is discouraged. If you do, then you must surrender any profits resulting from the purchase and subsequent sale, or sale and subsequent purchase. The Ninety Day Rule does not apply to systematic transactions such as payroll deduction, automatic monthly investments, or 401(k) contributions. However, it does apply to all other non-systematic transactions including periodic rebalancing. Profit calculations are determined by the First-in, First-out (FIFO) method.

**JHG Securities** 

Independent Trustees are prohibited from owning Janus Henderson Group (JHG) securities.

**Communications with the Investment Team** 

Janus Henderson provides regular information about investment activities in board meetings, meetings of the Trustees' Investment Oversight Committee where portfolio managers meet and present to the Trustees, on the Trustee website, and ongoing communications between Janus Henderson and the Trustees. In addition, Janus Henderson personnel respond to inquiries from Trustees, particularly as they relate to general strategy considerations or economic or market conditions affecting the Funds. The mutual funds holdings disclosure policy specifically provides that, for legitimate business purposes, the Trustees may receive non-public portfolio holdings. With regard to specific holdings, however, Janus Henderson typically does not communicate specific trading or holdings information to Trustees except as set forth above and in accordance with the policy. Any pattern of repeated requests for specific trading information not in accordance with the mutual funds holdings disclosure policy will be reported to the Chief Compliance Officer.

**Gifts and Entertainment Policy for Trustees** 

**Gifts** 

As an Independent Trustee, you are prohibited from soliciting gifts or entertainment from Janus Henderson. You may not receive more than $100 in gifts in a calendar year from Janus Henderson. Gifts are things of value received where there was no direct meeting with Janus Henderson.

**Entertainment** 

You may attend Janus Henderson hosted events, (such as occasional meals, sporting events, theatre/Broadway shows, golf outings, an invitation to a reception or cocktail party or comparable entertainment where Janus Henderson personnel are in attendance). The maximum per outing is a $300 value and, if applicable, a $600 value for you and your guest. The limits apply to the total market value cost (not face value) of the outing, including meals, travel (airfare/ hotels/ cars), sporting events, limo rides, etc. The aggregate value of all such benefits may not exceed $1,500 per calendar year. These limitations do not apply to meals served in conjunction with board meetings.

## Ex-99.(P)(30)

![LOGO](g456053g44a20.jpg)

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***"Client First: We will always earn the right to be our clients' first choice."***

As a fiduciary and in accordance with our Values, our clients' interests will always come first above our own. Each of us must take care that our actions do not create an actual, potential or perceived conflict of interest, or cause reputational damage to RBC.

We expect all employees to know and comply with both the letter and the spirit of the RBC GAM-US Code of Ethics and related policies and procedures. Please read the Code carefully to ensure you understand what it requires of you. If something is unclear, or if you find yourself in a situation not addressed in the Code, please reach out to someone from the Compliance team. Doing so is your responsibility and can help us identify areas for improvement.

Thank you all for your continued efforts to keep us in compliance with our legal and regulatory obligations.

Best regards,

Mike Lee

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|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 2 |

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**Table of Contents**

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| | | |
|:---|:---|:---|
| A message from Mike Lee | A message from Mike Lee | 2 |
| Most Recent Changes | Most Recent Changes | 5 |
| Summary and Rationale | Summary and Rationale | 5 |
| 1. | Applicable Regulations | 5 |
| 2. | Related Policies and Procedures | 6 |
| Scope |  | 6 |
| Limited Exemptions | Limited Exemptions | 7 |
| 1. | RBC Exempt Individuals | 7 |
| 2. | Extraordinary Exemptions | 7 |
| Standards of Business Conduct | Standards of Business Conduct | 7 |
| 1. | Values | 7 |
| 2. | Compliance with Laws and Regulations | 8 |
| 3. | Conflicts of Interest | 8 |
| 4. | Trading on Material Non-Public Information | 8 |
| Maintaining Accounts | Maintaining Accounts | 9 |
| 1. | Designated Brokers | 9 |
| 2. | Other Brokers | 9 |
| 3. | Third-Party Managed Accounts | 9 |
| 4. | Futures and Commodities Accounts | 10 |
| Trading Rules | Trading Rules | 10 |
| 1. | Preclearance Requirements | 10 |
| 2. | Short-Term Trading | 11 |
| 3. | Options Trading | 12 |
| 4. | Blackout Period Trading | 12 |
| 5. | Private Investments | 13 |
| 6. | RBC Private Funds | 13 |
| 7. | Royal Bank of Canada Securities | 13 |
| 8. | Initial Public Offerings Prohibited | 13 |
| 9. | Watch List or Restricted Securities | 14 |
| 10. | Frequent / Unusual Trading Activity. | 14 |
| 11. | Compliance Department Personnel Trades | 14 |
| Reporting Requirements / Certifications | Reporting Requirements / Certifications | 14 |
| 1. | Covered Accounts | 14 |
| 2. | Initial Certifications | 14 |

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| | |
|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 3 |

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---

| | | |
|:---|:---|:---|
| 3. | Quarterly Certifications | 15 |
| 4. | Quarterly Transaction Reports | 15 |
| 5. | Annual Holdings Report | 15 |
| 6. | Intern Certifications | 16 |
| 7. | Access Persons with Affiliate Entity Reporting Requirements and RBC Exempt Individuals | 16 |
| 8. | Compliance Committee and Client Reporting | 16 |
| Violations |  | 17 |
| 1. | Reporting Violations | 17 |
| 2. | Information Barrier Violations | 17 |
| 3. | Non-Material Violations | 17 |
| 4. | Material Violations | 17 |
| 5. | Observations | 18 |
| 6. | Disciplinary or Remedial Measures | 18 |
| 7. | Donation of Proceeds | 18 |
| 8. | No Liability for Losses | 19 |
| 9. | Confidentiality / Reporting Misconduct | 19 |
|  Training |  | 19 |
| Recordkeeping | Recordkeeping | 19 |
| Disclosure | Disclosure | 19 |
| Ownership | Ownership | 20 |
| Review Schedule | Review Schedule | 20 |
| Approval Date and Revisions | Approval Date and Revisions | 20 |
| Definitions | Definitions | 20 |
| Exhibit A – Quick Reference Guide | Exhibit A – Quick Reference Guide | 27 |
| Exhibit B – Frequently Asked Questions (FAQs) | Exhibit B – Frequently Asked Questions (FAQs) | 28 |

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| | |
|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 4 |

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Most Recent Changes

November 22, 2022

This RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US") Code of Ethics ("Code of Ethics") has been reviewed and revised to clarify that single-security exchange-traded funds (ETFs) must be precleared.

Summary and Rationale

The Securities and Exchange Commission ("SEC") requires registered investment advisers to establish, maintain and enforce a written code of ethics that includes, at a minimum, standards of business conduct, provisions requiring compliance with all applicable federal securities laws, and provisions requiring reporting of personal securities transactions and holdings. At RBC, consistent with our commitment to hold ourselves to the highest standards of integrity and to put our clients' needs above our own, whatever our role, we take these regulatory requirements very seriously. Our Values, RBC's Code of Conduct ("Code of Conduct"), and the Code of Ethics guide us and set expectations for our behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Applicable Regulations

<u>Section 204A, Investment Advisers Act of 1940, as amended ("Investment Advisers Act")</u>

Section 204A of the Investment Advisers Act (*Prevention of misuse of nonpublic information*) requires investment advisers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by such investment adviser or any person associated with such investment adviser, and provides for the adoption of rules and regulations requiring the same.

<u>Rule 204A-1 under the Investment Advisers Act</u>

Rule 204A-1 under the Investment Advisers Act (*Investment adviser codes of ethics*) requires investment advisers to establish, maintain and enforce a written code of ethics that, at a minimum, includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standards of business conduct reflecting fiduciary obligations of the investment adviser and those of its
supervised persons. <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring compliance with applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring all access persons to report, and for the investment adviser to review, their personal
securities transactions and holdings, at required intervals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No later than 10 days after becoming an access person, the information must be provided and be current as of a
date no more than 45 days prior to the date the person becomes an access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least once every 12-month period, holdings information must be
reported and current as of a date no more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction reports must be provided no later than 30 days after the end of each calendar quarter covering all
transactions during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring the preapproval of certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring supervised persons to report any code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring the investment adviser to provide each supervised person with a copy of the code of ethics
and any amendments, and requiring supervised persons to provide written acknowledgment of receipt.

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<sup>1</sup> All Employees are deemed to be both supervised persons and Access Persons under the Rules.

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|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 5 |

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<u>Section 17(j) under the Investment Company Act of 1940, as amended ("Investment Company Act")</u>

Section 17(j) under the Investment Company Act (*Transactions of certain affiliated persons and underwriters*) makes it unlawful for anyone affiliated with a registered investment company to engage in any act, practice, or course of business in connection with the purchase or sale, directly or indirectly, of any security held or to be acquired by such registered investment company as are fraudulent, deceptive or manipulative, and provides for the adoption of rules and regulations, including the adoption of codes of ethics, by registered investment companies and investment advisers of such investment companies.

<u>Rules 17j-1 under the Investment Company Act</u>

Rule 17j-1 under the Investment Company Act (*Personal investment activities of investment company personnel*) requires every fund, and each investment adviser of every fund, to adopt a written code of ethics containing provisions reasonably necessary to prevent access persons from engaging in any conduct prohibited by the rules, and requires fund boards to approve the codes of ethics of each investment adviser and any material changes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Related Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Code of Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Gifts and Entertainment Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Material Nonpublic Information (MNPI) and Equity Research
Providers Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Outside Business Activities Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Political Contributions Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise Conflicts of Interest Policy and Control Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise-Wide Privacy & Security Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise Personal Trading Standard

See <u>Definitions</u> for a description of capitalized terms used throughout the Code of Ethics.

Scope

The Code of Ethics applies to all RBC GAM-US Access Persons. RBC GAM-US considers all of its Employees, including contractors and interns, to be Access Persons, with limited exceptions. In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of or have access to nonpublic information regarding securities transactions or portfolio holdings in any client's account.

Understanding and complying with the Code of Ethics, the Code of Conduct, and other RBC Enterprise-wide policies, are conditions of employment. Violations may result in written warnings, cancellation of transactions, disgorgement of profits, fines, suspension or cancellation of personal trading privileges, suspension or termination of employment, or referral to criminal authorities (see <u>Violations</u>). If you are uncertain about how any provision of the Code of Ethics applies to you, please contact your manager or the Compliance Department.

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| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 6 |

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Limited Exemptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. RBC Exempt Individuals

Certain RBC GAM-US officers and/or directors ("RBC Executives") are not RBC GAM-US Employees and serve in such roles solely at the request of Royal Bank of Canada or its affiliates. If <u>all</u> of the following conditions apply <u>and</u> the RBC Executive certifies annually that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have no day-to-day involvement
with RBC GAM-US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have an office on firm premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not make securities recommendations to RBC GAM-US clients or have
access to such nonpublic recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to nonpublic information regarding clients' purchase or sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to nonpublic information regarding clients' portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are subject to another similar code, including Enterprise-wide policies related to trading RBC securities.

Then such RBC Executive will be exempt from the Code of Ethics ("RBC Exempt Individuals").

If any of the above conditions no longer apply, the RBC Executive shall immediately notify the Compliance Department. The Compliance Department will review the circumstances in order to determine whether the exempt status should remain in effect. While this determination is pending, the RBC Executive will not be permitted to engage in any personal securities transactions that would be subject to preclearance approval requirements.

The Compliance Department reserves the right to change an RBC Exempt Individual's status at any time for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Extraordinary Exemptions

The Compliance Department may grant limited exemptions to certain requirements of the Code of Ethics in its sole discretion, where extraordinary circumstances warrant and the Compliance Department is satisfied that granting the exemption would not represent a breach of federal or state securities laws, a breach of the Firm's fiduciary obligations or undue risk to its clients or RBC GAM-US. All requests for such exemptions shall be in writing and the Compliance Department will maintain a written record of its response.

Standards of Business Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Values

As a part of One RBC, we are guided by our Values, which define what we stand for everywhere we do business and set the tone for our culture. Our Values are defined in RBC's <u>Code of Conduct</u>, which all Employees are required to read and understand. We each have a responsibility to be truthful, respect others, and comply with laws, regulations, and RBC's policies. At RBC, we bring our Values to life every day – continuing to earn the trust of RBC's clients and each other and ensuring our strong reputation for doing what's right.

All Employees are required to complete annual training on the RBC Code of Conduct. This required training is part of each Employee's Learning Plan in Workday.

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|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 7 |

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 CLIENT FIRST: We will always earn the right to be the clients' first choice.<br>COLLABORATION: We win as one RBC.<br>ACCOUNTABILITY: We take ownership for personal and collective high performance.<br>DIVERSITY & INCLUSION: We embrace diversity for innovation and growth.<br>INTEGRITY: We hold ourselves to the highest standards to build trust.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with Laws and Regulations

RBC GAM-US expects all Employees to respect and comply with all applicable federal and state securities laws and regulations. Employees are prohibited from any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a client, including any statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit on a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to securities.

Breaking the law could result in civil, criminal and regulatory penalties, including fines, for RBC and the individual involved, as well as damage to both RBC's and the individual's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conflicts of Interest

As a fiduciary and in accordance with our Values, our clients' interests will always come first above our own. All Employees must be watchful in terms of identifying situations that may present actual, potential (where there is a reasonable probability that an actual conflict will arise), or perceived conflicts of interest, if the perceived conflict could cause reputational damage to the Firm.

RBC GAM-US seeks to identify and appropriately manage all actual, potential or perceived conflicts between the Firm, Employees, affiliates, and clients. If you believe that a situation you encounter or an activity that you are involved in may present a conflict between your personal interests and a client's interests, or between the Firm's business interests and a client's interests, contact your manager or the Chief Compliance Officer ("CCO") for guidance.

Failure to disclose a potential or actual conflict of interest is a violation of the Code of Ethics and may result in disciplinary action, up to and including termination of employment. See <u>Violations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading on Material Non-Public Information

From time to time, an Employee may have access to material non-public information ("MNPI") about a company, including RBC, or its clients. If you believe you have come into possession of MNPI, contact the Compliance Department immediately (or legal staff in the absence of Compliance staff), refrain from engaging in transactions or giving oral or written recommendations or advice related to the MNPI, and maintain the confidentiality of the information. It is a violation of federal securities law to trade on MNPI.

The preclearance requirements and rules contained in the Code of Ethics are designed to help prevent, detect and correct trading on MNPI.

Please see the RBC GAM-US <u>Material Non-Public Information (MNPI) and Research Providers Policy</u> for additional information to ensure you understand your compliance obligations.

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|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 8 |

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Maintaining Accounts

These requirements apply to all accounts where an Access Person has a Beneficial Ownership Interest. An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held. Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members, including accounts where the Access Person has discretionary control over the purchase or sale of Covered Investments, and interests in any partnerships, trusts or estates, or through a power-of-attorney.

Access Persons must promptly disclose all new accounts in PTA as soon as the accounts are established, and in no event later than engaging in transactions in Covered Investments. Failure to disclose a Covered Account is a Violation of this Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Designated Brokers

All Covered Accounts must be maintained with one of three Designated Brokers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab & Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Wealth Management, a division of RBC Capital Markets, LLC, (or any RBC affiliate)

New Access Persons (with the exception of interns and contract workers) are required to transfer Covered Accounts to a Designated Broker within 30 days of commencement of employment or as soon thereafter as reasonably possible.

Access Persons are responsible for any costs associated with transferring accounts to a Designated Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Brokers

In certain circumstances, the Compliance Department may allow an account to be held with an outside broker (*e.g.*, a Third-Party Managed Account (see below)). If electronic feeds are not available from the outside broker, Access Persons must ensure that duplicate copies of account statements and broker trade confirmations are provided to the Compliance Department in accordance with the schedule set forth in <u>Reporting Requirements / Certifications</u>.

Access Persons may either complete an Outside Securities Account Preapproval Form in PTA or contact the Compliance Department directly to seek preapproval to hold a Covered Account with a non-Designated Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Third-Party Managed Accounts

A Third-Party Managed Account is a Covered Account managed by a third-party manager who has investment management discretion regarding securities transactions pursuant an investment management or advisory agreement. In such an account, the account owner grants investment discretion to a third-party manager on a continuing basis. The account owner establishes the basic investment risk parameters and gives blanket authority to the third-party manager to trade in securities on his/her behalf without prior input or approval of individual transactions.

Subject to preapproval by Compliance, Third-Party Managed Accounts will be monitored but exempt from preclearance requirements. Access Persons must provide the Compliance Department with a copy of the investment management agreement and make the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third-party manager's relationship to the account owner is an independent professional relationship
(versus friend or relative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person will not use the Third-Party Managed Account to circumvent the letter or spirit of the Code of
Ethics. This requirement includes but is not limited to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Third-Party Managed Account will not purchase Private Investments without abiding by the procedures
established under the Code of Ethics to obtain preclearance approval. See Private Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Third-Party Managed Account will not purchase initial public offerings or engage in other transactions
prohibited by this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person will not discuss with the investment manager or adviser any nonpublic information regarding any RBC
actual or contemplated transaction in securities or any of the Firm's nonpublic securities recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event electronic feeds are not available from the broker, Access Person will arrange for duplicate
statements and broker trade confirmations to be provided to the Compliance Department.

If an Access Person suggests or directs a particular purchase or sale of securities in a Third-Party Managed Account, the Access Person must obtain preclearance approval for the transaction. However, if directing trades in any Third-Party Managed Account becomes more than a rare occurrence, and it appears Access Person is exercising direct or indirect control over the account, the account will be changed from a managed account to an account requiring preclearance.

Access Person will be also be required to certify quarterly that they did not exercise direct or indirect influence or control over the Third-Party Managed Account (see <u>Reporting Requirements / Certifications)</u>.

The Compliance Department reserves the right to deny or revoke its approval of a Third-Party Managed Account at any time, for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Futures and Commodities Accounts

Futures and commodities accounts require preapproval by the Compliance Department. To request preapproval, an Access Person must either complete the Outside Securities Account Preapproval Form via PTA, or contact the Compliance Department directly to seek preapproval. The Access Person shall provide whatever cooperation the Compliance Department requests in connection with its monitoring and oversight activities related to the futures and commodities account.

RBC GAM-US is registered with the NFA and is subject to CFTC rules, which requires Access Persons to obtain preapproval before opening commodities or futures accounts. Commodities or futures accounts are generally maintained with R.J. O'Brien and OptionsXpress.<br>Failure to obtain preapproval of a futures or commodities trading account is a violation of Commodity Futures Trading Commission ("CFTC") rules, as well as a violation of the Code of Ethics (see <u>Violations</u>).<br>

Trading Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Preclearance Requirements

Access Persons and their Immediate Family Members may not trade in a Covered Investment until the transaction has been preapproved ("precleared") through PTA (or by email to a member of the Compliance Team in the event PTA is unavailable). Obtaining preclearance approval does not relieve Access Person from conducting securities transactions in compliance with the other provisions of the Code of Ethics.

<u>Securities-Licensed Access Persons ("Registered Personnel") Only:</u> In addition to obtaining preclearance approval through PTA, Registered Personnel are required to review the RBC Wealth Management Restricted Securities List prior to trading in any Covered Investment.

Trading in any security listed on the RBC Wealth Management restricted securities list by Registered Personnel during the restricted period is a material violation of the Code of Ethics (see <u>Violations</u>).

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Access Persons are not required to preclear the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases or sales of open-end investment companies (including RBC
Managed Funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases or sales of the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds (ETFs) (excludes single-security ETFs which must be precleared)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded notes (ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Government securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-quality short-term debt instruments (such as money market mutual funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royal Bank Common Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions resulting from an automatic investment plan in accordance with a predetermined schedule and
allocation, including a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Transactions in preapproved third-party managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Stock gifts/donations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Transactions over which the Access Person has no control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in ownership positions related to corporate actions such as stock splits, stock dividends or other
similar actions by an issuer as well as purchases or sales of securities which are the result of a stock delivery or receipt upon assignment by a contra party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of securities effected upon exercise of rights issued by an issuer pro-rata to holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expiration of an option contract or option exercise threshold that triggers an automatic exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in which the Compliance Department determines that the nature of the security traded or the
facts surrounding the transaction are sufficient to make preclearance unwarranted.

Preclearance approvals are good until the close of business/trading following the day the preclearance is granted. An Access Person must submit a new preclearance request for transactions not executed within the approval period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Short-Term Trading

Access Persons and their Immediate Family Members are prohibited from **profiting** from the purchase and sale, or the sale and purchase, of the same Covered Investment within a 30-calendar-day period. This 30-day holding period requirement does not apply to transactions not subject to preclearance requirements. For purposes of this rule, a last-in, first-out ("LIFO") rule will be applied, matching any transaction with any opposite transaction within 30 days.

The purchase or sale of option contracts may not be used to circumvent the 30-day holding period requirement.

Exceptions may be granted in extraordinary circumstances. Any requests for an exception to the short-term trading restriction must be preapproved by the CCO (or designee).

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**Selling at a loss**<br>The PTA system is not able to determine whether a transaction will result in a profit or loss and will automatically deny a preclearance request for the sale of a Covered Investment held for less than 30 days. Prior to selling at a loss, an Access Person must first:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a preclearance request in PTA (which will be denied due to the 30-day rule).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a written explanation of the transaction to the Compliance Department.<br>If there are no other reasons for the preclearance denial (*e.g.*, Blackout Period prohibition), Access Person will be permitted to proceed with the transaction.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Options Trading

An option is a security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specific price, within a specific time frame. An Access Person who buys/sells an option is deemed to have purchased/sold the underlying security when the option was purchased/sold.

**Reminders**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must preclear the option ticker symbol, not the underlying symbol.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is required when you engage in opening and closing options transactions as well as when you exercise an option.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is not required upon the expiration of an option contract or option exercise threshold that triggers an automatic exercise.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase and/or sale of option contracts may not be used to circumvent the short-term trading restriction.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options trading on RBC stock (RY) is prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Blackout Period Trading

Access Persons and their Immediate Family Members may not purchase or sell a Covered Investment if the same security has been purchased or sold in a portfolio managed by RBC GAM-US for seven calendar days before through seven calendar days after the portfolio trade date ("Blackout Period"). Preclearance requests for securities purchased or sold in a client account any time during the seven-day period preceding the preclearance request will be denied.

An Access Person's transaction will be flagged for review if there is a trade in the same security in a client portfolio within seven calendar days following the Access Person's trade date. The Compliance Department will investigate all such trades, including requiring the Access Person to submit a written explanation of the circumstances surrounding the transaction. If the Compliance Department is not satisfied that the Access Person effected the trade without knowledge of the impending RBC GAM-US managed portfolio transaction, the Access Person may be required to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences (see <u>Violations</u>).

Access Persons' trades are cross-referenced against all client portfolio trades that occur during the Blackout Period to ensure there are no violations of the Blackout Period trading prohibition.

The "*de minimis*" exemption may apply to limit the application of the Blackout Period. Trades covered by the "*de minimis*" exemption must be precleared and are subject to all other requirements of the Code of Ethics. In addition, the following requirements must be met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction or aggregated transactions must be for the purchase or sale of 2,000 shares or less every 30
days. In the case of options, the transaction must be for < 20 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer of the securities must have a market capitalization of at least $1 billion. In the case of
options, the underlying security must have a market capitalization of at least $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction must be free from any actual, potential, or perceived conflicts of interest.

*De minimis* exemptions are generally not available to Investment Professionals.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Private Investments

Private Placements or Limited Offerings ("Private Investments") include any investment in securities not executed through a securities market such as a stock exchange, automated quotation system or an over-the-counter market. Private Investments are exempt from registration under the Securities Act of 1933. Examples of Private Investments include but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities obtained by prospectus exception, including tax shelter private investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership investments or closely held corporations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-producing real estate investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment opportunities offered by RBCCM or a previous employer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New offerings of unregistered securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in a private company (including family businesses, restaurants, consulting companies,
investment-based crowdfunding entities, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial coin offerings ("ICOs"). Registered Personnel are prohibited from purchasing ICOs that may be
considered to be securities offerings.

An Access Person who own Private Investments, whether held at the start of employment or acquired during their employment, may at any time be required to halt or divest in any and all transactions involving said Private Investments if potential or actual conflicts of interest arise.

Preapproval by both the Compliance Department and the Access Person's manager is required for initial and subsequent investments in all Private Investments. To request preapproval, Access Persons must complete and submit the On Demand Private Placement Preapproval Form in PTA, and provide copies of the offering documents and subscription agreements, as applicable. Failure to seek preapproval for a Private Investment is a material violation of the Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. RBC Private Funds

Access Persons may not invest in Private Funds managed by RBC or any of its affiliates (including BlueBay alternative funds) unless the Access Person is directly involved in providing investment management services to the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Royal Bank of Canada Securities

Access Persons are prohibited from trading in options on Royal Bank of Canada (RY) securities. The only exception to this prohibition is for RBC affiliated company employees exercising options in conjunction with a sale of their shares under an employee compensation plan, provided that settlement of the options takes place within 10 days of the sale of the RBC shares. Certain RBC GAM-US directors or senior officers may also be subject to RBC trading windows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Initial Public Offerings Prohibited

Access Persons and their Immediate Family Members are prohibited from participating in an Initial Public Offering ("IPO"). An IPO is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934. IPOs represent the same type of investment opportunity that may be considered on behalf of our clients. In addition, for Registered Personnel, participation in an IPO is prohibited under FINRA rules; this prohibition includes participation in an ICO that may be determined to be a securities offering

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Watch List or Restricted Securities

RBC GAM-US may from time to time, for a variety of reasons, identify issuers whose securities Access Persons are restricted from trading. If an issuer is on the Restricted List, no trading will be permitted. If an issuer is on the Watch List, trading may be approved, depending on the facts and circumstances surrounding the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Frequent / Unusual Trading Activity.

Frequent trading activity is strongly discouraged. Access Persons' main focus should be on client interests and other work duties. Although no set limit of trades during a period of time is expressly stated, Access Persons should understand that frequent trading activity which is deemed excessive will be escalated to the Access Person's manager. The Compliance Department may also monitor patterns of personal trading activity and may require additional information from an Access Person with respect to a specific trade or series of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Compliance Department Personnel Trades

Compliance Department personnel are not permitted to review or assess compliance with the Code of Ethics as it relates to their own personal trading activities. The CCO is responsible for administering the Code of Ethics with respect to personal trading activities of the compliance Employee who has been delegated with the responsibility for administering the Code of Ethics. The CCO's personal trading activity in Covered Investments is reported to the Compliance Committee quarterly.

Reporting Requirements / Certifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Accounts

Covered Accounts include all brokerage or other investment accounts that can transact in Covered Investments, and where Access Persons and their Immediate Family Members have direct or indirect influence or control or Beneficial Ownership Interest, including interests in any partnerships, trusts or estates (see separate <u>RBC GAM-US Outside Business Activities Policy</u> for disclosure and approval requirements for partnerships, trusts and estates).

Access Persons must promptly disclose all new Covered Accounts in PTA. All new Covered Accounts must be opened with a Designated Broker, unless preapproved by the Compliance Department. Failure to promptly disclose new Covered Accounts is a violation of the Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Initial Certifications

Within 10 calendar days of the start of employment, or any other occurrence that results in an individual being deemed an Access Person (*e.g.*, when certain employees of affiliates or otherwise related persons gain access to RBC GAM-US pre-execution trading activity and nonpublic holdings information), the Access Person is required to disclose all Covered Accounts and Covered Investments and provide the Compliance Department with electronic or paper statements dated within 45 days of becoming an Access Person. Each Access Person is responsible for entering initial holdings information into PTA.

In addition, each new Access Person is required to complete initial certifications confirming the accuracy of the holdings and account information disclosed, understanding of Code requirements, disclosure of outside business activities, and other disclosures, within 10 calendar days of becoming an Access Person.

Failure to disclose all Covered Accounts and holdings within 10 days of becoming an Access Person, with electronic or paper statements current as of a date no more than 45 days prior to the date the person becomes an Access Person, is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations</u>).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Certifications

Access Persons must certify via PTA quarterly that they have complied with all Code of Ethics requirements, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any personal securities transactions have been precleared as required by the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has complied with the Code of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All new accounts have been properly disclosed in PTA. Access Persons are required to complete a separate
Quarterly Broker Account Report in PTA confirming the accuracy of all accounts disclosed in PTA and, if applicable, that all required statements have been provided to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Access Person is the beneficiary of any third-party managed account, beneficiary trust, or named as a
successor trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At no time did Access Person direct the trustee or third-party manager to make any particular purchases or sales
of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At no time did Access Person consult with the trustee or third-party manager as to the particular allocation of
investments to be made in said account(s) during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, all outside business activities, including modifications to existing approved activities, have
been reported to and approved by the Compliance Department and the Employee's manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has not been in receipt of MNPI, except as disclosed to the Compliance and Legal Departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee has complied with the Political Contributions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, any Code of Ethics violations made by the Access Person or the Access Person's Immediate
Family Member(s) have been brought to the attention of the Compliance Department.

Access Persons will be notified by the Compliance Department when quarterly certifications are due. Failure to complete the quarterly certifications before the deadline prescribed by the Compliance Department (absent extenuating circumstances such as a leave of absence) may be considered a violation of the Code (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Quarterly Transaction Reports

Within 30 calendar days after the end of each quarter, Access Persons are required to provide statements that identify all transactions in Covered Investments during the quarter ("Transaction Reports"). Access Persons do not need to facilitate the request to forward quarterly Transaction Reports to the Compliance Department if any one of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person maintains Covered Accounts with a Designated Broker (the Compliance Department is able to obtain
electronic feeds through PTA on these accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has obtained preapproval from the Compliance Department and previously arranged to have the
required statements and broker confirms sent directly to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance Department is receiving electronic feeds on the account(s) through PTA.

Failure to provide Transaction Reports within 30 days after the end of each quarter is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Annual Holdings Report

At least once each 12-month period, with information current as of a date no more than 45 days prior to the date the report was submitted, Access Persons must submit a holdings report ("Annual Holdings Report") containing the following information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security, and as applicable the exchange ticket 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 Interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with which the Access Person maintains an account in which any securities
are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

**Exceptions:** Access Persons do not need include securities that do not require preclearance on the Annual Holdings Report (*e.g.*, mutual funds or ETFs); provided, however, any fund for which RBC GAM-US serves as an investment adviser ("RBC Managed Funds") must be disclosed.

Currently, the Annual Holdings Report is required to be completed at the end of the third calendar quarter (September 30) through PTA.

Failure to provide an Annual Holdings Report with information current as of a date no more than 45 days prior to the date the report is required is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Intern Certifications

Intern Employees who will be with RBC GAM-US for less than one quarter and who will not be given access to non-public trading or holdings (*i.e.*, Intern Employees who are not considered Access Persons) may be required to complete initial and final certifications in lieu of the reporting and certification requirements described herein. The Compliance Department will provide training to Intern Employees not considered Access Persons in order to reinforce expectations and applicable policies and procedures. Intern Employees will not be required to transfer existing Covered Accounts to one of our Designated Brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access Persons with Affiliate Entity Reporting Requirements and RBC Exempt Individuals

The Compliance Department may utilize the reports an Access Person provides to an affiliated entity to satisfy certain reporting requirements when the Access Person is subject to a Code of Ethics and reporting requirements for the affiliated entity with similar or more stringent reporting requirements.

RBC Exempt Individuals are required to make annual representations confirming the conditions of their exempt status as described above (see Limited Exemptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Compliance Committee and Client Reporting

The CCO shall report on the Compliance Department's monitoring and other related activities to the Compliance Committee and as requested by clients. The following will be reported quarterly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipated or recommended changes to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A written summary of all violations and any other significant information concerning application of the Code of
Ethics.

The following will be reported upon client request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that RBC GAM-US has adopted procedures reasonably necessary
to prevent Access Persons from violating the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Summary of Code of Ethics violations.

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Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reporting Violations

Employees are required to report any violations of this Code of Ethics promptly, whether by Employee or others, to the Compliance Department. The Compliance Department will conduct a thorough review, including contacting the Employee for additional information, and conferring with the Employee's manager, where appropriate, in order to determine whether the violation is material, and whether any disciplinary or remedial actions need to be taken.

An Employee deemed in violation of the Code of Ethics will have the opportunity to respond to all charges and a written record will be maintained, along with any remedial action taken.

RBC GAM-US may report Code of Ethics violations to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Senior Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Funds Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prospective Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Information Barrier Violations

RBC GAM-US maintains informational barriers and other reasonably designed controls to ensure that it conducts its business in accordance with its fiduciary obligations to clients and in compliance with all federal and state securities laws. All Employees share this responsibility. Any Employee who believes that there has been a violation of the Code of Ethics, any other Firm policy or procedure, or any applicable aspect of the federal or state securities laws or their related rules, must report the violation promptly to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Non-Material Violations

If a violation is deemed to be non-material, a disciplinary communication will be sent to the Employee, with a copy to the Employee's manager. The Employee will be required to review the Code of Ethics requirements and respond to the communication acknowledging completion of the review and compliance going forward. Examples of non-material violations include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First inadvertent preclearance violation involving a transaction that would have been approved if preclearance
had been sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Possibly* failure to identify a personal securities account (such as rollovers, direct accounts, HSAs with
brokerage link and other non-traditional securities accounts) with the *ability* to trade securities (only if no securities have been transacted). This is a facts and circumstances situation. If
circumstances warrant a non-material determination, it will be a one-time-only exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to complete required quarterly and annual certifications, absent extenuating circumstances, within the
time period prescribed by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repeated administrative errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Material Violations

If a violation represents a second or subsequent non-material violation, or if it is an initial violation deemed material, disciplinary or remedial measures may be taken as described below. Examples of material violations include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A deliberate attempt to violate the Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First inadvertent preclearance violation if the transactions would not have been approved if preclearance had
been sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repeated preclearance violations (even if the transaction would otherwise have been approved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to identify personal securities accounts in which securities had been transacted (regardless of whether
the transaction would have been approved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to obtain preapproval for a Private Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to report an actual or potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Blackout Period violations by Investment Professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to obtain preapproval of a futures or commodities trading account, in violation of CFTC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Registered Personnel only:</u> Trading in any security listed on the RBC Wealth Management restricted
securities list during the restricted period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with all applicable federal and state securities laws and regulations.

Employees are expected to know and understand all Code requirements. Failure to comply with any Code requirement may be considered a material or non-material violation, as determined by the Compliance Department, and subject to disciplinary or remedial measures, including but not limited to termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Observations

If an Access Person makes repeated administrative errors such as preclearing in the wrong account, preclearing the wrong direction (*e.g.*, entering a buy instead of a sell) or makes other repeated input errors that cause transactions to be flagged in PTA, disciplinary or remedial measures may be taken as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disciplinary or Remedial Measures

Disciplinary or remedial measures may include but are not limited to any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade reversals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary reduction or monetary fine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referral to criminal authorities where appropriate

Employee's manager will be notified of all Code violations and any disciplinary or remedial actions taken. All repercussions beyond a disciplinary communication will be determined by the CCO in conjunction with the Employee's manager, or, where appropriate, the President of RBC GAM-US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Donation of Proceeds

If an Access Person is required to disgorge profits, the proceeds shall be donated to the Ronald McDonald House Charities, or such charitable organization that may be approved by the Compliance Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No Liability for Losses

RBC GAM-US and its affiliates will not be liable for any losses incurred or profits avoided by any Access Person resulting from the implementation or enforcement of the Code of Ethics. Access Persons must understand that their ability to buy and sell investments may be limited and that RBC GAM-US's trading activity may affect when an Access Person can buy or sell a particular security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confidentiality / Reporting Misconduct

As noted above, Employees are required to report any violations of this Code of Ethics promptly, whether by Employee or others, to the Compliance Department. We all have a responsibility to report misconduct. RBC GAM-US strives to create an atmosphere that encourages the good faith reporting of suspected violations. Accordingly, senior management will take great care to protect the identity of Employees who report suspected violations. Employees may ask the CCO to meet outside of RBC GAM-US offices or to discuss a suspected violation via phone away from the office and outside of regular business hours.

We are guided by our Values to act with integrity and to always do the right thing, and are committed to creating an environment where Employees feel safe reporting in good faith any breaches, misconduct, suspicious or deceptive activities directly to the Chief Compliance Officer or other senior management. Please see GAMspace > Employee Resources > <u>Reporting Misconduct</u> for additional resources available to you. All good faith reports are taken seriously and investigated promptly and thoroughly, as appropriate, and retaliation is prohibited.

Training

The Compliance Department provides initial training to all Access Persons and periodic training throughout the year, and keeps records of all training conducted.

Recordkeeping

Records Required to Be Kept for Seven Years (minimum two years on-site):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All initial and annual holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All transaction confirmations and quarterly account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the Code of Ethics currently in effect and any previous versions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Code of Ethics and of any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All acknowledgements of the Code of Ethics for each person who is currently, or within the past seven years was,
an Employee of RBC GAM-US or otherwise is or was considered an "Access Person".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were considered Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records pertaining to training of the Code of Ethics, including new Access Person training and training
related to Code amendments, including who attended, when it was provided and what was covered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records relating to the approval of Third-Party Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were, considered an RBC Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records related to the granting of exemptions to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records documenting the annual review of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records of preclearance requests and the responses thereto.

Disclosure

Form ADV Part 2A requires RBC GAM-US to describe its Code of Ethics and make it available to clients and potential clients.

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Ownership

This document is maintained by the Chief Compliance Officer.

Review Schedule

At least annually, the Code of Ethics and relevant policies and procedures will be reviewed for accuracy and effectiveness.

Approval Date and Revisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• November ___, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• April 8, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 17, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• November 1, 2018

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 18, 2017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 19, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 9, 2015

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 5, 2014

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 22, 2013

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 1, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• February 14, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 6, 2011

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• January 1, 2010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 18, 2009

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 6, 2008

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 13, 2007 (Code of Ethics original approval date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 3, 2004 (Guidelines Regarding Insider Trading originally approved October 3, 2004, amended
December 12, 2005, and incorporated into the Code on December 18, 2009)

Any amendments to the Code of Ethics will be provided to Access Persons who will be required to acknowledge receipt and understanding of Code requirements.

Definitions

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| Access Person | RBC GAM-US considers all of its Employees, directors and officers to be Access Persons, with limited exceptions (see <u>Limited Exemptions</u>). In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of nonpublic information regarding securities transactions or portfolio holdings in any client's account.<br>Access Person may also include any other persons who the CCO determines to treat as Access Persons because of their status, the functions they perform, or the information they obtain or have the ability to access. |
| American Depositary Receipt (ADR)<br>Preclearance Required | A negotiable certificate issued by a U.S. bank representing a specified number of shares in a foreign company's stock. ADRs trade on American stock exchanges. |

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| **Automatic**<br> **Investment Plan**<br>Disclosure Not Required | A program in which regular periodic purchases (or withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. Examples include dividend reinvestment plans and direct stock purchase plans. |
| **Beneficial**<br> **Ownership Interest** | An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held.<br> Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members (defined below); and in any Covered Account where the Access Person has discretionary control over the purchase or sale of Covered Investments; and any partnerships, trusts or estates (see separate <u>RBC GAM-US Outside Business Activities Policy</u> for disclosure and approval requirements for partnerships, trusts and estates). |
| **Blackout Period** | The Blackout Period encompasses seven calendar days before through seven calendar days after a security is purchased or sold in a portfolio managed by RBC GAM-US. |
| **CCO** | RBC GAM-US's Chief Compliance Officer. |
| **Closed-End Fund**<br>Preclearance Required | A closed-end fund is a portfolio of pooled assets that raises a fixed amount of capital through an IPO and then lists shares for trade on a stock exchange. After all the shares sell, the offering is closed and no new shares are issued; the shares trade like stocks. |
| **Covered Accounts**<br>Disclosure Required | All brokerage or other investment accounts that can transact in Covered Investments and where Access Persons and their Immediate Family Members have direct or indirect influence or control or Beneficial Ownership Interest, including interests in any partnerships, trusts or estates (see separate <u>Outside Business Activities Policies and Procedures</u> for disclosure and approval requirements for partnerships, trusts and estates).. |
| **Covered Investments**<br>Preclearance Required | Investments in securities, broadly defined to include all types of equity and debt investments (including investments in a related security, such as an option or closed-end mutual funds). See Covered Investments Exceptions for a list of securities not included in Covered Investments. |

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| **Covered Investments Exceptions**<br>Preclearance Not Required | The following securities are excluded from the definition of Covered Investments and do not require preclearance:<br>• Exchange-Traded Funds (ETF) (except single-security ETFs, which must be precleared)<br>• Exchange-Traded Notes (ETN)\*<br>• U.S. government securities<br>• Bankers' acceptances<br>• Bank certificates of deposit<br>• Commercial paper<br>• High-quality short-term debt instruments (such as money market mutual funds)<br>• Royal Bank Common Stock Fund<br>• Registered investment companies (mutual funds) that are open-ended AND NOT managed by RBC GAM-US<br>If changes to this list occur between updates to the Code of Ethics, the Compliance Department will communicate such changes in writing to all Access Persons. |
| **Cryptocurrency**<br>Preclearance Not Required | A digital or virtual currency secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology. |
| ***De minimis* exemption** | The "*de minimis*" exemption may apply to limit the application of the Blackout Period. Trades covered by the "*de minimis*" exemption must be precleared and are subject to all other requirements of the Code of Ethics. See Blackout Period Trading. |
|  | *De minimis* exemptions are generally not available to Access Persons who qualify as Investment Professionals.<br>|
| **Designated Brokers** | RBC GAM-US approved broker-dealers:<br>• Fidelity Investments<br>• Charles Schwab & Company<br>• RBC Wealth Management, a division of RBC Capital Markets, LLC (or any RBC affiliate) |
| **Dividend Reinvestment Plan**<br>Disclosure Not Required | A type of automatic investment plan that allows investors to reinvest their cash dividends into additional shares or fractional shares on the dividend payment date.<br>See also Automatic Investment Plan. |
| **Employee** | All RBC GAM-US Employees, including contract workers/consultants, and interns. |
| **Employee Stock Purchase Plans**<br>Disclosure and Preclearance Required | A company-run program in which participating employees can purchase company stock at a discounted price. The company stock is held in a brokerage account or with a transfer agent. |

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| **Exchange-Traded Fund (ETF)**<br>Preclearance Not Required (excludes single-security ETFs which must be precleared) | A type of security similar to a mutual fund that involves a collection of securities, such as stocks, that often track an underlying index. ETFs include those organized as open-end investment companies and those organized as unit investment trusts. |
| **Exchange-Traded Fund (ETF)**<br>Preclearance Not Required (excludes single-security ETFs which must be precleared) | *Single-security or single stock ETFs, do not involve a collection of securities; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns.* ***Single-security ETFs must be precleared.*** |
| **Exchange-Traded Note (ETN)**<br>Preclearance Not Required | A type of unsecured debt security, similar to bonds, that tracks an underlying index of securities. |
| **Futures / Commodities Contracts / Accounts**<br>Compliance Preapproval Required | A futures contract requires a buyer to purchase assets, and a seller to sell them, on a specific future date, unless the holder's position is closed before the expiration date. |
| **Futures / Commodities Contracts / Accounts**<br>Compliance Preapproval Required | RBC GAM-US is registered with the National Futures Association and is subject to its rules, which requires Access Persons to obtain preapproval before opening a commodities or futures account. |
| **Initial Coin Offering (ICO)**<br>Compliance Preapproval Required | An Initial Coin Offering (ICO) is the cryptocurrency industry's equivalent to an IPO. A company seeking to raise money to create a new coin, app or service can launch an ICO as a way to raise funds. Depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities.<br>Registered Personnel are prohibited from participating in an ICO that may be considered to be a securities offering. |
| **Immediate Family Member** | Generally, any relative by blood, adoption or marriage living in the Access Person's household, any domestic partner, and, whether or not living in the Access Person's household, any other relative with respect to whose investments the Access Person has influence or control. |
| **Index Fund**<br>Preclearance Not Required | A type of mutual fund with a portfolio constructed to match or track the components of a financial market index, such as the Standard & Poor's 500 Index (S&P 500). |
| **Initial Public Offering (IPO)**<br>Prohibited | An IPO is a company's first sale of stock to the public. An IPO refers to the process of offering shares of a private company to the public in a new stock issuance in order to raise capital. IPOs are usually underwritten by one or more investment banks. |
| **Investment Professional** | Access Persons involved in security selection, research or trading, or function as a portfolio manager (investment decision-making role). Based on their roles, these Access Persons may be in receipt of material non-public information ("MNPI"). |

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| **Investment Club**<br>Prohibited | A group of individuals who pool their money to make investments. Investment clubs are usually organized as partnerships and, after the members study different investments, the group decides to buy or sell based on a majority vote of the members.<br>|
| **Investment Club**<br>Prohibited | Due to the high risks associated with accessing and sharing confidential, proprietary and material non-public information, Access Persons and their Immediate Family Members are prohibited from participating in Investment Clubs. |
| **Limited Offering**<br>Compliance Preapproval Required | See Private Investments. |
| **Monitored Employees** | (1) Reporting insiders (2) pre-clearing officers (3) executive officers of RBC, and (4) other employees who are selected by RBC to be monitored because they may acquire inside information about RBC (RBC access employees) or any other reporting issuer (other access employees) in the ordinary course of business. Using a risk based analysis; some employees with no ordinary course access are classified as monitored employees due to their position and level of responsibilities. Monitored Employees are also subject to the RBC Enterprise-Wide Personal Trading Policy.<br>|
| **Monitored Employees** | All Monitored Employees who retire or leave RBC, or transfer to another role that does not require monitoring, must continue to adhere to personal trading restrictions for 90 days following their departure, including the Trading Window restrictions where appropriate. |
| **MNPI (Material Non-Public Information)** | Any information for which there is a substantial likelihood that a reasonable investor would consider it 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 which has not been disseminated to the general public.<br>|
| **MNPI (Material Non-Public Information)** | Please refer to the <u>RBC GAM-US Material Non-Public Information (MNPI) and Research Providers Policy</u> for additional information. |
| **Municipal Bonds**<br>Preclearance Required | Municipal bonds are debt securities issued by state and local governments used to fund public works projects. |
| **Open-End Mutual Fund**<br>Preclearance Not Required | An open-end mutual fund (also known as a registered investment company) is a mutual fund that issues new shares when people invest in it and buys back old shares when investors want to redeem them.<br>|
| **Open-End Mutual Fund**<br>Preclearance Not Required | RBC mutual funds do not require preclearance but must be disclosed in PTA. |
| **Options**<br>Preclearance Required | Options are a derivative form of investment based on the value of an underlying security. Options give the investor the right, but not the obligation, to buy or sell a specific security at a specific price within a specific time frame. |

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| **Private Funds**<br>Compliance Preapproval Required | Private Funds are pooled investment vehicles excluded from the definition of investment company under the Investment Company Act of 1940, as amended, by Sections 3(c)(1) or 3(c)(7).<br>|
| **Private Funds**<br>Compliance Preapproval Required | Access Persons may not invest in Private Funds managed by RBC or any of its affiliates (including BlueBay alternative funds) unless the Access Person is directly involved in providing investment management services to that fund. |
| **Private Investments**<br>Compliance Preapproval Required | Private Investments (also known as private placements or limited offerings) include any investment in securities which are not executed through a securities market such as a stock exchange, automated quotation system or an over-the-counter market. Examples of Private Investments include but are not limited to the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities obtained by prospectus exception, including tax shelter private investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership investments or closely held corporations<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-producing real estate investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment opportunities offered by a previous employer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New offerings of unregistered securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in a private company (including family businesses, restaurants, consulting companies, investment-based crowdfunding entities, etc.)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial coin offerings (ICOs). Registered Personnel are prohibited from participating in ICOs that may be considered to be securities offerings. |
| **Private Placement**<br>Compliance Preapproval Required | See Private Investments. |
| **Protegent PTA ("PTA")** | PTA is the system RBC GAM-US uses to administer the Code of Ethics. PTA automates compliance with personal trading requirements and is also used for approval of outside business activities, political contributions, private securities transactions, various disclosures and periodic certifications. Available at: <u>https://rbcgamus.ptaconnect.com</u>. |
| **RBC** | Royal Bank of Canada |
| **RBC Code of Conduct** | The <u>Code of Conduct</u> guides us and sets expectations for our behavior and decision-making. It applies to all RBC Employees, contract workers, interns, and members of the board of directors of RBC and all of its subsidiaries.<br>|
| **RBC Code of Conduct** | Understanding and complying with the Code of Conduct is a condition of employment. |

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| **RBC Executive** | Any personnel listed in Part 1 of RBC GAM-US's most current Form ADV, Schedule A, Direct Owners and Executive Officers. |
| **RBC GAM-US / Firm** | RBC Global Asset Management (U.S.) Inc. |
| **RBC Managed Funds**<br>Disclosure Required | Mutual funds where RBC is either the adviser or sub-adviser |
| **Reportable Investments**<br>Disclosure Required | Securities that must be reported in PTA but do not require preclearance, such as RBC Managed Funds and futures contracts. |
| **Third-Party Managed Accounts**<br>Compliance Preapproval Required | A Third-Party Managed Account is an account managed by a third-party manager who has investment management discretion regarding securities transactions pursuant an investment management or advisory agreement where the Access Person relinquishes direct or indirect influence or control over the account to the third-party manager. |
| **Trading Window** | Periods of time set by calendar dates when trading in RBC Securities by Monitored Employees is either permitted ("open trading window") or prohibited ("closed trading window"). Such dates are set in advance by senior management based on the planned public release of RBC financial information. |
| **Unit Investment Trust**<br>Preclearance Not Required | A Unit Investment Trust ("UIT") is an investment company that offers a fixed portfolio, generally of stocks and bonds, as redeemable units to investors. Some ETFs are structured as UITs. A UIT is not actively managed. |

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Exhibit A – Quick Reference Guide Quick Reference Guide Last Updated August 31, 2022

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|:---|:---|:---|:---|:---|
| **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** | **PRECLEARANCE REQUIREMENTS** | **PRECLEARANCE REQUIREMENTS** | **COMPLIANCE REMINDERS** |
| <u>**Report in PTA**</u><br>• All brokerage accounts held by you and your Immediate Family Members sharing the same household (preapproval required for non-Designated Brokers)<br>• Employee stock purchase plans (stock held in brokerage account)<br>• Futures / commodities trading accounts (preapproval required)<br>• Health savings accounts (with brokerage link)<br>• Mutual funds where by RBC GAM-US is the adviser or sub-adviser<br>• Private Investments (preapproval required)<br>• Stock held at Transfer Agent<br>• Third-Party Managed Accounts (preapproval required)<br>• Trust accounts benefitting Access Person or where Access Person is Trustee or Co-Trustee | **<u>Reporting Not Required</u>**<br>• 401(k)s, 403(b)s or employer-directed pension accounts<br>• 529 Plans<br>• Automatic Investment Plans<br>• Bank Savings Accounts<br>• Bank Certificates of Deposit<br>• Cryptocurrencies in non-brokerage accounts<br>• Dividend Reinvestment Plans<br>• Employee stock purchase plans (stock held with employer)<br>• Health savings accounts (no brokerage link)<br>• Index funds<br>• Life insurance policies<br>• Money market funds<br>• Mutual funds not managed by RBC GAM-US<br>• Variable and fixed annuities | **<u>Preclearance Required</u>**<br>• American depositary receipt (ADR)<br>• Common and Preferred Stock<br>• Corporate Bonds<br>• Convertible Bonds<br>• Municipal Bonds<br>• Mutual funds – closed-end<br>• Options (opening, closing and exercising)<br>• Private placement investments (preapproval required for initial / subsequent investments)<br>• Royal Bank of Canada (RY) stock<br>• Rights and warrants (exercised<br> • Single-Security Exchange-Traded Funds (ETFs)<br>**<u>Approval Period</u>**<br> Preclearance is good until the close of business/trading following the day the preclearance is granted.<br>**<u>Registered Personnel</u>**<br>Registered Personnel must also review the RBC Capital Markets <u>Restricted List</u> prior to executing trades in personal accounts. | **<u>Preclearance Not Required</u>**<br>• Automatic Investment Plans<br>• Certificates of Deposit<br>• Cryptocurrencies<br>• Dividend Reinvestment Plans<br>• Exchange-Traded Funds (ETFs) (excludes single-security ETFs which must be precleared)<br>• Exchange-Traded Notes (ETNs)<br>• Futures / Commodities trading (preapproval of account required)<br>• Index funds (e.g., S&P 500)<br>• Money market funds<br>• Mutual funds – open-end<br>• Third-Party Managed Account transactions (preapproval required)<br>• RBC Mutual Funds<br>• Stock Donations<br>• Stock splits<br>• Swaps<br>• U.S. Government Securities | **<u>Prohibitions</u>**<br>• Investment Clubs<br>• Investment Apps with Robinhood, Stockpile, or other non-Designated Brokers<br>• Initial Public Offerings (IPOs)<br>• Options on Royal Bank of Canada (RY) stock<br>• Private funds managed by RBC or any of its affiliates (including BlueBay alternative funds)<br>• Restricted Securities<br>• Short-term trading <u>for profit</u> (30 days / LIFO rule) (Compliance preapproval required if selling at a loss; options may not be used to circumvent this restriction)<br><u>**Designated Brokers**</u><br>• Fidelity Investments<br>• Charles Schwab<br>• RBC Wealth Management (or any RBC affiliate)<br>|
| <u>**Report in PTA**</u><br>• All brokerage accounts held by you and your Immediate Family Members sharing the same household (preapproval required for non-Designated Brokers)<br>• Employee stock purchase plans (stock held in brokerage account)<br>• Futures / commodities trading accounts (preapproval required)<br>• Health savings accounts (with brokerage link)<br>• Mutual funds where by RBC GAM-US is the adviser or sub-adviser<br>• Private Investments (preapproval required)<br>• Stock held at Transfer Agent<br>• Third-Party Managed Accounts (preapproval required)<br>• Trust accounts benefitting Access Person or where Access Person is Trustee or Co-Trustee | **<u>Reporting Not Required</u>**<br>• 401(k)s, 403(b)s or employer-directed pension accounts<br>• 529 Plans<br>• Automatic Investment Plans<br>• Bank Savings Accounts<br>• Bank Certificates of Deposit<br>• Cryptocurrencies in non-brokerage accounts<br>• Dividend Reinvestment Plans<br>• Employee stock purchase plans (stock held with employer)<br>• Health savings accounts (no brokerage link)<br>• Index funds<br>• Life insurance policies<br>• Money market funds<br>• Mutual funds not managed by RBC GAM-US<br>• Variable and fixed annuities | **<u>Preclearance Required</u>**<br>• American depositary receipt (ADR)<br>• Common and Preferred Stock<br>• Corporate Bonds<br>• Convertible Bonds<br>• Municipal Bonds<br>• Mutual funds – closed-end<br>• Options (opening, closing and exercising)<br>• Private placement investments (preapproval required for initial / subsequent investments)<br>• Royal Bank of Canada (RY) stock<br>• Rights and warrants (exercised<br> • Single-Security Exchange-Traded Funds (ETFs)<br>**<u>Approval Period</u>**<br> Preclearance is good until the close of business/trading following the day the preclearance is granted.<br>**<u>Registered Personnel</u>**<br>Registered Personnel must also review the RBC Capital Markets <u>Restricted List</u> prior to executing trades in personal accounts. | **<u>Preclearance Not Required</u>**<br>• Automatic Investment Plans<br>• Certificates of Deposit<br>• Cryptocurrencies<br>• Dividend Reinvestment Plans<br>• Exchange-Traded Funds (ETFs) (excludes single-security ETFs which must be precleared)<br>• Exchange-Traded Notes (ETNs)<br>• Futures / Commodities trading (preapproval of account required)<br>• Index funds (e.g., S&P 500)<br>• Money market funds<br>• Mutual funds – open-end<br>• Third-Party Managed Account transactions (preapproval required)<br>• RBC Mutual Funds<br>• Stock Donations<br>• Stock splits<br>• Swaps<br>• U.S. Government Securities |  |
|  |  |  |  | **<u>Other PTA Reporting</u>**<br>• Initial, quarterly & annual certifications<br>• Gifts & entertainment\*<br>• Outside business activities\*<br>• Political contributions\*<br>\* See separate policies |

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• These requirements apply to all accounts and transactions where Access Person has a Beneficial Ownership Interest
in an investment. An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment
is held. Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members sharing the same household and includes accounts where the Access Person has discretionary
control over the purchase or sale of Covered Investments, and interests in any partnerships, trusts or estates (see separate <u>Outside Business Activities Policies and Procedures</u> for disclosure and approval requirements for partnerships, trusts
and estates).

• Obtaining preclearance approval does not relieve Access Person from conducting securities transactions in full
compliance with the provisions of the Code.

• This chart is not all-inclusive and is subject to change. Please contact
the Compliance Department with any questions.

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| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 27 |

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Exhibit B – Frequently Asked Questions (FAQs)

**<u>BACKGROUND</u>** 

**Why am I subject to the Code of Ethics?** 

As an Employee of RBC GAM-US ("Employee" includes interns and contract workers), you are considered both an access person and a supervised person, as those terms are defined in the SEC rules. As a registered investment adviser, RBC GAM-US is required, among other things, to monitor access persons' / supervised persons' (and their Immediate Family Members') personal securities transactions and holdings.

**Why are my Immediate Family Members subject to the Code of Ethics?** 

The SEC rules require that access persons' holding and transaction reporting requirements apply to all holdings or transactions where the access person has any direct or indirect beneficial ownership interest. "An access person is presumed to be a beneficial owner of securities that are held by his or her immediate family members sharing the access person's household" (SEC Adopting Release July 6, 2004),

**<u>MAINTAINING ACCOUNTS</u>** 

**Why do my personal brokerage accounts have to be held with a Designated Broker?** 

By using a Designated Broker, RBC GAM-US is able to obtain daily electronic feeds of trade activities in Covered Accounts, which assists in promptly identifying violations and automating the review process.

**What accounts do I need to disclose in PTA?** 

All accounts that allow for trading in Covered Investments, even if the account does not currently hold Covered Investments, must be disclosed for both Access Persons and their Immediate Family Members, including all accounts where if you have been granted power-of attorney, or where you are able to exercise control over investment decisions (these situations will be reviewed on a case-by-case basis).

**Do I need to disclose an employee stock purchase plan held by me or my Immediate Family Member?** 

Yes. An employee stock purchase plan ("ESPP") is a company-run program in which participating employees can purchase company stock at a discounted price. The company stock purchased through an ESPP is held in a brokerage account or with a transfer agent and this account must be reported in PTA. Preclearance is required before the stock can be sold.

**My Immediate Family Members have brokerage accounts with non-Designated Brokers. Do these accounts have to be moved to one of our Designated Brokers?** 

Yes, unless the account has been approved by the Compliance Department to be held with an outside broker. An exception is most likely to be approved if electronic feeds are available from the outside broker. If electronic feeds are not available, an exception may be granted in rare circumstances and only if the Access Person ensures duplicate account statements and broker trade confirmations are provided to the Compliance Department in accordance with the Reporting Requirements described in the Code of Ethics.

**I have been asked to serve as a trustee, co-trustee, executor to an estate, or have been granted power of attorney over a brokerage account. Do I need to disclose this account and holdings in PTA?** 

Yes. Being a trustee or co-trustee to a trust, or executor to an estate, creates an account interest and triggers the requirements of a Covered Account. As a trustee, co-trustee, executor to an estate, or where you have been granted a power of attorney over an account, you have beneficial ownership due to your discretionary control over the purchase or sale of investments. These accounts must be reported in PTA and pre-clearance will be required. In addition, acting as a trustee may be deemed an outside business activity. See the Outside Business Activities Policy for additional information.

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| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 28 |

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**I own RBC Mutual Funds in my 401(k). Do I need to report these holdings in PTA?** 

Yes, you must report all RBC mutual funds in PTA, even though preclearance is not required. You are not required to report the RBC Common Stock Fund in your RBC Fidelity 401(k). All mutual funds where RBC GAM-US is the adviser or sub-adviser must be reported.

Please contact the Compliance department if you need assistance.

**Why do I need pre-approval to open a Futures or a Commodities Account?** 

RBC GAM-US is registered with the NFA and is subject to CFTC rules, which requires Access Persons to obtain pre-approval before opening a commodities or futures account.

**I have been asked to join an Investment Club, or I am already a partner or member in an Investment Club. Do I need to report the account in PTA and move my account to a Designated Broker?** 

Investment clubs are prohibited due to the high risks associated with accessing and sharing confidential, proprietary and material non-public information. If you are already a partner or member in an investment club, you will be required to cease your involvement.

**Can I open a brokerage account using an investment app, such as stockpile.com or robinhood.com?** 

No. With limited exceptions, all brokerage accounts must be held with one of our Designated Brokers. We are unable to automate the review process on investment app brokerage accounts with electronic feeds and do not have the resources to manually monitor such accounts.

**<u>TRADING RULES</u>** 

**Why do I need pre-clearance or pre-approval when trading in Covered Investments?** 

The SEC rules require that investment advisers review their supervised persons' personal securities transactions and holdings and recommends that advisers require pre-clearance of access persons' personal securities transactions. The preclearance requirements contained in the Code of Ethics are designed to help prevent, detect and correct trading on MNPI and to avoid actual, potential, or perceived conflicts of interest.

**Do I need pre-clearance if my account is managed by a third party manager?** 

If your account is managed by a third-party investment manager and you are not exercising direct or indirect control over the account, and this account has been pre-approved by the Compliance Department, you will not need to pre-clear trades.

**Why is there a blackout period?** 

Blackout periods restrict Access Persons from purchasing or selling the same security for a short period of time before and after a client trade occurs in order to prevent Access Persons from trading ahead of clients or allocating trades in a manner that could defraud clients or raise any conflicts of interest.

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| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 29 |

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**What is a "*de minimis*" exemption?** 

"*De minimis*" ("of minimum importance"; insignificant"). A "*de minimis*" exemption applies to personal trading in the stock of a large capitalized company where employee transactions (or aggregate transactions) are not going to be significant enough to make any market impact. "*De minimis*" exemptions are generally not available to Access Persons who are Investment Professionals.

**What happens if an Investment Professional obtains approval through PTA to execute a trade in a security that is subsequently traded in a client portfolio within the blackout period?** 

This scenario would be considered on a case-by-case basis but would ordinarily be a violation of the Code that would require corrective measures. The Compliance Department will investigate all such trades, including requiring the Investment Professional to submit a written explanation of the circumstances surrounding the transaction. If the Compliance Department is not satisfied that the Access Person effected the trade without knowledge of the impending firm trade, the Access Person may be required to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences.

**What do I need to do if I want to participate or make a subsequent investment in a Private Placement, Limited Partnership, Hedge Fund or REIT?** 

Private placements, limited partnerships, hedge funds or REITS ("Private Investments") are subject to advance review and approval by the Compliance Department. Access Persons should complete and submit the Private Placement Pre-Approval Form found under the On Demand Disclosures in PTA. Copies of the offering documents and subscription agreements must be provided.

**Why Can't I buy shares in an Initial Public Offering?** 

Participation in an Initial Public Offering is prohibited for Access Persons and their Immediate Family Members because these types of transactions represent the same type of investment opportunities that may be considered on behalf of our clients. In addition, for securities-licensed Access Persons, participating in IPOs is prohibited under FINRA rules.

**I have an approved third-party managed account. Can my investment adviser/manager purchase an IPO or Private Investment?** 

You are prohibited from using a third-party managed account to circumvent Code requirements. IPOs are prohibited and Private Investments must be preapproved by both Compliance and your manager. The third-party managed account is prohibited from engaging in any transactions prohibited by the Code.

**Do I need preclearance approval to trade in cryptocurrencies or other digital assets?** 

Generally, no. For example, Bitcoin and Ether, both well-known examples of digital assets, are not considered by the SEC to be securities. Digital assets are generally held in a digital wallet, owned and controlled by the individual investor. The owner of the digital wallet remains anonymous, represented only by a public key. Preclearance approval and reporting is not required for Bitcoin- and Ether-type digital assets.

An initial coin offering ("ICO"), however, may be considered by the SEC to be a securities offering. Specifically, an ICO falls under the definition of "Private Investment" under the Code and, as such, requires prior approval by both Compliance and your manager. An ICO, sometimes referred to as a security token offering ("STO"), involves a crowdfunding exercise to fund project development. Sometimes, an STO can also be used as a security token (a digital representation) of an asset, meaning it could represent a share in a company, ownership of a piece of real estate, or participation in an investment fund. These securities tokens can then be traded on the secondary market of the issuer's choice.

Access Persons should complete the On Demand Private Placement Request Form in PTA and obtain prior approval before purchasing an ICO/STO.

**Registered Personnel are prohibited from purchasing ICO shares that may be considered to be a securities offering.** 

Contact Compliance for questions on cryptocurrency reporting requirements.

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|:---|:---|
| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 30 |

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**Can I purchase Royal Bank of Canada (RY) shares?** 

Yes, you can purchase RY in a personal investment account after obtaining pre-clearance approval through PTA. In your RBC 401(k), you can purchase shares of the RBC Common Stock Fund without transaction pre-approval. Options trading on RY stock is prohibited

**Can I buy RBC Mutual Funds shares? Do I need to report my holdings?** 

Yes, you can buy shares of RBC Funds and other open-ended funds advised or sub-advised by RBC GAM-US without obtaining preclearance approval; however, you must report these holdings in PTA. Mutual funds not advised or sub-advised by RBC GAM-US are not Covered Investments and do not need to be pre-cleared or reported.

**When should options trading be precleared?** 

Option trading requires preclearance when you engage in an opening and closing options transaction as well as when you exercise an option.

**Does the short-term trading restriction apply to option trading?** 

Yes. The purchase and sale of option contracts may not be used to circumvent the short-term trading restriction. For example, Access Persons may not purchase an option that will expire within 30 days.

**I requested and received pre-clearance on a transaction. How long before the preclearance approval expires?** 

Pre-clearance approval expires at the end of the next business/trading day. For example, a preclearance approval received at 10:00 am on Thursday is good until the end of business Friday.

**<u>MATERIAL NON-PUBLIC INFORMATION ("MNPI")</u>** 

**I overheard information regarding a change at RBC that will have a great impact on the Firm and its future. What should I do?** 

You should treat this information as material, non-public information and contact the Compliance Department immediately (or legal staff in the absence of Compliance staff). Refer to the Material Non-Public Information (MNPI) and Research Providers Policy for additional requirements.

**<u>CODE REPORTING REQUIREMENTS</u>** 

**Why do I have to complete so many certifications?** 

The initial and quarterly certifications are designed to ensure all regulatory requirements are met Accordingly, failure to complete all required certifications within the time period prescribed by the Compliance Department, absent extenuating circumstances, may be considered a Code violation.

**Why do you review my trade activity?** 

SEC rules require investment advisers to establish, maintain and enforce a written code of ethics that contains, among other things, provisions requiring the monitoring of personal securities transactions and holdings. Some Access Persons may face conflicts of interest when trading in securities for their own accounts because of their intimate knowledge of clients' securities transactions and, in some cases, because they have investment discretion to affect trades on behalf of clients.

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| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 31 |

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**<u>ESCALATION</u>** 

**Who gets notified if there is a violation of the Code of Ethics?** 

Code of Ethics violations are taken very seriously and are reported quarterly to certain of our existing client boards, and on an ongoing basis to prospective clients in Requests for Proposal. Our Code of Ethics and our collective efforts to comply with our Code of Ethics is a fundamental industry standard that measure our Firm's integrity and commitment to the protection of our clients' best interests. Employee's manager will be notified of all Code violations and any disciplinary or remedial actions taken.

**What are the repercussions of a violation of the Code of Ethics?** 

Disciplinary or remedial measures may include additional training, disgorgement of profits, trade reversals or restrictions, salary reduction or monetary fine, suspension or termination of employment, or referral to criminal authorities where appropriate. Each violation is considered on a case-by-case basis.

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| ![LOGO](g456053g0218124016098.jpg) | RBC GAM-US Code of Ethics \| November 22, 2022 \| Page 32 |

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## Ex-99.(P)(34)

**Sponsor** 

Guggenheim Partners Investment Management, LLC

Chief Compliance Officer

**Owner** 

GPIM Director of Policies & Procedures

**Contact** 

<u>Maria.Rosen@guggenheimpartners.com</u> 

**Effective Date** 

November 17, 2022

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![LOGO](g456053g0218124016214.jpg)

**Table of Contents** 

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| | | | |
|:---|:---|:---|:---|
| 1. | Objectives of the Code of Ethics | Objectives of the Code of Ethics | 3 |
| 2. | Who is Subject to the Code? | Who is Subject to the Code? | 3 |
| 3. | Who Administers the Code? | Who Administers the Code? | 4 |
|  | 3.1.  | Chief Compliance Officer | 4 |
|  | 3.2.  | Code of Ethics Compliance Platform | 5 |
| 4. | Fiduciary Duty to Clients | Fiduciary Duty to Clients | 6 |
|  | 4.1.  | Managing Conflicts | 6 |
|  | 4.2.  | Confidentiality and Safeguarding Information | 6 |
|  | 4.3.  | Prohibition on Front Running | 7 |
|  | 4.4.  | Compliance with the Code of Ethics | 7 |
| 5. | Reporting of Personal Trading | Reporting of Personal Trading | 7 |
|  | 5.1.  | Which Investment Accounts Do Access Persons Need to Report? | 7 |
|  | 5.2.  | Required Initial Holdings Reports and Certifications | 10 |
|  | 5.3.  | Required Quarterly Transaction Reports | 10 |
|  | 5.4.  | Annual Holdings Reports and Certifications | 12 |
| 6. | Pre-clearance for Personal Trading | Pre-clearance for Personal Trading | 12 |
|  | 6.1.  | Trades Requiring Pre-Clearance | 13 |
|  | 6.2.  | Trades Not Requiring Pre-Clearance | 14 |
|  | 6.3.  | Prohibited Transactions | 15 |
| 7. | Trading Restrictions | Trading Restrictions | 17 |
|  | 7.1.  | For All Trading | 17 |
|  | 7.2.  | Excessive Trading in Reportable Accounts | 17 |
|  | 7.3.  | Holding Period – Thirty-Day Prohibition on Buying/Selling Covered Securities | 17 |
|  | 7.4.  | Section 16 Reporting for Certain Closed-End Mutual Funds | 18 |
| 8. | Annual Review | Annual Review | 18 |
| 9. | Retention of Records | Retention of Records | 18 |
| 10. | Sanctions | Sanctions | 19 |
| 11. | Interpretations and Exceptions | Interpretations and Exceptions | 19 |
| 12. | Appendix A – Reference Guide for Covered Security Pre-Clearance and Reporting Requirements | Appendix A – Reference Guide for Covered Security Pre-Clearance and Reporting Requirements | 20 |
| 13. | Appendix B – Option Trading Pre-Clearance Requirements | Appendix B – Option Trading Pre-Clearance Requirements | 21 |

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![LOGO](g456053g0218124016214.jpg)

**1.** **Objectives of the Code of Ethics** 

Guggenheim Partners Investment Management, LLC ("<u>GPIM</u>" or the "<u>Advisor</u>"), its subsidiaries and affiliated investment advisers are committed to conducting our investment advisory business with the highest legal and ethical standards. We aim to uphold our reputation of integrity and professionalism in the furtherance of the interests of our clients and in a manner that is consistent with all applicable laws, rules and regulations. This reputation is a vital business asset and has generated the trust and confidence of GPIM's clients.

Accordingly, the Advisor has adopted this Code of Ethics (the "<u>Code</u>") to effectuate the purposes and objectives of Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and in accordance with industry best practices. All persons associated with the Advisor are responsible for knowing and understanding the policies and guidelines contained in the Code. Our conduct should reflect GPIM's values, demonstrate ethical leadership, and promote a work environment that upholds our reputation for integrity, ethical conduct and trust. The Code sets forth the general principles and standards of conduct expected from you. It cannot and is not intended to cover every scenario or circumstances under which you may face business and personal conflicts. Technical compliance is not enough and you are expected to comply with the spirit of the Code.

**The GPIM Compliance Department monitors, surveils and escalates to the business when appropriate. The GPIM Chief Compliance Officer ("<u>CCO</u>") and GPIM Compliance Department should be contacted for advice and recommendations as to compliance with regulatory requirements, the Code and together with the GPIM Compliance Manual ("<u>Manual</u>"), the Compliance Program. However, the business has primary authority and control over the investment activities and operation of GPIM and for managing employees. Access Persons should contact Guggenheim Partners' Central Compliance – Employee Activities Group ("<u>Central Compliance</u>") with any questions on employee trading and activities.** 

**2.** **Who is Subject to the Code?** 

As a condition of employment, all individual employees, officers, principals, partners and directors of GPIM (generally referred to as "<u>Employees</u>") are required to comply with the Code. In addition, the following categories of persons are considered to be Access Persons and are required to comply with the Code together with Employees. "<u>Access Person</u>"<sup>1</sup> includes any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director, officer, manager, principal and partner of the Advisor (or other persons occupying a
similar status or performing similar functions), or other person who provides advice on behalf of the Advisor or is subject to the Advisor's supervision and control; or

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<sup>1</sup> This includes any arrangement where the Access Person serves as an agent, executor, trustee or in another capacity.

Confidential 3

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![LOGO](g456053g0218124016214.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Has access to nonpublic information regarding any of the Advisor's client's purchases or sales of
securities, or nonpublic information regarding the portfolio holdings of any client account the Advisor or their affiliates manage, or any fund which is advised or sub-advised by the Advisor (or certain
affiliates, where applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Makes recommendations or investment decisions on behalf of the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Has the power to exercise a controlling influence over the management and policies of the Advisor, or over
investment decisions, who obtains information concerning recommendations made to a client with regard to the purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The CCO shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Access Person. Such determination shall be made based upon an
application of the criteria provided above, whether an appropriate confidentiality agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary employees may only be
subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements such as not having to hold their reportable accounts at the permitted broker-dealers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any person deemed to be an Access Person by the CCO.

**3.** **Who Administers the Code?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Chief Compliance Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. Responsibilities

The Advisor's Compliance Department (the "<u>GPIM Compliance Department</u>") is responsible for administering the Code of Ethics under the auspices and responsibility of the CCO and the Advisor's senior management. The CCO will delegate appropriate responsibilities to designated members of the GPIM Compliance Department. Central Compliance administers certain sections of the Code of Ethics pertaining to Employee activities.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. Reporting of Violations

If an Access Person becomes aware of a violation of the Code, the Access Person has an obligation to report the matter promptly to the CCO.

As has been the Advisor's ongoing policy, nothing in this Code, any agreement between the Advisor and its employees, or any Advisor policy or program, prohibits or restricts any person in any way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating, assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available on OneGuggenheim.

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<sup>2</sup> Central Compliance – Employee Activities Group can be contacted at: <u>GPIMEmployeeActivities@GuggenheimPartners.com</u>

Confidential 4

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![LOGO](g456053g0218124016214.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3. Review of Violations

The GPIM Compliance Department will review all violations of the Code and oversee any appropriate investigation and subsequent response. As the designee of senior management, the CCO shall have the right to make final and binding interpretations of the Code and may grant, using his/her discretion, exceptions to certain of the Code's requirements and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Employee, who in good faith reports a violation of the Code, shall suffer harassment, retaliation or with
respect to a report concerning a violation by another Employee, adverse employment consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee who retaliates against someone who has reported a violation in good faith may be subject to
disciplinary action. Alternatively, the Advisor will treat any malicious or knowingly false report of a violation to be a serious offense and may discipline the Employee making such a report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4. Review of CCO Compliance with Code

A member of senior management of the Advisor or any other person designated (e.g., a member of the Legal Department or the Global Head of Compliance or his/her designee), who may or may not be an Employee of the Advisor, is responsible for reviewing the CCO's personal trading reports and Code certifications required under the Code. If the CCO is in violation of the Code, senior management will impose the appropriate sanction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5. Employee Cooperation

Employees are encouraged to share questions, concerns, suggestions or complaints with the GPIM Compliance Department. Reports of violations or suspected violations will be kept confidential to the extent possible, but consistent with the need to conduct an adequate investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Code of Ethics Compliance Platform** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. Use of Compliance Platform

The Advisor utilizes an electronic Compliance Platform, to manage the Code's reporting and certification obligations. Access Persons are required to use the Compliance Platform, to the extent practical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Code reporting requirements are to be completed through the Compliance Platform (including certifications,
personal securities transactions covered by the Code, disciplinary disclosures, outside business affiliations, private transactions, board memberships, and gifts and entertainment) or through an alternate manner approved by the GPIM Compliance
Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the time of designation as an Access Person, Central Compliance will provide all Access Persons with a link to
access the Compliance Platform.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. Electronic Reporting

Quarterly personal securities transaction reporting and annual holdings reporting will be completed electronically, to the extent practical. In order for duplicate brokerage statements to be sent directly to the Compliance Platform or for electronic feeds to be established, Access Persons may need to provide appropriate authorization to their brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. Exceptions to Electronic Reporting

On a case-by-case basis and at the discretion of Central Compliance, paper reports and certifications may be accepted in lieu of electronic reporting on the Compliance Platform.

**4.** **Fiduciary Duty to Clients** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Managing Conflicts** 

Access Persons owe a fiduciary duty to clients and have an obligation to act in their clients' best interests. Access Persons must scrupulously avoid serving personal or conflicted interests ahead of the interests of clients. Conflicts and potential conflicts can arise in a variety of situations. All Access Persons must also seek to identify and appropriately address potential conflicts between and among client accounts as well. One client's interests may not be favored over the interests of another. The Manual, available via OneGuggenheim, includes the Private Transactions Conflicts of Interests Review Policy that provides additional guidance and procedures for addressing potential conflicts within a business transaction context.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** **Confidentiality and Safeguarding Information** 

Unless permitted in writing prior to disclosure, information regarding clients or their accounts may not be shared with persons outside of the Advisor, such as vendors, family members, or market participants. In particular, information regarding the trading intentions of clients or the Advisor on behalf of its clients may not be shared. Access Persons may have information regarding clients, their investment strategies, strategic plans, assets, holdings, transactions, personnel matters and other information. This information must remain confidential and may not be shared outside the Advisor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Prohibition on Front Running** 

Front-running, trading opposite the Advisor's client account(s), or engaging in conduct that may be construed as front-running, is strictly prohibited under the Code. For example, front- running would include an Access Person purchasing a Covered Security any time within seven days ahead of when the Advisor's client account(s) purchases the same Covered Security, or the sale of a Covered Security any time within seven days ahead of when the Advisor's client account(s) sells the same Covered Security. An example of trading opposite the Advisor's client account(s) would include the sale of a Covered Security any time within seven days after the Advisor's client account(s) purchases the same Covered Security or the purchase of a Covered Security any time within seven days after the Advisor's client account(s) sells the same Covered Security. Proprietary, Access Persons', and discretionary accounts will be monitored for front-running.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** **Compliance with the Code of Ethics** 

Each Access Person will receive a copy of the Code and any subsequent material amendments to the Code, and each Access Person must acknowledge receipt of the Code in writing not less frequently than on an annual basis, and generally on a quarterly basis. Each Access Person is required to certify that he/she (i) has read and understands the Code, (ii) is aware that he/she is subject to the provisions of the Code, (iii) has complied with the Code at all times during the previous calendar year, and (iv) has, during the previous calendar year, reported all holdings and transactions that he/she is required to report pursuant to the Code. The acknowledgement of receipt and certification may be made electronically through a manner specified by the GPIM Compliance Department. A current copy of the Code is available via OneGuggenheim.

**5.** **Reporting of Personal Trading** 

It is the sole responsibility of the Access Person to ensure that all reporting requirements are completed by the timeframes set forth by the Code. This may mean that the Access Person may have to enter information manually, provide statements or follow up with his/her broker-dealer or bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** **Which Investment Accounts Do Access Persons Need to Report?** 

Generally, any account which is in the name of the Access Person and members of his/her Immediate Family<sup>3</sup>, which can, even if the account does not currently, hold Covered Securities (as defined in Section 5.3.1 below) will need to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. Report any of the following Investment Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Access Person has Beneficial Ownership<sup>4</sup> over an
Investment Account.

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<sup>3</sup> Immediate Family includes, but is not limited to, a spouse, child, grandchild, stepchild, parent, grandparent, sibling, mother or father-in-law, son or daughter-in-law, or brother or sister-in-law, and adoptive relationships, living in the same household, or otherwise dependent on the Access Person. Access Persons may rebut this presumption if they are able to provide the Advisor with satisfactory assurances that they have no material interest in the account and exercise no control over investment decisions made regarding the account. Access Persons should consult with Central Compliance for guidance regarding this process. 

<sup>4</sup> A person has Beneficial Ownership if he or she, directly or indirectly through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary (financial) interest in a (i) security or (ii) accounts which can hold securities, including but not limited to: individual, joint, partnership, custodial, trust, IRA, UGMA and KEOGH accounts. The determination of Beneficial Ownership is the responsibility of each Access Person: it is a fact-based decision. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any Investment Account with a broker-dealer or bank over which the Access Person has investment decision-making
authority (including accounts that the Access Person is named on, such as being a guardian, executor or trustee, as well as accounts that Access Person is not named on such as an account owned by another person but for which the Access Person has
been granted trading authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any Investment Account with a broker-dealer or bank established by a partnership, corporation, or other entity
in which the Access Person has a direct or indirect interest through any formal or informal understanding or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any college savings account in which the Access Person has investment discretion and where the account has the
ability to invest in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any account in which the Access Person's Immediate Family is the owner. Access Persons are presumed to
have investment decision-making authority for, and therefore should report, any Investment Account of a member of their Immediate Family if they live in the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Any 401(k) accounts from a previous employer which can, or offer the ability to, hold Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any other account that the CCO deems appropriate in light of the Access Person's interest or involvement.

All Investment Accounts of new Access Persons and any Investment Accounts of current Access Persons must be maintained with brokerage firms designated and approved by Central Compliance.<sup>5</sup> The CCO or his designee may grant exceptions in writing to this policy on a limited basis. However, in general, personal trading in such accounts will be prohibited. Further, Access Person will be responsible for ensuring that the account statements and trade confirmations for Investment Accounts held away from designated brokerage firms are received by Central Compliance ***within 20 days after each quarter-end*** and reflect current account information as of the respective quarter-end.

Existing Investment Accounts of new Access Persons which are not held at the permitted broker-dealers must be transferred ***within 90 calendar days from the date the Access Person is so designated***; the failure to transfer within this time will be considered a violation of the Code. Any request to extend the 90-day transfer deadline must be accompanied by a written explanation with the reason for the delay. Central Compliance may grant specific exceptions in writing.

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<sup>5</sup> The list of designated Broker Dealers is available on OneGuggenheim at: *<u>http://oneguggenheim/Compliance/Pages/Designated-Broker-Dealers.aspx?type=GPIM?Source=http://oneguggenheim/compliance/Pages/default.aspx</u>*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. Independently managed/third-party discretionary account reporting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons must disclose independently managed/third-party discretionary accounts, i.e., where the person
has "no direct or indirect influence or control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Access Persons are required to obtain a signed copy of the Managed Account Letter (template letter provided by
Central Compliance) from their third-party investment advisor confirming that the advisor has authority to effect transactions on behalf of the independently managed/third-party account without obtaining prior consent of the Access Person and that
the Access Person does not direct trades in the independently managed/third-party account. Access Persons are required to maintain an updated Managed Account Letter confirming third-party discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Access Persons should immediately notify Central Compliance in writing if there are any changes in control over
the independently managed/third-party account or if there are any changes to the relationship between the trustee or third-party investment advisor and the Access Person (i.e., independent professional or friend or relative, unaffiliated versus
affiliated firm). Please note that an immediate family member with discretion over an independently managed/third-party covered account is not considered a third-party advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Trades in independently managed/third-party discretionary accounts, including trades in Covered Securities, are
not subject to the pre-clearance requirements and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Certain Access Persons (as determined and communicated by Central Compliance) are required to maintain
independently managed/third-party discretionary accounts with brokerage firms designated and approved by Central Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3. New Investment Accounts

Prior to opening a new Investment Account, Access Persons are required to submit a Personal Account Pre-Clearance Form through the Compliance Platform and obtain written approval to establish the Investment Account from Central Compliance. Upon opening a reportable Investment Account or obtaining an interest in an Investment Account that requires reporting, the account number must be reported ***within 5 calendar days of funding the Investment Account*** via the Compliance Platform or as otherwise permitted by Central Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** **Required Initial Holdings Reports and Certifications** 

Information that is required when you initially become subject to the Advisor's Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons must report all of their Investment Accounts. (See *Section 5.1.1* for
more information.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The report must include the name of the broker/dealer or bank, title on the account, security names (and as
applicable the exchange ticker symbol or CUSIP number), and the number of shares and principal amount of all holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If the Access Person's brokerage firm provides automatic feeds to the Compliance Platform, the Advisor
will obtain account information electronically, after the Access Person has completed the appropriate authorizations as required by the brokerage firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All required account information must be reported  ***within 10 calendar days from the date on which the Access Person becomes an Employee of the Advisor and is so designated as an Access Person*** , and the information must be current as of a date no more than 45 calendar days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Access Persons must complete a form certifying receipt and acknowledgement of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** **Required Quarterly Transaction Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. Information required on a quarterly basis:

Access Persons must report all their quarterly transactions in Covered Securities in which they have a direct or indirect beneficial ownership, ***within at least 30 calendar days after each quarter end.*** The report must include transaction details consistent with regulatory requirements, including: (i) the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable Covered Security involved; (ii) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (iii) the price of the Covered Security at which the transaction was effected; (iv) the name of the broker, dealer or bank with or through which the transaction was effected; and (v) the date the Access Person submits the report.

"<u>Covered Securities</u>" for purposes of the Code, are any financial instrument related to a security, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equities / Stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate, U.S. (Government) Agency and Municipal Bonds and Notes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-Quality Short-term Bonds (maturity at issuance of less than 366 days)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds (ETFs)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options<sup>6</sup> and Futures on any Covered Security, ETF or
on any group or (broad-based) index of securities (e.g., put, call or straddle)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures on U.S. Government obligations, Currencies and
Commodities<sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private Investments (as defined in Section 6.1 below). Please note that a **Private Investment and Loan Pre-Clearance Form** (available via OneGuggenheim) must be completed prior to any new private investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end Mutual Funds managed, advised or sub-advised by the Advisor or an affiliate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit Investment Trusts (UIT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign Unit Trust (i.e., UCITs) and Foreign Mutual Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indirect investments in cryptocurrencies through products deemed a security under applicable law (e.g.,
cryptocurrency-related entities deriving a substantial amount of revenue therefrom) or private investments, ETFs and Investment Trusts that invest directly and primarily in cryptocurrencies.<sup>8</sup> **Note:** The regulatory landscape around cryptocurrencies and related products is evolving and GPIM's policy towards such products is subject to change depending on emerging regulatory requirements and firm and client activity. Certain
cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Miscellaneous: Treasury Stock; Debentures; Evidence of Indebtedness; Investment Contracts; Voting Trust
Certificates; Certificates of Deposit for a Security; Limited Partnerships; Certificates of Interest or Participation in any Profit-Sharing Agreement; Collateral RIC-Certificates; Fractional Undivided Interests in Oil, Gas or other Mineral Rights;
Pre-Organizational Certificates or Subscriptions; or Transferable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other instrument that is considered a security under the applicable securities laws.

The term "Covered Securities" does not include obligations/debt of the U.S. Government, bank loans, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, money-market funds, shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are reportable funds, or open-end mutual funds which the Advisor or its affiliates, as applicable, <u>do not</u> manage, advise or sub-advise.

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<sup>6</sup> *See* ***Appendix B*** *for pre-clearance requirements applicable to certain option trading strategies and transaction legs.* 

<sup>7</sup> *See Section 6.3* ***Prohibited Transactions*** *for permitted categories of trading in certain futures on currencies and commodities.* 

<sup>8</sup> *For direct investments in cryptocurrencies, see Section 6.2* ***Trades Not Requiring Pre-Clearance****. Private Investments that invest directly and primarily in cryptocurrencies should be pre-cleared in accordance with Section 6.1.2* ***Trades Requiring Pre-Clearance****. For any questions on whether an investment is an indirect security-related investment in cryptocurrencies, please contact Central Compliance.* 

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**Note:** Access Persons should be aware that investments in Guggenheim Funds through its Employee Investment Program are reportable as Covered Securities.

From time to time, the Compliance Platform may not receive all duplicate statements from brokers or may not receive them on a timely basis. In those cases, Access Persons will be notified by Central Compliance and must provide copies of the statements to Central Compliance who will forward the information to the Compliance Platform. If the brokerage firm does not provide automatic feeds to the Compliance Platform, Access Person will be responsible for providing duplicate statements for such Investment Accounts to Central Compliance ***within 20 days after each quarter-end*** and reflect current account information as of the respective quarter-end. The CCO or designee may provide exceptions to this policy on a limited basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** **Annual Holdings Reports and Certifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1. Information required on an annual basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must provide a list of all Covered Securities in which they or their Immediate Family have a
direct or indirect interest, including those not held in an account at a broker-dealer or bank. The list must include the title, number of shares and principal amount of each Covered Security. Access Persons must report the account number, account
name and financial institution for each Investment Account with a broker-dealer or bank for which they are required to report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must report all accounts and holdings  ***within 30 calendar days after each year end*** via the Compliance Platform, or as otherwise permitted by Central Compliance, and the information must be current as of a date no more than 45 calendar days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must also certify annually that they have complied with the requirements and have disclosed all
holdings required to be disclosed pursuant to the requirements of the Code. In addition, Access Persons must respond to personal disciplinary history questions.

**6.** **Pre-clearance for Personal Trading** 

All Access Persons must pre-clear all trades in their Investment Accounts (except as provided below) through the Compliance Platform prior to execution. Prior to participating in any Private Investments (as defined below), all Access Persons must pre-clear (i.e., receive approval for) the proposed transactions through Central Compliance. This is necessary in order to verify that there is no conflict between the desired trade and the Advisor's current activities or the interests of the Advisor and its clients. For the avoidance of doubt, Access Persons must also pre-clear any trades in Investment Accounts and Private Investments in the name of or on behalf of members of their Immediate Family (see footnote 3).

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***Approvals to trade in an Investment Account are generally only good on the day they are sought.*** If an Access Person receives approval to trade a security and does not execute the trade on the day the approval is received, the trade will need to be pre-cleared again if the Access Person still wants to execute the trade.

If an Access Person is in possession of material non-public information about any security, the Access Person must not trade on it, in accordance with GPIM's Insider Trading Policy (see the Manual for more information), despite pre-clearing the trade and receiving approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** **Trades Requiring Pre-Clearance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered Securities</u>: Unless excluded below, Access Persons must pre-clear all trades in Covered Securities through the Compliance Platform, which checks the trade against the Guggenheim Investments Restricted List and any other applicable rules and guidelines. *(* See *Section 5.3.1* for a list of Covered Securities and **   ***Appendix A*** **  for reference guide on pre-clearance and reporting requirements for Covered
Securities.)<sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Private Investments</u>: Private Investments include, but are not limited to investments in: hedge funds,
private equity funds, venture capital funds, other private fund vehicles (including Investment Trusts that invest directly and primarily in cryptocurrencies), privately-held companies, investments in commercial properties or residential properties
(excluding primary residence) where income is earned on the property (e.g., a secondary residence that is used as rental property or listed as vacation rental on Airbnb) and private placement offerings of cryptocurrencies or other digital assets
(e.g., agreements for future cryptocurrencies or digital assets). Private Investments also include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from
individuals who are not Immediate Family of the Access Person; and (iii) loans to or from individuals who are Immediate Family of the Access Person for the purpose of engaging in business activity. Loans to or from Immediate Family of the
Access Person that are entirely of a personal nature and loans that are covered within the Standing Exceptions per Section 6.3 in the Manual (Personal Loans) do not need to be pre-cleared.

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<sup>9</sup> *Certain Covered Securities may need to be pre-cleared in accordance with requirements for pre-clearance of private investments (see below in Section 6.1* ***Trades Requiring Pre-Clearance)*** *– i.e., by completing the Private Investment and Loan Pre-Clearance Form.* 

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Access Persons should contact Central Compliance with any questions as to which loans need to be pre-cleared.<sup>10</sup> New Access Persons must disclose all of their existing Private Investments, as well as those of their Immediate Family members, ***within 10 days of becoming an Access Person***. The Central Compliance Employee Activities Group will send an email to all new Access Persons with the **Private Investment Disclosure Form,** which they must complete. Existing Access Persons are required to disclose existing Private Investments that were entered into prior to policy changes and seek prior written approval to invest in any new Private Investments on their own behalf, and on behalf of their Immediate Family members, and must complete the **Private Investment and Loan Pre-Clearance Form** (available via OneGuggenheim) and provide information about the investment to assist Central Compliance with the review of the request.

The Guggenheim Capital Conflicts Review Committee ("<u>CRC</u>") may also review Private Investment requests for approval, as necessary. Approval by the CRC is required in the event that it is determined that a proposed or existing Private Investment involves one or more potential or actual significant conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** **Trades Not Requiring Pre-Clearance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Government Securities/Certain Other Debt Instruments</u>: Trades in any direct obligations of the U.S.
Government (including futures on U.S. Government obligations), bankers' acceptances, bank certificates of deposit, commercial paper and repurchase agreements are not required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Money Market Funds</u>: Trades in any investment company or fund that is a money market fund are not
required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Open-End Mutual Funds</u>: Trades in open-end mutual funds that are advised or sub-advised by the Advisor or affiliates are not required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Direct Investments in Cryptocurrencies</u>: Cryptocurrency (sometimes referred to as "virtual
currency") is one type of digital asset and means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which
is not (i) a security or (ii) otherwise characterized as a "security" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH). Therefore, direct
investments in cryptocurrencies are currently outside the scope of the Code and do not require pre-clearance or reporting. Indirect investments in cryptocurrencies through cryptocurrency-related entities
(e.g., entities deriving a substantial amount of revenue therefrom) or funds investing in cryptocurrency (e.g., private funds or ETFs) are permitted and deemed Covered Securities requiring pre-clearance under
the Code (See Section 5.3.1).

**Note**: The regulatory landscape around cryptocurrencies and related products is evolving and GPIM's policy towards such products is subject to change depending on emerging regulatory requirements and firm and client activity. Certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

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<sup>10</sup> *For the avoidance of doubt, certain personal loans remain prohibited as more fully described in Section 6.3* ***Personal Loans*** *in the Manual, and any financing for Private Investments, including properties and loans must be consistent with this policy.* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Knowledge</u>: Securities transactions where no knowledge of the transaction exists before it is
completed are not required to be pre-cleared. For example, a transaction effected by a trustee of a blind trust or discretionary trades involving an investment partnership, when the Access Person is neither
consulted nor advised of the trade before it is executed, are not required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Certain Corporate Actions</u>: Any acquisition of securities through stock dividends, automatic dividend
reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, exercise of rights, tender offer transactions or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of
securities are not required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Non-volitional transactions</u>: Any transaction which is non-volitional (i.e., the Access Person did not have any direct influence or control), such as acquisitions in automatic investment and stock purchase plans, automatic dividend reinvestments or sales from a margin
account due to a *bona fide* margin call, or acquisition by gift or inheritance are not required to be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>: Any transaction in any other securities as the CCO or Central Compliance may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** **Prohibited Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Investment Clubs</u>: Participation in Investment Clubs is prohibited. Generally, an Investment Club is a
group of people who pool their money to make investments. Usually, Investment Clubs are organized as partnerships and after members study different investments, the group decides to buy or sell based on a majority vote of the members. If you have
any questions regarding whether an arrangement is an Investment Club, please contact Central Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial Public Offerings ("IPOs")</u>: Trades in IPOs are prohibited. Access Persons are
prohibited from acquiring any securities offered in connection with an IPO. For the avoidance of doubt, the prohibition on IPOs also extends to initial issuances of securities issued as digital assets (sometimes referred to as "Initial Coin
Offerings" or "ICOs"<sup>11</sup>). You should contact Central Compliance if you are not certain whether a particular digital asset is a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Commodity Interests</u>: Trading in Commodity Interests and related Futures as well as futures and options
on cryptocurrencies are generally prohibited, except for the following types of futures: (i) Futures referencing broad-based securities indices (for example; S&P 500; NASDAQ 1000; and Russell 2000); (ii) Futures referencing major currencies
(for example: Euro; Yen; Australian Dollar; and British Pound); (iii) Futures referencing the following physical commodities: Gold; Silver; Oil; and Natural Gas; and (iv) Futures referencing U.S. Government debt obligations (for example: 30
year Treasury bond; 10/5 year Treasury Notes; and long-term Treasury Bonds).

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*<sup>11</sup>* *The prohibition on trading ICOs and futures and options on cryptocurrencies extends to Immediate Family, as defined in* ***Section***  ***5.1.*** 

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Access Persons should consult with Central Compliance with regard to whether a particular instrument is a commodity interest. Senior management, together with the CCO, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Blackout Period</u> <sup>12</sup>: Access Persons are prohibited
from purchasing or selling, directly or indirectly, any Covered Security in which you had (or by reason of such transaction acquire) any beneficial ownership, at any time within seven (7) calendar days before or after the time that the same or
related Covered Security is purchased or sold in a GPIM client account.

*Exception to Blackout Period* 

The blackout period does not apply to trading in a Covered Security meeting the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market value of the proposed transaction is less than $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 30-day rolling average trading volume is over 1 million shares;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Investments' trade activity is less than 5% of the security's 7-day rolling average volume.

The exception to the blackout period does not apply to the purchase or sale of options, transactions in a Covered Security listed on the Guggenheim Investments Restricted List, and any derivatives and futures.

**Note**: Access Persons should request pre-clearance of the proposed transaction in the Compliance Platform, which will calculate whether the transaction in the Covered Security meets the exception criteria and approve or deny the trade accordingly.

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*<sup>12</sup>* *Broad-based ETFs meeting certain criteria (see current list of applicable ETFs <u>here</u>) are not subject to the Blackout Period prohibitions in this section*.*** 

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![LOGO](g456053g0218124016214.jpg)

**7.** **Trading Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** **For All Trading** 

In addition to reporting and pre-clearance obligations, the Code also includes restrictions regarding the manner in which Covered Securities may be traded and held in any reportable Investment Accounts. (See *Section 5.1.1* for more information.)

Regardless of whether a transaction is specifically prohibited in the Code, no person subject to the Code may engage in any personal securities transactions that (i) impact their ability to carry out their assigned duties or (ii) increase the possibility of an actual or apparent conflict of interest. Access Persons are prohibited from the following under any circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1. Market Manipulation

Securities transactions may not be executed with the intent to raise, lower, or maintain the price of any security or to falsely create the appearance of trading activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2. Trading on Inside Information

Transactions (e.g., purchases or sales) of any security cannot be made if in possession of material non-public information about the security or the issuer of the security. (Please also refer to the Manual for the Insider Trading Policy.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3. Front-running

No Access Person may trade ahead of a client transaction. (See *Section 4.3* for more information.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** **Excessive Trading in Reportable Accounts<sup>13</sup>** 

Access Persons may not engage in excessive trading in their reportable Investment Accounts. Access Persons shall not make more than 60 Covered Securities trades in any reporting quarter. Transactions that do not require pre-clearance are not included in the total, and buy or sell transactions respectively, executed in the same security on the same day, are considered to be one transaction (i.e., an approved transaction executed in lots throughout the day is considered one transaction).

Option Strategies

The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the excessive trading limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** **Holding Period – Thirty-Day Prohibition on Buying/Selling Covered Securities<sup>14</sup>** 

Access Persons are prohibited from purchasing and then selling, or selling and then purchasing the same Covered Security ***within 30 calendar days of the initial transaction***.

This prohibition does not apply to independently managed/third-party discretionary accounts or transactions that are not subject to pre-clearance requirements.

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*<sup>13</sup>* *Broad-based ETFs meeting certain criteria (see current list of applicable ETFs <u>here</u>) are not subject to the excessive trading prohibitions in this section*.*** 

*<sup>14</sup>* *Broad-based ETFs meeting certain criteria (see current list of applicable ETFs <u>here</u>) are not subject to the holding period prohibitions in this section*.*** 

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In situations where multiple transactions have occurred in the same covered security, the holding period will calculate from the date of the most recent purchase of the relevant covered security across all accounts, regardless of the holding period of prior transactions in the same covered security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.** **Section 16 Reporting for Certain Closed-End Mutual Funds** 

Section 16 of the Securities Exchange Act of 1934 requires insiders (directors and officers or the issuer of the securities) to file (i) an initial report with the SEC disclosing status as an insider (reporting person) and beneficial ownership of securities at the time of attaining such status (Form 3); (ii) changes in beneficial ownership (Form 4); and (iii) annual statement of changes in beneficial ownership (Form 5).

Access Persons must promptly email:

<u>GIIntermediaryDistributionSection16Filings@guggenheimpartners.com</u>, but in no event more than 24 hours, after any transaction in CEFs advised or sub-advised by the Advisor or an affiliate. Such reporting is required to make mandatory regulatory filings within the required time period.

**8.** **Annual Review** 

The GPIM Compliance Department will review the adequacy of the policies and procedures contained in the Code and the effectiveness of its implementation on an annual basis. This review will consider any changes in the business activity of the Advisor and any changes to the Advisers Act or applicable regulations that might suggest a need to revise the policies and procedures contained herein. In addition, the GPIM Compliance Department will consider the need for interim reviews in response to significant compliance events, changes in business arrangements or regulatory developments.

**9.** **Retention of Records** 

GPIM will maintain records as set forth below in accordance with Rule 204-2(a)(12) and (13) under the Advisers Act and will make available for examination by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the Code and any other Code which is, or at any time within the past five years has been, in effect,
will be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all Access Persons who are, or within the past five years have been, required to submit reports under
the Code, will be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made by an Access Person under the Code will be preserved for a period of not less than
five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each duplicate brokerage confirmation and each periodic statement provided under the Code will be
preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any Code violation and of any sanctions taken will be preserved in an easily accessible place for a
period of not less than five years following the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of all Acknowledgements of Receipt and Annual Certifications as required by the Code for each Access
Person who is currently, or within the past five years was required to provide such Acknowledgement of Receipt or Annual Certification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GPIM will maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition
of a Private Investment, for at least five years after the end of the fiscal year in which the approval is granted.

Central Compliance will use best efforts to assure that all requests for pre-clearance, all personal securities transaction reports and all reports of securities holdings are treated as "Personal and Confidential." However, such documents will be available for inspection by appropriate regulatory agencies, and by other parties within the Advisor and its affiliates as are necessary to evaluate compliance with, or sanctions under, the Code.

**10.** **Sanctions** 

The Code is designed to facilitate compliance with applicable laws and to reinforce the Advisor's reputation for integrity in the conduct of their businesses. For violations of the Code, sanctions may be imposed as deemed appropriate by the GPIM Compliance Department with Central Compliance and as applicable in coordination with senior management. Escalation will depend on the severity and frequency of the infraction considering the facts and circumstances such as potential or actual harm or reputational risk to clients, prospects or the Advisor. A pattern of violations that individually do not violate the law, but which taken together demonstrate a pattern of lack of respect for the Code, may result in disciplinary action, including termination of employment.

Specifically, the Access Person shall be subject to remedial actions which may include, but are not limited to, any one or more of the following: (1) personal trading restriction; (2) verbal warning and/or letter of instruction; (3) written memo or letter of caution (including requirement for additional training) or other measures; (4) enhanced supervision or management plan; (5) decrease in compensation, performance measure or other penalty; (6) termination of employment; or (7) referral to civil or governmental authorities for possible civil or criminal prosecution. If the Access Person is normally eligible for a discretionary bonus, violations of the Code may also reduce or eliminate the discretionary portion of his/her bonus.

**11.** **Interpretations and Exceptions** 

The GPIM Compliance Department shall have the right to make final and binding interpretations of the Code and may grant, at its discretion, exceptions to certain of the prohibited transactions as described in the Code. Any memorandum created regarding the granting of any such exceptions will be retained. Each Access Person must obtain written approval from the GPIM Compliance Department before taking any action regarding such an exception.

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**12.** **Appendix A – Reference Guide for Covered Security Pre-Clearance and Reporting Requirements** 

---

| | | |
|:---|:---|:---|
| **Security / Financial Instrument Type** | **Pre-Clearance Required** | **Reporting (Quarterly<br>Transactions / Annual<br>Holdings)** |
| Equities / Stocks | YES | YES |
| Corporate, U.S. (Government) Agency and Municipal Bonds and Notes | YES | YES |
| U.S. Government Obligations and Debt | NO | NO |
| High Quality Short-term Bonds (maturity at issuance of less than 366 days) | YES | YES |
| Exchange-Traded Funds (ETFs) | YES | YES |
| Options<sup>15</sup> and Futures on any Covered Security, ETF or on any group or (broad-based) index of securities | YES | YES |
| Futures on U.S. Government Obligations | NO | YES |
| Certain Futures on Currencies and Commodities<sup>16</sup> | YES | YES |
| Private Investments, certain Loans and secondary Commercial and Residential Property<sup>17</sup> | YES | YES |
| Unit Investment Trusts (UITs) | YES | YES |
| Unit Investment Trusts (UITs) investing exclusively in open-end mutual funds. | NO | NO |
| Foreign Unit Trusts (i.e. UCITS) or Foreign Mutual Fund | YES | YES |
| Closed-end Mutual Funds (regardless of whether advised or sub-advised by the Advisor or an affiliate) | YES | YES |

---

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*<sup>15</sup>* *See* ***Appendix B*** *for pre-clearance requirements applicable to various option trading strategies and transaction legs.* 

*<sup>16</sup>* *See Section 6.3* ***Prohibited Transactions*** *for permitted categories of trading in certain futures on currencies and commodities.* 

*<sup>17</sup>* *See Section 6.1* ***Trades Requiring Pre-Clearance*** *for further guidance.* 

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| | | |
|:---|:---|:---|
| Open-end Mutual Funds | NO | NO |
| Open-end Mutual Funds advised or sub-advised by the Advisor or an affiliate | NO | YES |
| Money Market Funds | NO | NO |
| Indirect investments in Cryptocurrencies<sup>18</sup> | YES | YES |
| Direct investments in Cryptocurrencies | NO | NO |
| Miscellaneous: Treasury Stock; Debenture; Evidence of Indebtedness; Investment Contract; Voting Trust Certificate; Certificate of Deposit for a Security; Limited Partnerships; Certificate of Interest or Participation in any Profit-Sharing Agreement; Collateral-RIC Certificate; Fractional Undivided interest in Oil, Gas or other Mineral Right; Pre-Organizational Certificate or Subscription; Transferable Shares | YES | YES |
| Bank Loans; Bankers' Acceptances; Bank Certificates of Deposit; Commercial Paper; Repurchase Agreements | NO | NO |

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**13.** **Appendix B – Option Trading Pre-Clearance Requirements** 

---

| | |
|:---|:---|
| **Buying a Call Option** | **Pre-Clearance Required** |
| Entering into Transaction |  |
| Buy to Open | YES |
| **Closing Transaction** |  |
| Sell to Close | YES |
| Let it Expire | NO |
| Exercise (i.e. buy underlying) and Hold | YES |
| Exercise (i.e. buy underlying) and Immediately Sell | YES for each trade (prohibited because of 30-day holding period) |

---

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*<sup>18</sup>* *Cryptocurrency-related entities deriving a substantial amount of revenue therefrom, or private investments, ETFs and investment trusts investing directly and primarily in cryptocurrencies.* 

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| | |
|:---|:---|
| **Writing/Selling a Call Option** | **Pre-Clearance Required** |
| **Entering into Transaction** |  |
| Write/Sell Option | YES |
| **Closing Transaction** |  |
| Expires | NO |
| Exercised (if own underlying) | NO |
| Exercised (if naked/do not own underlying – i.e. buy security to deliver) | YES |
| Buy same Call Option | YES |

---

---

| | |
|:---|:---|
| **Buying a Put Option** | **Pre-Clearance Required** |
| **Entering into Transaction** |  |
| Buy to Open | YES |
| **Closing Transaction** |  |
| Sell to Close | YES |
| Let it Expire | NO |
| Exercise (if own underlying—i.e. sell underlying) | YES |
| Exercise (if do not own underlying—i.e. buy underlying first) | YES for each trade (prohibited because of 30-day holding period) |

---

---

| | |
|:---|:---|
| **Writing/Selling a Put Option** | **Pre-Clearance Required** |
| **Entering into Transaction** |  |
| Write/Sell Option | YES |
| **Closing Transaction** |  |
| Expires | NO |
| Exercised (i.e. buy underlying) | NO |

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Confidential 22

## Ex-99.(P)(35)

**Code of Ethics for JPMAM** 

**Last Revision Date: July 21, 2022** 

**Last Review Date: July 21, 2022** 

**Effective Date: July 21, 2022** 

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**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| 1 | Summary | 3 |
| 2. | Amendments to Previous Version Distributed July 21, 2022 | 4 |
| 3. | Scope | 4 |
| 4. | Reporting Requirements | 4 |
|  | 4.1. Holdings Reports | 4 |
|  | 4.2. Transaction Reports | 5 |
|  | 4.3 Exceptions from Transaction Reporting Requirements | 5 |
| 5. | Personal Trading Requirements | 6 |
|  | 5.1 Approved Broker Requirement | 6 |
|  | 5.2 Blackout Provisions | 6 |
|  | 5.3 Minimum Investment Holding Period and Market Timing Prohibition | 6 |
|  | 5.4 Trade Reversals and Disciplinary Action | 7 |
| 6. | Books and Records to be maintained by Investment Advisers | 7 |
| 7. | Privacy | 7 |
| 8. | Anti-Corruption | 8 |
| 9. | Conflicts of Interest | 8 |
|  | 9.1 Trading in Securities of Clients | 8 |
|  | 9.2 Trading in Securities of Suppliers | 8 |
|  | 9.3 Pre-clearance Procedures for Value-Added Investors | 8 |
|  | 9.4 Gifts & Entertainment | 9 |
|  | 9.5 Political Contributions and Activities | 10 |
|  | 9.6 Charitable Contributions | 11 |
|  | 9.7 Outside Interests | 11 |
| 10. | Training | 11 |
| 11. | Escalation Guidelines | 11 |
|  | 11.1 Violation Prior to Material Violation | 12 |
|  | 11.2 Material Violations | 12 |
| 12. | Defined Terms | 12 |

---

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**1. Summary** 

This Code of Ethics for JPMorgan Asset Management ("JPMAM") (the "Code") has been adopted by the registered investment advisers of JPMAM in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). Rule 204A-1 requires an investment adviser registered under Section 203 of the Advisers Act to establish, maintain and enforce a written Code of Ethics.

This Code establishes our standards for ethical conduct which are premised on fundamental principles of openness, integrity, honesty and trust. In addition to the Code, J.P. Morgan Chase & Co. ("JPMC") has a firmwide Code of Conduct that applies to all employees globally, including all JPMAM employees. In the event that a difference exists between any of the standards identified in the JPMC Code of Conduct and the Code, the more restrictive provision shall apply.

JPMAM hereby adopts the message from Jamie Dimon that was included in the JPMC Code of Conduct as it embodies JPMAM's ethical standards:

*JPMorgan Chase is deeply committed to being straightforward, accountable and honest in all of our business dealings at all times.* 

*The Code of Conduct represents our shared obligation to operate with the highest level of integrity and ethical conduct. We do the right thing — even when it's not easy. We have zero tolerance for unethical behavior, and we abide by the letter and spirit of the laws and regulations everywhere we do business. Personal accountability and ownership are priorities at our firm.* 

*Our Code of Conduct and firm policies are designed to encourage honest business relationships, enabling us to continually build on our proud heritage. That is why it's important to speak up when you see something that doesn't seem right.* 

*We all must do our part to preserve the values that have made JPMorgan Chase the respected company it is today. If you see or suspect illegal or unethical conduct, <u>report</u> it immediately.* 

*Remember, your actions matter.* 

Additionally, it is the duty of all Supervised Persons to act in the best interests of their clients, place the interests of JPMAM Clients before their own personal interests at all times and to avoid any actual or potential conflicts of interest. Supervised Persons are the officers, directors (or other persons occupying a similar status or performing similar functions or employees of JPMAM) or any other person who provides investment advice on JPMAM's behalf and is subject to JPMAM's supervision or control.

Supervised Persons must comply with applicable Federal Securities Laws<sup>1</sup> and promptly report any known or suspected violations of the Code promptly to the Compliance Department or Code of Conduct Reporting Hotline, which shall report any such violation promptly to the Chief Compliance Officer ("CCO") of the applicable legal entity, or through the various reporting channels as provided in the "How to Report a Violation" page of the Code of Conduct Intranet site. Your reporting obligations do not prevent you from reporting to the government or regulators conduct that you believe to be in violation of law and it does not require you to notify JPMAM prior to reporting to the government or regulators. JPMAM strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of the Code or any law or regulation.

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<sup>1</sup> And/or any other applicable non-US securities laws governing their jurisdiction.

3. ![LOGO](g456053g0218090006362.jpg)

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Compliance with the Code, and other applicable policies and procedures, is a condition of employment. The rules, procedures, reporting and recordkeeping requirements set forth in the Code are hereby adopted and certified as reasonably necessary to prevent Supervised Persons from violating the provisions of the Code and applicable Federal Securities Laws.

The Compliance Department provides a link to this Code and any amendments to all Supervised Persons in their Access Persons Report and requires their attestation of compliance with this Code at least annually. These records are maintained by the Compliance Department as part of its Books and Records as required by the Advisers Act.

Annually, the CCO of each registered investment adviser must review that the Code adequately reflects the adviser's fiduciary obligations and those of its Supervised Persons.

**2. Amendments to Previous Version Distributed July 21, 2022** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Updated Summary to include Jamie Dimon's 2022 message; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Legal Entity, JPMorgan Alternatives Adviser Inc., added under JPMAM defined terms.

**3. Scope** 

This Code applies to all Supervised Persons of JPMAM.

**4. Reporting Requirements** 

**4.1.** **Holdings Reports** 

Access Persons must submit holdings reports to the Compliance Department documenting current securities holdings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Content of Holdings Reports</u> 

Each holdings report must contain, at a minimum:

1) Account Details

The name of any broker, dealer or bank with which the Access Person maintains a Covered Account in which any Reportable Securities are held for the Access Person's direct or indirect benefit as well as all pertinent Covered Account details (e.g., account title, account number.).

2) Account Statements

The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

3) Submission Date

The date the Access Person submits the report to the Compliance Department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Submission of Holdings Reports</u> 

Access Persons must submit both an Initial and Annual holdings report:

1) Initial Report

Must be submitted no later than 10 days after the person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

2) Annual Report

Must be submitted at least once each 12-month period. Thereafter on or before January 30, and the information must be current as of a date no more than 45 days prior to the date the report was submitted, unless notified by Compliance that this is no longer required due to electronic position reporting received from Approved Brokers.

**4.2.** **Transaction Reports** 

Access Persons must submit to the Compliance Department securities transactions reports on a quarterly basis, in the form designated by the Compliance Department. Securities transaction reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Content of Transaction Reports</u> 

Each transaction report must contain, at a minimum, the following information about each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

1) The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved; 

2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

3) The price of the security at which the transaction was effected;

4) The name of the broker, dealer or bank with or through which the transaction was effected; and

5) The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Timing of Transaction Reports</u> 

Each Access Person must submit a transaction report no later than 30 days after the end of each calendar quarter, which must cover, at a minimum, all transactions during the quarter.

**4.3** **Exceptions from Transaction Reporting Requirements** 

An Access Person need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any report with respect to securities held in accounts over which the Access Person had no direct or indirect
influence or control;

5. ![LOGO](g456053g0218090006362.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transaction Reports are not required for accounts maintained at Approved or Preferred Brokers or for accounts
which are approved for statement tracking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any report with respect to transactions in Reportable Funds.

**5. Personal Trading Requirements** 

Supervised Persons must obtain approval from the Compliance Department before directly or indirectly acquiring *Beneficial Ownership* in any Reportable Security, including initial public offerings and limited offerings. Given the potential access to Proprietary and Client information that Supervised Persons may have, JPMAM and its Supervised Persons must avoid even the appearance of impropriety with respect to personal trading, which must be oriented toward investment rather than short-term or speculative trading. JPMAM's policies are designed to help prevent and detect violations of securities laws and industry conduct standards and to minimize actual or perceived conflicts of interest that could arise due to personal investing activities.

JPMC Transactions: Preclearance is no longer required for JPMC Securities (common stock, bonds, restricted stock units and employee stock options), except for Window List personnel, who are employees that are in possession, or have the potential to come into possession through the nature of their job duties, with material non-public information (MNPI) on JPMC.

**5.1** **Approved Broker Requirement** 

All self-directed Associated Accounts must be maintained with a JPMC Approved Broker.

**5.2** **Blackout Provisions** 

The personal trading and investment activities of Supervised Persons are subject to particular scrutiny due to the fiduciary nature of the business. Specifically, JPMAM must avoid even the appearance that its Supervised Persons conduct personal transactions in a manner that conflicts with the firm's investment activities on behalf of Clients*.* Accordingly, certain Supervised Persons are restricted from conducting personal investment transactions during certain periods (called "Blackout Periods"), and may be instructed to reverse previously completed personal investment transactions. Additionally, the Compliance Department may restrict the personal trading activity of any Supervised Person if it is determined that such activity has the appearance of a conflict of interest.

These Blackout Periods apply varying levels of restrictions appropriate for different categories of Supervised Persons based upon their level of access to non-public Client or Proprietary information.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Minimum Investment Holding Period and Market Timing Prohibition** 

Supervised Persons are subject to a minimum holding period, generally 60 days, for all transactions in Reportable Securities*.* For Reportable Funds*,* only named Portfolio Managers of such funds are subject to a minimum holding period.

Supervised Persons are not permitted to conduct transactions for the purpose of market timing in any Reportable Security or Reportable Fund. Market timing is defined as an investment strategy using frequent purchases, redemptions, and/or exchanges in an attempt to profit from short-term market movements.

6. ![LOGO](g456053g0218090006362.jpg)

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**5.4** **Trade Reversals and Disciplinary Action** 

Transactions by Supervised Persons are subject to reversal due to a conflict (or appearance of a conflict) with the firm's fiduciary responsibility or a violation of the firm policy. Such a reversal may be required even for a pre-cleared transaction that results in an inadvertent conflict or a breach of blackout period requirements.

Disciplinary actions resulting from a violation of the Code will be administered in accordance with related JPMAM guidelines governing disciplinary action and escalation. All violations and disciplinary actions will be reported promptly by the Compliance Department to the employee's group head and senior management. Violations will be reported quarterly to the affected Fund's Board of Directors.

Violations by Supervised Persons of the Code, the JPMC Code of Conduct or any laws or regulations that relate to JPMAM's operation of its business or any failure to cooperate with an internal investigation may result in disciplinary action, up to and including immediate dismissal, including termination of regulatory licensing where applicable.

**6. Books and Records to be maintained by Investment Advisers** 

The Compliance Department is responsible for maintaining books and records, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A copy of this Code and any other code of ethics adopted by JPMAM pursuant to Rule 204A-1 that is in effect or has been in effect at any time within the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A record of any violation of the Code, and any Compliance action taken as a result of that violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A record of all written acknowledgments of the violation for each person who is currently, or was within the
past five years a Supervised Person of JPMAM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A record of each report made by Access Persons required under the Reporting Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) A record of the names of persons who are currently, or were within the past five years Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) A record of any decision, and the reasons supporting the decision, to approve the acquisition or sale of
securities by Supervised Persons under <u>section 6</u>. Pre- approval records of certain investments will be maintained for at least five years after the end of the fiscal year in which the approval is
granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Any other such record as may be required under the Code.

**7. Privacy** 

Supervised Persons have a responsibility to protect the confidentiality of information related to Clients. This responsibility may be imposed by law, may arise out of agreements with Clients, or may be based on policies or practices adopted by the firm. Certain jurisdictions have regulations relating specifically to the privacy of individuals and/or business and institutional customers. Various business units and geographic areas within JPMC have internal policies regarding customer privacy.

The restriction on disclosing confidential information is not intended to prevent Supervised Persons from reporting to the government or a regulator any conduct Supervised Persons believe to be in violation of the law, or from responding truthfully to questions or requests from the government, a regulator or in a court of law.

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**8. Anti-Corruption** 

It is the policy of JPMC to comply with the anti-corruption laws that apply to the firm's operations (and investments where the firm is deemed to have control), which laws include the United States Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act of 2010 ("UKBA"), as well as anti-corruption laws and regulations of other countries in which the firm conducts business. We must never compromise our reputation by engaging in, or appearing to engage in, bribery or any form of corruption. Bribery and corruption are crimes with potentially severe penalties to JPMC and its employees and directors. The firm has zero tolerance for such activity.

**9. Conflicts of Interest** 

The following is a summary of commonly identified employee conflicts of interest:

**9.1** **Trading in Securities of Clients** 

Supervised Persons shall not transact in any securities of a Client with which the Supervised Person has or recently had significant dealings or responsibility on behalf of JPMAM if such investment could be perceived as effected based on confidential information, including MNPI.

**9.2** **Trading in Securities of Suppliers** 

Supervised Persons in possession of information regarding, or directly involved in negotiating, a contract material to a supplier of JPMAM may not invest in the securities of such supplier. If you own the securities of a company with which we are dealing and you are asked to represent JPMorgan Chase in such dealings you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Disclose this fact to your department head and the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Obtain prior approval from the Compliance Department before selling such securities.

**9.3** **Pre-clearance Procedures for Value-Added Investors** 

Prior to any telephone calls, video, and in-person meetings between a Portfolio Manager, or employee arranging the meeting, and a Value-Added Investor who is meeting to discuss his/her personal investment (or prospective investment) in the JPMAM Private Investment Fund managed by the Portfolio Manager, the Portfolio Manager must obtain pre-clearance from Compliance. In order to obtain pre-clearance approval, the following information must be provided to Compliance prior to the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Date and place of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Name of Value-Added Investor, their employer, and job title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Name of private fund the Value-Added Investor is invested in (or may invest in);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Names of all J.P. Morgan employees in attendance at the meeting and job titles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Purpose of the meeting.

Compliance will review the pre-clearance request, respond via email and will ensure that appropriate controls are instituted.

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**9.4** **Gifts & Entertainment** 

Supervised Persons must avoid circumstances that may cause, or create the appearance of, a conflict of interest between JPMAM and its clients or other business/commercial contacts. Supervised Persons may not give or receive anything of value, directly or indirectly, to influence improper action or obtain an improper advantage. Furthermore, the giving and receiving of gifts, including entertainment and hospitality, to or from persons who do or seek to do business with JPMAM have the potential to create actual conflicts or the appearance of conflicts, and may negatively impact JPMAM.

Gifts and entertainment can take many forms, including but not limited to: goods or services for which employees are not required to pay the retail or usual and customary cost; meals or refreshments; tickets to entertainment or sporting events; the use of a residence, vacation home or other accommodation; travel expenses; or charitable contributions or organization sponsorships. In addition to gifts and entertainment, JPMAM Supervised Persons may not make, direct or solicit any other person to make, any political contribution or provide anything else of value to anyone for the purpose of influencing or inducing the awarding or retention of investment advisory services business.

All gifts and entertainment provided to U.S. federal, state and local government officials must be pre-cleared by Compliance to ensure that they comply with jurisdictional restrictions.

**<u>Gifts</u>**

Supervised Persons are only permitted to give gifts valued up to 100 USD, in the individual and the aggregate, to a client or business counterparty on occasions when gifts are customary, such as life events and major holidays. AM employees must pre-clear giving any gifts to a client or business counterparty that exceeds 100 USD. In addition, All gifts provided to U.S. federal, state and local government officials must be pre-cleared by Compliance to ensure that they comply with jurisdictional restrictions.

When giving gifts to clients or business counterparties, AM employees are strongly encouraged to give items with a JPMorgan Chase logo or books from the JPMorgan Chase Reading list whenever appropriate. Gifting books from the JPMorgan Chase Reading List are limited to one book per campaign. Repetitive gifting to a client or business counterparty of Firm logo items in a calendar year is prohibited.

**<u>Entertainment</u>**

Entertainment includes business-related activities at which a host and guest are both present (e.g., meals, refreshments, golf games, sporting events, or other leisure and entertainment). Entertainment is considered a prohibited gift unless both the employee and business contact are present and the employee's participation is related to his or her position and duties within JPMAM. Spouses, family members and personal acquaintances should not participate in entertainment activities unless such participation is customary under the circumstances.

Supervised Persons may act as a host for business entertainment to clients and prospects if such entertainment is: (1) business related; (2) is not prohibited by law; and (3) in an amount that is reasonable and customary. Frequent and/or lavish business entertainment is prohibited.

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Supervised Persons are limited to accepting 250 USD in meals and entertainment from a client or counterparty per calendar year, with limited exceptions. Once the 250 USD limit is reached, employees are required to pay for their own expenses. In addition, Supervised Persons are prohibited from accepting invitations to ticketed events; limited exceptions may be granted with pre-approval from senior management and LOB Compliance.

Supervised Persons must receive written pre-clearance from Compliance before providing any other type of Entertainment to an ERISA Plan Sponsor or Union Official aside from meals that conform to the AWM Expense Procedure (e.g., golf, sporting events, cultural or social events, concerts, leisure activities, etc.)

Supervised Persons are required to log all entertainment subject to reporting into Reliance's Gift and Entertainment Module for approval. Violations are subject to the Global Anti-Corruption Compliance Violation Framework.

**Sponsorships and Events** 

Both the sponsorship of distributor events and JPMAM hosting educational events for financial advisors who sell our funds are subject to internal policy. Sponsorships and events may require review by LOB Compliance and regional governance committees or designees.

Sponsorships and events at (i) the request of or (ii) for the benefit of a federal, state and local government officials require pre-clearance from Global Anti-Corruption Compliance.

**9.5** **Political Contributions and Activities** 

In accordance with Advisers Act Rule 206(4)-5, AM-Affiliated Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

To ensure compliance with this federal pay-to-play rule and various state and local laws, AM-Affiliated Persons must receive pre-clearance before they or any members of their household make or solicit political contributions or engage in political activities in connection with any election in the United States or the Republic of Colombia. Contributions to JPMC Political Action Committees are excluded from pre-clearance and reporting requirements. New hires and internal transfers must also disclose their history of making and soliciting political contributions.

An employee cannot be reimbursed or otherwise compensated by JPMC for any political contribution. JPMC policies prohibit contributions of corporate funds to candidates, political party committees and political action committees. Supervised Persons are strictly prohibited from using JPMC resources to conduct personal political activities.

Violations of these requirements are subject to the Global Anti-Corruption Violation Framework.

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**9.6** **Charitable Contributions** 

Charitable contributions made on behalf of JPMC must adhere to the requirements of the AWM Expense Procedures and be precleared with Compliance.

**9.7** **Outside Interests** 

A Supervised Person's outside interests must not reflect adversely on the firm or give rise to a real or apparent conflict of interest with the Supervised Person's duties to the firm or its Clients. Supervised Persons must be aware of potential conflicts of interest and be aware that they may be asked to discontinue any outside interest if a potential conflict arises*.* Supervised Persons may not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Accept a business opportunity from someone doing business or seeking to do business with JPMAM that is made
available to the Supervised Person because of the individual's position with the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Take for oneself a business opportunity belonging to the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Engage in a business opportunity that competes with any of the firm's businesses.

More specific guidelines are set forth under the JPMC Code of Conduct, Outside Interest Policy – Firmwide, and Procedures for preclearance of Outside Interests are available on the JPMC Code of Conduct intranet site. Employees are reminded of their responsibility to obtain preclearance of their Outside Interests periodically in their Access Persons Report. If any material change in relevant circumstances occurs, Supervised Persons must seek clearance for a previously approved activity. A material change may arise from a change in your job or association with JPMAM or in your role with respect to that activity or organization. JPMAM employees are required to be continually alert to any real or apparent conflicts of interest with respect to investment management activities and promptly disclose any such conflicts to their manager and Compliance. Employees must also notify Compliance when any approved outside interest terminates.

Regardless of whether an activity is specifically addressed under JPMAM policies or the JPMC Code of Conduct, Supervised Persons should disclose any personal interest that might present a conflict of interest or harm the reputation of the firm.

**10. Training** 

Compliance provides in-person and/or online training to Supervised Persons on an ongoing basis. Compliance determines the training topics that will be covered during training sessions based on the work responsibilities of Supervised Persons, applicable regulatory requirements and risk assessments. Compliance may, from time to time, distribute Compliance Bulletins reinforcing or clarifying prior guidance, communicating new regulatory developments or the adoption or amendment of policies, procedures or controls.

**11. Escalation Guidelines** 

JPMC's Compliance Violation Framework is an internal Compliance document and is used to notify Group Heads, Managers and/or Human Resources (HR) of employee violations of Compliance Policies along with the assigned severity of the applicable violations.

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**11.1** **Violation Prior to Material Violation** 

While the Group Head is notified of all violations, he/she is required to have a meeting with the employee when the Supervised Persons' next violation would be considered material, in order to stress the importance of the requirement and inform the employee about the ramifications for not following the policy. The employee is also required to acknowledge, in writing (form to be provided by Compliance) that he/she is aware of the ramifications for noncompliance and that he/she will be compliant going forward. The written acknowledgement is signed by both the employee and Group Head, and returned to Compliance for record keeping.

**11.2** **Material Violations** 

All material violations require the Group Head (MD level) and Compliance to have a meeting with the employee and document in writing that the employee acknowledges the material nature of the violation and that he/she will be compliant going forward. The written acknowledgement, signed by the employee and Group Head, will be stored in Compliance's Violations records. Additionally, HR is notified of all material violations and follows their established guidelines for disciplining the employee and recording such events in the employee's personnel file.

There will be a mandated suspension of personal trading privileges for six months for all material violations of the personal trading or Access Persons requirements. Compliance and the Group Head may allow transactions for hardship reasons, but require documentation for pre-clearance.

An employee's receipt of a material violation is considered when determining the employee's annual compensation and eligibility for promotion.

**12. Defined Terms** 

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| | |
|:---|:---|
|  **Access Persons** | Access Persons of JPMAM include: |

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1) Employees of any of the Registered Investment Advisers within JPMAM.

2) Certain persons of other affiliated entities that have access to *Proprietary* information of AM and persons that have been identified by Compliance as having access to AM Proprietary information;

3) All persons of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of the JPMAM Registered Investment Advisers, sometimes referred to as "dual-hatted" employees; or

4) Certain consultants, agents, and temporary workers who are involved in the investment management process or have access to Proprietary information regarding Client recommendations or transactions on a pre-trade or same-day basis.

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| | |
|:---|:---|
|  **AM-Affiliated**<br> **Persons** | 1) All employees of AM and members of the AM Operating Committee; |
|  | 2) All employees aligned with or that support the AM business (i.e., AM Audit, AM |
|  | 3) Legal, AM Compliance, AM Risk, AM Finance and AM Technology Operations); |
|  | 4) All directors and officers of the U.S. registered investment advisors of JPMAM; and |

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| | |
|:---|:---|
|  | 5) The spouse, domestic partner or dependent child of AM-Affiliated Persons. |
| **Connected Person** | Individuals who, based on their relationship with a Supervised Person, are subject to provisions of this Policy including, but not limited to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Supervised Persons' spouse, domestic partner or minor children (even if financially independent)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone to whom the Supervised Person provides significant financial support or for which the Supervised Person, or anyone listed above, has or shares the power, directly or indirectly, to make investment decisions |
| **Covered Account** | Is an account in the name of or for the direct or indirect benefit of a Supervised Person or a Supervised Person's spouse, domestic partner, minor children and any other person for whom the Supervised Person provides significant financial support, as well as to any other account over which the Supervised Person or any of these other persons exercise investment discretion, regardless of beneficial interest. Excluded from Associated Accounts are any 401(k) and deferred compensation plan accounts for which the Supervised Person has no investment discretion. |
| **Automatic Investment Plan** | Is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| **Beneficial ownership** | Is interpreted to mean any interest held directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, or any pecuniary interest in equity securities held or shared directly or indirectly, subject to the terms and conditions set forth under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. A Supervised Person who has questions regarding the definition of this term should consult the Compliance Department. Please note: Any report required under *section 5. Reporting Requirements* may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates. |
| **Client** | Is any entity (e.g. person, corporation or Fund) for which JPMAM provides a service or has a fiduciary responsibility. |
| **Federal Securities**<br> **Laws** | Are the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes- Oxley Act of 2002, the Investment Company Act of 1940 ("1940 Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act (1999), any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury. |
| **Fund** | Is an investment company registered under the Investment Company Act of 1940. |
| **Initial Public**<br> **Offering** | Is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934. |
| **JPMAM** | Is the abbreviation for JPMorgan Asset Management, a marketing name for the Asset Management subsidiaries of JPMorgan Chase & Co. Within the context of this document, JPMAM refers to the following U.S. registered investment advisers of JPMorgan Asset Management:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Alternative Asset Management, Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (UK) Ltd.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.P. Morgan Investment Management Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security Capital Research & Management Inc. |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bear Stearns Asset Management Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Funds Limited<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Asia Pacific) Ltd.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highbridge Capital Management, LLC<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 55I, LLC (55ip)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Alternatives Adviser, Inc.<br>JPMAM also includes the following foreign registered, but not SEC registered, adviser:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset Management (Canada) Inc. |
| **Limited Offering** | Is an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 there under. |
| **LOB Compliance** | Line of Business Compliance |
| **Proprietary** | Within the context of this Code of Ethics is:<br>1) any research conducted by AM or its affiliates<br>2) any non-public information pertaining to AM or its affiliates<br>3) all JPM managed and sub-advised mutual funds |
| **Reportable Fund** | Is any JPMorgan Proprietary Fund, including sub-advised funds |
| **Reportable Security** | Is a security as defined under section 202(a)(18) of the Advisers Act held for the direct or indirect benefit of an Access Person, including any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are:<br>1) Direct obligations of the Government of the United States;<br>2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br>3) Shares issued by money market funds; and<br>4) Shares issued by open-end funds other than Reportable Funds |
| **Supervised Persons** | 1) Any partner, officer, director or employees of JPMAM (or other person occupying a similar status or performing similar functions).<br>2) All employees of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of a legal entity within JPMAM, sometimes referred to as "dual hatted" employees;<br>3) Certain consultants, as well as any other persons who provide advice on behalf of JPMAM and are subject to JPMAM's supervision and control;<br>4) All Access Persons |
| **Value–Added Investor** | Is an executive level officer (i.e., president, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer or Partner) or director of a company, who, due to the nature of his/her position, may obtain material, non-public information. |

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## Ex-99.(P)(36)

**CODE OF ETHICS** 

**WILLIAM BLAIR FUNDS** 

**WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC** 

The objective of William Blair Investment Management, LLC ("William Blair") as the investment adviser to clients, including the William Blair Funds, and as a sub-adviser to other registered investment companies (together with the William Blair Funds, individually, a "Fund" and collectively, the "Funds"), is to provide the highest level of professional conduct and service to these clients and Funds. One of the most important requirements that William Blair's goal of professional service imposes is that all transactions for the Funds and other clients of William Blair have priority over the personal transactions of those individuals involved with the Funds and their operations and with other clients of William Blair.

William Blair recognizes that, as a fiduciary to its clients, it owes a duty to all of its clients to avoid conflicts of interest and to act solely in the best interests of its clients. Accordingly, each partner (or other person occupying a similar status or performing similar functions) and employee<sup>1</sup> of William Blair, and any other person who provides investment advice on behalf of William Blair and is subject to William Blair's supervision and control (each, a "supervised person"),<sup>2</sup> is required to comply with all applicable federal securities laws.

Consequently, it is imperative that any information that any person obtains regarding the Funds' and other clients' investment plans be held in strictest confidence, and never be used to the advantage of anyone but the Funds and the other clients, respectively. This obligation to avoid personal advantage from such information extends to all of the Funds' officers and trustees, as well as to all of William Blair's partners and employees. In carrying out their obligation to monitor the Funds' pursuit of their respective investment objectives, the Funds' respective trustees may, on occasion, acquire "inside" information regarding the Funds' portfolio transactions. Any such knowledge would impose upon the Funds' trustees the obligation to avoid personal use of such information.

This Code of Ethics is applicable to William Blair Funds and to William Blair with regard to its activities for all of its investment management clients, including the Funds. This Code of Ethics is also applicable to persons associated with William Blair & Company, L.L.C.<sup>3</sup> who meet the definition of "Access Person" below. William Blair will identify each supervised person and Access Person (defined below) and provide each with a copy of this Code of Ethics and any amendments thereto. Each supervised person and Access Person will provide a written acknowledgement of their receipt and review of the Code of Ethics and their obligations thereunder, and any amendments thereto, to William Blair's Chief Compliance Officer (the "CCO"). Each supervised person and Access Person will promptly report any known or suspected violations of the Code of Ethics to the CCO.

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<sup>1</sup> For purposes of this Code of Ethics, 'employee' also shall mean any employee of an affiliate of William Blair who, in connection with his or her regular duties, performs functions for William Blair.

<sup>2</sup> Temporary workers, consultants, and independent contractors whose tenure with William Blair is expected to exceed 90 days also are considered 'supervised persons', unless granted an exception by William Blair's CCO.

<sup>3</sup> References to William Blair & Company, L.L.C. in this Code of Ethics are limited to William Blair & Company, L.L.C.'s status as principal underwriter for the William Blair Funds.

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1. <u>Definitions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "President" is the Principal Executive Officer of the William Blair Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An "Access Person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each partner of William Blair who, in connection with his or her regular duties, performs functions for William
Blair (or other person occupying a similar status or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any supervised person of William Blair who (i) has access to nonpublic information regarding any
client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Fund, or (ii) is involved in securities recommendations to clients or who has access to nonpublic recommendations;<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. An officer or trustee of the William Blair Funds who is an "interested person" of the William Blair
Funds as defined in Section 2(a)(19) of the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A partner, an officer (or other person occupying a similar status or performing similar functions), or employee
of the William Blair Funds or William Blair (including William Blair & Company, L.L.C.), or of any company in a control relationship to the William Blair Funds or William Blair (including William Blair & Company, L.L.C.), but
excluding Independent Trustees, who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of
any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. A natural person in a control relationship to the William Blair Funds, William Blair, or William
Blair & Company, L.L.C. (other than an Independent Trustee) who obtains information concerning recommendations made to a Fund with regard to the purchase or sale of Covered Securities (defined below) by a Fund.

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<sup>4</sup> Any temporary worker, consultant, or independent contractor who has access to nonpublic information regarding any clients' purchase or sale of securities, nonpublic information regarding the portfolio holdings of any Fund, or nonpublic securities recommendations for clients is deemed an Access Person, regardless of his or her expected tenure, and is subject to disclosure and reporting requirements under the Code of Ethics, unless otherwise granted an exception by the CCO. 

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For purposes of this Code of Ethics, an account which is managed by William Blair or any of its affiliates, which is not a registered investment company and in which Access Persons or other partners of William Blair hold interests ("Private Fund Account") will not be deemed an Access Person hereunder if the aggregate beneficial ownership of all Access Persons and partners of William Blair in such Private Fund Account represents less than 10% of the total interests in the Private Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. An "Independent Trustee" is any trustee of William Blair Funds who is not an "interested person" of the Fund as defined in Section 2(a) (19) of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A person does not become an Access Person simply by virtue of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. assisting in the preparation of public reports, or receiving public reports in the normal course of his or her
duties (this exception does not include receiving information about nonpublic recommendations or trading); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a single instance of obtaining knowledge of nonpublic recommendations or trading activity, or infrequently and
inadvertently obtaining such knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. A Covered Security is "being purchased or sold" by a Fund from the time when the person or persons with the authority to make investment decisions for the Fund decides to purchase or sell a specified amount of the Covered Security within a specified price range until the earlier of the time when the sale or purchase has been completed or the time when the price range is first exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. A Covered Security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The "beneficial ownership" of a Covered Security shall be determined hereunder in the same manner as under Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect beneficial ownership shall apply to all securities which the person has or acquires. Specifically, a person will be regarded as having beneficial ownership of (i) any Covered Security, title to which can vest or revest in that person, (ii) any Covered Security held in another's name, if, by reason of any contract, understanding, relationship, agreement or other arrangement, the person obtains therefrom benefits substantially equivalent to those of ownership, and (iii) any Covered Security owned by (A) the person's spouse or minor children, (B) a trust of which the person, or the person's spouse or minor children, is or are named (individually or by class) as beneficiaries and have a present beneficial interest, or (C) immediate family<sup>5</sup> of the person who share the person's home.

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<sup>5</sup> The term 'immediate family' shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "Control" shall have the same meaning as that set forth in Section 2(a) (9) of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The term "purchase or sale of a Covered Security" includes, inter alia, the buying or writing of an option to purchase or sell a Covered Security and any security convertible into or exchangeable for such Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The term "Covered Security" shall mean a "security" as that term is defined in Section 2(a)(36) of the Investment Company Act of 1940, as well as futures and commodities, except that it does not include direct obligations of the Government of the United States, bankers' acceptances, bank and savings and loan association accounts, high quality short-term debt instruments (including repurchase agreements), certificates of deposit, commercial paper, or shares of registered open-end investment companies. However, for Access Persons the term "Covered Security" shall also mean shares of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. A "Securities Account" is any account that holds or can hold a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. A person will "indirectly" effect a transaction if, but only if, the person knowingly causes or influences another person to effect the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The "Supervisory Committee" shall consist of the President, any other trustee of the William Blair Funds who is an "interested person" of the William Blair Funds, the CCO, and such other persons as are designated by the Supervisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to rule 504, rule 505 or rule 506 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. "Portfolio management team" includes the portfolio manager(s) with investment management responsibilities for specific clients, as well as any dedicated analyst(s) and portfolio assistant(s) who support such portfolio manager(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. "Compliance Department" means William Blair Investment Management, LLC's Compliance Department.

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2. <u>Exempted Transactions.</u>

The prohibitions and reporting requirements of Sections 3, 4 and 5 of this Code of Ethics do not apply to the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transactions effected or securities held in any account over which a person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transactions effected pursuant to an Automatic Investment Plan.<sup>6</sup>

3. <u>Prohibitions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Except as provided in Section 2 of this Code of Ethics, no Access Person may purchase or sell, directly or indirectly, a Covered Security in which such Access Person has, or by reason of such transaction acquires or sells, any beneficial ownership, if the Access Person knew or reasonably should have known at the time of such purchase or sale that the security was being purchased or sold by a Fund or other client,<sup>7</sup> or was being considered for such purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No Access Person may disclose to any person any non-public information regarding transactions in any Covered Security being purchased or sold by a Fund or other client, or being considered for such purchase or sale. This prohibition does not apply to disclosures among such Access Persons in connection with their performance of duties for a Fund or other client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The purchase and sale, or the sale and purchase, by an Access Person of the same Covered Security (other than a Fund) within thirty (30) calendar days and at a net profit is prohibited. This prohibition applies without regard to tax lot considerations.<sup>8</sup> Involuntary calls of an option written by an Access Person are excluded; however, purchases and sales of options occurring within 30 days resulting in profits are prohibited. Profits from trading within any 30-day period will require disgorgement. For purposes of counting the 30 days, multiple transactions in the same Covered Security will be counted in such a manner as to produce the shortest time period between transactions. This prohibition includes short sales. Sales at original purchase price or at a loss are not prohibited. All other exceptions require advance written approval from the CCO (or designee). Access Persons are responsible for ensuring that the 30-day rule is observed when preclearance requests are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchases of the Funds are required to be held by Access Persons for at least sixty (60) calendar days.<sup>9</sup> This prohibition applies without regard to tax lot considerations and without regard to profitability. Profits from any sale before the 60-day period expires will require disgorgement. Any applicable redemption fees will also apply. Any exceptions require advance written approval from the CCO (or designee).

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<sup>6</sup> However, any transaction that overrides the pre-set schedule or allocations of the Automatic Investment Plan is not exempt (i.e., it must be pre-cleared and reported).

<sup>7</sup> The definition of "client" shall not include participants in a wrap fee program or manager selection program for the purposes of the prohibitions set forth in Sections 3.a, 3.e and 3.g of this Code of Ethics.

<sup>8</sup> Multiple purchases (or short sales) within the preceding 30 days will be averaged to determine if there is a profit.

<sup>9</sup> Purchases of the Funds made pursuant to an Automatic Investment Plan are also exempt.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. No Access Person may trade in a Covered Security (other than a Fund) if a client order for that security is open, except where an open client limit order is away from the current market price at the time the Access Person's order is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. No Access Person may trade a Covered Security (other than a Fund) for two (2) business days from the time William Blair initiates coverage or changes a rating of a Covered Security, or otherwise has a Covered Security under review. If the announcement of the initiation of coverage, rating change or other review of a Covered Security occurs after the opening of the market on a given day, the security will be restricted for the remainder of that trading day plus the following 2 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. No Access Person who is a member of a portfolio management team may trade in a Covered Security within 7 calendar days prior to any of the advisory or discretionary clients of that portfolio management team that are trading in that same security. Further, no member of that portfolio management team may trade a Covered Security in the opposite direction of a client within two (2) business days after any of the clients of that portfolio management team. However, unless restricted by other sections of this Code of Ethics, a trade by the portfolio management team may immediately follow the client trade so long as the portfolio management team trade is consistent with the client trade (i.e., the trades for both the client and the member of the portfolio management team are both buys or both sells).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. No Access Person may accept or give any gift or other thing of more than <u>de minimis</u> value from or to any person or entity that does business with or on behalf of a Fund or other client. For purposes of this Code of Ethics, <u>de</u> <u>minimis</u> is defined as reasonable and customary business entertainment, such as lunch, dinner or tickets to sporting or cultural events, but does not include trips or similar activities. Any solicitation of gifts or entertainment is unprofessional and is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No Access Person may personally or beneficially acquire for his or her account any security in an Initial Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. No Access Person may personally or beneficially acquire any security described by an underwriter as a "hot issue" public offering or "new issue."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. No Access Person may purchase any security offered in a Limited Offering without prior approval from the Compliance Department. Consideration will take into account whether or not the investment opportunity should be reserved for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. No Access Person may serve on Boards of Directors of publicly traded companies without prior authorization from the Supervisory Committee, which would base its determination upon whether the board service would be consistent with the interests of William Blair or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Notwithstanding the prohibitions set forth above in Sections 3.e, 3.f and 3.g, preclearance requests for transactions in individual securities contained in the <u>Standard</u> <u>& Poor's 500 Index</u>, not to exceed 500 shares, will be approved unless they conflict with the 30-day short-term profit restriction in Section 3.c.

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4. <u>Reporting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Except as provided in Section 2 of the Code of Ethics, each Access Person must report to the Supervisory Committee (or to such person or persons as the Supervisory Committee may designate from time to time) the information described in Section 4.c of this Code of Ethics with respect to any transaction in which the Access Person has, had, or by reason of such transaction acquired any direct or indirect beneficial ownership in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Except as provided in Section 2 of this Code of Ethics, each Independent Trustee must report to the Supervisory Committee (or to such person or persons as the Supervisory Committee may designate from time to time) the information described in Section 4.c of this Code of Ethics with respect to any transaction of which the Independent Trustee is aware in a Covered Security in which the Independent Trustee has, or by reason of such transaction acquires, any beneficial ownership if such Independent Trustee at the time of the transaction knew, or in the ordinary course of fulfilling the Independent Trustee's official duties as a trustee of the Fund should have known, that, during the fifteen-day period immediately preceding or after the date of the transaction, the security was purchased or sold by a Fund, or was being considered for such purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Every such required report must be made no later than thirty days after the end of the calendar quarter in which the transaction with respect to which the report relates is effected and must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date and number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the name of the broker, dealer, bank or other party with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the date of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Each Access Person shall arrange to have duplicate brokerage statements and confirmations for each account in which the Access Person has beneficial ownership sent directly to William Blair's Investment Management Compliance Department and such other person or persons as may be designated by the Supervisory Committee from time to time. If a confirmation for the reporting Access Person's transaction includes the required information, the form of report under Section 4.c may be a copy of the confirmation involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Each Access Person will, no later than 30 days after the end of a calendar quarter, provide to the Supervisory Committee (or to such person or persons as the Supervisory Committee may designate from time to time) a report with respect to accounts established with any broker during the quarter in which the Access Person has beneficial ownership. Such report will contain the name in which the account is maintained, the name of the broker, dealer or bank where the account was established, the date the account was established and the date the report is submitted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Access Persons who have obtained prior authorization to acquire securities in a Limited Offering, or who otherwise hold securities previously acquired in a Limited Offering, are required to disclose that investment in any subsequent consideration by a Fund of an investment in the private placement issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Each Access Person shall provide the Supervisory Committee (or to such person or persons as the Supervisory Committee may designate from time to time) with a schedule of all personal securities holdings upon commencement of employment (or upon becoming an Access Person) and annually thereafter. The initial report shall be made within 10 calendar days after commencement of employment (or upon becoming an Access Person) and shall include the following information (which information must be current as of a date no more than 45 days before the date the person becomes an Access Person). Annually thereafter, the report shall include the following information as of a date no more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the title and, as applicable, the exchange ticker symbol or CUSIP numbers, number of shares and principal
amount of each Covered Security in which such Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities
are held for the direct or indirect benefit of such Access Person, the name in which the account is maintained and the number of the account (or if no such account is maintained, a statement to that effect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the date the report is submitted by the Access Person.

Annual reports shall be submitted within 30 calendar days after the last day of each calendar year. Unless otherwise required by the Supervisory Committee, this obligation may be fulfilled by providing the Supervisory Committee with a copy of such Access Person's brokerage account statements, provided that (1) such statements contain in the aggregate all of the information called for above and (2) such Access Person indicates that he or she has reviewed the statements for accuracy and completeness by signing the copy of each statement submitted to the Supervisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Any report made pursuant to this Section 4 may contain a statement that the report may not be construed as an admission by the Access Person making the report that the Access Person has any beneficial ownership interest in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The CCO shall establish procedures to enforce this Code of Ethics and shall designate one or more persons who shall be responsible for reviewing the transaction and holding reports made pursuant to this Section 4. No member of the Compliance Department shall review his own reports, and such reports shall be reviewed by a compliance or management person who is senior to such person.

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5. <u>Maintenance of Securities Accounts and Preclearance of Personal Securities Transactions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All Securities Accounts in which an Access Person has beneficial ownership must be maintained at a brokerage firm approved by the Compliance Department. Under limited circumstances, the Compliance Department may grant exceptions to this requirement upon written request from the Access Person. Any such request must be in writing and shall set forth in reasonable detail the facts and circumstances to support the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All Access Persons must 'preclear' their personal purchases or sales of Covered Securities (other than the Funds) prior to their execution with the person or persons designated by the Supervisory Committee to perform the preclearance function.<sup>10</sup> All preclearance requests must be made between 9:00 a.m. (Central time) and the close of regular trading hours of the New York Stock Exchange (which is generally 3:00 p.m. Central time) on each day when the exchange is open. If authorization is granted, it is effective until the earlier of: (1) its revocation; or (2) the close of business of the same trading day that the authorization is granted. If the order for the transaction is not executed within that period, a new advance authorization must be obtained before the transaction is placed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Access Persons shall execute all transactions in Covered Securities subject to the reporting requirements of Section 4.a for an account in which the person has beneficial ownership through a brokerage firm approved by the Compliance Department, unless an exemption is obtained from the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Access Persons may engage in short sales and margin transactions and may purchase or sell options, provided they receive preclearance and meet all other applicable requirements under this Code of Ethics.

6. <u>Violations.</u>

Upon discovering a violation of this Code of Ethics, the Supervisory Committee shall impose the penalties described below upon supervised persons and Access Persons. William Blair shall inform the Funds' Board of Trustees (the "Board") of any discovered violations by a supervised person, an Access Person or members of the Board, and the Board shall have the authority and power to discipline its members for such violations.

Penalties will be assessed according to the following penalty chart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Minor Offenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First minor offense – Verbal warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second minor offense – Written notice;

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<sup>10</sup> The Supervisory Committee currently has designated the CCO and the other members of the Compliance Department to pre-approve all transactions by Access Persons. Access persons are currently required to submit their preclearance requests, as well as the reports described in Section 4, via the Schwab Compliance Technologies ("SCT") automated compliance monitoring system. The CCO, the other members of the Compliance Department and such other persons as may be designated by the CCO shall be responsible for administering the SCT system. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third minor offense – $1,000 fine to be donated to
charity.<sup>11</sup>

Minor offenses include (but are not limited to) the following: failure or late submissions of quarterly transaction reports and other certifications, and conflicting pre-clearance request dates versus actual trade dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Substantive Offenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First substantive offense – Written notice (in addition to disgorgement of profits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second substantive offense – $1,000 fine (in addition to disgorgement of profits) to be donated to charity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third substantive offense – $2,500 fine (in addition to disgorgement of profits) to be donated to charity.

Substantive offenses include (but are not limited to) the following: violations of the prohibitions described in Section 3 above, including but not limited to the unauthorized purchase/sale of restricted investments, material violations of trading blackouts, failure to request trade pre-clearance, and violations of the short-term trading prohibitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Serious Offenses** 

Trading with insider information and/or "front running" a client is considered a "serious offense." The Supervisory Committee will take appropriate steps, which may include suspension or termination of employment. The Board will be informed immediately of any serious offense.

If a Minor or Substantive Offense occurs two or more years after a prior such offense, it will be considered a first offense unless determined otherwise by the Supervisory Committee. The Supervisory Committee may deviate from the penalties listed above where it determines that a more or less severe penalty is appropriate based on the specific circumstances of that situation. For instance, repeated minor or substantive offenses may result in suspension or termination of employment.

7. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No knowledge or information regarding a Fund's portfolio transactions will be imputed to an Independent Trustee by reason of a meeting of the Board if the trustee did not attend the portion of the meeting at which the information was discussed.

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<sup>11</sup> All fines will be made payable to the violating person's charity of choice (reasonably acceptable to the Supervisory Committee and either turned over to the Supervisory Committee, which in turn will mail the donation check on behalf of the violating person, or the violating person will provide evidence of payment satisfactory to the Supervisory Committee that the payment has been made. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No report is required under Section 4.c of this Code of Ethics to the extent that the information therein would duplicate information recorded under subsections 12 or 13 of Rule 204-2(a) under the Investment Advisers Act of 1940, provided that such information shall be provided automatically to the Supervisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Covered Securities, and transactions in Covered Securities, may be exempted (individually or by class) from Section 3.a hereof by the Supervisory Committee on a finding that the purchase or sale involved is only remotely potentially harmful to the Fund or other client because, e.g., the purchase or sale would be very unlikely to affect a highly institutional market. The Supervisory Committee may also exempt the sale of a Covered Security by an Access Person under unusual circumstances, such as a personal financial emergency, which shall be reported to the Board as part of the annual report on the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The fact that a Covered Security has been the subject of a formal or informal research report shall not, in and of itself, indicate that the Covered Security is under consideration for purchase or sale. For purposes hereof, it shall not be considered that any Access Person knew, or should have known, that a Covered Security was under consideration for purchase or sale, or that the Covered Security had been purchased or sold, solely on the basis of receipt of a research report thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. No Covered Security purchase or sale by an Access Person will prevent the President (or other person controlling investments) from purchasing or selling the Covered Security for a Fund or other client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. William Blair and the Funds shall submit this Code to the Board of Trustees of the Funds for approval within the time frames required by Rule 17j- 1 of the Investment Company Act of 1940. Any material changes to this Code shall be submitted to such Board within six months of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. On an annual basis, William Blair and the Funds shall provide a written report that: summarizes existing procedures concerning personal investing and any additional procedures adopted during the year; describes any material issues arising under the Code of Ethics or such procedures since the last report, including but not limited to any material violations of the Code of Ethics or such procedures, and any sanctions imposed in response thereto; identifies material conflicts that arose during the year; and identifies any recommended changes in restrictions or procedures based upon William Blair's or the Funds' experience under this Code of Ethics, evolving industry practices, or developments in applicable law or regulations. Such report must include any certification required by Rule 17j-l.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. William Blair shall maintain all records required to be kept under Rule 17j-1 and Rule 204-2 on its own behalf and on behalf of the Funds.

AMENDED: May 9, 2007, February 18, 2010, April 29, 2014, July 1, 2015, and July 31, 2018

## Ex-99.(P)(37)

**IMPORTANT DISCLOSURE** 

On November 18, 2022, Westwood Holdings Group, Inc. and its subsidiaries, Westwood Management Corp., Westwood Advisors, LLC, and Westwood Trust (NYSE: WHG, collectively "Westwood"), acquired substantially all assets of Salient Capital Management, L.L.C., and Salient Partners, L.P., and their subsidiaries ("Salient").

As a result of the acquisition ("Westwood Salient Transaction"), Westwood has acquired equity in Broadmark Asset Management LLC. Broadmark is under common management with the companies named on page one of the Code and agrees to be subject to the Code.

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CODE OF ETHICS

Westwood Holdings Group, Inc.

Westwood Management Corp.

Westwood Trust

Westwood Advisors, L.L.C.

**I.** **Introduction** 

The purpose of this Code of Ethics is to promote honest and ethical conduct, focus the Board of Directors and management of Westwood Holdings Group, Inc. ("WHG") and its subsidiaries on areas of ethical risk, provide guidance to directors, officers and employees to help them recognize and deal with ethical issues, provide mechanisms to report unethical conduct and help to preserve the culture of honesty and accountability at the Companies (as defined below).

This Code of Ethics establishes rules of conduct for persons who are associated with the Companies. The Code governs their personal investment and other investment-related activities and is designed to prevent violations of the applicable federal securities laws and mitigate conflicts of interest.

The basic rule is very simple: Put the client's interests first. The rest of the rules elaborate this principle. This Code is intended to assist the Companies in fulfilling their obligations under the law. Article II sets forth to whom the Code applies, Article III deals with personal investment activities, Article IV deals with other sensitive business practices, and subsequent parts deal with reporting and administrative procedures.

The Code is very important to the Companies and their employees. Violations can not only cause the Companies embarrassment, loss of business, legal restrictions, fines and other punishments, but for employees can lead to demotion, suspension, termination, ejection from the securities business, and large fines.

Annually, each Covered Person will receive a copy of this Code and any amendments thereto and will provide the Chief Compliance Officer with a written acknowledgment of their receipt.

**II.** **Applicability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Code applies to each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Companies named or described at the top of page one of the Code and all entities that are under common
management with these Companies or otherwise agree to be subject to the Code ("Affiliates").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any officer, employee-director, or employee of any Company or Affiliate, and, as may be determined by the Chief
Compliance Officer on a case-by-case basis, any other non-employee, consultant, or long-term contract employee of any Company or
Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In the case of any non-employee, consultant, or long-term contract
employee, the Chief Compliance Officer shall notify such individual as to whether he or she is considered a Covered Person (as defined below).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Beneficial Ownership.</u> Ownership of a security where a Covered Person, directly or indirectly, through
any contract, arrangement, understanding, relationship, or otherwise has or shares (1) Voting power which includes the power to vote, or to direct the voting of, such security; and/or, (2) Investment power which includes the power to
dispose, or to direct the disposition of, such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Chief Compliance Officer.</u> The person designated as WHG's Chief Compliance Officer. Actions and
approvals to be taken by the Chief Compliance Officer under this Code may be delegated by the Chief Compliance Officer to other members of the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Clients.</u> Investment advisory accounts maintained with any of the Companies or Affiliates by any person,
other than Covered Person Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Companies.</u> The companies named or described at the top of page one of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance Monitoring System.</u> My Compliance Office (also known as MCO) or such other similar system or
software as the Companies may use from time to time for their electronic compliance monitoring activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covered Persons.</u> The Companies and the persons described in item (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Covered Person Account.</u> Includes all advisory, brokerage, trust or other accounts or forms of direct
Beneficial Ownership in which one or more Covered Persons and/or one or more members of a Covered Person's immediate family have a substantial proportionate economic interest excluding 529 Plans and any accounts with Westwood Trust for the
benefit of the employee or their immediate family over which such individuals do not have investment discretion. Immediate family includes a Covered Person's spouse and minor children and any family member living in the same household as the
Covered Person. A substantial proportionate economic interest will generally be 10% of the equity in the account in the case of a Covered Person and 25% of the equity in the account in the case of all Covered Persons in the aggregate, whichever is
first applicable. Investment partnerships and similar indirect means of ownership other than registered open-end investment companies are also treated as accounts.

Bona fide error accounts of the Companies and the Affiliates are not considered Covered Person Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Executive Manager.</u> The Chief Executive Officer ("CEO"), the co-Directors of Equity Portfolios, the Director of Equity Research of WHG, the Director of Multi Asset Portfolios or the senior operating person of Westwood International Advisors Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fund Clients.</u> Clients that are registered investment companies or series thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Portfolio Managers.</u> Covered Persons who are principally responsible for investment decisions with
respect to any Westwood Strategies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Security.</u> Any financial instruments treated as a security for investment purposes and any related
instruments such as futures, forward or swap contracts entered with respect to one or more securities. However, the term Security does not include securities issued by the Government of the United States (e.g., Treasury bonds, Treasury notes, and
Treasury bills), bankers' acceptances, bank certificates of deposit, and commercial paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Westwood Strategy.</u> Products managed and controlled by (a) Westwood Management Corp., other than the
Custom Asset Allocation accounts, (b) Westwood Advisors, L.L.C., or (c) Westwood Trust, with respect to its proprietary model accounts only. For the sake of additional clarity, a strategy that is managed by a sub-advisor or independent third party is not considered a Westwood Strategy.

**III.** **Personal Account Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Holdings Report</u> 

No later than 10 business days after beginning employment or otherwise becoming a Covered Person, each Covered Person must submit an Initial Holdings Report through the Compliance Monitoring System containing the following information for all accounts that can hold securities excluding 529 Plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title, number of shares and principal amount of each Security in which the Covered Person had any direct or
indirect Beneficial Ownership when the person became a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with whom the Covered Person maintained an account in which any
Securities were held for the direct or indirect benefit of the Covered Person as of the date the person became a Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Monitoring of Covered Accounts</u> 

Covered Persons must direct brokerage and other firms with which they have Covered Person Accounts to furnish to the Chief Compliance Officer, on a timely basis, duplicate copies of confirmations of, and account statements concerning, all personal Securities transactions or to allow an electronic feed of such statements and confirmations to the Compliance Monitoring System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quarterly Transaction Reports</u> 

Every Covered Person must submit a quarterly transaction affirmation through the Compliance Monitoring System, containing the information set forth in paragraph C.2. below with respect to transactions in any Security in which such Covered Person has or by reason of such transactions acquires, any direct or indirect Beneficial Ownership in the Security, subject to the exceptions listed below in paragraph E. The required Transaction Report information is provided in the Compliance Monitoring System quarterly transaction affirmation for all personal brokerage accounts that are directly linked in the system. For those accounts that are not directly linked in the Compliance Monitoring System, the Covered Person must certify that they have reported all brokerage accounts containing reportable securities in the system and that they have requested from the broker that Westwood receive duplicate statements and transaction confirmations for all non-linked accounts. If the necessary transaction and brokerage account information is not being provided to Westwood through either of the above methods, the Covered Person must create and upload a Transaction Report into the Compliance Monitoring System as part of their quarterly transaction affirmation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Transaction Report must be submitted to the Chief Compliance Officer no later than 30 days after the end of
the calendar quarter in which the transaction or account to which the report relates was effected or established, and the report must contain the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Transaction Report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Covered Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This report must contain the following information with respect to accounts established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The name of the broker, dealer or bank with whom the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In addition to the quarterly transaction affirmation, employees with Managed Accounts will be required to
certify in the Compliance Monitoring System on a quarterly basis that they have fully delegated investment responsibility for such accounts to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Electronic or duplicate brokerage statements in lieu of reports.

A Covered Person will be deemed to have complied with the quarterly transaction report requirements of this Article III insofar as the Chief Compliance Officer receives in a timely fashion either electronic or duplicate monthly or quarterly brokerage statements on which all transactions required to be reported hereunder are described or an electronic feed of such statements and confirmations through the Compliance Monitoring System.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Transaction Report Exceptions

A Covered Person is not required to submit a report in the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Covered Person need not make a report with respect to any transactions over which such person does not have
any direct or indirect influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Covered Person need not make a report with respect to any transactions effected pursuant to an automatic
investment plan (this includes dividend reinvestment plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Ownership Admission</u> 

Any report submitted to comply with the requirements of this Article III may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect Beneficial Ownership in the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Annual Holdings Report</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Covered Person must certify on an annual basis that he or she has disclosed or reported all personal
Securities transactions required to be disclosed or reported under the Code and that he or she is not subject to any regulatory disability described in the annual certification form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Annual Holdings Reports will be submitted through the Compliance Monitoring System. The report will contain
the following information (which information must be current as of a date no more than 30 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares
and principal amount of each Security in which the Covered Person had any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom the Covered Person maintains an account in which any
Securities are held for the direct or indirect benefit of the Covered Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following Covered Person Accounts are only required to be reported and monitored annually as part of the
Annual Holdings Report and are not subject to the intra-year monitoring set forth above in paragraph B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Managed Accounts—accounts in which one or more Covered Persons and/or their immediate family have a
substantial proportionate interest which are maintained with persons/entities who have no affiliation with the Companies and with respect to which no Covered Person has, in the judgment of the Chief Compliance Officer after reviewing the terms and
circumstances, any direct or indirect influence or control over the investment or portfolio execution process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 401(k) accounts that can only hold mutual funds.

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**IV.** **Personal Trading Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Basic Restriction on Investing Activities</u> 

If a Security is owned in any Westwood Strategy, excluding municipal securities, such Security or any related Security (such as an option, warrant or convertible security) may not be purchased or sold for any Covered Person Account subject to the previously owned related Security exception set forth in paragraph (B) and permitted exceptions set forth in paragraph (G) below. If a Covered Person owns a Security that is subsequently purchased in any Westwood Strategy, the Covered Person may not sell such Security until it is sold out of all Westwood Strategies subject to the permitted exceptions set forth in paragraph (G) below. If a purchase or sale order is pending for any Westwood Strategy by any Company or Affiliate, any request to purchase or sell such Security or any related Security (such as an option, warrant or convertible security) for a Covered Person Account will be denied unless the request complies with the permitted exceptions set forth in paragraph (G) below. If a Security is under active consideration for purchase in any Westwood Strategy by any Company or Affiliate, any request to purchase or sell such Security or any related Security (such as an option, warrant or convertible security) for a Covered Person Account may be denied at the discretion of the Chief Compliance Officer and the Executive Manager.

For further restrictions on the purchase or sale of WHG securities, please refer to the Amended and Restated Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Investments Owned Prior to Employment (Amnesty Period)</u> 

If a Security or a related Security that is owned in a Westwood Strategy is also owned by a Covered Person when such person becomes a new employee, such Covered Person will have two weeks from the date of their employment orientation (the "Amnesty Period") to decide whether they want to sell their position in the Security, and all sales must occur within the Amnesty Period. After Amnesty Period, all future transactions in such Security will be subject to paragraph (A). Covered Persons must obtain pre-clearance approval for any Security or related Security traded during the two-week window.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Public Offerings</u> 

No Security or related Security may be acquired in an initial public offering ("IPO") for any Covered Person Account, unless the IPO is granted as part of an employee benefit plan to a non-employee Covered Person (for example, an employee's spouse is awarded IPO shares from his or her employer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Blackout Period</u> 

No Security or related Security may be bought, sold or exercised for any Covered Person Account during the period commencing three (3) business days prior to and ending three (3) business days after the purchase or sale (or entry of an order for the purchase or sale) of that Security or any related Security for the account of any Client unless the transaction falls under the exception set forth in paragraph III.(B) or complies with the permitted exceptions set forth in paragraph (G).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Short-Term Trading</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No shares of WHG stock or any Security or related Security that is held within a Westwood Strategy may, within
a 60-day period, be bought and sold or sold and bought at a profit for any Covered Person Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If WHG stock or any Security or related Security that is held within a Westwood Strategy is, within a 60-day period, bought and sold or sold and bought for a profit in violation of this provision in any Covered Person Account, then any resulting profits must be disgorged. For purposes of disgorgement, profit
recognition is based upon the difference between the most recent purchase and sale prices for the most recent transactions. Accordingly, profit recognition for disgorgement purposes may differ from the capital gains calculations for tax purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The use of any disgorged profits will be at WHG's discretion, and the employee will be responsible for any
tax and related costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For the purpose of the short-term trading restriction, the expiration of an option within 60 days of the
initial purchase or sale is not considered a sale of a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Exempt Transactions</u>.

The following transactions are exempt from the restrictions set forth in paragraphs (A), (B) and (D) above and do not require pre-clearance under paragraph (H) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participation in an ongoing automatic investment plan including 401K plans or an issuer's dividend
reinvestment or stock purchase plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Participation in any transaction over which no Covered Person had any direct or indirect influence or control,
involuntary transactions (such as mergers, inheritances, gifts, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The donation of Company stock does not require pre-clearance approval
so long as the director, officer or employee donating the stock complies with the Company's Insider Trading Policy and does not possess material nonpublic information about the Company at the time of donation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and sales of shares of registered open-end investment
companies other than shares of investment companies advised or sub-advised by the Companies ("Non-Affiliated Funds").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Permitted Exceptions</u> 

Purchases and sales of the following Securities for Covered Person Accounts are exempt from the restrictions set forth in paragraphs (A), (D) and (E) above if such purchases and sales comply with the pre-clearance requirements of paragraph (H) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *De minimis* trades of any Security or related Security (such as an option, warrant or convertible
security) that is owned in a Westwood Strategy, subject to the following parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The issuer of the security must have a common equity market capitalization greater than $5 billion USD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The transaction is limited to 100 shares or $10,000 USD (whichever value is greater);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Covered Persons are limited to a maximum of 3 such de minimis trades per month; de minimis bond trades may be
consolidated within a calendar month, with approval; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subject to these parameters, a Covered Person may sell a Security that is owned in a Westwood Strategy or buy a
Security that Westwood is selling out of a Strategy; however, a Covered Person cannot take a position contrary to the position taken in a Westwood Strategy (e.g., cannot short a Security or hold a long PUT position in a Security where Westwood holds
long position in the Security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shares of registered open-end investment companies and certain other
pooled vehicles advised or sub-advised by the Companies ("Affiliated Funds"). For reference, a list of such funds which require pre-clearance is set forth in
Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exchange traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Closed-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The exercise of voluntary corporate actions is exempt if the pre-clearance procedures for the purchase of the security to which the actions relate were satisfied.

In addition to the exceptions set forth above, purchases and sales of Securities for Covered Person Accounts that are established for the sole purpose of product development are exempt from the restrictions set forth in paragraphs (A), (D), and (E) above and do not need to comply with the requirements of paragraph (H) below if such accounts are disclosed as Managed Accounts in the Compliance Monitoring System and are subject to regular review by the Risk Management team to ensure compliance with the investment strategy for which the product is being developed and to ensure the product development account is not being favored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Pre-Clearance of Personal Securities Transactions</u> 

Unless exempt from pre-clearance as set forth in this Code, no Security or related Security (such as an option, warrant or convertible security) may be bought, sold or exercised for a Covered Person Account unless (i) the Covered Person obtains prior approval from an Executive Manager and the Chief Compliance Officer; (ii) the approved transaction is completed on the same day or within two (2) business days after approval is received; and (iii) the Chief Compliance Officer or an Executive Manager does not rescind such approval prior to execution of the transaction. (See paragraph (J) below for details of the Pre- Clearance Process.) Pre-clearance of personal securities transactions is typically executed through the Compliance Monitoring System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Westwood Private Funds and Other Private Placements</u> 

The purchases or sales of Securities that are not publicly traded (including shares or other participation in Westwood-affiliated private funds) will not be approved unless the Covered Person provides full details of the proposed transaction (including written certification that the investment opportunity did not arise by virtue of such person's activities on behalf of any Client) and the Chief Compliance Officer and an Executive Manager conclude, after consultation with one or more of the relevant Portfolio Managers, that the Companies would have no foreseeable interest in investing in such Security or any related Security for the account of any Client, or, if the Companies have such an interest, that the Covered Person's investment in the Security would not disadvantage a Client's investment in the Security or operate to usurp a Client's opportunity to make an investment in the Security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Pre-Clearance Process</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Security may be purchased or sold for any Covered Person Account unless the particular transaction has been
approved as required by this Code in the Compliance Monitoring System or in writing by an Executive Manager and the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For Covered Person Accounts covered by paragraph J.1. above, an electronic pre- clearance request must be submitted through the Compliance Monitoring System, and an emailed notification of pre-clearance must be received prior to the entry of an
order. If an employee cannot enter an electronic pre-clearance request through the Compliance Monitoring System for any reason, a pre-clearance request can be made by
completing and submitting a Trading Approval Form, attached as Exhibit B, to the Chief Compliance Officer for approval by the Chief Compliance Officer and an Executive Manager prior to the entry of an order.

After reviewing the proposed trade and the level of potential investment interest on behalf of Clients in the Security in question, the Chief Compliance Officer and an Executive Manager shall approve (or disapprove) a pre-clearance request on behalf of a Covered Person as expeditiously as possible. Transactions described in paragraph (G) above will generally be approved unless it is believed for any reason that the Covered Person Account should not trade in such Security at such time. The Chief Compliance Officer may establish automated processes for approving certain types of transactions in lieu of manual pre-trade reviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Once a Covered Person's pre-clearance request is approved, the
transaction must be executed within two (2) business days after receiving approval ("Approved Period"). If the Covered Person's trading order request is not approved, or is not executed within the Approved Period, the clearance
lapses, although such trading order request may be resubmitted after such lapse. An exception to this rule applies when pre-clearance is requested for a transaction in WHG stock during an open Trading Window,
in which case the pre-clearance remains effective throughout the Trading Window and expires when either the requested number of shares has been executed or the Trading Window closes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading pre-clearance approval for the Chief Compliance Officer must be
obtained from the General Counsel or Associate General Counsel and an Executive Manager. Trading pre-clearance approval for an Executive Manager must be obtained from the Chief Compliance Officer and a
different Executive Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Chief Compliance Officer shall review all pre-clearance requests,
all initial, quarterly and annual disclosure certifications and the trading activities on behalf of all Westwood Strategies with a view to ensuring that all Covered Persons are complying with the spirit as well as the detailed requirements of this
Code. The Chief Compliance Officer shall periodically review confirmations from brokers to assure that all transactions effected for Covered Person Accounts are effected in compliance with this Code.

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**V.** **Other Investment-Related Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Material Nonpublic Information</u> 

A Covered Person may come in contact with material nonpublic information about WHG or any other issuer in the ordinary course of business or based on a personal or professional affiliation with an issuer. In no case may a Covered Person conduct personal trades in the securities of an issuer while in possession of material nonpublic information about the issuer; and, at times, trading in the securities of any such issuer may be limited or restricted for all Covered Persons and/or for the firm as a whole even if only one Covered Person is aware of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Wall Cross Securities.</u> In the ordinary course of business, a Covered Person may receive access to
material nonpublic information about another issuer related to a "wall-crossed" or "pre-marketed" public offering deal. Upon receipt of such
information, the Covered Person shall immediately inform the Compliance Department that he or she possesses such information and/or that a Westwood strategy may participate in the deal. The Compliance Department shall then add the security to a
firm-wide Wall Cross restricted list in the trade order management system(s) and to the restricted lists in the Compliance Monitoring System to restrict all firm and personal trades involving any such security. The restricted lists in these systems
will automatically block any trades until the Compliance Department removes the security from the restricted lists. Securities shall only be removed from the lists once the information has been made public. <u> </u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Employee-Affiliated Securities.</u> A Covered Person may receive access to material nonpublic information
about another issuer based on a personal or professional affiliation with the issuer (an "Employee-Affiliated Security"). For example, a Covered Person may serve on the board of directors of another issuer, or a Covered Person's
spouse may be employed by an issuer and have access to material nonpublic information. The Compliance Department identifies any such affiliations based on the outside business activities and initial and ongoing holdings disclosures that all Covered
Persons are required to make in the Compliance Monitoring System. When an Employee-Affiliated Security is identified, the Compliance Department shall place the security on a watch list in the trade order management system(s) and the Compliance
Monitoring System. Firm-level and personal trade requests involving any such security will be automatically restricted and flagged for review by the Compliance Department, at which point the Chief Compliance Officer shall review the proposed trade
and determine whether it is appropriate to lift the restriction for the trade under the circumstances. In making such determination, the Chief Compliance Officer shall consider (a) the nature of the affiliation with the issuer, (b) any
limitations the issuer has placed on transactions in its securities, (c) the likelihood that the employee affiliated with the security is aware of material nonpublic information and/or could have shared it, (d) who is requesting the trade
and whether the trade is for a Covered Person Account or a Client account, (e) the size, timing, and direction of the trade, (f) past practice, and (g) such other factors as may be relevant under the circumstances. The Chief
Compliance Officer shall document the reasons for the determination. The security shall remain on the watch list until the affiliation has ended, at which point the Chief Compliance Officer or other senior member of the Compliance Department will
authorize the removal of the restrictions on the security.

**VI.** **Conflicts of Interest** 

Covered Persons are prohibited from engaging in any activity, practice, or act which conflicts with, or appears to conflict with, the interests of the Companies, its customers, or vendors.

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Covered Persons are required to fully disclose any potential conflict of interest to the Compliance Department via the Compliance Monitoring System.

A conflict of interest exists when you, knowingly or unknowingly, engage in any activity that may compromise you, another employee, or the Company in its relationship with a customer, vendor, or competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Gifts</u> <u>& Entertainment.</u> Potential conflicts of interest with a customer, vendor,
or competitor may include soliciting business for personal gain, accepting gifts other than those of nominal value (not more than $100), or requesting favors, discounts, or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts Received: No Covered Person shall accept any gift or other item of more than $100 in value from any
Client, competitor, or any person or entity that does business with or on behalf of any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Entertainment Received: Covered Persons shall report accepted offers of entertainment (dinners, sports/concert
events, etc.) from any person or entity that does business with or on behalf of any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Gifts Given: Covered Persons shall report all gifts or other items of value given to any Client, competitor,
vendor or any person or entity that does business with or on behalf of any Client in all instances where such Covered Persons are acting in their capacity as representatives of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Entertainment Given: Covered Persons shall report all offers of entertainment accepted by any Client,
competitor, vendor or any person or entity that does business with or on behalf of any Client in all instances where such Covered Persons are acting in their capacity as representatives of the Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Reporting of gifts and entertainment shall be made through the Compliance Monitoring System or through our
expense management system in the case of reimbursable gifts that are given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Westwood's Compliance Department (in conjunction with all employees servicing Clients) shall track all
gifts and entertainment, if any, offered to and accepted by Taft-Hartley Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Outside Business Activities</u>.

Potential conflicts of interest may arise in connection with a Covered Person's activities outside the scope of their employment with the Company. All Covered Persons are required to disclose their outside business activities upon hire and are required to obtain pre-clearance approval for any new outside business activities engaged in after hire. No Covered Person shall participate in any outside business activity without prior written authorization from his or her supervisor and the Chief Compliance Officer based upon a determination that the activity would not be inconsistent with the interests of the Company or Clients or in violation of this Code or the Code of Business Conduct. Generally, outside business activities requiring disclosure and/or pre-clearance approval fall under the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Outside Activities: Activities that must be reported and/or pre-cleared include (i) any outside activity involving work for another financial services firm or (ii) any recurring outside activity, whether for compensation or not, that regularly obligates the Covered Person to consistently take time off work

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Service as a Director or Trustee: No Covered Person shall serve (i) as a director on the board of a
publicly traded company, or any company with which the Companies do or may do business, or any company in which any Westwood strategy has an interest, or on the board of a professional organization, (ii) as a trustee at a charitable or other non-profit organization with which the Companies do or may do business, or (iii) in any other position that may involve a level of influence or control over the financial dealings or decisions of any such
organization, without prior written authorization from the Chief Compliance Officer and the Covered Person's supervisor based upon a determination that the board service would not be inconsistent with the interests of the Clients or in
violation of this Code or the Code of Business Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>SEC Pay-to-Play Rule – Political Contributions</u> 

Covered Persons are permitted to make political contributions to elected officials, candidates, and others in a manner that is consistent with regulatory requirements and Westwood's Policies & Procedures Manual. All Covered Persons are subject to Westwood's political contributions rules set forth below, although whether a Covered Person is considered a "Covered Associate," as defined in the SEC's Pay-to-Play Rules, is a determination that will be made by the Compliance Department on a case-by-case basis.

It is never appropriate to make or solicit political contributions or provide gifts or entertainment for the purpose of improperly influencing the actions of public officials. Accordingly, our policy is to restrict, monitor, and require prior approval of any political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Every Covered Person who is newly hired must provide information to the Chief Compliance Officer no later than
30 days after his or her date of hire regarding any political contributions made within the preceding two years of his or her date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prior to accepting a new advisory client that is a government entity, the Chief Compliance Officer will review
any political contributions made by Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No political contribution may be made by any Covered Person unless the contribution has been approved by the
Chief Compliance Officer in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. An electronic pre-clearance request must be submitted through the
Compliance Monitoring System (including the name and title of the recipient, the amount, and the anticipated date of the contribution), and an emailed notification of pre-clearance must be received before the
contribution is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. After reviewing the proposed contribution to the candidate and the level of potential involvement the Companies
may have with such candidate or a government entity with which such candidate is or may become affiliated, the Chief Compliance Officer, and an Executive Manager when appropriate, will approve (or disapprove) a pre-clearance request as expeditiously as possible. Proposed contributions will generally be approved unless it is believed for any reason that the Covered Person's contribution may currently or in the
future violate the Pay-to-Play Rules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Contribution pre-clearance approval for the Chief Compliance Officer
must be obtained from the Associate General Counsel and an Executive Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On an annual basis, Covered Persons must submit disclosure certifications regarding their political
contributions and must ensure that all required information (including the name and title of each recipient, the amount, and the exact date each contribution was ultimately made) is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disclosure of Conflicts</u> 

Full disclosure to the Compliance Department of any potential conflict of interest is required as soon as such potential conflict is discovered. If you believe that unusual circumstances justify your engaging in an activity that may result in a conflict of interest, you may request in writing that the Compliance Department review the situation and grant a waiver in consultation with senior management, which consists of the Chief Executive Officer, General Counsel & Chief Compliance Officer, and Head of Westwood Trust Operations.

**VII.** **Reports and Additional Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Reporting of Violations</u> 

Violations of the Code of Ethics must be promptly reported to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Anonymous reporting is acceptable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All violations will be reviewed by the Compliance Department and/or the Westwood Holdings Group, Inc. Audit
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Board Reporting for Fund Clients</u> 

At least annually (or quarterly in the case of Items 4 and 5 below), each of the Companies that has a Fund Client or that provides principal underwriting services for a Fund Client, shall, together with each Fund Client, furnish a written report to the Board of Directors of the Fund Client that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under the Code since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies that Companies have developed procedures concerning Covered Persons' personal trading activities
and reporting requirements relevant to such Fund Clients that are reasonably necessary to prevent violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recommends changes, if any, to the Fund Clients' or the Companies' Codes of Ethics or procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provides a summary of any material or substantive violations of this Code by Covered Persons with respect to
such Fund Clients which occurred during the past quarter and the nature of any remedial action taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Describes any material or significant violations or "exceptions" to any provisions of this Code of
Ethics as determined under Article VI below.

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**VIII.** **Certifications** 

Annually, each Covered Person must certify that he or she has read and understood the Code and recognizes that he or she is subject to such Code. A Covered Person's initial Code of Ethics certification will be submitted through the Compliance Monitoring System. All other certifications will be submitted through the Compliance Monitoring System.

**IX.** **Sanctions** 

Upon discovering that a Covered Person has not complied with the requirements of this Code, the Compliance Department will determine appropriate sanctions. The Chief Compliance Officer will consult on sanctions with senior management and the Covered Person's supervisor if necessary. In addition, the Board of Directors of the relevant Company or of the relevant Fund Client, whichever is most appropriate under the circumstances, may impose on that person whatever sanctions the Board deems appropriate, including, among other things, disgorgement of profit, censure, suspension, or termination of employment. Violations of requirements of this Code by employees or Covered Persons and any sanctions imposed in connection therewith shall be reported not less frequently than quarterly to the Board of Directors of any relevant Company or Fund Client, as applicable.

**X.** **Waivers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Compliance Department, in consultation with senior management, when necessary, reserves the right to grant,
on a case-by-case basis, waivers to any provisions under this Code that would not be violations of Rule 204A-1. Any waivers made
hereunder will be maintained in writing by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Requests for waivers to the personal investing restrictions set forth in Article III of this Code must be
submitted in writing to the Chief Compliance Officer along with any Trading Approval request required for the transaction. Following are guidelines that will be considered when reviewing requests for personal investing restriction waivers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access to research/analyst information: an employee requesting a waiver should have little or no access to
research/analyst information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. De minimis trade: if an employee requests a waiver for a transaction in a security that is held in a Westwood
Strategy, the transaction must, in the opinion of the Chief Compliance Officer, be a de minimis trade, i.e., a small number of shares in a security with a large market cap and a high average trading volume that is not likely to adversely affect the
price of the security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Expiration of stock options: the exercise of stock options granted by a previous employer that are about to
expire.

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**XI.** **Preservation of Documents** 

This Code, a copy of each report by a Covered Person, a record of any violation of this Code and any action taken as a result of the violation, a record of all written acknowledgments for each Covered Person, any written report made hereunder by the Companies or the Chief Compliance Officer, lists of all persons required to make reports, a list of any waivers, and the reasons therefor, with respect to Article III, and any records with respect to transactions pursuant to Article III above, shall be preserved with the records of the relevant Company and any relevant Fund Client for the period required by Rule 204A-1 and Rule 17j-l.

**XII.** **Other Laws, Rules and Statements of Policy** 

Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of such person adopted by the Companies, the Affiliates or the Fund Clients.

All activities of the Company must be conducted in full compliance with all applicable laws and regulations. Senior management should be informed regarding all matters pertinent to the Company's position regarding such laws and regulations. The Company expects all employees to follow the spirit as well as the letter of the law. In addition, Covered Persons are expected to fully comply with the Company's Amended and Restated Insider Trading Policy that prohibits illegal insider trading and the use of material non-public information. All employees are expected to cooperate fully with the Company's internal and outside auditors, attorneys, and regulatory examiners.

**XIII.** **Further Information** 

If any person has any question with regard to the applicability of the provisions of this Code generally or with regard to any Securities transaction or transactions, they should consult the Chief Compliance Officer.

***Updated July 26, 2022***

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**Exhibit A** 

**List of Affiliated Funds That Require Pre-Clearance for Personal Investing Activities** 

Westwood Quality Value Fund – WHGLX, WWLAX, WWLCX

Westwood Quality MidCap Fund—WWMCX

Westwood Quality SMidCap Fund – WHGMX & WWSMX

Westwood Quality SmallCap Fund – WHGSX, WWSYX, WHGAX, WHGCX

Westwood Quality AllCap Fund – WQAIX & WQAUX

Westwood Alternative Income Fund – WMNIX, WMNUX, WMNAX, WWACX

Westwood Total Return Fund – WLVIX, WWTAX, WTOCX

Westwood Income Opportunity Fund – WHGIX, WWIAX, WWICX

Westwood High Income Fund – WHGHX, WSDAX, WWHCX

Westwood SmallCap Growth Fund—WSCIX

Morningstar U.S. Equity Fund – MSTQX

Teton Westwood Equity Fund

Teton Westwood Balanced Fund

Principal Investors Fund – LargeCap Value Fund III

RBC Private U.S. Value Equity Pool

Timothy Plan Large/Mid-Cap Value Fund

Timothy Plan Small-Cap Value Fund

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**Exhibit B** 

<u>PRE-CLEARANCE TRADING APPROVAL FORM</u>

I,<u> </u>(name), am a Covered Person or authorized officer thereof and seek pre-clearance to engage in the transaction described below, for the benefit of myself or another Covered Person:

<u>Acquisition or Disposition</u> (circle one)

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|:---|
|  Name of Account: |
|  Account Number: |
|  Date of Request: |
|  Security (Name & Ticker): |
|  Amount or # of Shares: |
|  Broker: |

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If the transaction involves a Security that is not publicly traded, a description of proposed transaction, source of investment opportunity and any potential conflicts of interest:

I hereby certify that, to the best of my knowledge, the transaction described herein is not prohibited by the Code of Ethics and that the opportunity to engage in the transaction did not arise by virtue of my activities on behalf of any Client.

Signature:     Print Name:    

<u>Approved or Disapproved:</u> (circle one)

Date of Approval:<u> </u>

Signature:     Print Name:    

Compliance Approval:<u> </u>

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